there are a lot of stock trading apps out there to choose from and they all
work pretty well but there's three in particular that I personally use so I
thought I'd cover those in this video because I know them pretty well inside
and out and they don't charge any Commission's which is really awesome
because if you buy or sell shares with any of these companies that I'm gonna
mention you don't have to pay any trading fees and that's just awesome
so in this video I'll cover all of their pros and their cons so that you can
decide for yourself which app is more for your style of investing based on the
three apps that I'm gonna be talking about now the apps that I'm going to be
talking about in this video goes specifically to Robinhood m1 finance and
then we bowl because each of these unique brokerages have their own pros
and cons and that's what we're going to be going over I'll go into more detail
here in just a minute but Robin Hood is basically for your beginner investors
and when finance is more for your beginner investors that are more
hands-off and then we bowl is definitely for the intermediate to advanced
investors because of all their different research tools that they have built into
the app and like I said earlier all of these brokerages offer commission free
trading so that means that if you're buying or selling shares you don't ever
have to pay a commission with them and that's just awesome because it's gonna
save you a lot of money now let's start with Robin Hood because in my opinion I
think that they're the best investing app out there if you're a beginner to
intermediate investor and you like to do things manually because honestly
Robinhood is extremely user friendly and everything they do just seems to make
sense nothing's too complicated or
overwhelming and that's a good thing when it comes to investing because you
really do want things simple especially when you're a beginner Robin Hood
doesn't require a minimum balance so technically you can get started with any
amount of money that you want to and on top of that they make buying and selling
shares so easy that it's really hard to misunderstand what you're doing if you
do want to learn more about how to use Robin Hood I have some more videos that
I'll link up here for you guys that you can watch later so if you have an
interest learning more about Robin Hood check those out but let's just keep
going now they do have some data to help you
research companies but if you want in-depth historical dividend data or if
you want to company's financials then you're gonna have to research it
somewhere else because currently you can't find any of that kind of
information on Robin Hood just some basic information they at least have
historical graphs that will go up to five years so that's a good start right
there and then if you go below the graph
you're always gonna see basic stats like the dividend yield the market cap and
the p/e ratio which is something that you can always use to do some basic
research on a company Robinhood does offer margin trading they've also got
free options trading and then they've got free cryptocurrency trading as well
which is something that I haven't seen on any of the other apps so if you are
interested in crypto trading then Robin Hood is somewhere where you might want
to be looking they're also working on a cash management account that kind of
works like a high-interest savings account for all of the cash that you
have inside of Robin Hood that's not being currently invested and then if you
want to have access to that cash they're also going to have a debit card
available so that you can get your money out quickly their advertising right now
that the yield of the account is going to be 1.8% but obviously that can go up
and down naturally and then keep in mind that the cash management system is still
in the works so hopefully that'll be functioning soon and remember that Robin
Hood is 100% active investing so if you have any cash in your account or you get
any dividends then you are the one responsible for putting that money into
assets whether they're gonna be good or bad in the long term or the short term
so essentially you're gonna have to be the one that makes all of the investment
decisions inside of Robin Hood and if you don't like that and you want
something more automatic then Robin Hood as of this moment is not a good choice
for you also they currently only offer individual taxable accounts so if you
want to do something like a Roth IRA or an IRA for your retirement that's tax
sheltered then you can't do that with Robin Hood as of now because they don't
offer those types of accounts so if you are planning on saving up for retirement
through Robin Hood definitely don't do that because you always want to take
advantage of those tax savings when you can but overall if you're just looking
for general investing that you can do yourself then I would definitely
recommend checking out Robin Hood because they are very user friendly like
I said and they are so simple and easy to use that you really can't go wrong
and if you guys are liking this video so far can you please just give it a big
thumbs up so that I can tell if you're liking this type of content and then
I'll know if I need to make more of this in the future
or not thank you very much next on my list goes to M one finance because
currently they are the easiest and the simplest stock trading app that I found
out there because not only can you invest manually just like on Robin Hood
but you can also set it up hot with m1 finance so if you don't want to
do anything you can just set up your investments on auto and then they'll do
all the work for you now the coolest thing about m1 finance is that you can
buy fractional shares with them which means that you can buy tiny little
portions of companies that otherwise might be too expensive on a per share
basis because if you wanted to buy one share of Google right now today it would
cost you over $1,500 on a per share basis but with m1 finance you can invest
in as low as one one hundred thousandth of a share so pretty much you can afford
anything that's on the stock market so normally it'd be really hard to
consistently invest in companies like Google and Amazon because their shares
are so expensive but with m1 finance they make it possible to invest actively
with those companies because they make it so affordable and really quick I do
want to mention that Robin Hood has announced that they're gonna be doing
fractional shares as well so just keep that in mind they haven't rolled it out
quite yet but hopefully soon now keep in mind that once your account is set up
with m1 finance they do require that you at least have a $10 minimum every time
you make trades so just keep that in mind you can't buy a penny of a company
just because of their fractional share trading you have to at least invest $10
every time you trade with them and they also require $100 initially to set up an
account so just keep that in mind when you're setting up with them on Finance
that you got to have at least $100 to get set up and then after that is just
$10 minimums whether it's automatic or manual investing m1 finance offers
individual accounts joint accounts retirement accounts and even trust
accounts so pretty much anything for the long term m1 finance is definitely a
good option to go with you can even roll over your 401 k's into m1 finance but
just keep in mind if you are gonna set up a retirement account with them that
they do require an initial $500 investment to get started with their
retirement accounts now because I'm on Finance let's use the fractional shares
feature it's really easy to set up automatic investing with them so if you
have any cash with them or you have any dividends you can actually set it up
automatically so that once it's set up they do everything for you and you don't
have to do a thing so once you've got at least ten bucks saved up with them
they'll automatically invest that in whatever you've set up to invest in or
you can even make it easier and you can just go with their expertise that
they've already set up for you if you don't even want to do any
research they've got a ton of different categories that you can choose from so
no matter what type of an investor you are they're gonna have something that
you can choose from in that expert pie selection so that you don't have to do
any research you just select the expert pie and then go with whatever they've
selected and the cool thing is the em1 finance is never gonna charge you
anything for any of their expert pies the only fees that are ever gonna be
associated our fees that are already inside the funds that are inside the pie
but everybody has to pay those like on ETF or something like that so for
instance if you invested in one of their expert pies and it happened to have an
index fund in it that had an expensive like 0.03% then that's just something
that everybody has to pay across the entire stock market no matter what
brokerage you're using but as far as m-1 collecting commissions on their expert
pies they don't do that and that is really awesome and I realized that I
keep talking about pies when it comes to m1 finance but that's how you invest
with them just imagine it as kind of like a giant pizza and each slice is
gonna be your different investments inside of the pie and that's how they do
it just to keep things really simple and straightforward now if you do plan on
buying and selling shares frequently then I probably wouldn't use m1 finance
for that type of trading because currently they only have one trading
window that you can actually buy and sell shares from so once a day is all
that you can make trades from and that's not good if you're gonna be doing day
trading or swing trading or anything like that and then on top of that the
only type of order that you can do with m1 finance as a market order so if you
want anything fancier than that then you're gonna have to go elsewhere
because m1 doesn't offer it and then just like Robin Hood m1 finance also
doesn't have a lot of research tools built into the app so if you want to do
a lot of thick research on companies you're gonna have to go elsewhere which
isn't really that big of a deal but they're just not inside the app in my
opinion I feel like m1 finance is more for your dividend investors and then
your retirement investors that want to keep their money for the long term
because that's what m1 finance is really built upon so if you want very simple or
automated investing then I would definitely check out m1 finance because
they are a very good option if you want to keep things extremely simple now if
you're looking to actively invest in the stock market and you want a ton of
different tools that are built right into the app then I would definitely
check out weeble because is gonna be your best option for
everything that's inside of the app as far as usability goes wiebel is
completely active just like Robin Hood is and then they also don't require any
minimum balances to get started so technically if you wanted to start
investing with like five bucks you can with weeble they now offer a retirement
accounts too so if you're looking to invest for the long term then we belong
top of that they've also got free options trading as well which is
something new that they just unleashed wiebel is really cool because they offer
a ton of different research and data they have a social community and then on
top of that they've even got paper trading which means that you can trade
on the stock market with fake money but you can actually follow what's really
happening as far as research goes you can track a company's history all the
way to the beginning you can even see their latest dividends and then on top
of that you can even get their financial statements right inside of the app the
social community is really cool too because you can follow along different
topics you can make your own comments or posts about whatever you want to related
to the stock market and then everything is inside of weeble which is really cool
because it's just like a social network except it's inside the app and the last
feature I want to talk about is called paper trading and it's built right
inside the Weeble app and what it means is that you can actually simulate real
investments but with fake money so that you can see how they do but without any
risk so for an example I started out my paper trading account with a million
dollars and then I invested everything in Tesla just to see what would happen
and it looks like right now I am up over a half a million dollars but it's just
simulated so oh well you can reset your money any time you want to and just
start over at any time but the really cool thing about the Weeble paper
trading is that they actually have real competitions where you can win real
prizes with the paper trading and outside of the paper trading weeble runs
a ton of different promotions so if you guys like referral bonuses or prizes and
all sorts of stuff like that then we bow is definitely the kind of place that you
want to be trading stocks on because if you do have referrals they're always
running promotions overall I feel like we beleaguered investing app but
honestly a lot of the research tools can feel a little bit cluttered so you are
gonna have to spend a little bit of time on the app to get used to it but once
you do it's not that big of a deal they are for sure a very complex trading app
so in my opinion I feel like we belief or the
intermediate-to-advanced Raider and that's pretty much what they're catered
for so just to reiterate the Robin Hood app is more for beginner investors that
want to actively trade and then m1 finance is also a beginner app but it's
more on the automated side and then Weibo is definitely for the intermediate
to advanced traders that really want to work with swing trading day trading and
stuff like that now if you do have an interest in any of these brokerage
accounts I've got affiliate links in the description below which means I may be
compensated if you click through them but just keep in mind that I am never
gonna recommend a company that I don't think gives you guys the best value not
to mention you don't have to use the links if you don't want to also right
now we will give you two free random stocks just for signing up Robin Hood
will give you one free stock and then m1 finance they don't have a referral bonus
right now but maybe they will in the future now if you just found this
channel I'm Jason with honest finance and I make a lot of videos on different
topics that will give your life and your finances more value so feel free to
subscribe if you guys want to I'll leave some more stock trading videos that you
can watch over here but thank you for watching that's all