20 Best Online Brokerages for Trading Stocks: Unleash Your Inner Wolf of Wall Street! (2024)

Ah, the thrilling world of stock trading! Whether you're a seasoned Wall Street pro or a newbie investor with dreams of making it big, choosing the right online brokerage can make all the difference in your trading journey. Fear not, dear traders, for we've compiled a list of the top 20 online brokerages that will have you saying, “Buy low, sell high, and let's make some money!”

1. Robinhood

• Pros: Commission-free trades, user-friendly interface, fractional shares, options trading.
• Cons: Limited customer support, lacks advanced trading tools.

2. E*TRADE

• Pros: Diverse investment options, robust research tools, educational resources.
• Cons: Higher commission fees for options trading, account maintenance fees.

3. TD Ameritrade

• Pros: Thinkorswim platform for advanced traders, comprehensive educational content, no minimum deposit.
• Cons: Higher fees for broker-assisted trades, complex for beginners.

4. Fidelity

• Pros: Extensive research tools, excellent customer service, fractional shares, retirement accounts.
• Cons: Higher trade commission fees, platform might be overwhelming for newcomers.

5. Charles Schwab

• Pros: Low fees, extensive research and analysis tools, no account minimums.
• Cons: Website interface can be cluttered, inactivity fees for smaller accounts.

6. Webull

• Pros: Commission-free trading, extended trading hours, paper trading, crypto trading.
• Cons: Limited customer support, not ideal for beginners.

7. Interactive Brokers

• Pros: Advanced trading tools, low fees, wide range of tradable assets.
• Cons: Complex for beginners, inactivity fees for smaller accounts.

8. Ally Invest

• Pros: Low fees, user-friendly platform, no account minimums.
• Cons: Limited investment options, basic research tools.

9. TradeStation

• Pros: Advanced trading platform, wide range of tradable assets, personalized research.
• Cons: Higher fees for small accounts, complex for beginners.

10. Merrill Edge

• Pros: Integration with Bank of America accounts, research tools powered by BofA Merrill Lynch, no-fee IRAs.
• Cons: Limited forex trading, higher commission fees.

11. Tastyworks

• Pros: Designed for options traders, low fees, comprehensive options analytics.
• Cons: Limited educational resources for beginners.

12. Questrade

• Pros: Low trading fees, commission-free ETF purchases, responsive customer service.
• Cons: Inactivity fees for small accounts, platform might be overwhelming for new traders.

13. SoFi Invest

• Pros: No commission fees, fractional shares, social investing features.
• Cons: Limited asset variety, basic research tools.

14. Firstrade

• Pros: Commission-free trades, no account minimums, user-friendly platform.
• Cons: Limited advanced trading tools, customer support can be slow.

15. M1 Finance

• Pros: Free automated investing, customizable portfolios, fractional shares.
• Cons: Limited customer support, not designed for active traders.

16. Vanguard

• Pros: Low-cost index funds and ETFs, retirement accounts, long-term investing focus.
• Cons: Limited trading options, basic platform.

17. Zacks Trade

• Pros: Low fees, advanced trading tools, access to Zacks research.
• Cons: Complex for beginners, inactivity fees.

18. SureTrader

• Pros: Short selling availability, advanced trading platform, international trading.
• Cons: High fees, limited account types.

19. Lightspeed

• Pros: Designed for active traders, advanced trading tools, direct market access.
• Cons: High fees for small accounts, not suited for beginners.

20. Tradier

• Pros: API for developers, customizable trading platforms, low per-trade fees.
• Cons: Limited research and educational resources, not ideal for casual traders.

Whether you're looking to dabble in stocks or dive into the intricate world of options trading, these online brokerages offer a smorgasbord of features to suit traders of all stripes. Before you jump headfirst into the world of stock trading, though, remember to do your due diligence and weigh the pros and cons of each platform.

• Guide to Microinvesting for New Investors
• Best Roth IRA Accounts for Beginners
• Acorns Review – Invest Your Spare Change

• Filed In Investing, Stock Trading Platforms, Stocks, Trade Stocks

• Find Related In: best online brokerages, brokerage, stock broker

• First Published: August 11, 2023