Most people get involved with online stock trading because of its accessibility. You can create an account on any platform and start trading immediately. There is a lot of risk however, in trading stocks without the proper knowledge. If you are a relatively inexperienced stock trader, you may benefit from the services of an online broker. Brokers can make educated decisions and handle all of your transactions for you. When it comes to your money, only the best online broker will do. Here is a list of some of the best.
OptionsHouse has some of the lowest fees and rates among online brokers. They charge $4.95 per trade for newcomers. This is nearly half the cost of most brokers. Commission costs can go as low as $3.95 per trade for current traders. The only downside? They are not a “full-service” brokerage. This means that they lack the financial resources and investment products provided by brokers like TD Ameritrade. However, they do provide a collection of proprietary tools you can use for more efficient stock trading. OptionsHouse is the best online broker for those looking for discounted costs and unique trading tools.
TD Ameritrade is one of the largest online brokers. As a result, they have access to some of the most comprehensive financial tools. They have an in-depth research and marketing tool that provides you with all the information you need. Ameritrade provides charts, summaries, analyst reports and research from independent companies. They offer a great mobile trading app, as well. The TD Ameritrade Mobile Trader is useful because it allows you to trade on the go. This affords you the ability to take advantage of prime selling times, all the time. Other online brokers do not have this useful feature. TD’s only downside is that it charges $9.99 per trade. If you can handle higher-than-average commission costs, TD Ameritrade may be the best online broker for you.
Scottrade is known for its customer service. You can take advantage of their service through one of their 500 locations across the country. They also have a live chat feature on their website which is available 24/7. A customizable web-based platform allows you to organize their features to your preference. Scottrade also has great trading resources and access to various investment vehicles. They charge $7 per trade, which is very affordable given their status as a full-service broker. Scottrade is the best online broker for those who value customer service.
TradeKing is comparable in trading costs to OptionsHouse. They charge a $4.95 commission cost, which is much lower than average. Tradeking has an advantage over OptionsHouse, however. They offer full-service brokerage features. In addition, there is no account minimum requirement. No matter what your financial situation, you will be able to make use of one of the most advanced trading platforms through TradeKing. While they do provide access to an assortment of investment options, they do not offer futures trading. This is one of their only weaknesses. If you are not concerned with futures trading, you should look into TradeKing. It is the best online broker for low-cost, full service brokerage.
There are a handful of options available to you for online brokers. Brokers like OptionsHouse and TradeKing offer discounted commissions costs. However, they lack some of the features offered by bigger online brokers like TD Ameritrade. Your choice is going to depend heavily on what your needs are as a stock trader. Do plenty of research before settling on the best online broker for you.
Photo from http://buyingstock.info/how-to-look-for-the-best-canadian-online-stock-broker/