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Stocks that can be purchased or sold for less than a dollar a share are called penny stocks. Investors who don’t mind the high risk associated with these low-cost stocks trade them in high volumes in hopes of earning big when the price unexpectedly skyrockets. If you want to get your feet wet when it comes to trading penny stocks, stock trading apps make it easy and convenient to learn more about this type of investment.

What Is the Best Penny Stock App for You?

When choosing the best penny stock app for your needs, the most important considerations include:

• The fees you’ll have to pay for each transaction, which can vary depending on your share trading volume. Fees typically range from just a few dollars to $20 or more.
• The number of different types of stocks available for trade. Some firms have limited availability when it comes to penny stocks and other over-the-counter markets.
• Robust customer support. You want to be able to reach a real representative at all times to avoid losing significant money on a trade that goes sideways because of an error.
• The speed of execution, which is critical if you plan to engage in day trading. Make sure the app you choose processes trades immediately.
• Whether the app works with your operating system. However, most current penny trading apps come in both iOS and Android versions.
• Ease of use. If the app is difficult to learn, it will make trading penny stocks a struggle.
• Deposit requirement. Ideally, the app you choose will not require a minimum deposit amount to start trading.
• Resources. Access to credible research through the app is a must for penny stocks, which tend to carry a much higher risk than traditional investments do.

If you’re ready to get started or take your penny stock trading strategy to the next level, try out the top eight penny stock trading apps recommended by industry experts.

1. Robinhood
2. Ally Invest
3. Interactive Brokers
4. TD Ameritrade
5. E-Trade
6. TradeStation
7. Fidelity
8. Charles Schwab

1. Robinhood

Margins and fees can add up quickly when trading penny stocks, so many investors consider Robinhood the best penny stock app because it offers trades without commissions or fees. This offers a great value for those trading low-cost stocks. Fans also like the ease of use, simple charts, and resources, which make Robinhood a smart selection for new penny stock investors.

However, over-the-counter and Pink Sheet stocks cannot be traded through this app, so choices are somewhat limited compared to the offerings on other good penny stock apps. Robinhood is currently available only for mobile, unlike some penny stock apps that also provide a web interface for desktop traders. You can download this app for both iOS and Android platforms. Take advantage of the subscription service, which costs $10 per month, to transfer $1,000 into your trading account and get started right away.

2. Ally Invest

The Ally Invest app is another way to trade penny stocks without accruing significant fees. Although each trade on this app costs $4.95, you can access the discounted price of $3.95 per trade when you conduct more than 30 transactions per quarter. This is one of the lowest flat fees you’ll find among the top penny stock trading apps. Fans of Ally Invest also appreciate the seamless, intuitive mobile experience and the easy-to-use tools and resources that make trading a breeze.

3. Interactive Brokers

Another low-cost penny stock trading app, Interactive Brokers gets high ratings for its variety of affordable trading plans. Choose from a tiered plan with discount commissions along with fees, which is a better plan for high-volume investors, or a fixed-rate plan in which you pay the same rate per share for every trade. This starts at .005 cents per share for orders beginning at $1, with a cap of 0.5% of the total value of the trade. Keep in mind, however, that these rates vary for international shares.

Investors also appreciate the wide variety of penny stocks available to trade on the Interactive Brokers app, with options ranging from foreign exchange to commodities and beyond. You can easily upgrade your trades using this simple yet robust online platform. An Amazon Alexa command even lets you trade using voice commands through your Interactive Brokers account.

4. TD Ameritrade

With a nearly 40-year brokerage history, many investors trust their funds to TD Ameritrade. You can trade penny stocks on either iOS or Android using a mobile app or jump on the standard website when you happen to be at your desk. A separate mobile app lets you monitor your investments with live video feeds, charts, and visual tools. The brand’s innovative Thinkorswim platform is available five days a week for 24 hours, featuring high-level trading tools that help you elevate your investments. You can also access advanced options such as one-cancels-the-other and bracket trades.

This broker charges a $6.95 flat fee for every trade, with no added fees and no minimum account balance required to trade. You can take advantage of customer support and trading 24 hours a day, seven days a week, which helps mitigate some of the risks associated with penny stocks. Both major exchanges and over-the-counter stocks are available through TD Ameritrade.

5. E-Trade

Download the OptionsHouse app from E-Trade for fast and easy penny stock trades. You can also opt for the full-service app if you want to manage your money and your trades through the same program. The latter option provides breaking news, extensive research, and streaming Bloomberg TV. The fee is $6.95 per trade, but it drops to $4.95 if you trade more than 30 times in a single quarter. Fans also like the wide variety of trading ladders and other technical indicators provided by this app.

6. TradeStation

This app is a favorite of those looking for low-cost transactions, thanks to its $5 stock trades and its high-end mobile app. Keep in mind that you will also be charged commissions and fees, including a $5 fee to access data related to over-the-counter stock trades. Another option is the per-share trade pricing, which can be as low as just .002 cents per share. This arrangement can work out well for high-volume traders.

7. Fidelity

Although Fidelity once charged $7.95 per trade, a recent price reduction to just $4.95 per trade earns them a second look. Fans of this brokerage also appreciate the easy-to-use mobile app, the detailed resources available on the website, and the ability to access cash right from the mobile app. Best of all, you can access customer support through text, email, or phone 24 hours a day, seven days a week.

Want more personalized support? You can actually stop by a branch near you to learn more about trading penny stocks and other investments with the Fidelity app. In fact, you have to talk about the risks of trading over the counter and pink sheet stocks before you can begin trading penny stocks on the app. Once you have this meeting, however, your trades in this realm are surcharge-free, and you can take advantage of some of the most diverse offerings of any penny stock trading app.

8. Charles Schwab

If you have a preference for a traditional online brokerage, but you want to trade penny stocks and other over-the-counter investments as well as pink sheet stocks, Charles Schwab is the firm for you. All transactions carry a flat commission fee of just $4.95. With exceptional customer service, you’ll usually be able to talk to a real person when you call for help. The mobile app is fast, intuitive, and frequently updated with innovative changes. You can also take advantage of Schwab’s desktop, web, and cloud-based trading applications.