The COVID-19 pandemic has a tremendous impact on the stock market, sparking fears amongst many traditional investors and traders.

Despite this, Millennials and Gen Z saw this as an opportunity to kickstart their trading career. Trading apps such as eToro reported a 220% surge in demand during the first quarter of 2020.

There are still people who are hesitant about stock trading, mainly because of the technicalities involved.


Fortunately, there are now apps that are designed to be beginner-friendly while providing advanced options for experienced traders.

That way, even rookie traders can make some money with stocks despite the lack of experience or knowledge.

Check out these five stock trading apps that can be efficiently used by both beginner and expert traders:

1. eToro

eToro is one of the most popular trading apps because the website and mobile app were designed with simplicity in mind, making it very easy to use.

The app is best known for its copy trading feature where you can just copy another trader’s position in your portfolio. 

You can leverage this feature by copying the top-performing traders and get the same profits they had without having to go through years of studying the market.

Here are the pros and cons of using eToro:

PROS
CONS
It’s easy to open an account.Top traders require a high minimum balance to copy their trades.
You can see what other traders do on the platform and copy the trades.Not everyone makes money in eToro. If the trader you copied incurred losses, then you’ll incur the same losses too.
Safe and secure because the platform is strictly regulated.Has only one base currency which is the US dollar. The platform charges a 0.5% conversion fee if you make a deposit.
No management fee and zero commission when trading stocksWhen withdrawing your funds, the platform charges a flat rate of $5.

2. Robinhood

Robinhood is a mobile app that offers its clients a trading experience that is simple and streamlined so that even rookie traders can start trading and gain some profits.

Its best appeal is that it does not charge commissions for stocks, options, or crypto trading. The platform makes stock trading viable for those who want to test the waters first before increasing their trade amount. 

Here are its pros and cons:

PROSCONS
Customers have instant access to their deposits and funds after closing a trade.Educational materials about trading and investing are very few.
They give out one free stock to every new member.Prices are updated in their app and website, but it’s not done in real-time compared to other trading platforms.
Easy to sign up and the platform is convenient to navigate.The app does not offer penny stocks.
You can add assets to a watchlist so you can monitor its performance and decide if you should buy it.Good for short-term trading, but not so great for the long-term. 

3. Schwab Mobile

Schwab Mobile is a trading app offered by Charles Schwab. The platform is designed to meet the needs of investors and traders of all skill levels.

It’s easy to navigate for first-time users, and beginner traders can start making some profits. At the same time, it has advanced features for more experienced traders.

Here are its pros and cons:

PROSCONS
The trading platform has zero-commission on their stock assets, which means you have extra money to invest. It costs $25 to withdraw through wire transfers. 
Schwab mobile is equipped with research tools (ex: fundamental analysis, real-time quotes, live streaming of CNBC TV, etc.).The design and layout of the news feed can be improved.
Excellent customer support to help you if you have any concerns with the app.It only allows you to deal with US investments.
Long-standing track record in the finance industry, making it one of the most reliable companies.The app does not offer negative balance protection.

4. E*Trade Mobile

E*Trade was founded in 1982, and it is one of the first online brokerages in the United States. Since then, it continued to offer services that would cater to a wide range of investors and traders. 

Now, the company offers its E*Trade mobile app to ensure that its clients get to make trades, access their accounts, and monitor assets.

Here are its pros and cons:

PROSCONS
Starting in October 2019, E*Trade has zero commissions on stocks.Though it doesn’t charge commissions on stocks, it charges an ECN fee of $.005 when making trades before and after market hours.
It doesn’t have a minimum deposit which means you can start trading even with a low amount.It has an annual portfolio management fee of 0.30%. 
It has an account minimum of $500.
The app has built-in research tools to help you understand the market and make trading decisions.The app also has educational materials; however, it can be difficult to navigate.
E*Trade mobile app supports Apple Watch to make it more convenient for you to view your account.Users often report about the app’s login and connectivity issues.
 

5. Fidelity

Another mobile trading app that most people would recommend is Fidelity. Just like Schwab Mobile and E*Trade, it is an established brokerage firm that offers different investing and trading options.

Being in the finance industry since 1946, Fidelity is one of the most reliable mobile trading apps and regulated by top-tier financial authorities.

Here are its pros and cons:

PROSCONS
The app doesn’t charge an account fee, withdrawal fee, and an inactivity fee.Just like Schwab mobile, it does not offer negative balance protection.
Customer support is available 24/7. Plus, it can be done through call, chat, email.It charges a broker-assisted trade fee of $32.95.
Users have access to a demo account and a wide variety of educational materials on trading.It doesn’t offer any new account bonuses, unlike other trading apps.
It supports multiple currencies which means you don’t have to pay for a conversion fee.Their platform is good for long-term investments but not for short term day trading.

Make Extra Money While You’re at Home

Stock trading is no longer limited only to those who are knowledgeable in the finance industry or with lots of extra cash to burn.

Trading apps have made stock trading easier and more accessible to a wider audience. And, many of these are equipped with different research tools and educational material that will help beginners to gain profits!
Try it for yourself and start making extra money by trading stocks!