Mobile investing apps have become increasingly popular for those wanting to take a step into the stock market and trading scene. With quite a few different options available it can be a bit confusing to know exactly which mobile platform is right for you for trading apps. In this guide, we’ll take a look at two of the most popular mobile investing or trading apps on the market- Robinhood, and Webull, so that you can find the one that’s best for you.
Who Is Robinhood For?
Robinhood is a platform that is excellent for beginners. If you’ve never traded before, but are curious and would like to get started, Robinhood is a great starting point. It’s considered to be one of the best free investment tools on the market and offers a wide selection of features that are meant to help the individual that’s never invested before.
With Robinhood, you can trade stocks, cryptocurrencies, and ETFs, all through their simple and easy to use interface. Even if you’re not a beginner, you’ll recognize the value of using Robinhood. For those that are more experienced and active investors however, you may find Robinhood to become slightly limiting overtime.
Robinhood is one of those trading apps that has a simple platform to use. It was made with the intention of saving you money while you invest. The best and most notable feature of Robinhood is its interface. It’s not complicated to use and it’s easy for anyone to hop right in and begin making trades quickly.
The interface displays your current account value as well as your full transaction history. You will also be able to see the current value of any selected portfolio or watched lists that you’ve created. When you go to browse through companies that you’d like to invest in, you’ll be able to see what their current market values are.
You’ll also be able to see their performance history to give you a better idea of the direction the company may be going in- which is extremely helpful when it comes to making smart investment decisions. The interface will also allow you to see an overview of the company and its ratings and relevant news.
Robinhood also has a search feature that will let you browse through their collections. The collections sort the companies into various categories that you may be interested in. For example, some companies may be sorted into categories within specific industries like automotive or tech. You can access this tool whether you’re on the app or the desktop site.
As far as the process of investing goes, Robinhood has one major advantage- it does not charge any hidden fees. This is big news for those that want to make sure they save money while investing and get the best deal and service. When you use Robinhood you don’t have to worry about any unexpected charges or fees. Everything is laid out upfront and you won’t be caught off guard by surprise investment fees.
There’s also no minimum deposit to get started. For many people, that’s one of the major hurdles and setbacks of getting started with investing. Some companies charge a large deposit fee just to be able to use their service and begin investing. For beginners and casual investors, this can be a major turn off. Robinhood is a free investment platform that gives you quite a few investment options, as mentioned above. Those options include regular stocks, ETFs and cryptocurrencies (which have been on the rise over the past few years).
For those that want to experience advanced features, Robinhood has an upgraded subscription service called Robinhood Gold. The price for this service is only $5/month (plus a 5% annual interest rate depending on how much margin you use). This upgraded service will give you access to advanced features that don’t come with the main free subscription. The biggest advantage of upgrading to this level is the ability to trade on margin. This method is slightly riskier but can yield a higher reward. Robinhood Gold also extends your trading hours, giving you a few additional hours of trading each day.
Pros and Cons of Using Robinhood
There are so many advantages when it comes to using Robinhood as your free stock trading platform, especially if this is your very first time investing. The best thing about Robinhood is that it’s simple. Sometimes stock trading platforms can appear to be overwhelming. This is what initially turns a lot of people away. Robinhood is something that anyone can pick up and begin using right away. The interface is easy to navigate and not overwhelming.
The second best thing about Robinhood is the variety of trading options that are available. Not all trading platforms have the option to trade ETFs or cryptocurrencies, which is why it is a big deal that Robinhood allows you to trade both. You can also use Robinhood on both the app and the desktop version.
The downside of using Robinhood is that while it’s an excellent choice for beginners, it really only an excellent choice for beginners. Meaning, if you’re an expert or an experienced trader, you probably won’t get much out of using an app like Robinhood. For a lot of people at this level, Robinhood can feel very limiting.
Anyone that starts out using Robinhood and would like to expand their skills won’t have many options to do that through their service. Once you outgrow the beginner level, you will most likely no longer benefit from using the platform. And at that point, it’s best to move on to a fully functioning trading platform. Even if you decide to upgrade to the Robinhood Gold subscription, you won’t be able to experience much growth there.
Another pretty big con is their customer service system. If you find yourself in need of assistance (as many beginner investors may find themselves), you will only be able to obtain it via email. There isn’t an option to contact a customer service representative via phone. This might be a deal-breaker for some since it’s very important to be able to get the assistance you need when making investment decisions, or if you run into any technical issues.
Who is Webull for?
Webull is a trading app best for the investor that already has a bit of investing experience up their sleeve. By no means do you need to be a pro to use Webull, it just might feel a little overwhelming for the complete beginner. Webull allows you to trade both stocks and ETFs and offers a good variety of advanced features, making it great for active trading.
If you’re looking for a mobile investing app that gives you a great selection of features all while being able to suit your experience level, Webull may be the best option for you.
Webull is one of those trading apps with a variety of trading tools that are sure to suit the active trader. Using this app, you have the option of trading stocks, ETFs, and the option for short selling as well. Just like Robinhood, you do not have to worry about commission fees or having a minimum balance like some of the other major trading platforms. It’s also one of the only platforms that will allow you to trade on margin without having to pay any fees.
Webull’s trading hours are between 4 AM and 8 PM, making it the widest trading window available from a commission-free trading platform. If being able to trade at a wide variety of hours is important to you, then Webull is the best option you’re going to get when it comes to free trading platforms.
Webull provides you with real-time data from the market with technical indicators, allowing you to have in-depth knowledge of the investments that you’re making. For some people, it’s important to know as much as you can about certain stocks or companies before you make any investment decisions. Webull will allow you to take a closer look at any particular stock so that you make the best investment choices.
One of Webull’s best features is its virtual trading simulator. If you want to get some active trading practice before switching over to the real thing, Webull’s virtual trading simulator well be a very helpful tool for you to use. The simulator helps you learn more about the best trading strategies, as well as test out your concepts before you begin using them with real trading. This will help you to be much more likely to achieve success when you actually begin trading.
Webull also offers in-depth finance news. Having this information at your fingertips will help to keep you well informed in the world of finance. This helps you make smarter business decisions when it comes to trading so that it doesn’t feel like so much of a guessing game. The best traders are well-informed and made calculated investing decisions.
There is also an up-to-date financial calendar that keeps track of all the important business events like earnings releases, dividend payouts, IPOs, or any other business news you will need to know about your stocks. If you’re keeping your eye on a particular company, you can even set up your smart alerts to notify when a stock hits a certain price, rate of change, or volume so that you will be able to act quickly.
Pros and Cons of Using Webull
The biggest pro of using Webull is the fact that it’s the only option for intermediate level trading that doesn’t charge any commission fees. Again, it can be hard for those that want to get into active trading if they don’t have a certain amount of money upfront in order to pay the commission fees and minimum balances. Webull makes it more accessible to those that want to try their hand at mid-level trading, without breaking the bank. With Webull there is no longer a barrier to entry.
Webull gives you instant access to the latest news regarding your companies of interest and other business-related news. Now you can make well-informed trading decisions, not based on fear or solely speculation. Having access to market analysis will help you to become more informed in the business world of trade and help carry you to the next level of investing.
For those that want to practice active trading before they begin on the real market, Webull’s virtual trading simulator can be a great help. This will allow you to practice your trading strategies and get a feel for how the market moves before you begin. This is great for anyone that feels a bit hesitant to jump right in.
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Webull also allows traders more flexibility when it comes to their trading schedule. This is because of their wide trading window from 4 AM to 8 PM (The widest trading window offered by a commission-free trading apps). Now you can trade for longer hours and have more time to make strategic investment moves without panicking or feeling stretched for time.
The biggest con when it comes to using Webull is that it’s not designed for a complete beginner. If you’re looking for something that a total beginner can hop into and begin trading apps, it is not with Webull. Webull is best for those that already have a bit of trading apps experience, as its interface can be quite overwhelming for those that are not already familiar with trading stocks.
Also, since there are so many features with Webull, it can be difficult to navigate if you’ve never invested before. If you’re looking to trade cryptocurrencies, you will not be able to do that through Webull. The only trading options that are offered are regular stocks and ETFs. For some, this will be enough, but for others looking for a full trading experience, you will need to look elsewhere.
When it comes to free mobile trading apps, both Robinhood and Webull are excellent choices. Neither one of the two stands out drastically from the other since they both offer really great services and features. Both platforms are free and offer stock trading with no commissions or hidden fees, which is great software or apps. You also don’t need to have a minimum balance in your account. The only true difference between the two and the factors that will help you decide which one is right for you is to recognize that they are targeting different markets.
Robinhood is the best choice for complete beginners or casual investors that simply want a convenient and easy way of trading. Webull, on the other hand, is a great choice for active investors on an intermediate level that want to have access to more in-depth research and investment tools.
When deciding which of these two free trading platforms is best for you, you’ll simply need to understand which level trader you are. If you’re a complete beginner with little to no experience in the trading world, then definitely start with Robinhood. It’s an excellent place to start and will provide you with all of the tools and features you need to begin your journey into the investment world.
If you already know about investing and have traded on the market before, Webull might be the platform that’s best suited to you. Intermediate investors will find the tools and features provided by Webull to better suit their needs as it offers a more in-depth approach to investing. If you’re still unsure of which platform is best for you, give them both a try and see which one you feel works best for you.
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