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Most brokerages will charge you a per-trade fee. When you are adding money weekly and buying stocks, you could be paying that fee 52 times over the course of a year. Those few dollars add up time and time again. There have been trades that I have done in the past that I certainly would not have done had I been forced to pay a stock trading fee. But, thankfully, there are now alternatives to better our financial futures while saving on these microtransaction fees.
Many stock trading companies have all decided to cut out the middle man and offer you free stock trading, in hopes that you will purchase one of their higher premium packages. Most of these services will charge only a few dollars for an upsell to professional research and stock recommendations along with possibly opening up other world trading markets.
Robinhood: Free Stock Trading
RobinHood has been around since 2013 and is a bare-bones trading app with the beginning trader in mind. You can open an account with $0, add a few dollars, and start trading right away. I have been using this for some free stock trading. My account has been used to see what I have learned on my own simply by watching some youtube videos and taking some investment advice, I get to have a little fun myself.
Where some service providers will charge you up to $5 per trade, this makes buying some low-cost stocks unaffordable. While Robinhood does not charge for stocks, stock options, and ETF’s, there are some fees to watch out for once you start dipping your toes into other services they have. I have found this is a great place to get my dividend stocks. The dividend payout goes right back into my cash supply and is ready to be reinvested immediately. Robinhood is currently working on fixing this to automatically reinvest.
Robinhood also has a debit card that others do not currently offer. You can earn a few percent interest while waiting to be invested or spent. This is a Mastercard (Debit) that is FDIC insured. Unfortunately, I just checked out my current wait on receiving mine. There are 59,445 people ahead of me waiting to get their card. Today it seems they only sent out 36 cards. They might cancel this feature before I even have a chance to try it!
Robinhood Pros
- Aimed at the Beginner
- Streamlined Interface
- Easiest to Use on Mobile
- $0 Commission Trades
- Mastercard Debit Card Available
Robinhood Cons
- Mutual Funds and Bonds Not Supported
- Taxable Accounts Only
- Basic Stock Metrics
- Active Traders Might Outgrow Robinhood
Who Is Robinhood Best For?
When it comes to a Buy-and-Hold style of trading, Robinhood is tough to beat. Robinhood truly is a free stock trading company. Through the simple user interface and being easy to navigate on your phone, even an advanced trader can be comfortable with Robinhood.
See Our Robinhood Experiences and Full Review
Use my link and we will both score a free stock from Robinhood. There is a small chance it could be Apple or Microsoft, a slightly better chance it could be GE, Snap, or Annaly Capital. Either way, we still each get a free stock of something.
WeBull: Free Stock Trading
Having only been founded in early 2018, WeBull has not been around as long as Robinhood. Nonetheless, they have put together a professional level of information and trading platform for those who know how to utilize them.
WeBull feels like a more advanced version of the free stock trading apps. Specifically aimed more at intermediate to advanced stock traders, there are more available markets and metrics that can be found here. This could scare off some of the newer traders and only confuse them more. WeBull also offers ‘paper trading’ and holds monthly competitions to keep things more exciting. You also have extended trading hours before and after normal hours.
WeBull seems to have a little learning curve when it comes to navigating the app. Suddenly you are thrown so much more information than the everyday investor is used to. Maybe too much information at first. While learning your way around, it can initially be possible to become overwhelmed.
WeBull Pros
- Aimed at the Intermediate to Advanced Trader
- Advanced Charting Capabilities
- Free Extended Trading Hours
- Mobile App and Web Browser Based
WeBull Cons
- Cannot Instant Deposit After Normal Trading Hours
- No Options Trading (Yet!)
- No Credit/Debit Cards
Who Is WeBull Best For?
The advanced features that WeBull has to offer are intended for intermediate and advanced traders. Anybody wanting or willing to learn would greatly benefit from this platform also. Certainly, you can Buy-and-Hold with WeBull, but with the advanced metrics and analysis tools, you could just as easily become a swing trader with a little bit of time and practice.
See Our WeBull Experiences and Full Review Here
Use My WeBull Link Here and Get Your Free Stock! Every little bit helps these days. Why would you not use any and every advantage while it is available?
Free Stock Trading Conclusion
For most traders, from just starting to advanced, these services are actually free. There are a few instances where charges are incurred through special trades, which I have not experienced myself. You can also decide to upgrade your service to a premium subscription that might be worth your few dollars.
One of the few downsides I have been personally able to identify is that trades are not always instant. Trades could take anywhere from a few seconds to up to a minute to be completed. Although, for an everyday trader, this might not be an issue. But for a day trader or possibly a swing trader, those seconds could cost quite a bit more than a commissioned trade expense.
I personally use both services for different reasons, and why not? Both of these are free to use and play around with. Robinhood won me over quickly with simplicity and easy to use navigation. Everything felt like it was exactly where it should have been while they kept it simple and clean. WeBull feels more advanced with more options, menus, bells, and whistles. Robinhood has been my go-to free stock trading app for a longer period, but WeBull is starting to win me over with more advanced features as I learn to use them.
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