Best Online Brokerage Accounts and Trading Platforms

We did a thorough evaluation of these US-based brokers that included research on the ground to find the best online brokerage accounts and trading platforms.

TD Ameritrade

Tastyworks

When it comes to trading options contracts, Tastyworks stays quite competitive on price. The customizable tools, instructional information, and easy platform are what make it our best broker for options traders. Tastyworks is the broker you choose once you’ve determined that options trading is all you want to do, not the one you start with. Few other brokers are as well-suited to this duty as Tastyworks. During trading sessions, options traders will find all of the tools and analysis they want, and they may spend their downtime reading options-related literature to prepare for the next session.  It offers the best online brokerage accounts and trading platforms.

Pros

  • All the tools and options you require.
  • Original, options-focused material in a fantastic collection.

Cons

  • If you’re looking to trade anything other than options, you’ve come to the wrong place.
  • Fixed-income trading does not exist (outside of ETFs that contain bonds).

Fidelity

Interactive Brokers

Interactive Brokers (IBKR) continues to be our #1 selection for expert day traders and has been for several years. We think that the expert day traders in this group are willing to use third-party solutions to fill in any gaps in backtesting and automation in exchange for IBKR’s worldwide exchanges, a large number of stocks on the easy-to-borrow list, and very low margin rates.Advanced day traders who focus on cryptocurrencies will be able to trade coins directly starting in April 2022. Everyone else will find that Interactive Brokers has all the assets, reach, tools, and tools they need, as well as very competitive margin rates.Interactive Brokers is one of the best trading platforms in general and is a natural choice for expert traders.

Pros

  • Superior order fulfilment.
  • Contingent commands for every conceivable situation
  • Low margin interest rates
  • Cryptocurrency is the latest addition to a vast array of tradable assets.

Cons

  • IBKR Lite customers do not have access to SmartRouter.
  • Learning TWS might take some time.
  • There is no automatic trading or backtesting of proprietary trading algorithms.

Charles Schwab

Charles Schwab is a full-service investing business that scores well in a number of our areas. Schwab is consistently in the top three in our categories, only to be beaten out by more targeted offers. Still, when it comes to ETFs, Schwab is our first choice. This is due to the quality of its ETF screener, as well as the overall quality of its comprehensive product, which includes ETF investing education and portfolio analysis tools for ordinary investors. Schwab makes investing in ETFs simple while also providing good research and multi-criteria screening for those who want more information before making a selection. Because of all of these characteristics, Charles Schwab is the best brokerage account for ETF investors.  It offers the best online brokerage accounts and trading platforms.

Pros

  • The StreetSmart Edge ETF screener covers over 150 criteria.
  • The StreetSmart Edge platform is adaptable and dependable.
  • Beyond the ETF-specific features, Schwab is an outstanding broker.

Cons

  • Investors should use StreetSmart Edge to obtain the best ETF screener.
  • Outside of ETFs, Schwab’s options are a little pricy, and futures are traded on a different platform—something to keep in mind if you plan to trade in those products.

Conclusion

Finally, deciding on the Best Online Brokerage Accounts depends on who you are as an investor now and who you want to be in the future. Our rating might help you narrow down the field once you’ve answered these key questions. If you’re just getting started as an ambitious options trader, for example, you might be better off looking at our Best Online Brokerage Accounts for traders rather than the general best for beginners picks.