Breaking Down the Pros and Cons of this Trading Service
Dear Penny Stock Millionaire,
Curious about the top brokers for mobile trading? Here are some of my thoughts on the most prominent platforms.
Mobile Trading With TD Ameritrade
As one of the biggest brokerages in the country, TD Ameritrade has not one, but a few different apps dedicated to trading.
The most basic app is TD Ameritrade Mobile. On this app, you can monitor your positions and execute trades. It’s pretty similar to the TD Ameritrade desktop site.
Then there’s the slightly fancier TD Ameritrade Mobile Trader app. This one lets you customize various settings to create a dashboard with all of the information you want to see.
You can also get access to research modules, transfer funds, and get market alerts and some good learning materials. It has plenty of technical analysis and charting information to help you decide on trades on the go.
There’s also TD Ameritrade’s Thinkorswim. This is the trading app companion to the popular trading platform that goes by the same name.
In terms of trading, Thinkorswim is pretty similar in its functions to the TD Ameritrade Mobile Trader app. However, the design is a little different and the charting is arguably a bit more advanced and in depth.
On Thinkorswim, you can trade stocks, options and complex options, ETFs, futures, and forex. There are also chat rooms and daily programming from TD Ameritrade professionals.
There are also some nice touches like the ability to stream live CNBC, access events with an interactive market calendar, and you can link your desktop and device to synch the symbol being viewed.
Benefits of Trading Mobile With TD Ameritrade
I use several trading platforms, and TD Ameritrade is one of my favorite broker apps.
As a bigger bank, it’s able to offer a much nicer interface and features that are second to none.
Of course, it’s not without its detractions as well. Which leads to the next topic …
Pros and Cons of Using TD Ameritrade
What are some of the pros and cons of using TD Ameritrade? Here are some important ones to consider:
- User friendly. The mobile trading program on TD Ameritrade is easy extremely intuitive, and you’ll be able to master it in minutes.
- Quick trades. No timing out or long loading here. This platform is reliable and quick, meaning you can make your trade instantly.
- Synch your screens. The apps can be linked to the desktop application. You can use your phone as a second screen, or even to act as a remote control on your desktop.
- Recognizable. If you use the TD Ameritrade website, the mobile app will look familiar. The information is presented similarly, so you won’t have to re-learn where things are.
- Nifty tools. There’s a customizable sidebar, real-time quotes, and a feature that lets you make trades from any page rather than having to do it from a static page.
- Access to all your documents. The app lets you see your account statements, tax documents, and any messages. This can be handy.
- All access: On some apps, you need to meet certain criteria to access certain features. On TD Ameritrade, you don’t have to meet any of these, you get the same access no matter what your account size.
- 24/7 customer service. Since it’s a bigger organization, the customer service is also bigger and better. It’s professional, fast to respond, and can be contacted 24 hours a day.
- No minimum. There’s no minimum amount required to open your account with TD Ameritrade, so even if you only had $5 you could start an account. But it’s probably better to start with more.
- Too many apps? Yes, TD Ameritrade has three associated apps. Can this get confusing? You bet. It can be hard to know the differences between each. You’ll need to do some research and might even need to speak to customer service to determine which one is best for you.
- High trade fees. At the time of this writing, the fees for trades were $6.95 on TD Ameritrade. This is on the high end of online broker fees. The fees don’t stop there: For a no-load mutual fund, for instance, the fees could be close to $50.
Free Mobile Trading Apps
Looking for fewer fees? Consider Robinhood.
Mobile Trading With Robinhood — Free of Charges!
Robinhood actually started as an app before it launched a website, so the accent is on mobile format with this company.
One of the big draws of Robinhood is that it offers free stock trades. That’s right: When you execute a trade, they don’t charge a transaction fee.
However, be sure to read the small print, because no transaction fee doesn’t mean everything is free.
As the Robinhood website says, “Robinhood does not charge fees to open or maintain an account, transfer funds, or buy stock. However, there are fees charged by the U.S. Securities & Exchange Commission and FINRA on all sell orders.”
So, depending on what types of transactions you’re conducting on the site, there may be fees associated with it.
If you upgrade to the Robinhood Gold account, which has more features, there’s a monthly fee.
Upgrading gives you access to margin trading and extended-hours trading, among other things.
I’m almost finished going through mobile trading with you — stick around for my beginner tips in tomorrow’s issue.
Editor, Penny Stock Millionaires