UPDATE: Jan. 28, 2021, 6:03 p.m. EST Several hours after Robinhood restricted trading of "meme" stocks such as Gamestop, apps TD Ameritrade and WeBull restricted them as well. As of 2:35 p.m. ET, WeBull no longer restricted buying shares of Gamestop, AMC, and KOSS.
UPDATE: Jan. 29, 2021, 3:49 p.m. EST As of Friday afternoon, Robinhood limited the number of tradable GameStop shares to one, and restricted stocks on many other companies as well. For the latest news on this ongoing story, check our GameStop category page.
By now, you may be aware of Redditors battling against Wall Street by investing in companies hedge funds bet will fail: GameStop, AMC, and Nokia, among others.
What sounds like a classic Robin Hood story — take from the rich and give to the poor — was halted by an app ironically called...Robinhood. Robinhood is a free stock trading app that is currently under fire for stopping users from buying shares in GameStop and others Redditors have jumped on.
Unsurprisingly, Robinhood users aren't happy and are turning to other apps to do their trading. While Robinhood has perks, such as taking zero commissions on trades and shelling out free stock when you get friends to sign up, there are plenty of trading apps out there to get your stonks to the moon.
Both new and experienced investors can get the most out of TD Ameritrade, which was proclaimed the best stock trading platform by StockBrokers, NerdWallet, and The Motley Fool. There are no fees or account minimums, yet you have many investment options such as stocks, bonds, options, margins, and more. TD Ameritrade offers not only extensive research analytical tools, but it also has an entire education platform with immersive courses, articles, videos, and even in-person events (when those can happen again, anyway).
You can download the TD Ameritrade app for iOS on the Apple App Store and the Google Play Store for Android.
StockBrokers calls Fidelity the best option for everyday investors. Like many of the other options listed, there's no commission fee or account minimum. Fidelity offers more than trading; you can also invest for retirement, as well. The platform offers clients wealth management advice and market analysis tools if you want to make your own stock decisions. If you're more experienced with the stock market — or plan to be — Fidelity also has an Active Trader Pro desktop platform to watch the market in real time.
You can download the Fidelity app for iOS on the Apple App Store and the Google Play Store for Android.
Like TD Ameritrade, E*TRADE is the best of both worlds: There's a wealth of information for beginner investors, and a large investment selection for those who are more experienced. E*TRADE has no commission fee and no account minimums, so you can get started right away. The app also offers extensive research of the market. If you're a beginner and want to dive in headfirst — or someone who's been investing and wants to learn more — consider E*TRADE.
You can download the E*TRADE app for iOS on the Apple App Store and the Google Play Store for Android.
Acorns is a good option for those dipping their toes into the world of trading. Acorns does cost money ($1 to $5 a month, depending on what plan you choose), but it also offers more than just investing. If you solely want investing, Acorns will cost you just $1 a month. Acorns is a more holistic financial app with offerings like retirement and checking accounts. The app lets you "invest your change" into stocks: When you link your debit or credit cards, Acorns rounds up your purchases and puts the difference into stocks. The app and website provide more educational information than Robinhood, so you can learn as you go.
You can download the Acorns app for iOS on the Apple App Store and the Google Play Store for Android.
Like Acorns, Betterment offers more than just stocks. With Betterment, you can set up retirement and checking accounts; it also lets you sync other accounts. The Betterment Digital plan has a 0.25 percent annual management fee, but a zero account minimum. Their other plan, Betterment Premium, has a $100,000 account minimum and a 0.4 percent annual fee. This app is a good option for those who want more hands-off investing, as Betterment offers robo-advisors to handle your portfolio for you.
You can download the Betterment app for iOS on the Apple App Store and the Google Play Store for Android.
Ally Invest offers two options: self-directed trading or managed portfolios with a robo-advisor. If you choose the latter, you won't have a commission fee or account minimum. In addition to a wide array of investing options like stocks, bonds, options, and margins, Ally also has research and market analysis tools so you can make your own choices. If you want a robo-advisor, you can get started with $100 and have access to Ally's recommendations and monitoring of your investments.
You can download the Ally app for iOS on the Apple App Store and the Google Play Store for Android.
WeBull is a newer trading platform that doesn't have the same extensive investing options that more traditional apps like TD Ameritrade and E*TRADE, but you can still invest in stocks, options, and cryptocurrency. You can create an individual brokerage account on WeBull or start an IRA for retirement. WeBull has extended trading hours before and after market closings, and market analysis tools. There are also no account minimums or commission fees. Those who sign up for WeBull from now until February 1 get two free stocks, and can get two more with an initial deposit of $100 or more.
You can download the WeBull app for iOS on the Apple App Store and the Google Play Store for Android.
Cash App is primarily known as a Venmo alternative to exchange money with friends, but it's also a great investing option for beginners. Like Robinhood, Cash doesn't take any commissions on trades, and it's easy to set up an account on the app's investing tab. You can trade stocks and Bitcoin but not anything else; if you're interested in stock options or other investing tools, you'll need another app. If you're also the time to watch the market and do heavy research, Cash may not be the investing app for you. As of publication, GameStop and Blackberry can't be traded on Cash App.
You can download the Cash app for iOS on the Apple App Store and the Google Play Store for Android.
Whatever your choice, congratulations! You're on your way to becoming the stonks meme.
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