Stockpile – Stock Trading
Developer – Stockpile
Price – Free
I know the big Wall Street brokerages don’t offer easy to use stock apps because they cater to and really only want large investors (known as whales).
During the “.com” early days, a lot of online brokers emerged, offering cheap trades based on the quantity of transactions and not a percent of the trade amount. They tried to and did a great job of attracting the middle class clientele and encouraging smaller investors to enter the market whom otherwise probably wouldn’t have. This first generation of “discount brokers” opened up the white collar Wall Street to the blue collar worker. While I was enthusiastic about this transformation in early 2000’s, we haven’t seen any progression for the middle class since (sounds like a political speech). Enter Stockpile. Stockpile was truly developed with the small investor in mind. The app is simply easy to navigate so I will skip the typical detailed app overview to highlight the advantages of Stockpile.
First and foremost, Stockpile offers the lowest flat fee transaction price to my knowledge. Transactions are only 99 cents regardless of trade volume. There is a small fee to transfer money from a debit card, but you can link your account directly to your banking account to avoid this fee. Since the app lends itself to the everyday investors, the minimum purchase price to start an account is only $5. (I plan on opening an account with my yearend reviewthisapp bonus, which I hope tops $5.) Stockpile does a great job of creating the everyday person’s stock exchange allowing for fractional share purchasing and obtaining a piece of the Google action without dropping close to a grand for a single share. While it is clear smaller investors and the normal “Joe” can enter the market with Stockpile, they also removed all of the barriers to permit you to give the gift of stocks to friends and loved ones. Before this great app, the feasibility of gifting a stock to another person was a pain staking endeavor. If the recipient didn’t have an account at the same institution as you, you would be presented with a laborious situation of trying to make them open an account which for typical brokers requires multiple signatures and the use of snail mail. I opened an account in less than two minutes, and they even offer custodial accounts for individuals under 18 years of age. The custodial account grants the minor to make his/her own trades, and the app will automatically notify the custodian a message to approve the trade. Talk about a great way to get your kids or grandkids involved and educated in the stock market. Stockpile currently offers 1000 stocks and ETF (electronically traded funds). While you may not have access to purchase any stock like you could with other internet brokerages, the selection is vast, and they offer almost any blue chip stock and most well-known companies. Note: Stockpile is currently available to United States residents and will require you to provide a social security number, although, they anticipate expanding beyond the United States this year (we will keep an eye on this app and update this article as they expand).
Stockpile is convenient and straightforward. You can be investing quicker than it takes to read this wonderful, well written article (some would even refer to as a piece, not an article). I believe they are the only app that allows you to purchase fractional shares and have the low transaction fees of less than a dollar. As I mentioned earlier, Stockpile’s final advantage over other online brokers is the easy quick method of giving stocks as gifts. Overall, the app has many features for you to research, purchase, and follow your stocks. Good luck, and let’s hope the bull market continues to charge.