What Is The Best App For Penny Stocks?
Looking To Score On Penny Stocks? There’s An App For That
Assuming you know the basics of penny stocks, definitions of standard terminology, and an understanding of the higher risks these cheap stocks have, your next step is trading. But when it comes to trading penny stocks, there is a sea of possibilities in the stock market today. Just to think that only a few years ago, a “mobile-friendly” trading platform was one more akin to a clunky, hard to use “scaled down” version of traditional brokerage platforms doesn’t seem possible. But it is and a lot has changed in a very short period of time.
Some may say that the Robinhood app helped spawn an entirely new generation of traders. The YOLO crew has popularized the app for its ease of use and no-fee platform allowing even the smallest accounts to start investing in penny stocks. As popularity grew, we’ve seen other brokerage platforms focus on a real mobile solution for the new generation of traders. Furthermore, there are many who want access to not only stocks but options, futures, and even cryptocurrency as well.
Then there’s the fee schedule. Today, nearly every major broker, including apps like Robinhood and WeBull, has gone to a “Freemium” approach. Users typically get to trade stocks and options with minimal fees but can elect to pay a subscription for access to features.
These include things like Level 2 data, time and sales, as well as extended-hours trading. When it comes to answering “What is the best app for penny stocks” it’s really a personalized question. So let’s go over some of the top apps that you can trade penny stocks on right now and you can decide what suits you the best.
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Best Apps For Penny Stocks: Interactive Brokers
While many new users have traded penny stocks with Interactive Brokers, the IB brand has now expanded into mobile service. Its IBKR mobile app provides “the functionality you need to trade and manage your account on-the-go.” The IBKR mobile app offers commission-free trading on listed stocks (NYSE, NASDAQ) and offers both a Pro and Lite version depending on the sophistication of the user.
Something else that is a more unique attribute to the IBKR app is that it allows users to gain access to other markets. According to the company’s website, users can “access over 135 markets worldwide” on the app.
Based on many of the ratings and reviews of the app itself, it may be a more robust application for experienced traders. But having global access to other markets may be one of the trade-offs to think about if that’s something that interests you.
Best Apps For Penny Stocks: WeBull
WeBull is somewhat of a “new kid on the block” but it has taken a similar approach to market trading as Robinhood in some sense. Right now the application offers users the ability to get free stocks for accomplishing certain tasks. Where an application like Robinhood gave basic charting data and news services, WeBull appears to have gone the route of a more traditional portal.
What I mean by this is that its charting platform is a bit more advanced and designed to squeeze more information out of the limited space of a mobile device. The application also offers basic solutions for long-term investing as well. Members can start-up an IRA or individual brokerage account and gain access to WeBull’s full suite of tools. What’s more is that if you prefer to trade on desktop, WeBull also offers a dynamic trading suite via its website.
While this app is new, it has begun to gain in popularity. One of the clear attributes that will likely be seen as a positive is the free stock aspect for new users. This includes getting rewarded for opening an account and funding an account as well.
Best Apps For Penny Stocks: ThinkOrSwim (TD Ameritrade)
TD Ameritrade’s ThinkOrSwim platform has long been a go-to for active day traders. In comparison to other dynamic platforms built for desktop, TOS is free to use. While many investors looking to trade penny stocks were once limited to using the platform on a compute only, ThinkOrSwim is now on the app store. There’s a bit of a learning curve if you’re switching from desktop to mobile. But obviously when your screen is limited to only a few inches, you may expect that there’s going to be more clicking involved.
What I mean by that is on TOS desktop, you can access all of your charting set-ups, trend line presets, technical indicators, etc. You can still do that on mobile only if you’re trying to compare time frames (3 minute vs 15 minute), you’ll need to do a bit of tapping on the screen. However, keep in mind that TOS mobile can’t “cram everything” from desktop into mobile. So I would suggest that no matter what trading application you’re looking to get, understand that it won’t be as dynamic as a desktop system.
Aside from the ThinkOrSwim platform, TDAmeritrade also has its standard account application. This is similar to the main TD website and you can access basic information like Level 2, some charting, and most importantly, you can place trades.
Best Apps For Penny Stocks: ETrade Pro
Similar to ThinkOrSwim, ETrade’s Pro platform allows similar access to stock market data. You can access charting data, trade penny stocks, and access streaming quotes. The application also allows users to trade options, futures, and ETFs.
Similar to ThinkOrSwim, remember that this is the mobile version of a much more dynamic desktop platform. You can set up things like Bollinger Bands, trend lines, and the like, but when it comes to adding multiple indicators, the mobile platform may bog down a bit.
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Similar to TDAmeritrade, ETrade also offers a more basic version similar to its standard website. On the ETrade mobile app, users can access account information, place trades, see simple chart set-ups, etc. The company also offers free commissions on trades, though you’ll have to check specifics on OTC penny stocks. Most platforms, if they offer OTC penny stocks, will include some fees. Something else you gain access to are things like streaming news.
Best Apps For Penny Stocks: Robinhood
Say what you will about Robinhood and penny stocks but it has helped drive a directive for things like trading fees. I wouldn’t call it a pioneer for mobile trading but it did entice a new generation of traders to join the markets. No matter how big or small an account is, the Robinhood app allows commission-free trading. This includes trading for things like penny stocks and blue-chips alike. Similar to WeBull, you can also access information on desktop as well.
One of the high points for Robinhood is that it offers a simple way to buy and sell stocks, options, and cryptocurrency. One of the downsides, however is that when you see a high-flying OTC penny stock, you can’t buy it. Robinhood limits access to NASDAQ and NYSE listed stocks. So for many of the marijuana stocks, for instance, Robinhood users are SOL. Similarly, we’ve seen a lot of attention on things like mining and biotech penny stocks.
When it comes to trading one of these that is foreign listed, Robinhood doesn’t have access to 5-letter stocks ending in the letter “F”. Needless to say, Robinhood has had its share of trouble over the years. More frequent application black-outs, seemingly ‘unlimited margin’, and other glitches have raised questions. However, it hasn’t stopped the millions of users from opening up new accounts over the years.
Best Apps For Penny Stocks: TradeStation
Another one of the up and coming mobile apps has been TradeStation mobile. Its web-based platform offers a simple overview of the market. It also allows clients to get news, some charting, and set up trade alerts. When it comes to the mobile application, the set-up is pretty similar. If you’ve ever used the website, you’ll see a clear correlation between that and the TradeStation mobile application.
On the app, users can access charting, streaming quotes, options spreads, and even market depth. There are also preset watch-lists to view things like “$gainers” and active stocks. Not only can users trade penny stocks on TradeStation, but they can also invest, trade options, futures, crypto, and indices. The charting platform isn’t as dynamic as some. But it does allow users to add commonly used technical indicators as well as draw on charts.
Again, it’s important to keep in mind that mobile apps are traditionally designed for quick trading and on-the-go access. So where a desktop set-up can be more advanced mobile apps for penny stocks and blue-chips may be limited. At the end of the day, you have to consider giving up some of the functionality for the opportunity to trade from the palm of your hand.
Learn More About The Basics Of Penny Stocks
If you’re just beginning to learn about penny stocks, you’re in the right place. Check out our 60+ page book full of detailed information about how to trade penny stocks. We go over everything from stock market basics to technical indicators and how to find the best penny stocks. You can also refer to some of our popular articles on Penny Stocks 101: