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To help you make the most out of penny stock trading, Money Morning is bringing you our best penny stock trading apps of 2019. Plus, we'll help you find the right one for you.
While you can find penny stocks traded on the NYSE and Nasdaq, over 10,000 trade on the OTC Markets Group. But, not every penny stock trading app lets you trade them.
Each penny stock app offers their own fees and brokerage charges on penny stocks too. And fees could completely wipe out your profits.
Luckily for you, we made a checklist on what to keep an eye on with penny stock apps. We've even brought you the three best penny stock apps of 2019.
How to Choose the Best Penny Stock Apps
When it comes to selecting penny stock apps, you should look for these four things:
- Look for a penny stock trading app that has a low deposit or no deposit needed.
- Make sure the application has credible research and resources on penny stocks.
- Check for hidden transfer fees, inactivity fees, and maintenance fees.
- Finally, if you intend to trade penny stocks in the thousands, find an app that has volume discounts.
While you can use this checklist to find the best penny stock apps, Money Morning has already found a few for you.
You can check out our best penny stock trading apps of 2019, below.
Best Penny Stock Trading Apps of 2019, No. 3: Robinhood
Robinhood Financial LLC is a great penny stock trading app thanks to no minimum deposits and free trades.
It's a mobile trading app for Android and iOS devices. And it's easy to deposit money and begin investing right on your smartphone. This is especially great for younger, tech-savvy investors.
And these investors are part of Robinhood's target demographic. It has the basic information you need to start without the in-depth tools of other apps.
Plus, its simple charts and news surrounding penny stocks make investing effortless.
If you want more services from Robinhood, it has a $10-a-month subscription service. With this, you can transfer $1,000 to your account with no waiting period.
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Robinhood is a simple penny stock trading app, but it's important to note that you can only trade from major exchanges. This means no OTC penny stocks or pink sheets. It's a small price to pay for one of the easiest to use apps and fee-free trades.
Best Penny Stock Trading Apps of 2019, No. 2: TD Ameritrade
TD Ameritrade Holding Corp. (NASDAQ: AMTD) is next on our penny stock trading app list. It's a traditional brokerage that's been in business for 40 years.
You can use its traditional website, plus it has a mobile monitoring app and mobile trading app. Both of these are on Android and iOS.
Its two trading apps have visual monitoring tools and charts. But they also have video news feeds on information involving penny stocks.
With TD Ameritrade, there is a $6.95 flat fee per trade. Yet, there are no data fees, platform fees, or other hidden fees. Beyond that, there is no required account balance to begin trading.
TD Ameritrade balances its flat fee by offering 24/7 trading hours and support. And thanks to penny stocks' volatile nature, this is a very important feature. When it comes to trading penny stocks, time is of the essence.
And you can trade on the OTC as well as major exchanges through TD Ameritrade, giving you access to the full universe of penny stocks.
Penny stock traders using TD Ameritrade have plenty of educational resources as well. This helps novice traders learn and get started. But it also has all the bells and whistles experienced traders need as well.
Best Penny Stock Trading Apps of 2019, No. 1
About the Author
Daniel Smoot is a Baltimore-based editor who helps everyday investors with stock recommendations and analysis. He regularly writes about initial public offerings, technology, and more. He earned a Bachelor's degree from Towson University.