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Saturday, December 14th
Fidelity's stock trading platform is simple and elegant, with a robust set of resources for beginners to advanced users. It has no account fees and offers three tiers of service in order to accommodate any would-be investor or active trader. Some feel that Fidelity is geared more to someone who has some knowledge and skill in investing, but Fidelity offers so many educational materials and options that even a beginner would do well. Fidelity is focused on community, and they have partnered with nonprofits to bring financial literacy to underserved kids. They also offer scholarships and resources to high schoolers who want to attend college. Fidelity is frequently praised by clients and industry peers alike as having some of the best customer service in the industry. They have several award-winning platforms to choose from that work on all devices. We are thrilled to give Fidelity our #1 ranking and top spot among stock trading platforms.
Merrill Edge, backed by Bank of America, is a stock trading platform that excels in saving people money through low fees - and no account fees - and has some of the most competitive pricing in the industry. With Bank of America being integrated into the Merrill Edge stock trading platform, all your banking and trading can be done in the same place. In addition, those who are customers of Bank of America can receive special perks and incentives. While Merrill Edge is a great value for self-directed accounts, its guided accounts can be pricey. There are some downsides to Merrill Edge, like having no ability to trade cryptocurrency, and customer service is hard to get a hold of. However, customers say that when you do reach them, Merrill Edge representatives will get your problem resolved. For these reasons and more, Merrill Edge still comes out as one of our top picks as a stock trading platform.
This can be an overwhelming question for beginning investors - but that's a great place to start. First, ask yourself what level of skills or knowledge you have in investing and what your purposes for investing are. Are you brand new to the financial world of stocks, ETFs, fractional shares, and options? Are you trying to manage a large amount of wealth? Are you looking for a safe place to grow your savings over the next few decades?
Or, are you someone who has had a lot of experience in investing and wants to get back into the game or take your game to the next level? Are you wanting to take high risks, or are you more conservative in your approach? There are plenty of options out there and there are some who focus on everything and some who specialize in one or two niche markets.
For beginning traders, there are platforms that have devoted a big part of their online presence into education. Some have partnered with banks so you can do all of your investing along with your banking.
For active traders, the best platforms will have advanced charting capabilities, responsive customer service, robust toolkits, and they will also offer high-quality research resources. We highly recommend those platforms that allow for backtesting - a way to put in a particular strategy simulation and see how it might play out before committing to the trade in real life. Be sure to ask questions and double-check that whatever stock trading platform you use, they will have the tools that fit your particular needs.
For example, if you are going to be trading mostly on your mobile phone, you will want to make sure the stock trading company you choose has a strong mobile platform. Some companies do a bare-bones mobile app, and that would not be a suitable fit. Be sure to check if software platforms have a history of outages or glitches, too.
Are you the kind of investor who doesn't want to actually pull the trigger on choosing which stocks to buy on your own? You might want to look into robo-advisors or a dedicated financial advisor or team of advisors. These accounts usually come with fees as a percentage of the total amount invested, but it can be well worth the cost if you don't want to be involved in the day-to-day management and strategy on your account.
Most advisor accounts (robo or personal) involve you completing a questionnaire and/or a phone call that considers your time frame, financial goals, and risk tolerance. From there, the company will create a portfolio matching the information you gave. This portfolio will be rebalanced automatically, and you don't have to do a thing. On those types of accounts, you can find options with no fees, and the ones that do charge fees are usually much less expensive than working with a human advisor one-on-one.
Keep in mind that most of today's online stock trading platforms very proudly advertise that they charge "$0 fees." That usually just refers to a $0 commission fee. There will definitely be at least one or two fees for most accounts. Whether it's for withdrawal or broker-assisted transactions, there are going to be some extra costs associated with your account.
So, which online stock trading platform is best for you? Here are some of the criteria to keep in mind:
To help you make the most of your investments, Top Consumer Reviews has evaluated and ranked today's most popular online stock trading platforms. We hope this information helps you reach your financial goals!
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