Nowadays, many people are starting to become penny stock traders. This is because penny stocks require low capital requirements but the potential for increases is high. If you want to give it a try, you better find out about the best apps for trading penny stocks.
Investing in penny stocks has some risks because this investment is speculative and you cannot predict. Fortunately, there are several penny stock trading apps that provide certain features to minimize risk. The following are the 5 best apps for trading penny stocks that you can try.
5 Best Apps for Trading Penny Stocks of 2022
1. Charles Schwab
Through this application, traders can trade penny stocks through several exchanges, such as pink sheet stocks, over-the-counter markets, and others. In addition, Charles Schwab cannot only be accessed via a smartphone but also a desktop.
The app also allows traders to have complete access to its various services, including high-end stock screeners and the StreetSmart platform. Also, the app charges no commission for trading listed shares and no recurring fees. So, as a penny stock investor, you can enjoy a fee-free experience at Charles Schwab.
2. Fidelity
This app offers an account with no minimum deposit and no recurring fees, perfect for penny stock traders. Then, this app also offers no commission on stock trading. You can access Fidelity not only on smartphones and desktops but also integrated with Google Assistant and Apple TV.
Penny traders can access a large number of penny stocks in this app. However, you should be aware of the risks because the Fidelity website itself warns of the dangers of investing in penny stocks. That said, the app works great for a low to no cost penny investment experience.
3. TD Ameritrade
One of the apps for trading penny stocks that you can choose is TD Ameritrade. Through this application, you can survive without paying any commission when trading non-OTC stocks. However, when you want to trade Over The Counter penny stocks, you only pay USD 6.95 per trade. To create an account, there is no minimum deposit you have to pay.
For regular TD Ameritrade applications, it is perfect for new or infrequent traders. Meanwhile, thinkorswim provides an active trading experience. That way, you can evaluate when to buy a stock based on volatility as well as price action.
4. TradeStation
If you use TradeStation, there are 2 mobile application options that you can choose from, TSgo and TS Select. However, both apps offer commission-free trading on penny stocks as well as all other equities. If you choose TSgo, it costs USD 10 per trade. But, you can access the platform for trading and some resources.
While TS Select traders can trade for free but require a minimum account of USD 2,000. Compared to the two applications, TS Select is the best choice for beginner penny stock traders. However, you should maintain the volume per trade at or below 10,000 shares.
5. E*TRADE
For per OTC share trade, this app charges USD 6.95. However, for all other penny stocks, this app charges zero commission and no account minimum. Then, for those of you who want access to some of the best research tools that support trading, this app is your best bet.
Now you know that there are several apps for trading penny stocks that can minimize your losses. All of these applications have certain features such as real-time analysis so you can monitor stocks easily only through your smartphone. However, not all those apps are the same so you need to read this review in detail.