Apparently I have been living in the dark ages.  Turns out there are two very cool, new(ish) apps that promise to make my trading life a whole lot simpler.  I’m getting on these stat and you should definitely check them out!

Robinhood

I fell down on the job this weekend.  My boyfriend asked if I was signed up for Robinhood yet and I had no idea what he was talking about.  Well, Robinhood may just be the most exciting trading app I’ve discovered since Stocktwits (which makes sense since the chairman of Stocktwits, Howard Lindzon, is an early investor).  It’s a mobile trading platform that will offer $0 trade commissions.  Yes, $0.   The platform is geared towards young investors for whom every dollar counts and the myriad of features on a typical brokerage account just aren’t appealing.  The platform hasn’t launched yet but you can sign up for the wait list – I only have 318,919 people ahead of me in line.

There’s no work yet on how they are going to make money without a commission and I’m assuming that’s one of the issues they are working out pre-launch.  I’d guess they’re capitalizing on low overheard costs (as opposed to a huge brokerage like Fidelity) and will make up the money on margin interest (the percentage you pay to trade on their borrowed money) and a premium up-charge for extra features.  Here’s to hoping those 318,919 spots are filled quickly!

CNNMoney Portfolio

Turns out CNNMoney isn’t just good for articles.  I check on my portfolio quite frequently and their portfolio tool, powered by SigFig,  makes that so much more fun.  It consolidates all of your stock market, IRA, and 401k accounts in one place, you just need to import your account with your normal brokerage login.  Plus, the way it shows your portfolio is great.  Not only does it show what the price is of your holding, it shows where the current price lays in the 52 week range, recent headlines for each stock, and other features.  Here’s a preview:

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Plus, it will run a variety of analytics on your portfolio and let you know how risky you are, how your asset allocations compare to set norms, and whether it has any recommendations for improvement.  This feature seems a bit buggy but with a few updates it could be extremely useful, especially for a beginner investor.  Here’s one feature:

I highly recommend you check both of these programs out and let me know whether you find them helpful too!

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1Pingbacks & Trackbacks on Two great trading apps to check out – Robinhood and CNNMoney Portfolio

  1. […] I’ve written about Robinhood before on the blog. It’s a mobile trading platform that will offer $0 trade commissions and no account minimums. Unsurprisingly, the app already has 500,000 people on the waiting list for when it debuts in early 2015. I’m actually one of the waiters on this list – think this post shout-out can get me moved up a spot or two? […]

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