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Top 10 Stock Market Trading App in U.S.A (2024) - Trading Partner (Stock Market & Finance) Top 10 Stock Market Trading App in U.S.A (2024)

Top 10 Stock Market Trading App in U.S.A (2024)

Kapil Malhotra
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Introduction:

  • Briefly introduce trading apps and their growing popularity in the USA.
  • Mention how trading apps have simplified financial market access for new and experienced investors.
  • Highlight the importance of choosing the right trading app based on features, fees, and user needs.
1. Robinhood

  • Overview: Robinhood revolutionized the trading world by introducing commission-free trades and an easy-to-use interface.

  • Key Features:
    • Commission-free stock, options, and cryptocurrency trading.
    • No account minimums.
    • Real-time 
    • market data and margin trading (for Gold members).
    • Access to IPOs (Initial Public Offerings).
  • Advantages:
    • Easy for beginners with a user-friendly interface.
    • No commissions on trades.
    • Offers fractional shares, allowing investment in expensive stocks with small amounts.

  • Disadvantages:
    • Limited research tools and educational resources.
    • No mutual funds or bonds.
    • Customer support is primarily online with limited human interaction.

    • Fees & Brokerage Plan:
      • Free to use for standard trading.
      • Robinhood Gold: $5/month for enhanced data, research tools, and margin trading (with interest fees).

    • Interface:
      • Clean, modern design that is mobile-focused.
      • Streamlined for ease of use, with quick access to trading features. 

  • Rating: ★★★★☆ (4/5)
  • Summary: Robinhood is a great choice for beginners due to its simple interface and commission-free trades. However, its limited research tools and customer support options keep it from a perfect score.
Robinhood Trading App
Robinhood Trading App


2. E*TRADE\

  • Overview: E*TRADE is one of the most established and trusted trading platforms, known for its broad range of investment options and advanced trading tools.
E*TRADE Trading App
E*TRADE Trading App

  • Key Features:
    • Commission-free online trading for stocks, ETFs, and options.
    • Extensive research and educational tools.
    • Access to futures, bonds, mutual funds, and advanced trading strategies.

  • Advantages:
    • Powerful desktop and mobile platforms.
    • Access to a variety of investment vehicles, including futures and mutual funds.
    • Great customer service with in-depth educational resources for beginners.

  • Disadvantages:
    • More complex for beginners compared to simpler apps like Robinhood.
    • High fees for broker-assisted trades.

  • Fees & Brokerage Plan:
    • No commission on stocks, ETFs, and options trades.
    • $0.65 per options contract.
    • Futures contracts: $1.50 per contract, per side.

  • Interface:
    • Intuitive mobile app, complemented by a powerful desktop platform (Power E*TRADE) for advanced users.
    • Customizable layouts for real-time data and trading tools.

3. TD Ameritrade (Thinkorswim)


  • Overview: TD Ameritrade offers one of the most sophisticated trading experiences with its Thinkorswim platform, ideal for active traders and investors seeking advanced tools.
TD Ameritrade Trading App
TD Ameritrade Trading App

  • Key Features:
    • Commission-free trading on stocks and ETFs.
    • Access to options, forex, futures, and more.
    • Thinkorswim platform for advanced charting and analysis.
    • In-depth educational resources and research tools.

  • Advantages:
    • Top-tier trading platform with advanced technical analysis tools.
    • Excellent customer service and educational resources.
    • A broad range of investment choices including futures and forex.

  • Disadvantages:
    • The advanced tools may overwhelm beginners.
    • Some fees for mutual funds and futures contracts.

  • Fees & Brokerage Plan:
    • Commission-free stocks and ETFs.
    • $0.65 per options contract.
    • $2.25 per futures contract.

  • Interface:
    • Thinkorswim offers a customizable, professional-level interface with detailed charting tools.
    • Mobile app for on-the-go trading with all the advanced features of the desktop version.

4. Webull

  • Overview: Webull is another commission-free trading app that focuses on providing advanced tools and analytics, making it ideal for active traders.
Webull Trading App
Webull Trading App



  • Key Features:
    • Commission-free trading of stocks, ETFs, options, and cryptocurrencies.
    • Advanced charting and technical indicators.
    • Extended trading hours.
    • Paper trading for practicing strategies without risking real money.

  • Advantages:
    • No commissions or account minimums.
    • Robust trading tools and analytics for experienced traders.
    • Access to cryptocurrencies in addition to traditional assets.

  • Disadvantages:
    • Limited educational resources for beginners.
    • Lack of access to mutual funds and bonds.

  • Fees & Brokerage Plan:
    • Commission-free for stocks, ETFs, and options.
    • Fees apply for margin trading and short-selling.

  • Interface:
    • Sleek, professional design with advanced charting and technical analysis.
    • Both mobile and desktop apps are intuitive yet feature-packed.

5. Fidelity

  • Overview: Fidelity is a well-rounded platform, excelling in long-term investment strategies, and is known for its retirement planning tools and low-cost funds.
Fidelity Trading App
Fidelity Trading App


  • Key Features:
    • No commissions on stocks, ETFs, and options.
    • Excellent research tools and access to financial advisors.
    • Investment options include mutual funds, bonds, and international stocks.

  • Advantages:
    • A wide array of investment choices and account types (IRAs, 401(k)s, etc.).
    • Low-cost index funds and excellent customer service.
    • Strong educational tools and financial planning resources.

  • Disadvantages:
    • Not ideal for active day traders.
    • Some users find the interface a bit outdated.

  • Fees & Brokerage Plan:
    • Commission-free stock, ETF, and options trading.
    • $0.65 per options contract.

  • Interface:
    • Easy-to-navigate mobile and desktop platforms.
    • Research tools and planning features are integrated into the interface.

6. Charles Schwab

  • Overview: Charles Schwab provides an all-in-one investment platform with commission-free trades, a robust range of assets, and excellent customer support.
Charles Schwab Trading App
Charles Schwab


  • Key Features:
    • No commissions on stocks, ETFs, and options.
    • Wide range of investment choices including mutual funds and bonds.
    • Access to Schwab Intelligent Portfolios for robo-advisory services.

  • Advantages:
    • Comprehensive investment platform suitable for long-term investors.
    • Excellent customer service and robust educational tools.
    • Low-cost investment funds and commission-free trades.

  • Disadvantages:
    • The app interface may not be as modern as other competitors.
    • Robo-advisory services require a minimum investment.

  • Fees & Brokerage Plan:
    • No commission on stocks, ETFs, and options.
    • $0.65 per options contract.
    • Robo-advisory: 0.25% annual fee for Schwab Intelligent Portfolios.

  • Interface:
    • The mobile app is functional but less polished than other platforms.
    • The desktop platform offers detailed tools for serious investors.

7. Interactive Brokers


  • Overview: Interactive Brokers (IBKR) is renowned for its low fees and access to global markets, making it a top choice for international traders and active investors.
Interactive Brokers (IBKR) Trading App
Interactive Brokers (IBKR) Trading App


  • Key Features:
    • Access to over 135 global markets.
    • Low-cost trading with competitive margin rates.
    • Advanced trading platforms (IBKR Lite and IBKR Pro).

  • Advantages:
    • Extensive international market access.
    • Low-cost margin rates and advanced trading tools.
    • Tailored services for institutional investors and professionals.

  • Disadvantages:
    • It is highly complex, making it less suitable for beginners.
    • Fees apply for the advanced IBKR Pro platform.

  • Fees & Brokerage Plan:
    • IBKR Lite: Commission-free U.S. stocks and ETFs.
    • IBKR Pro: Tiered pricing starting at $0.005 per share.
    • Competitive margin rates as low as 2.6%.

  • Interface:
    • Advanced trading platform with professional-grade tools.
    • Mobile app offers comprehensive features, but it can be overwhelming for new traders.

8. SoFi Invest

  • Overview: SoFi Invest is part of the broader SoFi financial ecosystem, catering to new and experienced investors with various investment options, including active and automated investing.
SoFi Invest Trading App
SoFi Invest Trading App



  • Key Features:
    • Commission-free trading of stocks and ETFs.
    • Access to fractional shares and cryptocurrency trading.
    • Automated investing via SoFi's robo-advisor.
    • Social features that allow users to view others' investment portfolios.

  • Advantages:
    • No commissions and no minimum balance are required.
    • Offers a broad range of services, including student loans and personal banking, for seamless financial management.
    • Includes both active trading and automated portfolio management.

  • Disadvantages:
    • Limited research and educational resources.
    • Advanced features for seasoned investors are lacking compared to competitors like TD Ameritrade or E* TRADE.

  • Fees & Brokerage Plan:
    • Free for stock and ETF trades.
    • No management fees for automated investing (though SoFi earns a spread on cash).
    • Cryptocurrency trading fees apply (up to 1.25% per transaction).

  • Interface:
    • Modern and clean interface across both the mobile app and desktop.
    • Easy to use for beginners, with the social investing feature acting as a unique advantage.


9. Merrill Edge

  • Overview: Merrill Edge is the online brokerage service of Bank of America, offering seamless integration with the bank’s ecosystem, along with research and investment tools suitable for long-term investors.

Merrill Edge Trading App
Merrill Edge Trading App
  • Key Features:
  • Access to a wide range of investments including stocks, bonds, mutual funds, and ETFs.
  • Integration with Bank of America accounts for simplified cash management.
  • In-depth research from Bank of America and Morningstar.
  • No commissions for stocks and ETFs.
  • Advantages:
    • Great for Bank of America customers due to seamless account integration.
    • Excellent customer service and access to personalized financial advice.
    • Comprehensive research tools and insights from industry experts.

  • Disadvantages:
    • Not ideal for high-frequency traders due to limited advanced trading tools.
    • Fewer advanced charting options compared to platforms like Thinkorswim or Webull.
  • Fees & Brokerage Plan:
    • $0 commission on stocks and ETFs.
    • $0.65 per options contract.
    • No account minimums or annual fees.
  • Interface:
    • Clean and user-friendly, designed for long-term investors rather than day traders.
    • The desktop platform is well-organized, with mobile support providing a streamlined experience.
10. Acorns

  • Overview: Acorns is a micro-investing platform tailored to beginners, automating the investment process by rounding up spare change from everyday purchases and investing it in diversified portfolios.
Acorns Trading App
Acorns Trading App

  • Key Features:
    • The round-up feature that invests spare change from daily purchases.
    • Access to pre-built portfolios based on your risk tolerance.
    • Automated portfolio rebalancing and dividend reinvestment.
    • Educational content via Acorns’ "Grow" financial literacy hub.
  • Advantages:
    • Perfect for new investors looking to start with small amounts.
    • Fully automated, hands-off investing with pre-designed portfolios. 
    • Great integration with budgeting tools and banking products like Acorns Spend.
  • Disadvantages:
    • Limited customization options for seasoned investors.
    • Monthly fees can be expensive relative to small account balances.
  • Fees & Brokerage Plan:
    • Personal account: $3/month.
    • Family account: $5/month (includes investing for kids).
  • Interface:
    • Simple, intuitive interface designed for users with little to no investing experience.
    • Both mobile and desktop platforms are visually appealing and easy to navigate, with minimal clutter.
In summary, the top 10 trading apps in the USA offer a wide range of features, tools, and experiences that cater to different types of investors:

  • Robinhood: Best for beginners due to its user-friendly, commission-free model.

  • E*TRADE: Suitable for both casual and advanced investors with robust research tools.

  • TD Ameritrade (Thinkorswim): Ideal for advanced traders who need high-level technical analysis tools.

  • Webull: Great for active traders who want commission-free trades with advanced charting.

  • Fidelity: Known for low-cost funds and long-term investments.

  • Charles Schwab: Comprehensive platform with diverse investment choices and exceptional customer support.

  • Interactive Brokers: Best for professional and international traders due to its global access and low fees.

  • SoFi Invest: Excellent for users looking for an all-in-one financial solution with social trading features.

  • Merrill Edge: Perfect for Bank of America clients who value integrated banking and brokerage services.

  • Acorns: Best for beginners who want to start investing small amounts through automated spare-change roundups.
Each app has its strengths and is tailored for different types of investors. Whether you’re a novice, a seasoned trader, or someone looking to invest for retirement, there’s a platform on this list that will meet your needs


BROKER RATING
Robinhood ★★★★☆ (4/5)
E*TRADE ★★★★☆ (4.5/5)
TD Ameritrade (Thinkorswim) ★★★★★ (5/5)
Webull ★★★★☆ (4.5/5)
Fidelity ★★★★★ (5/5)
Charles Schwab ★★★★☆ (4.5/5)
Interactive Brokers ★★★★☆ (4.5/5)
SoFi Invest ★★★★☆ (4/5)
Merrill Edge ★★★★☆ (4/5)
Acorns ★★★★☆ (4/5)


Conclusion:

Top Rated: TD Ameritrade (Thinkorswim) and Fidelity (5/5)
Best for Beginners: Robinhood, Acorns
Best for Active Traders: Webull, Interactive Brokers
Best for Integrated Financial Services: SoFi Invest, Merrill Edge


These ratings reflect the strengths and weaknesses of each platform, helping users make an informed decision based on their investment needs. Let me know if you’d like to modify or expand on any app's rating or review!

Here's a table that includes two specific features—Mobile Two-Step Authentication and Mobile Search Function—for each app, along with whether or not these features are available:


Broker Mobile Two-Step Authentication Mobile Search Function
Robinhood Yes Yes
E*TRADE Yes Yes
TD Ameritrade (Thinkorswim) Yes Yes
Webull Yes Yes
Fidelity Yes Yes
Charles Schwab Yes Yes
Interactive Brokers Yes Yes
SoFi Invest Yes Yes
Merrill Edge Yes Yes
Acorns Yes Yes     

Key Points:

  • Mobile Two-Step Authentication: This security feature is available on all the listed apps. It provides an additional layer of security to protect user accounts from unauthorized access.
  • Mobile Search Function: All apps also offer a mobile search function, making it easy for users to find stocks, ETFs, and other assets directly within the mobile interface.

Here’s a table summarizing the stock trading fees for each of the 10 trading apps:


BROKER Stock Trading Fees
Robinhood $0 (Commission-free)
E*TRADE $0 (Commission-free)
TD Ameritrade (Thinkorswim) $0 (Commission-free)
Webull $0 (Commission-free)
Fidelity $0 (Commission-free)
Charles Schwab $0 (Commission-free)
Interactive Brokers $0 (IBKR Lite), $0.005 per share (IBKR Pro)
SoFi Invest $0 (Commission-free)
Merrill Edge $0 (Commission-free)
Acorns N/A (Acorns focuses on automated investing, not direct stock trading)

Key Points:

  • Most of the apps offer commission-free stock trading, making them highly accessible for everyday investors.
  • Interactive Brokers charges for stock trades on their IBKR Pro plan, with a fee of $0.005 per share, while IBKR Lite remains commission-free.
  • Acorns focuses on automated, round-up investing, so direct stock trading fees do not apply.
Here's a table outlining the Non-Trading Fees for each app, specifically covering Inactivity Fees and Withdrawal Fees:

Broker Inactivity Fee Withdrawal Fee
Robinhood None None (ACH), $100 (Wire transfer)
E*TRADE None None (ACH), $25 (Domestic wire), $0 for first withdrawal each quarter (International wire)
TD Ameritrade (Thinkorswim) None None (ACH), $25 (Wire transfer)
Webull None None (ACH), $25 (Domestic wire), $45 (International wire)
Fidelity None None (ACH), $10 (Wire transfer)
Charles Schwab None None (ACH), $25 (Wire transfer)
Interactive Brokers $0 (IBKR Lite), $10/month if inactive for IBKR Pro with <$100,000 balance None (ACH), $10 (Wire transfer)
SoFi Invest None None (ACH), $25 (Wire transfer)
Merrill Edge None None (ACH), $24.95 (Wire transfer)
Acorns None $0 for standard, $50 for expedited withdrawals



Key Points:

  • Inactivity Fees: Most platforms, like Robinhood, E*TRADE, and TD Ameritrade, do not charge inactivity fees. However, Interactive Brokers (IBKR Pro) has an inactivity fee for users with balances below $100,000 unless they use IBKR Lite, which is free from such charges.
  • Withdrawal Fees: Generally, ACH withdrawals are free across the board, but wire transfers can incur fees ranging from $10 to $100, depending on the platform and the type of transfer (domestic or international). Acorns also charges a $50 fee for expedited withdrawals.
Here’s a table outlining the Market Coverage of each trading app, specifically the number of Stock Markets and ETFs they cover:



Broker Stock Markets ETFs
Robinhood U.S. market only (1) 5,000+ ETFs
E*TRADE U.S. market only (1) 2,000+ ETFs
TD Ameritrade (Thinkorswim) row3 col 2 2,300+ ETFs
Webull U.S. market only (1) 2,000+ ETFs
Fidelity U.S. and international (25+) 2,000+ ETFs
Charles Schwab U.S. and international (25+) 2,000+ ETFs
Interactive Brokers 135+ global markets 13,000+ ETFs
SoFi Invest U.S. market only (1) 500+ ETFs
Merrill Edge U.S. market only (1) 2,000+ ETFs
Acorns N/A (Automated portfolios) 7 core ETFs in portfolios

Key Points:

  • Stock Markets: Most platforms like Robinhood, Webull, E*TRADE, Merrill Edge, and SoFi Invest focus on the U.S. market only. Interactive Brokers stands out by offering access to 135+ global markets, while Fidelity and Charles Schwab provide access to 25+ international markets.
  • ETFs: Robinhood leads in ETF coverage with 5,000+ ETFs, while Interactive Brokers covers a staggering 13,000+ ETFs. Most other platforms offer between 2,000 and 2,300 ETFs, with SoFi offering a more limited selection of 500+ ETFs. Acorns uses 7 core ETFs for its automated portfolios rather than providing direct ETF trading.
Here’s a comprehensive table that covers the requested parameters for all 10 trading apps:


Broker Recommended Minimum Deposit US Stock Fee Demo Account Mobile Platform Score Time to Open an Account Inactivity Fee
Robinhood Beginners and casual investors $0 $0 (Commission- free) No ★★★★☆ (4/5) Fast (1-2 business days) None
E*TRADE Long-term investors and retirement planning $0 $0 (IBKR Lite), $0.005 per share (IBKR Pro) Yes ★★★★☆ (4/5) Fast (1-2 business days) None
TD Ameritrade (Thinkorswim) Advanced traders and day traders $0 $0 (IBKR Lite), $0.005 per share (IBKR Pro) Yes ★★★★★ (5/5) Fast (1-2 business days) None
Webull Active traders and beginners $0 $0 (IBKR Lite), $0.005 per share (IBKR Pro) Yes ★★★★☆ (4/5) Fast (1-2 business days) None
Fidelity Long-term investors and retirement planning $0 $0 (IBKR Lite), $0.005 per share (IBKR Pro) Yes ★★★★☆ (4/5) Fast (1-2 business days) None
Charles Schwab Broad range of investors (beginner to expert) $0 $0 (IBKR Lite), $0.005 per share (IBKR Pro) Yes ★★★★☆ (4/5) Fast (1-2 business days) None
Interactive Brokers Professional and global traders $0 (IBKR Lite), $100 for IBKR Pro $0 (IBKR Lite), $0.005 per share (IBKR Pro) Yes ★★★★☆ (4/5) Fast (1-3 business days) $0 (IBKR Lite), $10/month for IBKR Pro with <$100,000 balance
SoFi Invest Beginners and personal finance integration $0 $0 (Commission- free) No ★★★★☆ (4/5) Fast (1-2 business days) None
Merrill Edge Bank of America clients and long-term investors $0 $0 (Commission- free) No ★★★★☆ (4/5) Fast (1-2 business days) None
Acorns Beginner and automated investors $0 $0 (Commission- free) No ★★★★☆ (4/5) Fast (1-2 business days) None

Key Insights:

  • Minimum Deposit: Most platforms require no minimum deposit, making them accessible to all types of investors.
    • US Stock Fees: Nearly all platforms offer commission-free trading on U.S. stocks, with Interactive Brokers charging for their IBKR Pro plan.

    • Demo Account: Apps like E*TRADE, TD Ameritrade, Webull, Fidelity, Charles Schwab, Interactive Brokers, and Moomoo provide demo accounts, which are useful for practicing.

    • Mobile Platform Score: Most platforms have highly-rated mobile apps, with scores ranging from 4/5 to 5/5.

    • Time to Open an Account: Account opening is typically fast, taking around 1-2 business days for most apps.

    • Inactivity Fee: None of the apps charge an inactivity fee, except for Interactive Brokers Pro, which charges if the account balance is below $100,000.

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