The mobile phone, a device first designed to place a call, text a friend, or surf the internet, is now a lifeline for Wall Street. For many investors, tracking their portfolio, the markets and their money is as easy as picking up their mobile phone and logging into their broker's app. But they want and need the best mobile trading apps from the best online brokers.
Chris Michaelis, a 65-year-old retiree from Ocean City, N.J., checks his Merrill Edge trading app twice a day. He reviews his account balances and gets updates on the Dow, S&P 500 and Nasdaq. And if he sees a trading opportunity, he'll place a trade on the mobile app.
Merrill Edge, a part of Bank of America, was named to IBD's 2025 list of the Best Online Brokers. Also topping the list of best brokers overall are 13-year leader Fidelity Investments, and the top-rated broker for mobile trading apps, Robinhood. Read the complete list of the Best Online Brokers for 2025.
IBD's annual list of the best online brokers is derived from the results of an extensive survey of thousands of brokerage customers.
"If I see futures are way down, the phone app allows me to be more reactive and, in theory, allows me to save some money (by buying the dip)," said Michaelis.
He's not the only one spending time with his broker on a smartphone.
William Cloutier, a 73-year-old from Ave Maria, Fla., says he uses his Fidelity app frequently to check stock prices and the status of trades. And while he's not a fan of making spur-of-the-moment trading decisions on his phone, he does place mobile buy and sell orders when he's on the go. "I do use the app to trade when I'm on public transportation or when I'm visiting friends or family," said Cloutier.
IBD's Best Online Brokers For 2025
When it comes to the best mobile trading apps, Robinhood ranked No. 1 in IBD's survey of brokerage customers for the 2025 Best Online Brokers report. For that attribute – mobile trading platforms and apps – Merrill Edge and Fidelity Investments also ranked in the top three.
Read Our Full Special Report On The Best Online Brokers For 2025
At its Investor Day in early December, Robinhood told analysts that roughly half of all trades on its trading platform are on mobile devices. And when it comes to convenience, Robinhood now offers after-hours trading via 24/5 trading, shorthand for 24-hour trading, five days a week. Since the launch of 24/5 last year, customers have traded over $40 billion in overnight trades, according to Steve Quirk, chief brokerage officer at Robinhood. The app enables clients to trade nearly 1,000 names.
"We've often heard from customers that it's tough to find time for investing during regular market hours with work, family and everything in between," said Quirk. "Some of our customers do their homework on the market when it isn't open," he said. He added, "market-moving news can break anywhere and at any time."
In another sign that more investors are keeping track of their investments and money on phone apps, Fidelity says in 2024 more than half of Fidelity site visits occurred on its mobile trading app.
Mobile Trading Apps Power Fast, Convenient Investing
It's no secret what's driving the trend. It's a fast-paced world where markets never sleep and 24/7 trading is more the norm than the exception. People want to be able to manage their investments no matter where they are or what they're doing.
"Ultimately, people are seeking greater control, flexibility and accessibility in managing their finances," said Quirk. "Mobile apps provide the speed, convenience and real-time information that allow them to make decisions, trade on the go and monitor their financial health anytime, anywhere."
Sure, it's tough to compare buying and selling stocks, cryptocurrencies or options on mobile devices with small screens and keypads compared to bigger computers and trading stations. But there's no doubt managing money via mobile is the future.
The true value of mobile apps is more than just the ability to trade on the go. It's also about having one's entire financial life in a mobile device the size of a hand, says Josh Krugman, Fidelity's senior VP, brokerage.
"Our customers are using their mobile apps not just to place a trade, but to monitor their portfolio, analyze the market, and leverage our resources and educational tools," said Krugman. "(They also use the app) to check positions, research a security, or set up an options contract."
Investor Cloutier, who's been with Fidelity for 15 years, says he spends more time depositing checks on the app and getting a quick and easy view of his entire portfolio in real time. Watching market prices in real-time provides key information, too.
"Being able to see price change data quickly is beneficial," said Cloutier.
Mobile Trading Apps Help Democratize Investing
Today, the mobile trading apps offered by brokerage firms offer a wide array of assets to trade. On Fidelity's mobile app, for example, clients can trade stocks, ETFs, and mutual funds, as well as buy certificates of deposit (CDs). Customers with a Fidelity Crypto account in their app can also trade bitcoin and other cryptocurrencies.
Robinhood customers can trade those assets, too, as well as options, index options, and margin trading.
"Mobile trading offers simple, intuitive ways for anyone to participate in investing," said Robinhood's Quirk.
Neil Kramer, a 76-year-old retired educator from Los Angeles, uses the Merrill Edge mobile app to fine-tune his portfolio as well as for basic personal finance stuff.
"I trade to rebalance holdings or make deposits and withdrawals," said Kramer.
What Kramer really likes about the Merrill Edge app is that it is linked to his bank account. "That allows for easy transfers between investment assets and checking," said Kramer.
Mobile Apps Add Screeners And Charting Tools
As mobile apps go mainstream, all the major brokerages are upping their game by adding new bells and whistles.
Robinhood, for example, launched new features, such as custom screeners as well as Tax Lots, which enables traders to select which shares they want to identify for sale to manage their cost basis and the taxes they pay on transactions. They also rolled out election options contracts to allow investors to wager on the winner of the U.S. presidential election.
Serious traders who use Robinhood also receive advanced charting tools, and level 2 market data, which provides investors with the best bid and ask prices for a stock.
