Mobile apps are a modern solution for trading in financial markets. They can be used to work at any place and any device: a smartphone, tablet, etc. However, it is important to choose the best app in order to ensure that your trading successful. Analysts at the Traders Union prepared an article telling readers about the Best Online App for Penny Stock 2024. We compared the apps and gave them our scores.
The minimum deposit in RoboForex is $10. Leverage up to 1:2000. Traders choose RoboForex for reliability, favorable trading conditions, minimum spreads, and commission fees. The company is recommended for beginner traders and experienced investors.
eToro is an international broker for trading and investing in assets, copying trades of experienced market players and earning income on offering your own successful strategy. The activities of eToro are controlled by European financial regulators: CySEC and FCA. The broker offers its clients the opportunity to trade indices with a maximum leverage of 1:20 and ETF instruments with a leverage of 1:5. Size of leverage in eToro can also vary depending on the regulation of the division of the broker you work with.
Revolut provides its clients access to shares of international and American companies, cryptocurrencies, and metals. For investors, Revolut offers a social trading program. Revolut's copy trading platform is trendy among investors because it has a forum for traders to communicate with each other in real-time. Also, various charts and indicators are available in the Revolut trading platform for technical analysis. Revolut is a company actively developing and plans to make all of its services available to foreign citizens. Fractional share trading offered by the broker allows beginners to learn trading without high financial risks.
SoFi Invest is a broker providing a service to the stock market. The company's financial regulators are SIPC and FINRA. Available trading instruments in SoFi Invest: managed portfolios, stocks, and ETFs. The company is more suitable for traders who prefer long-term trading strategies. SoFi Invest cooperates with clients from the USA. SoFi Invest is ideal for novice investors and those with other accounts with Social Finance, Inc. (SoFi).
M1 Finance is suitable for traders and investors who prefer long-term trading strategies. The amount of the minimum deposit in the company varies from 100 to 500 dollars, depending on the type of account. For trading, M1 Finance offers an author's terminal. A unique feature of the broker is the presence of a dynamic investment portfolio rebalancing system - Pie, which allows you to distribute investments optimally between segments of the portfolio selected by the client. M1 Finance broker is suitable for both experienced investors and beginners who are ready to invest single-handedly on a long-term basis.
1
Best Online App for Penny Stock 2024 - RoboForex
RoboForex is a well-established brokerage company offering a broad spectrum of trading opportunities for active traders and investors alike. With an impressive selection of over 12,000 financial instruments - including currency pairs, CFDs on stocks, indices, metals, energies, and futures - RoboForex provides a versatile trading environment.
The broker boasts competitive trading conditions: tight spreads starting from 0 pips, high leverage up to 1:2000, and fast execution speeds. The broker also offers the CopyFx investment program, which allows traders to copy the strategies of successful investors and earn passive income. Additional perks include instant fund withdrawals and some of the industry’s highest affiliate payments (up to 84%).
RoboForex prioritizes reliability and client satisfaction, establishing itself as a trusted partner for traders worldwide.
👍 Advantages of trading with RoboForex for traders:
•Availability of favorable trading conditions and a minimum deposit
•Unique investment program CopyFx
•Highest affiliate payments: up to 84% of the fee paid by the referral
•Market launch - STP and ECN
•Instant withdrawal of funds
•Minimum deposit - $10
👎 Disadvantages of RoboForex for traders:
•A small number of currency pairs - 36, for accounts: Pro, Pro-Cent, ECN, Prime
•Lack of tools when trading on the R StocksTrader platform
2
Best Online App for Penny Stock 2024 - eToro
The eToro broker was founded in 2007. The company promotes itself as a social trading platform working with traders from over 140 countries. The broker has several divisions operating under different jurisdictions and licensed by different regulators. For example, eToro (Europe) is licensed by the Cypriot regulator CySEC (109/10) and eToro (UK) is licensed by the British regulator FCA (583263). The broker also has a representative office in Australia and the USA.
👍 Advantages of trading with eToro for traders:
•High level of reliability ensured by the licenses of respected regulatory authorities and participation in the compensation funds.
•Wide selection of assets quoted at stock exchanges in the UK, U.S., Australia and Asia.
•An opportunity to combine active trading with social trading and passive investing.
•Zero-fee trading of a number of stocks.
•Access to ready-made diversified asset portfolios with various risk levels.
•Provision of leverage, educational materials on various markets and user-friendly trading platforms that can run on any device.
•Zero fees for portfolio management, depositing funds and account maintenance.
👎 Disadvantages of eToro for traders:
•High minimum deposit for users of a number of countries.
•No live chat on the website for quick connection to customer support.
3
Best Online App for Penny Stock 2024 - Revolut
Revolut is a British fintech company that has been providing investors with accounts for trading precious metals, cryptocurrencies, and stocks listed on U.S. exchanges since 2015. The broker offers its clients access to investing in stocks and ETFs on European stock exchanges. For organizations and private clients, the company offers a multi-currency account with the possibility of exchanging currencies at the current inter-bank exchange rate. Revolut is supervised by the Financial Services Authority (FSA).
👍 Advantages of trading with Revolut for traders:
•In addition to stock trades, customers can trade cryptocurrencies and precious metals.
•The broker offers commission-free trading plans.
•The minimum number of shares to buy is 0.00000001.
•There are no minimum deposit requirements.
•Social trading is available, which allows newcomers to the stock market to copy trades of successful traders.
•Communication with the support service via chat is available in the mobile application 24 hours a day.
•There is no fee for opening and maintaining a trading account.
👎 Disadvantages of Revolut for traders:
•Stock trading is currently only available to UK residents.
•Operations in precious metals and cryptocurrencies are not regulated by supervisory authorities.
•The company does not offer fiduciary management of its investment portfolio.
4
Best Online App for Penny Stock 2024 - SoFi Invest
SoFi (Social Finance, Inc.) is an investment company founded in 2011 by graduates of Stanford Business School to provide federal and private student loans. The SoFi Invest division appeared in 2019 to provide brokerage services to active traders and passive investors from the United States. Currently, the broker is a member of FINRA (CRD#: 151717/SEC#: 8-68389) and SIPC and serves over 1,800,000 clients. SoFi Invest offers to invest in stocks (including fractional ones), cryptocurrencies, ETFs, and IPO.
👍 Advantages of trading with SoFi Invest for traders:
•Membership with FINRA and SIPC. These organizations monitor the broker’s compliance with the rules specified in the Client Agreement.
•Clients can combine transactions with stock market instruments with lending, insurance, and financial planning.
•Providing clients with two types of investment: active trading with securities and a passive option with asset management by an automated advisor.
•No commissions for trading stocks and ETFs, or asset portfolio management.
•Possibility to invest in fractional shares of companies.
👎 Disadvantages of SoFi Invest for traders:
•Only US residents can open an account with this broker.
•To invest in an IPO, you need to have more than $3000 on your account.
•Day traders can trade if they have an amount of $25,000 or more on their account.
5
Best Online App for Penny Stock 2024 - M1 Finance
M1 Finance is a subsidiary of M1 Holdings Inc., which provides long-lasting investment services. M1 Finance is registered and regulated by FINRA (Financial Industry Regulatory Authority of the United States, CRD#: 281242/SEC#: 8-69670), and also cooperates with SIPC (Securities Investor Protection Corporation), which guarantees investors comprehensive protection and financial compensation in the event of a financial mishap. The M1 Finance broker provides services exclusively to US residents and offers to choose a trading account with personal or joint access, create a trust and retirement account, and open an account for minors. In addition to investing, M1 Finance clients have access to loan and payment services with a special M1 card.
👍 Advantages of trading with M1 Finance for traders:
•There are no fees for transactions in the company.
•A plethora of ways for customers to reach out to the support team.
•You can test the trading conditions of M1 Finance by creating a login.
•The company's clients have access to automatic portfolio rebalancing.
•You can manage your portfolio both from a personal computer and from mobile devices.
•The company offers accounts with the same trading conditions, but different forms of ownership, as well as retirement accounts and accounts for minors.
👎 Disadvantages of M1 Finance for traders:
•The broker provides a small number of ways to fund a trading account and withdraw earned funds to a personal account.
•Support is closed on weekends.
•There are no programs that allow you to copy transactions of other investors, and there are no automatic trading services.
Best Online App for Penny Stock 2024 – Security for Traders
Broker’s security and reliability are a priority factor for choosing a mobile app to trade in financial markets. TU analysts performed an analysis of the Top 5 brokers and published the results of their research below.
RoboForex - Security for Traders
Security (Protection for Investors)
RoboForex is regulated by the International Financial Services Commission - FSC Belize (license 000138/7).
FSC Belize is an international financial regulator. The commission sets strict requirements for all its members, and only those companies that meet the regulator's standards and comply with all its requirements are licensed by the organization.
Thus, RoboForex carries out financial activities under its regulations and their requirements, which provide traders with clearly defined rights and obligations and thereby safely secure their monetary assets.
👍 Advantages
-
Clear regulations for trading operations
-
Governs the relationship between a broker and a trader
-
Ability to file claims in the case of a dispute
-
Governs trading NASDAQ and NYSE stocks
👎 Disadvantages
-
A large number of regulatory documents, which must be studied before starting cooperation with RoboForex
eToro - Security for Traders
Security (Protection for Investors)
eToro is a financial holding company, each registered office of which is regulated at the place of location of the headquarters. The European office operates on the license No. 109/10 issued by CySEC, the British office – license No. 583263 issued by FCA, the Australia office — license AFSL No.491139 issued by ASIC. eToro is also supervised by the regulators of Malta and the Seychelles.
Accounts opened on eToro UK Ltd. are subject to the Financial Services Compensation Scheme (FSCS). Under its terms, each customer of the company's UK office can receive up to 85,000 British pounds in compensation in the event of eToro's bankruptcy. The CySEC regulator guarantees investment protection in the amount of up to EUR 20,000 euros to all clients of eToro (Europe) Ltd.
👍 Advantages
- The broker operates on the licenses of respected international regulators
- Retail traders are provided with negative balance protection
- Brokerage services are provided in compliance with the MiFID.
👎 Disadvantages
- The compensation schemes apply only to the clients of European and British offices of eToro.
- Low leverage in compliance with the regulators’ requirements
- Identity and bank account verification is mandatory
Revolut - Security for Traders
Security (Protection for Investors)
Revolut is regulated by the Financial Conduct Authority (FCA, 780586), a respected UK supervisory body. One of its requirements is to keep client funds in segregated accounts. The company also holds a banking license.
Revolut's executive partner, DriveWealth Llc, is regulated by the SEC and FINRA (CRD#: 304600/SEC#: 8-70365). Its clients' assets are also protected by Securities Investment Protection Corporation (SIPC) insurance for up to $500,000, including $250,000 in cash. Keep in mind that the regulator's oversight does not apply to trading in cryptocurrencies and precious metals, as they are not stock market financial instruments.
👍 Advantages
- Possibility to file a complaint with the regulatory body
- Segregated client funds are held in accounts of third-party banks
- Safe transactions are available on the deposit using one-time virtual cards
- Support client fingerprint identification function in proprietary app
- The broker uses the Sherlock anti-fraud system to warn of suspicious account activity
👎 Disadvantages
- Operations in cryptocurrencies and precious metals are not regulated
- No personal contact in case of controversial issues
- It is impossible to replenish the deposit without providing scanned copies of identity and other documents
SoFi Invest - Security for Traders
Security (Protection for Investors)
The holding company Social Finance, Inc. (SoFi) includes several companies. Brokerage services and active investment products are offered by SoFi Securities LLC, a member of FINRA and SIPC. SIPC insurance coverage is up to $500,000 per client (but not more than $250,000 for monetary claims).
Automated investing and advisory services are provided by SoFi Wealth LLC, a SEC-registered investment advisor company. Cryptocurrency transactions and accounts are handled by SoFi Digital Assets, LLC, which according to the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) qualifies as a monetary services company. All securities are cleared and stored by APEX Corporation.
👍 Advantages
- SIPC insurance policy is available to active investors
- You can file a claim with FINRA
👎 Disadvantages
- SIPC protection does not apply to cryptocurrency accounts
- Identity verification and complete information on sources of income are required
- The choice of payment systems is limited
M1 Finance - Security for Traders
Security (Protection for Investors)
The M1 Finance broker is supervised by FINRA (US Financial Industry Regulatory Authority), and the broker is also a partner of SIPC (Securities Investor Protection Corporation).
Cooperation with SIPC guarantees investors financial protection in case M1 Finance suffers a financial collapse. In particular, the broker's clients can count on financial compensation in the amount of up to $250,000. The total amount of available insurance is $500,000 per client.
👍 Advantages
- The broker cooperates with a compensation fund, which guarantees payments to investors in the event of bankruptcy of M1 Finance
- The FINRA regulator ensures that the broker fulfills its obligations to the regulator and clients
- Disputes between the broker and the client are resolved by an independent body - FINRA
👎 Disadvantages
- Customer funds are not held in segregated accounts
- The broker does not provide information about the security of the client's account in the network space
Summary
In the process of choosing the Best Online Trading App for Penny Stock 2024, TU experts analyzed features of 5 different brokers. Now you can learn the final score given by the analysts to brokers. We evaluated all apps based on specified criteria.
| RoboForex | eToro | Revolut | SoFi Invest | M1 Finance | |
|---|---|---|---|---|---|
|
Overall score |
8.86 |
9.4 |
9.5 |
8.8 |
8.9 |
|
Execution of orders |
8.95 |
9.1 |
9.2 |
8.5 |
8.6 |
|
Investment instruments |
9.73 |
9.7 |
9.8 |
9.1 |
9.2 |
|
Withdrawal speed |
9.71 |
9.5 |
9.6 |
8.9 |
9 |
|
Customer Support work |
9.17 |
9.3 |
9.4 |
8.7 |
8.8 |
|
Variety of instruments |
8.75 |
9 |
9.1 |
8.4 |
8.5 |
|
Trading platform |
6.86 |
9.8 |
9.9 |
9.2 |
9.3 |
|
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FAQ
Is it possible to register with a broker using the mobile app?
Yes. Brokers provide an opportunity to open an account and pass verification directly in the mobile app.
If a broker has several platforms, does it mean it offers several apps?
No. If a broker has several trading platforms, there is either an option to switch between them in the app, or only one trading platform is available (usually the proprietary one).
Are there versions of the apps for tablets?
In some cases, Forex brokers develop separate versions of apps for smartphones, tablets and even for TV sets.
How are the apps protected against unauthorized access?
As a rule, in addition to the username and password, other security measures apply, for example two-factor authentication. In this case, you will need to enter a unique code to access your account.
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Team that worked on the article
Mikhail Vnuchkov joined Traders Union as an author in 2020. He began his professional career as a journalist-observer at a small online financial publication, where he covered global economic events and discussed their impact on the segment of financial investment, including investor income. With five years of experience in finance, Mikhail joined Traders Union team, where he is in charge of forming the pool of latest news for traders, who trade stocks, cryptocurrencies, Forex instruments and fixed income.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.