List Of Top Online Stock Brokers For Do It Yourself Investors

List Of Top Online Stock Brokers For Do It Yourself Investors

Investors can pocket a few hundred bucks just by opening an account with an online broker these days. Low commissions to trade stocks or exchange-traded funds can save you more money in the long run. Whether you’re a stock jockey, a saver or a retiree, finding a firm that suits your needs is far more valuable than even a $600 bonus.

What makes for a first-rate broker? It depends on what you value. Low fees may be critical for active traders, but buy-and-hold types may want an array of no-transaction-fee mutual funds. Brokers with unbeatable prices may lack the retirement-planning tools or advisory services you need.

In this article, we would be looking at the top five online stock brokers for do it yourself investors. This is based on a review carried out Nerds Wallet and includes the advantages and disadvantages of using these stockbrokers

Merrill Edge

Fees: $2.95

Account minimum: $0

Promotions: $300

Merrill Edge offers high-quality customer service, robust research and low fees. Customers of parent company Bank of America will love the seamless, thoughtful integration, with a single login to access both accounts.

Pros

·       Robust third-party research.

·       Integrated with Bank of America.

·       Free trades for eligible Bank of America customers.

Cons

·       $2.95 trade commission.

·       Minimum balance requirement for active trading platform.

 

TD Ameritrade

 

Fees: $0

Acct. Min. $0

Promotions: up to $600

TD Ameritrade meets the needs of both active traders and beginner investors with quality trading platforms, $0 commissions on online stock, options and ETF trades and a large selection of mutual funds.

Pros

·       Commission-free stock, ETF and options trades.

·       Free research.

·       High-quality trading platforms.

·       No account minimum.

·       Good customer support.

·       Large investment selection.

Cons

·       Costly broker-assisted trades.

·       High short-term ETF trading fee.

 

E-Trade

Fees: $0

Acct. Min.:  $0

Promotions: $100-$2500

E-Trade has long been one of the most popular online brokers. The company's $0 commissions and strong trading platforms appeal to active traders, while beginner investors benefit from a large library of educational resources.

Pros

·       Easy-to-use tools.

·       Large investment selection.

·       Excellent customer support.

·       Access to extensive research.

·       Advanced mobile app.

·       Commission-free stock, options and ETF trades.

Cons

·       Website can be difficult to navigate

 

Interactive Brokers

Fees: $0

Acct. Min. $0

Promotions: None

Interactive Brokers' IBKR Lite is a strong option for frequent traders: The broker offers international trade capabilities, no stock-trading commission and a quality trading platform.

Pros

·       Commission-free stock and ETF trades.

·       Large investment selection.

·       Strong research and tools.

·       Over 4,000 no-transaction-fee mutual funds.

·       No inactivity fees on IBKR Lite.

Cons

·       High options contract fee.

·       Access to advanced platform requires IBKR Pro.

 

 

Trade Station

 

Fees: $0

Acct. Min. $500

Promotions: up to $2500

 

Trade Station is a strong choice for active stock, options and futures investors who rely on the broker’s high-octane trading platform, reams of research and sophisticated analytical tools. Active traders will like its per share/per contract and unbundled pricing plans. There's also a flat-fee plan and the TSgo plan that offers pared-down features but also $0 trade commissions. A lack of commission-free ETFs and mutual funds can be a turnoff to some investors.

Pros

·       High-quality trading platforms.

·       Comprehensive research.

·       Low commissions.

·       Advanced tools.

·       Active trader community.

Cons

·       No commission-free ETFs.

·       Minimum balance requirement for active trading platform.