Introduction:
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:
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
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:
- 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 |
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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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:
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!
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.
- US Stock
Fees: Nearly all platforms offer commission-free trading on
U.S. stocks, with Interactive Brokers charging for their IBKR Pro
plan.