Whether you’re a seasoned day trader or new to the stock market, it can be intimidating. Investors need a brokerage that fits their needs. Day traders need tools like trading platforms, solid research, and low costs. So, with that in mind, here’s Savetastic’s breakdown of the best online brokerages for trading.
For traders just starting out, Fidelity Investments is a great choice. The Fidelity mobile app and website are both easy to use. And educational resources are offered for those still learning about the market. Moreover, the company’s research is thorough, with reports from Thomson Reuters and Ned Davis, to name a few.
And of key importance, Fidelity is a low-cost brokerage because you’ll pay no commission on stock or ETF trades and no payment for overflow.
A favorite among professionals, Interactive Brokers offers a pricing plan for casual investors who want access to global markets. With Interactive Brokers Lite there are no inactivity or data fees. EFT and US stock trades are no-cost options and the platform has options for 68 different order types.
Another great option for beginners, E-Trade offers user-friendly apps and zero-dollar trades for regular stocks and ETFs. As with their competitors, E-Trade’s platform provides investors with multiple third-party research reports as well as breakdowns from individual analysts. While E-Trade does not offer a desktop platform and lacks the customization of other online brokers, it provides the core trading tools and the intuitive interface for day traders to succeed.
TradeStation offers an impressive array of tools for its customers. Along with a convenient pricing plan, TradeStation has a fully customizable desktop platform that allows its users to use to create their own technical indicators. Like others, TradeStation has a zero-dollar commission for options, stocks and ETFs. However, this tech heavy platform offers casual investors little in the way of education and research.
Pro-traders love this platform for its zero-dollar trades, 400+ available technical studies and reliable customer service. But what really makes TD Ameritrade stand out is its thinkorswim trading platform, which allows users to trade stock, options, forex, futures and future options. TD Ameritrade offers courses, quizzes and videos, making it perfect for beginners and pro alike. Unfortunately, TD Ameritrade limits customer trading to US and Canadian listed securities.
Whatever your level of experience, an online brokerage can help you learn, research, and trade successfully. Happy investing.