Whether you’re a novice or a professional money manager, you’ll need some trading app or platform these days. There are so many options to choose from, each with its own set of rules, terms, and conditions, fees, etc., that you probably don’t know where to start. One of the most important things to consider when choosing stock market trading apps is what kind of involvement you want. How much of a say do you like concerning your investments?
Trading software that includes Robo-advisors is ideal for those who want to set their specifications and not get involved until they have to. If you think investing and decision-making are just chores, then let the Robo-advisor do most of the work. Sometimes a human financial advisor may get involved if any services require human innovation, such as estate planning, taxes, real estate, and retirements.
If you want to have as much control as possible, some DIY platforms or brokerages allow you to take the reins and make most – if not all – of the choices. There is usually a wide range of stocks, options, ETFs, bonds, and so forth. Ideally, stick with a platform that’s been around for a long time. Still, new stock market trading apps are popping up all the time that could potentially make a good alternative. Just use caution, as with any financial app.
Stock Market Trading Apps Without an Active Manager
Hiring an active manager is ideal for those who want to take an active role in their investments but still have someone else manage the money. Either hire an actual broker or opt for a platform managed by a real human more often than not, as opposed to a Robo-advisor. A “hedge fund” probably isn’t ideal for you since it is usually only available for accredited, experienced investors who have a high amount of money in their accounts.
Regardless of which platform you choose, the company should present it in a user-friendly manner. Look at screencaps and watch video reviews, if available. The company should present all educational tools and resources such as graphs and data easier to digest. Navigation is essential, as well. It should be easy to get around the interface and navigate through the software, no matter your experience level.
Where should you begin? How can you do your research on stock market trading apps and read reviews? Zaks Trade is a good one to look into, as it charges low commissions for trading ETFs, stocks, and options and does not impose a minimum account balance. However, some fees are involved in a margin account for those who want to trade short stocks. Overall, it’s a great, versatile choice for many types of investors.