Sunday, September 24th
2023 Online Stock Trading Platform Reviews
Sogo Trade
- Geared towards active, experienced stock traders
- Many different available account types: Individual, Joint, Business, IRA (Traditional, Roth, SEP), Coverdell Education Saving Account, UTMA/UGMA, Trust
- No minimum deposit, $0 commission on orders of 100+ shares
- "Get Paid To Trade" program on some limit orders
- Free daily newsletter featuring eight spotlight stocks and ETFs
- "A+" rated by the BBB
- In business since 1986
SogoTrade is worth a look if you're an "independent, self-directed investor" - and we would add that it's the best fit for active traders, not those who want to make a deposit and leave it alone for years at a time. This stock trading platform has some unique features, like "Get Paid to Trade" on qualifying limit orders and multiple tools for research and strategy development. Plus, SogoTrade gets an "A+" from the BBB and praise from most of its clients. Give SogoTrade a look if you're an active trader.
SpeedTrader
- Free demo account: 14-day trial
- Choose between Active Web and Pro
- Choose between two clearing options
- In business for 20+ years
SpeedTrader is for active traders. You'll have to maintain a minimum balance of $2500 or $10,000, depending on whether you choose their Active Web or Pro platforms. That's a big disadvantage. Plus, this stock trading service doesn't give you the level of research you'll need if you're an experienced investor. Novice investors will definitely need to choose a more simplified service, and more seasoned traders will get more for their time and money with a more sophisticated platform than SpeedTrader.
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Which Online Stock Trading Platform is the Best?
The easiest way to answer that question is to start out with your preferred investment approach. Are you a beginning investor who needs to learn about the differences between stocks, ETFs and options? Are you trying to prepare for retirement and want a relatively safe way for your money to grow over the next 10, 20, 30 years? Or are you a seasoned investor ready to take yourself to the next level as an active trader? There are online stock trading platforms that meet all of those needs - but some services specialize in one or the other.
For active traders, the best platforms will have ample tools and research on hand. We particularly recommend the ones that offer you a way to test a strategy and see how it might play out - before actually committing to the trade. Make sure that any platform you're considering has the tools you anticipate needing, from fully-featured mobile apps to access to reports and other data to guide your decision-making.
Online Stock Trading Platform FAQ
Continued from above...
Other investors might want a stock trading service that includes access to a financial advisor. 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. Some services also let you choose a robo-investor: you enter your timeframe, investment goals, and risk tolerance, and a portfolio matching those targets is automatically generated and rebalanced over time. 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" . Is that true? Yes and no. More often than not, that refers to a lack of commissions on certain types of investments, usually stocks, ETFs, and sometimes options as well. However, you'll always find other costs associated with your investment - like transfer or withdrawal fees, surrender charges, and annual fees. Of course, it's still a money-saver to have no commissions on at least some of your trades; make enough on your investments and any other fees will easily be covered and then some.
So, which online stock trading platform is best for you? Here are some of the criteria to keep in mind:
- Intended Investment Strategy. As we mentioned, your approach to investing will be the first factor to consider. Active trader? Buy-and-hold? Investing to make a lot of money but willing to take a lot of risks"or securing your retirement without being overly bold?
- Ease of Use. How hard is it to navigate the site? Is it easy to open an account, manage your investments, and get advice?
- Tools. What does the platform offer to help you with your investments? Is there a mobile app? Does the service connect you with research, data, and planning tools that are a good match for your level of expertise?
- Reputation. What do other clients say about their experiences with the company? Is this a service with a long history in the financial industry or a relative newcomer? How are issues handled by the customer service team? Will you and your investments be in good hands here?
To help you make the most of your investments, TopConsumerReviews.com 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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