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Apps To Practice Trading Stocks
For the average beginner investor, there’s never been a better time to start investing in the stock market.
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Advances in technology and algorithmic trading over the past 10 years have enabled the emergence of new types of investment and brokerage practices.
In this article, we will summarize 10 of the best free trading platforms and apps. At Investing Simple, we’ve spent hundreds of hours researching and testing different investment apps and platforms.
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Each of these apps has a different use case and therefore our #1 pick is based on the use case. For example, the M1 is our top choice for investing in dividends. On the other hand, Webull is our top choice for active traders.
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M1 Finance is a new type of investment application that allows you to automate your investment 100% free. They describe themselves as a hybrid between robo-advisor and brokerage.
You can invest in various ETFs and stocks on the M1 platform. Once you have created your wallet and deposited funds, you can sit back and let your wallet rebalance automatically by the M1 Finance platform. All you have to do is keep contributing. Your entire stock portfolio can be put on autopilot!
M1 Finance works by creating a wallet called a pie. With each cake, you choose the specific stocks and ETFs that make up your cake.
You can have an unlimited number of cakes on the M1 Finance platform, as well as the possibility of putting 100 assets on a cake. For example, in M1 Finance, you can have a Growth Cake and an Income Cake!
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M1 Finance also offers expert pies created by securities professionals on their platform. M1 is the only platform we have come across that offers this service in a completely free trading app. These pre-formed pies are designed for specific investment goals. You can invest for your retirement, follow certain sectors and sectors, or even follow your favorite hedge fund managers.
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Pie investing through M1 Finance allows you to maintain a diversified portfolio even if you have a smaller investment account.
One of the problems investors have faced for years is having a well-diversified portfolio without tens of thousands of dollars to invest. M1 Finance has created a solution by allowing you to invest in fractional shares for free!
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Dynamic rebalancing allows you to withdraw and deposit funds knowing that you will always be fully invested and will not have to actively trade positions.
M1 Finance allows you to minimize your tax payable by using tax-efficient strategies when selling investments. M1 Finance is the only free investment platform we have come across that offers a tax-efficient selling strategy.
M1 Finance aims to keep more of your money invested using these tax minimization strategies. By doing this, they save you money in the long run and allow for more capitalization in your account over time.
Within the app, you have the option to make recurring deposits or withdrawals to your account.
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It’s a commission-free stock, options, and ETF trading app that we call the “more robust version” of Robinhood.
This app is designed for the active trader looking for a more dynamic and research-driven interface. It has several features that benefit traders, such as technical indicators, research agency ratings, financial calendars, free margin trading, and short selling.
Offering easy access to Marja, research tools and live data, Webull has created an ideal platform for active investors.
Webull is an app for intermediate traders who already have some stock market experience. If you are a complete beginner, you may experience information overload. If you are a somewhat experienced trader, Webull will provide you with all the data you are likely to need.
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Another cool feature is candlestick charts. You can easily switch between regular line charts and candlestick charts in the app!
This feature allows you to create a virtual wallet with fake money ($1,000,000 to be exact!) to test strategies before risking real money.
This is a great feature for someone who is just starting out and may need to know more about investing and how to do it before investing real money.
They can send you alerts when a price level is reached or a rate of change reaches a set level. There are also alerts for volume levels or changes, which can be useful for traders to get an idea of where the stock might be headed in the short term.
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Important events such as upcoming IPOs, dividend payouts, and earnings releases are all presented to you in calendar form on the Webull app.
Webull allows margin trading to certain users on its platform. You must have a minimum account balance of $2,000 to be approved for margin trading.
Webull offers free after-hours and pre-market exchanges. You can trade securities from 4 a.m. to 8 p.m. on the Webull platform, which offers more flexibility in trading.
It is easy to use and targets the novice investor who wants to save money by avoiding commission fees.
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Robinhood lets you trade stocks, ETFs, cryptocurrencies, and options commission-free. Robinhood’s user interface is simple and straightforward, providing a good user experience for complete beginners.
What you will see after using Robinhood for a while is that the platform has become very limiting. Although it is easy to use for a beginner, you will probably master it in a few months.
The lack of fancy charts and technical/key metrics is a common complaint among Robinhood users. On the other hand, Robinhood is a beginner-friendly platform.
All investors benefit from fee savings. This is especially useful for active traders who frequently trade daily.
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We all know how simple Robinhood is. Its app is easy to use and not overwhelming like other platforms.
This can be an advantage for some traders who are just starting out and want a simple and easy to use platform.
For traders who want to do more research and build trading strategies, you may find that the Robinhood platform is rather limited.
On the Robinhood Gold plan, you have the option to trade before and after the market starting at 9 a.m. and ending at 6 p.m. It also gives you access to Morningstar research reports and larger instant filings. Robinhood Gold allows you to trade with margin when you have a minimum balance of $2,000 in your account.
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Recently, Robinhood announced the launch of fractional shares. This means you can buy stocks and ETFs on the platform for as little as $1.
This included the ability to automatically reinvest dividends. This feature is great for dividend investors who want to earn compound interest!
Moomoo is an advanced trading application primarily aimed at short-term traders. The app provides a substantial amount of research and data that traders will likely find very useful.
However, completely newbie traders may find the app a bit daunting. The interface is much more complex than simple apps like Robinhood and Public, but advanced traders may find exactly what they are looking for.
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Within the app, traders have the ability to purchase stocks, ETFs, and options contracts. Traders can also sell short and buy on margin, which can be attractive features depending on your trading strategies.
Paper trading on Moomoo is also available for newbie traders or those who want to get a feel for the platform before their cash comes out. With paper trading, Moomoo will give you $1,000,000 in counterfeit money to practice your trading strategies.
As a platform designed for merchants, Moomoo offers a number of features that this audience will likely find significant value.
On the platform, you will have access to long trading hours. This will increase your window from the standard 9:30 a.m. – 4:00 p.m. EST to 4:00 a.m. – 8:00 p.m. EST. Note that markets are generally much more volatile outside normal hours.
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Investors will also have the option of benefiting from Level 2 market data at no additional cost. This is for you