The Best Online Stock Trading Platforms

Friday, December 9th

2022 Online Stock Trading Platform Reviews

Fidelity

Fidelity has earned our newest first-place ranking among online stock trading platforms. From active traders and other self-directed investors to wealth management clients, there's something for everyone here. Fidelity keeps fees low without compromising on service or quality, which is why so many experts have ranked them as the #1 online stock broker. For more than 75 years, millions of clients have trusted Fidelity with their investments - and we encourage you to do the same.

Charles Schwab

Charles Schwab is an excellent all-around choice for investors of all levels, with accounts and services for self-directed trading all the way up to completely managed portfolios and one-on-one consultations with a dedicated financial advisor. Schwab offers some unique client benefits, such as a satisfaction guarantee, local branches for in-person service, and the ability to purchase fractional shares. We're still waiting to see what impact, if any, is made by Schwab's ongoing merger with TD Ameritrade, but all signs point to Schwab continuing to be one of the top online stock trading platforms out there.

Interactive Brokers

Interactive Brokers, or IBKR, has a history spanning more than 40 years as a stock trading platform. This award-winning service is best suited for active investors, preferably with some experience, and offers many different tools to inform your investment strategy. Choose between the Lite and Pro plans, with corresponding pricing on trades. This is one of our preferred online stock trading providers for knowledgeable, active investing.

Zacks Trade

Zacks Trade is suitable for the active trader who still wants a bit of hand-holding, with no extra charge on broker-assisted trades. The company has been providing cutting-edge investment research for over 40 years. You'll pay more in commissions and other fees here than you might with a few other platforms, but many clients say it's well worth the cost to use Zacks Trade. Give this online stock trading platform your consideration if you're looking for in-depth research and tools for active traders.

Merrill Edge

Bank of America's Merrill Edge is a fantastic option for investing in the market. There are three service options, ranging from completely self-directed (ideal for active, experienced investors) to managed plans with or without an assigned advisor. If you choose a managed plan, you'll save on your advisory fees if you're a Bank of America Preferred Rewards member. While you can't invest in fractional shares here, in all other aspects this is a well-rounded online stock trading service.

TradeStation

TradeStation is one of the original online stock trading platforms, in operation since 1982. While you used to have to pay significant fees and make a minimum deposit here, they've now changed their pricing to be competitive with similar services: no commissions on most trades and no minimum deposit required. You'll get a professional-level dashboard and plenty of research tools to fine-tune your trading strategy. But, a pattern of client complaints includes issues with the platform itself and with less-than-friendly customer reps, keeping TradeStation from earning a higher ranking.

Sogo Trade

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.

TD Ameritrade

TD Ameritrade used to be our #1 pick for online stock trading platforms, and this service still has a lot going for it. However, it's in the process of being merged into Charles Schwab, which acquired the business back in 2020 - and that seems to have had an impact on TD Ameritrade's ability to keep clients happy. You may want to cut to the chase and invest directly with Schwab instead of opening an account here.

Firstrade

Firstrade is known for its low fees: $0 commission for all online trades. In business since 1985, this stock trading platform is best for the self-directed investor who wants to save money on trades, maybe at the expense of some of the bells-and-whistles offered by competitor services. Recent dissatisfaction coming from some Firstrade clients stops this company from earning a higher ranking here.

Ally

Ally is best known as an automobile lender, as the rebranding of GMAC, but through its general banking services you'll also be able to access its online stock trading platform. You have three overall account types to choose from: self-directed, "Robo Portfolio" , and wealth management. The middle option isn't a bad one if you've got $100 or more to invest and you want to let the computer algorithms handle the day-to-day, but the other two types of clients will get more in-depth service from another provider. And, with hundreds of complaints about Ally in general, this may not be the most customer-friendly option for your investing.

E*Trade

It's fair to say that E*Trade is the "OG" of the online stock trading platforms, as the source of the first online transaction sent to a stock exchange back in the 80s. Whether you're starting to invest for retirement or you're an active day trader, you've got choices here. And, there may even be a cash bonus when you open and fund an account. However, E*Trade only gets an average rating from us, due to a low grade from the BBB and a pattern of client complaints about account management.

SpeedTrader

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.

Webull

Webull gives the impression of being a client-friendly stock trading platform with lots of advantages: six free fractional shares, no minimum deposit or balance requirements, and a free-to-everyone learning section with video courses explaining the ins and outs of investing. Go a little further, though, and you'll see why this is one of our lowest-ranking services. Webull is owned by a Chinese holding company, has an "F" rating from the BBB, and is frequently described as a scam by deeply disappointed investors. Choose a different platform for trading stocks.

Robinhood

Robinhood's mission is good in theory: make investing affordable and understandable for the average consumer, not just the big names on Wall Street. We can get behind that. And, this is one of just a few platforms that offers fractional shares, another excellent way for people to start investing in some bigger companies' higher-priced stocks. But, this online stock trading platform has a terrible track record reputation-wise: an "F" from the BBB, penalties and restitution fees in the tens of millions of dollars, and so on. Robinhood doesn't get our recommendation.