Smartphones and trading apps changed the way investors make trades. Traders now have the freedom to manage their holdings from anywhere there’s an internet connection. Stocks can move at a moment’s notice, so active traders need to be ready at any time, especially if they trade cheap stocks. After a rigorous review, we came up with this list of the best penny stocks apps and, best of all, they all offer zero-commission trading.
Several apps have been developed to make it easy for traders to access and trade the penny stocks. The apps have made it convenient for traders to trade stocks using their computers or mobile devices.
However, with the several options available, it is tough to know the best app for penny stocks. Here are a few things to consider when choosing an app to trade penny stocks.
You would want to have an excellent customer service whenever you encounter a problem. The best ones have excellent support teams and offer several contact options.
Availability of stocks
It is recommended that you go for an app that offers several penny stocks for you to trade. Some apps limit themselves to penny stocks on major exchanges. However, if you can get an app with all penny stocks listed, that would be better.
Order execution speed
Speed is essential when it comes to trading stocks, especially for day traders. You would want your trades to be executed quickly so you can get the best buy and sell prices.
Ease of use
The user interface of the mobile app of software needs to be friendly and easy to navigate. That way, you don’t have to waste time on the technical aspect of trading.
Operating system support
It is not advisable to go for a trading app that doesn’t support various operating systems. The best stock market apps are those that can be used on iOS, Android, Windows, and Linux devices. Otherwise, you would find it hard trying to use the app on your device.
Top Apps for Active Traders
Now that you know what to look for in a penny stock app, here are the five best we could find:
Robinhood allows users to trade penny stocks with no fees or minimum balance. While it is best suited for novice traders and small portfolios, experienced traders can appreciate its ease of use and simple design. Plus, it has loads of technical analysis tools built-in.
One downside of using Robinhood is that traders can only access exchange-listed penny stocks. Users can only trade NASDAQ and New York Stock Exchange stocks, they can’t trade pink sheet stocks or other over-the-counter stocks.
Unfortunately, most penny stocks are not listed on major exchanges. As a result, Robinhood users have only limited access to penny stocks.
For a limited time, Robinhood is offering a free share of stock to our readers who sign up using this link. You could get a share of Microsoft, Facebook, or other stocks for free just for signing up, so take advantage of this offer before its gone.
Ally Invest is similar to Robinhood and offers similar features, including commission-free trading on stocks, ETFs, and options.
Unlike Robinhood, OTC listed stocks can be traded on Ally Invest. Thus, it has a larger pool of penny stocks available to traders. Ally Invest has other good features that are useful to traders, including the banking capabilities added as part of the trading experience.
The Ally Invest mobile app is available for Android and iOS mobile device users. The InvestLIVE platform can be accessed via the mobile browser. The InvestLIVE platform streams real-time prices of stocks and supports multi-leg options trading.
Although trading on Ally Invest is not free, the availability of several penny stocks is useful for traders.
Similar to Robinhood, trading is absolutely free on the Interactive Brokers. There is zero commission trading for US-listed stocks and ETFs, including penny stocks. Also, there are no activity fees or account minimums when you use their trading app.
A great feature of Interactive Brokers is the IBot. The bot works with Amazon’s Alexa, which enables you to trade by voice command. Thus, you can give your hands a rest and tell Alexa to make your trades for you.
If you are interested in trading OTC stocks, then Interactive Brokers could be an excellent choice. They offer more trading options than most of the other brokers. You can even trade options, including commodities and forex.
E-Trade also recently removed retail commissions for US-listed stocks, ETFs, and options. Now, you can trade penny stocks on E-Trade for free, including OTC stocks.
Its OptionsHouse app allows traders to quickly find and execute their trades. In addition, the E-Trade mobile app allows traders to both invest and manage funds, so it’s easier to move funds into an account for a trade.
E-Trade’s platform comes with several technical indicators and trading tools to help make the trading more simple. E-Trade tools allow users to effectively manage their portfolios and their account balances.
The E-Trade mobile app also provides free access to late-breaking news, including Bloomberg TV, and other third-party research. Serious traders know how important it is to stay in the know. Having that information built into the app can help traders make more informed trading decisions.
Charles Schwab offers zero-commission trading for US-listed stocks and ETFs. Traders can access the complete universe of penny stocks, including OTC stocks and pink sheets stocks. Schwab also offers access to bonds, mutual funds, and other types of investments.
Schwab users can also trade via desktop software or web browsers. For active traders, StreetSmart Edge is Schwab’s excellent desktop trading software. It offers a robust selection of features and it’s available on desktop or mobile.
These apps are easy to use and responsive. They could make an excellent choice for day traders and other active investors. The mobile app has everything investors need to make trades on the go.
Penny Stock Apps: Closing Thoughts
These are just a few of the excellent penny stocks apps available to active traders, there are lots more quality apps that are great for trading penny stocks. Subscribe to the Dork to follow all things penny stocks. You can get even more stock market news by following the Stock Dork on Twitter and Facebook. Don’t miss another update, sign up for mobile Dork Alerts now to get hot stock picks, insights, and analysis delivered directly to your phone.