In this video let’s talk about investing & trading apps for stocks, ETFs, options, crypto, etc. And how you, as a non-US citizen, can trade US listed stocks. We’ll discuss as well what to look for and what to avoid while getting into trading apps.
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Let’s first point out what to consider when choosing a stock trading app. There are hundreds of trading apps available on the Android and Apple stores, and they all have different features. Some of the apps are extensions of banks and brokers, while others are from independent developers.
When deciding on which app is best for you, I would recommend to consider the following:
1. First in my opinion you have to find out more about company whose trading app you want to use and entrust your hard earned money. Specifically what is the jurisdiction, how is the company regulated and if your account insured somehow. As for non-US citizens there are lots of apps, which are Cyprus regulated, some of them are under UK regulation and few are US regulated.
2. Once you choose companies you like in terms of regulation, next thing to consider is Knowledge level;
3. Customer service;
4. Time available;
5. Your financial goals;
6. How much money you have to invest;
7. The type of trading you want to focus on;
8. Added features.
1. eToro
Best for: Learning from others
eToro is one of the most popular online stock brokers. It aims to be accessible to all with its easy to navigate interface. It is available on Google Play and the App Store and allows you to move seamlessly between devices.
The app boasts the ability to allow you to place online trades even if the trading platform is down.
Etoro is regulated dependent on where you are opening an account from. It might be Cyprus, UK, Australia, so check that out how it works for you.
2. Trading 212
Trading 212’s mobile trading platform is user-friendly and well-designed, with great search, alert, and order functions.
The app provides two-step authentication beside a one-step login. The search functions are great. You can search by typing the name of the assets but you can also find the assets in categories.
Trading 212 is considered safe as it is regulated by the top-tier FCA.
3. IG
IG was established in the UK in 1974 and is one of the biggest CFD brokers in the world. It is regulated by several bodies globally, including top-tier regulators like the UK’s Financial Conduct Authority (FCA) and Germany’s Federal Financial Supervisory Authority (BaFin). IG Group is listed on the London Stock Exchange.
IG is considered safe because it is listed on a stock exchange, discloses its financials and is overseen by top-tier regulators.
4. TD Ameritrade
There are two TD Ameritrade apps: Mobile and Mobile Trader.
Mobile is for everyday traders and users, while Mobile Trader is for more advanced, active users.
Though the apps are free to use, broker-assisted trades can be pricey.
The app is considered safe and reliable, regulated by US authorities.
5. Interactive Brokers
Best for: Professionals
Provided by one of the largest stockbrokers, the Interactive Brokers app is designed for active and advanced traders and boasts many global stocks.
Strictly speaking, there are no commission fees. However, to keep all users active, there are high charges for inactive accounts. The broker is regulated by several financial authorities globally, including top-tier ones like the UK’s Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).
To be honest no app is created equal. Depending on the developer and the target market, features will differ between stock trading apps.
Before deciding on the right one for you, take some time to explore them. Don’t choose an app just because others use it, or because someone who has been trading for ten years uses it. Choose one that suits you and your current needs.
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