Best Online Trading App for 2024 - TOP 5 Comparison

Detailed Review of the Best Online Trading Apps

To make an informed choice of a mobile app, you need to read a detailed review of the broker offering it. This will help you to learn more about the company in general and its mobile app in particular. Traders Union experts have prepared the required information to help you make the right choice.

RoboForex is the best broker for a beginner trader

RoboForex is one of the best brokers for novice traders. Practice shows that newcomers choose this company primarily for its reliability and comfortable trading conditions. The minimum deposit at RoboForex is only $10. It is a small amount, but it is enough to understand the trading specifics and understand how the Forex market generally works.

Orders of RoboForex clients are immediately brought to the international market, working according to the "A-Book" principle, excluding a possible conflict of interest with the broker within the system itself.

RoboForex offers its clients the opportunity to invest in ETFs through its proprietary innovative trading platform - R StocksTrader. In it, you will find a variety of charts and quotes updated online for the following instruments: 12,000 stocks, currency pairs, indices, and ETFs. The minimum deposit to get started with R StocksTrader is $100. Additionally, an accessible constructor is built into the platform, which allows you to create trading robots on your own without programming skills. You can test the created Expert Advisor on a demo account.

ETF trading at RoboForex is available with leverage up to 1:20, depending on the selected account type. The minimum commission is 0.25 USD, and the spread is 0.01 USD. These instruments are traded 24/7, and the Stop Out level is 20%. The maximum number of ETF instruments available for investment through R StocksTrader is over 8400.

Another competitive advantage of the RoboForex broker is its innovative liquidity aggregation technology. It is also worth noting that RoboForex uses direct entry of orders to the market - STP, ECN. Advanced technologies for bringing client transactions to international platforms allowed the company to achieve excellent results in order execution speed (90-100 ms) with an average value of this parameter elsewhere in the market is 500 ms. In general, there are no negative reviews on the processing speed in RoboForex.

eToro is a broker for trading, investing and social trading

eToro provides access to investing in assets of various markets. The list of available stock instruments includes nearly 3,000 stocks, 15 indices, 15 exchange commodities and over 250 ETFs. The broker regularly expands the choice of ready-made investment portfolios that are balanced by the risk score and yield percentage. Theme portfolios with stocks (NVDA) and penny stocks of various industries, including energy, electronics, hardware, etc., are available.

eToro clients can also buy and sell stocks of companies that pay dividends. For passive investors, the broker has formed a portfolio of securities of international companies that have been paying dividends to their shareholders for at least 20 years straight. In addition, each eToro client can build his own portfolio or copy one from more experienced traders using the CopyPortfolios service.

Useful services by eToro:‌

• Market hours and events. This is a section on the official website of the broker featuring the trading hours for various instruments and also the dates of important market events.

• Dividend calendar. The calendar shows a list of companies that pay dividends to the holders of their shares. It also specifies the payment dates for different types of dividends – annual and periodic.

• Earnings reports. In this special calendar, you can find information about the expected reporting dates of companies with the highest market cap and the expected earnings per share (EPS).

• Demo account. You can use it to build a virtual asset portfolio, test the trading platform and the services of the company.

• eToro Club. There are five membership tiers:  Silver, Gold, Platinum, Platinum+ and Diamond. Each tier provides members with certain privileges, such as withdrawal fee and exchange fee discounts, a dedicated Customer Success Agent, etc.

• ESG. The ESG scores help investors consider social, environmental and governance indicators and risks, which are not taken into account in the fundamental analysis. Depending on the level of company leadership in its sector, its stocks on the trading platform are lit with one of three colors – green, yellow or red.

The eOption broker caters to traders with different professional qualifications

The eOption broker specializes in options trading, but also provides a full range of investment services to a wide range of clients globally. The broker offers commission-free stock trading, powerful trading platforms, competitive low margin rates, and real-time expert support. There are no mandatory minimum retirements for opening an account nor are there trading volume requirements. The eOption broker provides a training demo account and free training materials on options trading.

The broker offers its clients a proprietary eOption trading platform along with several third-party terminals such as Sterling Trader Pro and DAS. They are available in desktop and mobile versions and compatible with iPhone, iPad, and Android OS-based devices. They also work in popular browsers. The broker’s proprietary terminal is provided free of charge. Note that the minimum capital needed to employ the Sterling Trader Pro and DAS platforms is $25,000.

Useful eOption services:

• OptionsPlay. An online tool that increases the efficiency of options trading. It displays the historical analysis of thousands of stocks, buy and sell signals, has over 65 technical indicators, price action analysis, resistance, and support levels. It is provided free of charge for eOption customers. The fee for unregistered users is $500 per year.

• Charts. Charts are based on ChartIQ, Quote Media, OptionsPlay, and ETNA data. There are about 30 technical studies available. You can link the charts’ graphical display to the actual watchlists. 

• News. Trading platforms display news feeds from Apollo News, GlobeNewswire, Quote Media, PR Newswire, Market News Publishing, Canada Newswire, Business Wire, Marketwired, UPI, and Fly on the Wall. You can sort news by topic, ticker, industry, or company.

• Third-Party Research from Hammerstone Markets. The clients of eOption get high-quality analytical materials, stock market news, and expert comments four times a day.

Wealthsimple is a broker for passive investments in managed asset portfolios

Wealthsimple offers clients portfolios consisting of exchange-traded funds (ETFs) and mutual funds. The company's specialists believe that these financial instruments are the best way to reduce management costs and simplify the portfolio. Base portfolios are formed by a special algorithm. It analyzes investors' answers that they give when opening a new trading account. Potential clients indicate their level of acceptable risk, financial goals, age, profession, and income. Personalized portfolios for premium account holders are compiled by the company's in-house investment specialists.

Wealthsimple makes it possible to form a portfolio and view statistics on it in the web terminal (available in the personal account on the website) and the mobile application. The functionality of both versions does not include technical indicators, as passive investors do not need them.

Useful services of Wealthsimple:

• Free-of-charge investment consultation from a Wealthsimple specialist. During a telephone conversation, the consultant finds out your attitude to risk, helps you set investment goals, talks about ways to reduce financial expenses and taxes.

• Help Center. A section with detailed descriptions of trading conditions, an explanation of the basic concepts of the stock market, and tips on financial planning.

• News & Webinars. A section with a feed of current news and recordings of webinars already conducted by Wealthsimple specialists.

SoFi Invest is the company for trade, investment, and financial planning

SoFi Invest is an investment product that offers two types of accounts. The first of these is an active trading account that allows traders to buy securities and cryptocurrencies. The second type of account is an investment account controlled by a robot advisor, which offers users portfolios that are pre-created taking into account the level of risk and available capital. Clients of SoFi Invest have access to planning and wise investing guides, various types of calculators, and daily newsletters.

The broker does not use terminals of third-party software developers but offers a proprietary platform adapted to the various needs of its users. The terminal is presented in two iterations - web and mobile. A desktop version is not available. Through a single application, the company’s clients can manage cash, savings, and investment accounts, as well as arrange loans, credits, and mortgage loans.

SoFi Invest’s useful services:‌

• SoFi Daily Pod. Daily podcasts of stock market news and events to listen to on the SoFi app or on Apple, Spotify, and Amazon.

• Investing 101 Center. A section with information about investing, which will be useful to both beginners and experts.

• Calculators. The broker’s website has special tools for calculating investments, the number of debt payments on loans, and mortgage payments.