Best Penny Stock Trading Apps of 2024 (2024)

Best Penny Stock Trading Apps

Best Penny Stock Trading Apps

A perennial leader in the full-service and discount brokerage space, Charles Schwab has translated its standout customer experience to its mobile app, making it our pick as the best overall penny stock trading app.

Since its founding in 1971, Charles Schwab has been obsessed with providing its customers with the best overall investing experience, winning many industry awards along the way. Its commitment to low-cost investing, technological innovation, excellent customer service, and world-class research and education resources has produced a dynamic mobile app with all the features penny stock investors need. That’s why it’s our pick as the best overall penny stock trading app.

Charles Schwab started the race to the bottom for stock commissions as the industry's first discount brokerage. So, it’s not surprising that Schwab led the way to zero commissions on all stock trades, including penny stocks.

Even with that, all Schwab customers have complete access to its full range of services, including its StreetSmart platforms and high-end stock screeners. The vast number of features and reports available can almost be overwhelming.

You also have access to penny stocks traded on multiple exchanges, including over-the-counter (OTC) and the pink sheets. Investors can access the StreetSmart platform to conduct in-depth research and analysis and then use their mobile app to get quotes, make trades, track positions, and manage their investments. The app also allows you to deposit checks and transfer assets. All of this can be accessed by voice command, which can also fetch you answers to your investment questions.

Read our full Charles Schwab Review.

Robinhood’s fast, intuitive, smartly designed, and zero-cost mobile trading app has attracted a generation of young investors, making it easy and fun to trade penny stocks, which is why we chose it as the best penny stock trading app for beginning investors.

Since its founding in 2013, Robinhood’s mobile stock trading platform has been a magnet for millions of younger stock investors. In addition to zero-commission trading, the app is streamlined,highly intuitive, and easy to use, making Robinhood our top pick as the best penny stock trading app for beginning investors.

The free investing app also allows for commission-free trading in stocks, ETFs, options, and alternative investments like gold and cryptocurrency. While it doesn’t offer the kind of tools and resources used by sophisticated investors, it does provide basic market research tools along with real-time quotes and the ability to track trades and watchlists. Robinhood does offer a Robinhood Gold service with access to more tools and research and faster clearance of cash for a $5 monthly subscription.

Robinhood doesn’t require a minimum deposit to set up an account, and it will even deposit one share of stock in your account when you open it. The only downside is OTC and pink sheet stocks are not available for trading.

While you can use its web platform to make trades, it’s limited compared to the full-featured mobile app. That could be a negative for anyone who isn’t adept at using their thumbs to make quick trades. For younger investors with more nimble fingers, Robinhood’s app is almost too easy to use, which could be trouble for undisciplined investors.

Read our full Robinhood Review.

E*Trade is another pioneer and innovator in online trading technology, and it brings all of its mobile trading app, making it our choice as the best penny stock trading app for tools and resources.

E*Trade, a full-service online brokerage company, was one of the first to create an electronic trading platform and has been a leading innovator since its founding in 1982. Like its industry-leading web platform, E*Trade has stacked its mobile trading apps with everything a penny stock trader could need, which is why it is our choice as the best penny stock trading app for tools and resources.

E*Trade charges $6.95 per trade on OTC stocks ($4.95 per trade after 30 trades in a quarter). But it charges zero commissions on all other penny stocks with no account minimum.

However, if you want access to some of the best tools and research capabilities in the industry, E*Trade is your best bet. What better way to enhance your trading opportunities and mitigate your risks than with streaming data, real-time quotes, and a high-end stock screener?

Users can choose between two mobile app versions—the regular E*Trade app or the Power E*Trade app. Both offer a seamless trading experience for new investors and professional traders alike. The advanced version is a full-service platform providing money management capabilities along with breaking news and streaming Bloomberg TV.

All E*Trade mobile users have access to its vast resources of learning and trading tools available on its desktop platform, including research reports from Thomson Reuters, TipRanks, and others.

Morgan Stanley acquired E*Trade in 2020, but the company insists the customer experience of its platforms won’t change.

Read our full E*Trade Review.

TradeStation, long favored by active and professional traders for its low costs and best-in-class trading execution and tools, makes its institutional-quality platform available on its mobile app, making it our choice as the best penny stock trading app for active traders.

Since 1982, TradeStation has built itself into an award-winning trading platform active and professional traders like to call home. Known for its lightning-fast trade executions and institutional-quality platform, TradeStation makes it all available for its mobile app users, which is why we chose it as the best penny stock trading app for active traders.

The TS Select app does not require an account minimum and users can trade on the desktop platform for free. Also, for trades involving more than 10,000 shares, you’ll pay $0.005 per share on the trade. If you plan on keeping your per-trade volume at or below 10,000 shares, TS Select would be the best option for beginner penny stock traders.

Users have access to several training resources, including webinars, market insights, and community forums. You’ll also have access to simulated training where you can open a simulated account and test trading strategies in real-time or using historical data.

Read our full TradeStation Review.

Fidelity is one of the premier online brokerages globally, but its hallmark has always been its world-class research, which it also makes available for penny stock investors, making it our choice as the best penny stock trading app for penny stock research.

As one of the top online brokerage companies, Fidelity frequently makes many “best of” lists for different reasons, but its research capabilities have always been tops. Now, all Fidelity customers, including penny stock investors, can access its research and analysis tools through Fidelity’s Active Trader Pro platform. That makes Fidelity our choice as the best penny stock trading app for penny stock research.

Fidelity is among the top online brokerage companies that do not charge a commission for stock trades, including penny stocks, and there is no account minimum. All Fidelity customers who trade 36 times or more in a 12 month period have access to its Active Trader Pro platform, parts of which translate to its mobile app.

The mobile app has a clean design, making it easy to buy and sell the large number of penny stocks Fidelity offers. It also delivers timely portfolio, market, and research information with the ability to tailor the news and content. Users can get stock quotes and intraday valuations, check balances, track positions, and transfer money.

Fidelity’s stocks screener is the only one we could find that searches for stocks that trade specifically on OTC exchanges, with filters that can narrow the search.

Read our full Fidelity Investments Review.