Best Penny Stock Trading Apps

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When you buy a share in a company like Amazon, you’re going to pay thousands of dollars for it. Meanwhile, you could buy stocks in a small company for only a few dollars a share.

If you’re looking to grow your investment account quickly and don’t have millions of dollars to drop, penny stocks could be the answer.

Penny stocks can also be riskier to invest in, making using the right brokerage and app that much more important.

Take a look at my roundup of the best penny stock trading apps below.

7 Best Penny Stock Trading Apps

Here are the 7 best penny stock trading apps to start using today:

  1. TradeStation: Best Overall Penny Stock App
  2. Robinhood: Best for Beginners
  3. E*TRADE: Best for Learning Resources
  4. Interactive Brokers: Best for Active Traders
  5. Fidelity: Best for High-Level Features
  6. TD Ameritrade: Best for Research Capabilities
  7. Charles Schwab: Best for Simple App

TradeStation

TradeStation is the best overall app for trading penny stocks, and one of the best stock market apps in general.

It has all the tools that active traders need, with an exceptional lineup of features for professionals. Even if you’re new to trading, TradeStation is easy to use.

TradeStation has two levels, TS Select and TS Go. Stock trades are commission-free with both TS Select and TS Go, whenever you make trades in the app.

With a TS Select account, you get commission-free desktop and mobile trades on up to 10,000 shares per trade. Just keep in mind that TS Select requires a $2,000 minimum deposit.

Whichever level of service you choose, TradeStation gives you the power to quickly research and trade penny stocks in its app.

Features:
  • App: TradeStation Mobile
  • Minimum deposit: $0 for TS Go account; $2,000 for TS Select account
  • Commissions/fees: $0 in the app; $10 for desktop trades with TS Go
  • Continue Reading: TradeStation Review

Robinhood

If active trading isn’t for you, but you still want to take advantage of penny stocks with a great brokerage app, Robinhood is worth checking out.

Robinhood won’t be of much use to seasoned investors looking for groundbreaking features, but it’s ideal for beginners looking for basic market research and the ability to track trades on the go.

Robinhood doesn’t let you trade in bonds or mutual funds, but it does have crypto, ETFs, and stocks.

Just note that Robinhood’s penny stock lineup is limited to the NYSE and NASDAQ, so if you’re interested in anything outside of the major exchanges, you’ll have to look elsewhere.

Features:
  • App: Robinhood
  • Minimum deposit: $0
  • Commissions/fees: $0 on stocks, ETFs, and options; some transaction fees may apply
  • Continue Reading: Robinhood Review

E*TRADE

E*TRADE is a platform that lets you choose between a simplified app and a more advanced one.

With E*TRADE, you could utilize the basic E*TRADE mobile app, or the companion to E*TRADE’s desktop experience, E*TRADE Power.

With both, you’ll have tons of useful features for researching and executing your penny stock trades.

You even get access to Bloomberg TV and research from Credit Suisse, Reuters, and more.

While there are no real account fees, there is a commission on OTC stocks. All in all, E*Trade is a solid choice for active investors, whether you’re a novice or an expert.

Features:
  • App: E*TRADE Mobile app; Power E*TRADE app
  • Minimum deposit: $0
  • Commissions/fees: $0 online stock trades, with $4.95- $6.95 commission for OTC stocks; $25 with broker assistance
  • Continue Reading: E*TRADE Review

Interactive Brokers

Interactive Brokers is a stellar choice for active traders looking for a mobile app that does it all. Its app functions just like its desktop platform, with advanced mobile features.

Penny stock traders can benefit from the constant stream of market data and quick trades, with a screening tool to help you find the right stocks for you.

You’ll also get commission-free stock trades with Interactive Brokers. It’s one of the best-priced stock trading apps on the market.

If you’re experienced and looking to actively trade penny stocks with a powerful app, IBKR Mobile is a good call.

Features:
  • App: IBKR Mobile
  • Minimum deposit: $0
  • Commissions/fees: $0 for stocks online; $30 with broker assistance
  • Continue Reading: Interactive Brokers Review

Fidelity

Fidelity is another institution with a longstanding history and an expansive list of financial services, perfect for penny stock trades.

If you’re an advanced trader looking for high-level features, Fidelity might not be your top pick.

But if you’re new to trading or just looking for a user-friendly app that makes it easy to trade penny stocks and manage your investments, Fidelity is a good call.

The app comes with commission-free stock trades and doesn’t require a minimum opening deposit.

Fidelity provides access to lots of penny stocks, fully disclosing their riskiness upfront. If you’re up for the risk, Fidelity lets you trade penny stocks with little to no fees, maximizing your profits.

Features:
  • App: Fidelity Investments
  • Minimum deposit: $0
  • Commissions/fees: $0 online; $32.95 with broker assistance
  • Continue Reading: Fidelity Review

TD Ameritrade

TD Ameritrade’s thinkorswim app is one of the most robust stock trading apps you’ll find, bringing virtually all of the desktop features to the mobile app.

If you’re a less practiced investor looking for the basics, you can work in the TD Ameritrade mobile app instead.

Both apps provide data insights, educational resources, and access to penny stocks.

TD soars above the competition in terms of research capabilities, helping you to pinpoint the most profitable penny stocks.

You don’t have to worry about commissions on penny stocks as TD Ameritrade was the first brokerage to do away with commission fees.

Features:
  • App: TD Ameritrade Mobile, thinkorswim
  • Minimum deposit: $0
  • Commission/fees: $0 online; $5 phone trades; $25 with broker assistance
  • Continue Reading: TD Ameritrade Review

Charles Schwab

Charles Schwab gives you access to a versatile selection of penny stocks outside of the major stock exchanges, with OTC stocks and pink sheets up for trade.

It’s one of the most esteemed financial institutions in the country, and its stock app is no exception.

In fact, Charles Schwab took home last year’s J.D. Power award for the number one brokerage app.

Schwab Mobile is one of the simplest stock trading apps to navigate, working well for newer investors and penny stock pros.

If you trade in the app without a broker’s assistance, you could enjoy completely fee-free penny stock trading with Charles Schwab.

Features:
  • App: Schwab Mobile
  • Minimum deposit: $0
  • Commissions/fees: $0 online; $5 phone trades; $25 with broker assistance
  • Continue Reading: Charles Schwab Review

Penny Stock App FAQs

How Do Penny Stocks Work?

Penny stocks are simply stocks that you can buy at a low cost. Penny stocks are defined as those that fall below $5 a share.

While some trade on the NYSE, most penny stocks are OTC (over the counter) transactions.

Penny stocks are so cheap because they’re tied to small companies.

Should You Trade Penny Stocks?

Penny stocks can be really profitable and come at a minimal cost, but they’re also very risky.

Because the companies are small, trades are less frequent, and it can sometimes be hard to find a buyer.

There’s also a lack of publicly available information about penny stocks, so they can be harder to authenticate than more established blue-chip stocks.

Due to the nature of penny stocks, you could easily lose your entire investment in a short period of time. However, if you have a high-risk tolerance, there’s potential for major upside.

How Do You Choose the Best Penny Stock Trading App?

The best penny stock app for you depends on your level of experience and what you’re looking to get out of the app.

If you’re a pro and want total access to all of a brokerage’s tools, whether you’re on your phone or computer, you have some spectacular options.

Even if you’re new to investing and hoping to try your luck at penny stocks, there are several great stock trading apps to choose from that will educate you on the essentials.

Which Penny Stock App Is Best For You?

All of the apps on this list were evaluated based on their user experience, features, and cost. You won’t go wrong with them.

Penny stock trading is risky, but if you have a high-risk tolerance, you can trade with confidence with one of the apps above.

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