The Top 15 Apps For Penny Stocks And Trading
On the StocksToTrade team, we use our smartphones a lot. When we brainstormed about the top apps for penny stocks, we discovered there were many to choose from.
The following are the apps that we think can help traders of all levels.
Please note that StocksToTrade offers broker integration with some brokers mentioned in this post. Otherwise, we have no other affiliate relationship with any of these apps or their developers.
Do you need to download all these apps? Absolutely not! Browse through the list and check out the ones that look most interesting to you. Theyre broken down by brokerage, news, and productivity.
Now, here are my top 15 apps for penny stocks.
Tradestation Best Penny Stock App For Investments
If you are looking to trade penny stocks on your phone – you’ll want to choose a brokerage site that offers a top-rated mobile app. We found that TradeStation is the best penny stock trading platform for this purpose – as its iOS/Android application is really intuitive.
The app allows you to place buy and sell orders on your chosen penny stocks, check the value of your portfolio, and even perform research and technical analysis. We also like the alert function that the TradeStation app comes with.
This allows you to set a custom alert on a specific penny stock and thus – you’ll receive a notification when this is triggered. When it comes to supported penny shares, TradeStation gives you access to the OTC stocks arena. Best of all, it doesn’t charge any trading commissions.
However, if you end up purchasing more than 10,000 penny stocks via a single trade – anything above this figure will be charged at $0.005 per share. In terms of accessing OTC pricing data, this is charged at $5 per month. You might want to consider this, as penny stock pricing feeds are otherwise difficult to gain access to.
Your capital Is at risk.
Top 5 Best Penny Stock Trading Apps For 2019
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Penny stocks are low-cost stocks that you can buy and sell for typically less than one dollar per share and are often bought and sold in high volumes. While penny stocks may appear as inexpensive, they also come with higher risks. However, along with higher risks comes the possibility of high rewards. If you are an investor looking to invest in penny stocks, here are some of the best trading apps to do so.
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Open An Etoro Account And Upload Id
If you’re looking to invest with the best penny stock trading platform in the market – consider eToro. You’ll be able to invest commission-free across 17 international stock markets.
To get the ball rolling, visit the eToro homepage and open an account.
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
You will need to provide your personal information and contact details, as well as verify your mobile number and email address.
You will also be asked to upload a copy of your government-issued ID and a proof of address. In doing so, eToro will verify your account instantly and all restrictions will be removed.
Top 7 Trading Apps For Penny Stocks
Whats the best app for penny stocks?
I get this question often. Lets face it. The tech available for trading penny stocks has changed a lot since I got in this niche 20+ years ago. An app for penny stocks back then wasnt even a thing yet.
To say technology is changing super fast is a huge understatement. And that can help in our daily lives and in trading.
These days, most traders want to balance trading with the rest of their lives. Trading apps can seem like a good solution to help with this.
Some of you might think I hate trading apps. I dont.
Its true that I love what a powerful platform like StocksToTrade can give me on a laptop, and you should too. But that doesnt mean you have to stare at a computer screen all day. Doing the hard work at home should give you more freedom to do what you love best.
You need to find the tools work best for YOU. And luckily there are some good apps out there.
An app for trading penny stocks can be a great tool when used in the right way. Read on to learn about how to find the app for penny stocks that might fit your trading style and account size.
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Are You A Penny Stock Day Trader Or A Penny Stock Investor
In my experience penny stocks are so volatile, unpredictable, and subject to market manipulation, that being an investor is nearly impossible.
You need to have a short term outlook in order to survive, and you need to be one of the first traders to get in and the first traders to get out with profit.
Remember that a penny stock company can have a horrible balance sheet, awful fundamentals, and then spike up 200% on breaking news of a new partnership.
For this reason, shorting penny stocks expecting the companies will go bankrupt is extremely risky. The fundamentals will matter eventually, but in the meantime, most investors cant handle holding a position down 200%. Im a penny stock day trader.
This means I follow a few very specific rules about how to pick stocks and how to trade them.
Day Trading Penny Stocks at this point is like riding a bike for me. As this point, I can make $100k in 3 months without breaking a sweat, but remember it took me years to get to this point.
One of my favorite things is working with beginner traders in our Day Trading Courses because I know what its like to be brand new to the market!
The reason working with beginner traders is so much fun is because I remember what it was like to be a beginner trader.
I consider myself to be no different from beginner traders, the only difference is that Im a little further down the road to success and I can look back at where you are today and know what it takes to get you to where I am today.
Heads Up: Trade Surcharges
Does the broker you use charge a fee for stocks that are valued less than a certain dollar amount?
These are trade surcharges that typically apply to penny stocks because of their extremely stock price. These thresholds change depending on the broker, but most consider anything under $5 to be a penny stock trade.
Some put the threshold at $1 or $3. Since you are trading in a larger number of shares, its best to avoid any broker that charges you more than the stock price in fees.
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Best Brokers For Penny Stock Trading 2021
Penny stocks are companies whose . Penny stocks are risky investments, as in most cases they trade over-the-counter , which means the companies are too small and unprofitable to trade on a major exchange like the NASDAQ or NYSE.
To help investors find the best brokers for penny stocks trading, we compared the pricing and trading platforms of 11 brokers. Our top pick for 2021, TD Ameritrade, combines flat-rate pricing with excellent trading tools and research capabilities.
Can You Get Rich Off Penny Stocks
No. Statistically speaking, the majority of investors that trade penny stocks lose money. Unfortunately, most success stories come from social media, where profit claims are unaudited.
Penny stock scammers will advertise guaranteed or low-risk profits as a way to lure beginner traders into paying for expensive monthly subscriptions or lessons. Chat rooms, newsletters, and live streams are typical subscription offerings that beginners should review with great caution to avoid scams.
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Why Invest In Penny Stocks
Timing the market, entering and exiting at the right time is always ideal when you trade penny stocks. And if penny stocks are part of your game, you may want to learn how to trade professionally through technical analysis for you to get in at a swing low, retracements, breakouts or along with price action setups as confirmation to increase your profitability. More than choosing the best penny stocks for 2021, you need a strategy thats tried and true.
Weve got established trader Ezekiel Chew founder of Asia Forex Mentor, who makes 6 figures a trade, and trains the bank traders behind the scenes, to share with us how to be successful in trading and investing.
Ezekiel believes there are three key aspects to successful trading:
1. Youve first got to learn how to read the charts. And one of the best ways to learn this is through price action the technique that the majority of professional traders use. Once you have learned how to read the charts, you will know why the market is going up, down or sideways and then will you recognize which strategy to put into play in that direction.
2. Trade with a proven trading strategy or a combination of strategies. A proven strategy is one that is comprehensively back-tested and has been shown to work consistently. It is only in this way that you will have the confidence to stick with it during the lull periods.
Where Can You Trade Penny Stocks
If you decide to take the plunge into penny stock, plenty of brokers can help you make trades. But a handful of online brokers might be especially good choices. These companies all of which have brokerage apps include:
Charles Schwab. In addition to not charging commissions for online trades, Charles Schwab offers an app that allows you to use your finger, face ID, or a preset passcode to check your account. You can also make trades with the app. And as we have noted, this firm can make sense for investors who want access to premium-quality research.
Fidelity. Fidelity does not charge commissions for online trades. Download the Fidelity app and you can get quotes on Amazon Echo. Just ask Alexa for a quote at any time. MoneyRates has reported that Fidelity is known for its efficient trading execution, low-expense mutual funds, top-notch research, and tools.
TD Ameritrade. MoneyRates has noted that TD Ameritrade does not charge commissions on online trades. It also does not charge monthly account maintenance fees and has no minimum account size. It also lets you trade via an app. You can even use the app to get detailed stock quotes and track the market through your Apple Watch.
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What Makes Tradestation Different
TradeStation is one of the most high-powered stock trading platforms on this list.
The stock trading platform helps you analyze stocks, options, ETFs, futures, and crypto markets. If you open a TradeStation brokerage account, you can use the companys robust TradeStation Analytics platform for free.
You have access to backtesting, historical intraday data, and extensive charting capabilities.
TradeStation Analytics helps you to find the right opportunities in real-time, when to get into and out of trades and discover hidden opportunities with technical analysis.
You can use the free stock trading app to monitor and rank up to 1,000 ticker symbols in real-time with access to more than 180 technical and fundamental indicators useful for valuing a stock and identifying likely price action.
If youd like to purchase the analytics software without using the platform for making your trades, you can pay a monthly fee of $99 for non-professionals and $199 for professional subscribers.
Can You Buy Or Sell Penny Stock Shares Below 10 Cents On Cash App
Unfortunately, Cash App does not broker penny stocks that trade for less than 10 cents per share.
However, these kinds of penny stocks are available on other platforms or brokers.
This stock is usually traded over the counter , meaning a dealer will have to purchase the stock for you.
A stock that is less than 10 cents is not usually found on platforms like Cash App because of the strict listing rules of big stock exchanges.
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How Can You Buy Penny Stocks Online
Penny Stocks On Cash App: Final Thoughts
Trading penny stock through Cash App is straightforward and more than that, its free.
These kinds of stocks have the potential to provide major growth on your investment while being accessible at the same time.
If you are looking to make a profit for a small price, you can try to dive into the market through penny stocks.
You should always keep in mind that this profit potential comes with volatility, bringing the risk of you losing your investments.
Always make sure to do your due diligence to mitigate the risk of losses and always do your own research especially with small-cap stock.
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Special Penny Trade Restrictions
Some brokerage firms wont even let you trade in penny stocks online. You have to place a phone order. In other cases, they may limit the types of orders you can make with a penny trade.
While you probably arent looking to waste too much time thinking about strategies, you should only work with brokers who let you trade penny stocks in the same way you would other stocks.
Are Penny Stocks A Good Investment
Statistically speaking, you are more likely to lose money trading penny stocks. Most penny stocks are traded based on speculation as there is little or no information about them. Penny stocks are therefore prone to manipulation and fraud. However, despite the risk, penny stocks can deliver huge returns and fast growth.
To minimize your risk of being defrauded, you must tread with caution and do due diligence through adequate research on the best penny stocks to invest in. Be especially mindful of paid promotions through emails.
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Is It A Good Idea To Buy Penny Stocks
Here are five tips to remember when buying penny stocks:
- They are risky – Penny stocks trade for less than $1 per share for a reason.
- Be aware of fraud – Watch out for pump and dump schemes.
- Be mindful of paid promotions – Ignore emails claiming big returns they are a scam.
- Do your own research – Thoroughly research the company before you buy.
- Be aware of costs – Select a broker with flat-fee trades.
Education Research & Analysis
Education tools like user-friendly guides, blogs, and video explainers are crucial if you have little to no knowledge of how penny stocks work. Webinars are also useful, as they allow you to tap into the mind of an experienced investor.
When it comes to analysis, some penny stock apps will give you access to technical indicators and chart drawing tools. However, this is often difficult to deploy when using a mobile app due to the smaller screen size. Its handy to have nonetheless.
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How To Trade Penny Stocks
Can You Make Money With Penny Stocks
Yes, but sophisticated investors such as institutions and funds avoid investing in micro-cap companies, because investing in penny stocks can be more of a gamble and is thus best avoided unless you have experience angel investing and researching startups.
On average most retail investors will have a higher chance of making money over the long term with better quality stocks that have higher capitalization than penny stocks. For example, a low-cost index fund over the long term will be a less risky investment than putting the same amount in a handful of penny stocks over a five or 10-year period.
Whether penny stocks should be included in your portfolio should depend entirely on your financial goals. Its important to assess your risk tolerance, and the percentage of your portfolio that you want to budget for such extremely speculative trades.