TradeStation vs E*Trade

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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:

• Intended investment strategy. Are you an active day trader? A buy-and-hold investor? A conservative investor taking the slow and steady way to build a retirement? Are you willing to take risks? Are you a natural researcher or do you want someone else to do that for you?
• Ease of use. Is the website difficult to figure out? Is it easy to open an account, or do you have to go through a lot of extra hoops? Do you prefer to talk to someone on the phone, or is live chat your go-to way to communicate? Are there tutorials and online help for learning how to use the platform?
• Tools. Do you want lots of tools, or do you just want someone else to worry about it? Do you want to have an app that is integrated with your bank? Is there a mobile app? Is it web-based or downloadable? Can you connect with research resources that match your level of expertise?
• Customer service. What do other clients say about their experiences with the company? How are issues handled by customer service? Are the financial advisors helpful?
• Reputation. Is this a service with a long history in the financial industry or a relative newcomer? Is the company insured or backed by government or private agencies? Do they have a history of litigation or being fined by FINRA or other agencies? Are they transparent?

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!