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 Stock App for iOS 2024. We compared the apps and gave them our scores.
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.
eOption is regulated by the following financial institutions: FINRA and SIPC. The next trading instruments are available to the clients of the company: stocks, options, ETFs, bonds, as well as fixed-income instruments. eOption fees are lower than those of competitors. In addition, a section with professional analytics is available on the official website of the broker. The eOption broker is a regulated broker focused on active US traders who prefer to trade options.
CapTrader — works according to the ECN scheme and thus provides its clients with direct access to liquidity providers. The company's clients can access such instruments as Forex, futures, options, stocks, ETFs, etc. In addition, CapTrader offers two programs for investing through MAM accounts. CapTrader is an Interactive Brokers Introducing Broker targeted at a European audience. The broker's minimum deposit is $2,000, and the maximum leverage is 1:20.
Wealthsimple is a regulated broker whose activities are controlled by financial institutions: FCA, FSCS, and CIPF. The company's clients can invest in portfolios formed from two types of funds - ETFs and mutual funds. The portfolio is developed individually for each client for the Premium account type. The minimum amount required to invest in Wealthsimple portfolios is 1 British pound or Canadian dollar. Wealthsimple is a broker for passive investing whose services are available only to residents of Canada and Great Britain.
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 Stock App for iOS 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.
2
Best Stock App for iOS 2024 - eOption
The eOption broker (eoption.com) is an American stockbroker headquartered in Glenview, Illinois. It has been operating since 2007 and is a member of FINRA (CRD#: 7297/SEC#: 8-21765) and SIPC. It specializes in options trading and also acts as an intermediary in trades involving the popular securities classes. The company offers low trading commissions, super-fast execution of orders, and modern platforms with an advanced set of analytical tools. In 2020-2021, eOption was recognized as the best options broker by several resources such as Investopedia, The Tokenist, Benzinga, Investormint, and NerdWallet.
👍 Advantages of trading with eOption for traders:
•Low commissions for options trading — $0.10 per contract plus $1.99 per trade.
•No minimum deposit requirements for cash trading accounts opened by US residents.
•FINRA membership and the protection of clients’ funds are available through Securities Investor Protection Corporation (SIPC).
•Access to professional trading platforms such as DAS and Sterling Trader Pro are developed by third-party software developers for the proprietary eOption terminal.
•An affiliate program with high rewards.
•Compensation for commissions for funds or assets from other brokerage firms and institutions transfer.
•Prompt support by phone and online chat in the trading platform during company business hours.
👎 Disadvantages of eOption for traders:
•The narrow range of choice of investment solutions to generate passive income.
•You cannot trade Pink Sheet and Bulletin Board stocks.
•There is no online chat on the company's website.
3
Best Stock App for iOS 2024 - CapTrader
CapTrader is a Forex broker, which was founded in Germany in 1997. The company is headquartered in Dusseldorf. CapTrader is an Introducing broker to Interactive Brokers. The platform uses Interactive Brokers software, which is why the brokers have identical user accounts, trading platforms and products. CapTrader provides access to 7 categories of assets and trading instruments: Forex, commodities, stocks, ETFs, futures, options and CFDs. The company is regulated by the Federal Financial Supervisory Authority (BaFin, 10156708). In addition it is an introducing broker and the European licenses from the regulators of Ireland and the UK (208159) held by Interactive Brokers apply to it as well.
👍 Advantages of trading with CapTrader for traders:
•Partnership with a well-known broker – International Brokers.
•Access to 145 global stock markets.
•70,000+ trading instruments.
•3 types of trading platforms.
•Access to analytical service Trading Workstation.
👎 Disadvantages of CapTrader for traders:
•High minimum deposit – $2,000 or an equivalent.
•Limited education options.
•Technical support is available 24/5.
4
Best Stock App for iOS 2024 - Wealthsimple
Wealthsimple is a robo-advisor (algorithmic trading robot) that was founded in 2014 in Canada and also provides services in the UK. It is regulated by the UK and Canadian Securities Commissions, including the FCA (747883) and IIROC, and participates in the Financial Services Compensation Scheme (FSCS) as well as the Canadian Investor Protection Fund (CIPF). Wealthsimple serves over 1 million investors and manages £3 billion of investments.
👍 Advantages of trading with Wealthsimple for traders:
•No minimum deposit requirements for the basic account.
•Top-notch security and regulation by reputable securities commissions and participation in compensation schemes.
•Ability to earn income passively, i.e., without having to actively trade yourself.
•No additional charges for account maintenance, deposit, withdrawal, and use of a mobile application.
•A simple principle for charging commissions for portfolio management is a fixed percentage of the deposited amount.
•Possibility to open accounts not only in pounds sterling but also in Canadian dollars.
•Detailed statistics on commissions and rebalancing of the formed portfolios, which are available in the personal cabinet on the website and in the mobile application.
👎 Disadvantages of Wealthsimple for traders:
•Registration is only available to UK and Canadian residents.
•The site does not have an online chat for prompt communication with the support team.
•The formation of an individual portfolio by an investment specialist is available when depositing £100,000 or more.
5
Best Stock App for iOS 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 Stock App for iOS 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.
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
eOption - Security for Traders
Security (Protection for Investors)
The eOption broker is a member of Regal Securities, Inc., which is a financial holding company that is a member of the Securities Investor Protection Corporation (SIPC) and is a FINRA member.
SIPC protects broker clients up to $500,000 with a $250,000 limit on cash payments. Moreover, the Hilltop Securities, Inc. clearing firm acquired Excess SIPC insurance, which covers up to $150 million in net worth of client accounts from an underwriting syndicate at Lloyd's of London. Insurance coverage per client is up to $25 million for securities and up to $900,000 for cash.
👍 Advantages
- SIPC settles the balance of clients of a member company in the event of bankruptcy and financial insolvency.
- If the broker violates the terms of the offer, you can file a claim with the supervisory authority.
- No problems with withdrawals
👎 Disadvantages
- You have to provide a complete package of documents confirming your social and tax status to open an account.
- Regulators limit the choice of payment systems available for making trades
CapTrader - Security for Traders
Security (Protection for Investors)
CapTrader was founded in Germany and continues to operate there in 2021. The company’s headquarters are located in Dusseldorf. The company operates on the Introducing Broker program by Interactive Brokers and is regulated by the same regulators and the same licenses.
In particular, CapTrader operates in the UK on the FCA licenses No. 208159. The operation in other countries is regulated by the financial institution of Ireland – Central Bank of Ireland, license No. C423427. The company is also registered and regulated by the German regulator BaFin.
👍 Advantages
- The funds of the clients are separated from CapTrader’s capital and are kept on segregated bank accounts
- Negative balance protection
- In the broker violates the obligations envisaged by the offer, the client can file a complaint with the regulator
👎 Disadvantages
- Opening an account requires provision of detailed financial information
- It is impossible to deposit and withdraw funds without verification
- Limited choice of electronic payment systems for deposit and withdrawal transactions
Wealthsimple - Security for Traders
Security (Protection for Investors)
The Wealthsimple brand is owned by Wealthsimple UK Ltd and is registered in England and Wales under number 747883. The regulator of the activities is the Financial Conduct Authority (FCA). Clients in the UK are covered by the Financial Services Compensation Scheme (FSCS), so their funds are protected up to £85,000 and investments up to £50,000.
Canada-based Wealthsimple Inc. is registered with the Securities Commissions of Ontario (OSC), British Columbia (BCSC), Alberta (ASC), Manitoba (MSC), and with the Autorité des Marchés Financiers as the portfolio manager. It is also a member of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund (CIPF).
👍 Advantages
- The reputable regulators of England and Canada control the financial activities
- Two-factor authentication (2FA) and data encryption are applied
- FSCS and CIPF deposit and asset protection
👎 Disadvantages
- You have to provide not only personal data but also tax information to open an account
- Only UK and Canadian residents may open an account
- Withdrawals are only possible via wire transfers
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 Stock Trading App for iOS 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.
| eToro | eOption | CapTrader | Wealthsimple | M1 Finance | |
|---|---|---|---|---|---|
|
Overall score |
9.4 |
9.3 |
9.2 |
9 |
8.9 |
|
Execution of orders |
9.1 |
9 |
8.9 |
8.7 |
8.6 |
|
Investment instruments |
9.7 |
9.6 |
9.5 |
9.3 |
9.2 |
|
Withdrawal speed |
9.5 |
9.4 |
9.3 |
9.1 |
9 |
|
Customer Support work |
9.3 |
9.2 |
9.1 |
8.9 |
8.8 |
|
Variety of instruments |
9 |
8.9 |
8.8 |
8.6 |
8.5 |
|
Trading platform |
9.8 |
9.7 |
9.6 |
9.4 |
9.3 |
|
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FAQ
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).
Do I need to pay for downloading the app?
Brokers do not charge a fee for downloading their mobile app. They are provided for free.
Are there updates for the apps of brokers?
Yes. Mobile apps of brokers are regularly updated and it is very important to update them in the view of proper operation of services.
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.
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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.