In order for you to buy shares in big companies such as Apple, Facebook, or Uber, then you might require an online broker account. Although there are a plethora of them, given the market volatility and the dynamics of the online brokerage industry, for a beginner it would be a perplexing task to choose a broker. Since choosing an online broker determines your run as an investor, it is important to choose the right one. To make things easier for you, here is a list of 10 online brokers that you could choose. Even though some of these platforms come with educational resources, it is best to skim through the specifics of market dynamics before you start trading. Furthermore, it is advisable to skim through each one of these before finalizing one.
Fidelity is one of the biggest online brokers with around 30 million user base. In order to cater to their needs, Fidelity takes a value-driven approach wherein they offer $0 stock trades with a $0 minimum deposit. If you are a beginner, then Fidelity is the one to choose. The reason for which is their top-notch research and education offerings. They have a mobile responsive website and an app, which helps you track your investments without much hassle. Above all, as per statistics, 96% of all orders placed through Fidelity are executed at a better price than the national best bid.
Markets are anything but certain. Hence if you want to make a profit, you have to learn market dynamics and understand its volatility. TD Ameritrade took the need for proper education seriously and decided to house one of the best educational resources for beginners. The best part about this broker is that you don’t need to make any deposit to leverage these expanded learning pathways. With a minimum deposit of $0 and a $0 per trade in stock trades, TD Ameritrade is a complete package. You will first learn the dynamics and then apply them practically through Ameritrade.
Charles Schwab made its way into every investor toolkit after its inception in 1973. As of now, Schwab has a total of $3 Trillion in client assets. The reason for their success can be justified by its client services. Offering $0 stock trades, Schwab also provides brilliant stock research and quality trade tools. In addition to that, you can learn more about markets from 26 of Schwab’s in-house experts. Similar to TD Ameritrade and Fidelity, Schwab, too, doesn’t need a deposit.
Generally, options trading is considered to be safer than stocks. Hence they have become more popular than ever among the retail investors. However, in order for you to start trading, you will need an options broker. tastyworks is a prudent choice. You don’t have to make any deposit, and the broker offers $0 stock trades along with a choice for $1 to open options trade and $0 to close. tastyworks officials claimed that 90% of their client trades are derivatives. Hence to help their clients manage their derivatives, tastyworks has in-house tools for analyzing derivatives.
If you are an expert trader, then we would suggest you go for Interactive Brokers. Because it has a wide pool of assets and a plethora of cutting-edge tools to manage sophisticated orders. Above all, you can trade equities and options around the world. This is one of its plus points as there aren’t a lot of platforms that connect clients to 125 markets. Moreover, Interactive Brokers is best suited for day trading. Similar to the foretold brokers, the minimum deposit you’ll need to make to get started is $0 while the stock trades are priced $0.05 per share in IBKR Pro and $0 for IBKR Lite.
Merrill Edge operates under its parent company, Bank of America. They are known for their $0 stocks and ETF trades backed with the best research and analysis tools in the industry. Furthermore, if you are currently banking customers, Merrill Edge has a preferred rewards program for you, that offers the best rewards benefits across the industry. Above all, Merrill Edge has the best customer service with the agent connection time taking no less than a minute. Moreover, their research tool, in particular, is based on three reports, Stock, Portfolio, and Fund story. This “ESG” report helps customers realize their trades.
Trade Station is intended for both casual and active traders. While the broker encourages casual traders to use its web-based platform, active traders use a desktop version. Operating under the “Trade Station 10” platform, this downloadable desktop version comes with an extensive list of trading tools to get you started. Furthermore, the company also has a mobile app that can be used for analyzing stock prices and trades, on the go.
Once you have learned the dynamics of day trading and are willing to apply them practically, then Zacks Trade will be a good choice. Sharing the same trading platform as Interactive Brokers, Zacks Trade’s main advantage over Interactive Brokers is the live broker assistance. Hence, if you are a beginner, you will get live assistance to help with your trades. In addition, to live assistance, you can also find a lot of educational resources.
Ally Financial’s Ally Invest has a universal account management experience that allows you to trade for $0 in stocks and ETF. Although this platform is best suited for Ally Bank customers, there are people besides the customers who choose this platform. The key strengths of this platform include top-notch customer service and user experience. However, stock market pundits don’t recommend Ally invest as a standalone online brokerage.
The positives of E*TRADE outweighs its shortcomings, thereby making it a good place to start for beginners. The highlights of this platform include a $0 trade provision, a user-friendly mobile application, and its provision for options trading. Although tastyworks is equally good for options trading, E*TRADE is the most recommended one because of its Power E*TRADE platform. Ideally, you should use both E*TRADE and tastyworks and split your investments between them. This helps in recovering losses, if any. Furthermore, when it comes to stock market, it is good to keep options!