Best Online Brokerage Accounts: Our editors do independent research and make recommendations for the best products and services available. In our advertiser disclaimer, you can learn more about our independent review process and partners. We may be compensated for purchases made via our links.
Because there are so many best online brokerage accounts options, choosing a broker might be challenging. Competition has forced many brokers to offer no-fee services for frequently traded assets, but investors who compare different best online brokerage accounts will still find big differences in how easy they are to use, the trading technology they use, the account features they offer, and other things.
We’ve done a lot of the legwork for you because wading through all of this can be difficult. We did a thorough evaluation of these US-based brokers that included research on the ground to find the best trading platforms. It offers the best online brokerage accounts and trading platforms.
Best Online Brokerage Accounts and Trading Platforms
We did a thorough evaluation of these US-based brokers that included research on the ground to find the best online brokerage accounts and trading platforms.
TD Ameritrade
TD Ameritrade has two apps that, when used together, make it the best mobile app provider overall. The thinkorswim mobile app is meant to make managing existing positions and opening new ones simple for traders. The mobile app’s workflow is simple and strong enough to be used as the primary trading platform, perhaps ushering in a generation of app-only traders who never utilise the more complex, downloaded versions. The basic TD Ameritrade app might be better than the full website because it strips everything down to the basics and puts all the other features into a simple, mobile package. It offers the best online brokerage accounts and trading platforms.
Pros
- TD Ameritrade mobile trading is more user-friendly than the website.
- Trading from mobile charts is straightforward in both applications.
- You can pick between two applications to see which one best suits your needs.
Cons
- Some utilities are only available on one platform.
- Choosing the correct account from a large list of options might be difficult.
- No fractional shares are allowed.
Tastyworks
When it comes to trading options contracts, Tastyworks stays quite competitive on price. The customizable tools, instructional information, and easy platform are what make it our best broker for options traders. Tastyworks is the broker you choose once you’ve determined that options trading is all you want to do, not the one you start with. Few other brokers are as well-suited to this duty as Tastyworks. During trading sessions, options traders will find all of the tools and analysis they want, and they may spend their downtime reading options-related literature to prepare for the next session. It offers the best online brokerage accounts and trading platforms.
Pros
- All the tools and options you require.
- Original, options-focused material in a fantastic collection.
Cons
- If you’re looking to trade anything other than options, you’ve come to the wrong place.
- Fixed-income trading does not exist (outside of ETFs that contain bonds).
Fidelity
We’ve re-evaluated what it means to be our best low-cost online brokerage in recent years. There are online brokers that trade for next to nothing. Even if a broker only offered a few assets, didn’t have the right tools, had a bad trading platform, or maybe all three, all it took to win this category in the past was a low price. We’ve changed our rating to search for low-cost options that give high value. While Fidelity (our best overall broker) came out on top, the cash management choices on idle cash and the superb portfolio analysis tools that aggregate outside accounts were the winning aspects over close competitors. If you don’t trade a lot of options and don’t need futures or bitcoin, Fidelity is the best alternative.
Pros
- Overall low expenses and the absence of several usual surcharges.
- Strong account management options, including a money market fund sweep programme
- Transparent price information.
- Outstanding execution quality.
Cons
- No cryptocurrency, futures, or commodities.
- Only US citizens are eligible.
- The cost of live broker support is expensive ($32.95).
Interactive Brokers
Interactive Brokers (IBKR) continues to be our #1 selection for expert day traders and has been for several years. We think that the expert day traders in this group are willing to use third-party solutions to fill in any gaps in backtesting and automation in exchange for IBKR’s worldwide exchanges, a large number of stocks on the easy-to-borrow list, and very low margin rates.Advanced day traders who focus on cryptocurrencies will be able to trade coins directly starting in April 2022. Everyone else will find that Interactive Brokers has all the assets, reach, tools, and tools they need, as well as very competitive margin rates.Interactive Brokers is one of the best trading platforms in general and is a natural choice for expert traders.
Pros
- Superior order fulfilment.
- Contingent commands for every conceivable situation
- Low margin interest rates
- Cryptocurrency is the latest addition to a vast array of tradable assets.
Cons
- IBKR Lite customers do not have access to SmartRouter.
- Learning TWS might take some time.
- There is no automatic trading or backtesting of proprietary trading algorithms.
Charles Schwab
Charles Schwab is a full-service investing business that scores well in a number of our areas. Schwab is consistently in the top three in our categories, only to be beaten out by more targeted offers. Still, when it comes to ETFs, Schwab is our first choice. This is due to the quality of its ETF screener, as well as the overall quality of its comprehensive product, which includes ETF investing education and portfolio analysis tools for ordinary investors. Schwab makes investing in ETFs simple while also providing good research and multi-criteria screening for those who want more information before making a selection. Because of all of these characteristics, Charles Schwab is the best brokerage account for ETF investors. It offers the best online brokerage accounts and trading platforms.
Pros
- The StreetSmart Edge ETF screener covers over 150 criteria.
- The StreetSmart Edge platform is adaptable and dependable.
- Beyond the ETF-specific features, Schwab is an outstanding broker.
Cons
- Investors should use StreetSmart Edge to obtain the best ETF screener.
- Outside of ETFs, Schwab’s options are a little pricy, and futures are traded on a different platform—something to keep in mind if you plan to trade in those products.
Conclusion
Finally, deciding on the Best Online Brokerage Accounts depends on who you are as an investor now and who you want to be in the future. Our rating might help you narrow down the field once you’ve answered these key questions. If you’re just getting started as an ambitious options trader, for example, you might be better off looking at our Best Online Brokerage Accounts for traders rather than the general best for beginners picks.
