Although it hasn’t been around long, Robinhood has had a huge impact on the investment industry. It was founded in 2013 and made waves for offering zero-commission trading. Coinbase runs a cryptocurrency exchange that allows the trading of hundreds of types of cryptocurrencies. It offers unique perks, including crypto rewards for completing educational courses, interest on holding stable coins and rewards for staking certain currencies. Account owners can also sign up for a Coinbase prepaid Visa debit card which provides a way to spend cryptocurrency and is another avenue to earn rewards.
The largest brokerage firms by active brokerage accounts
There’s also a free daily newsletter featuring equity analysis largest online brokers and trade ideas. SogoTrade combines affordability with robust free trading tools and research resources, making it an attractive platform for some investors. You won’t be able to trade or buy crypto, futures or fractional shares, which we think take away from Merrill Edge’s positives. Additionally, the trading platform isn’t the most beginner-friendly of the platforms in our rankings. On the positive side, many users appreciate Robinhood’s user-friendly interface, which makes trading accessible to beginners.
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You will note that we have included a star rating next to each product or provider. This rating was determined by the editorial team once all of the data points above were considered and the pros and cons of each product attribute was reviewed. The star rating is solely the view of Forbes Advisor editorial staff. Commercial partners or advertisers have no bearing on the star rating or their inclusion on this list.
- Brokerage services offered through Robinhood Financial LLC (member SIPC), a registered broker dealer.
- Since its founding in 1946, Fidelity has grown to become the largest provider of 401(k) retirement savings plans in the United States.
- Ideally, share traders purchase stocks that will increase in value over time, although there are plenty of traders who focus on short-term gains, which are trickier to achieve.
- It leads in one of the 16 areas of analysis and secures seven top-three finishes, reinforcing its reputation for consistency and reliability.
- One of its standout features is the lack of options contract fees — a rarity in the industry, as most brokers charge per-contract fees for options.
- Sam Levine, CFA, CMT, formerly a lead writer for StockBrokers.com, has over 30 years of investing experience and actively trades stocks, ETFs, options, futures, and options on futures.
Best for professionals and global investors – Interactive Brokers
The platform is regulated by the Australian Securities and Investments Commission (ASIC), along with other top-tier regulators globally. For Australians seeking an intuitive yet powerful trading experience, IG’s web-based platform is hard to beat. Within minutes of logging in, I was able to create a multi-asset workspace offering a clear view of global markets, with crisp widget windows and customizable charts packed with popular indicators and drawing tools. A simple right-click on any market brings up a full trading window, charts, news, and order entry, making navigation both fast and efficient.
- Investopedia’s team of industry experts is constantly delighted by IBKR’s innovative enhancements that just make so much sense from a purist’s perspective.
- Charles Schwab’s low interest rate on uninvested cash in your portfolio is one of the broker’s only drawbacks, paying only 0.01% interest on uninvested cash.
- More recently, some brokers also began offering premium accounts – providing additional services or offering better pricing, usually in exchange for a monthly fee.
- With industry-leading product availability and efficient transactional processes, Questrade offers a strong experience for trading stocks and ETFs across its digital platforms.
- Not only does Schwab provide the right mix of usability, tools, education, and research to its diverse customer base, but it does so across multiple top-tier platforms.
How We Picked the Best Online Brokers and Trading Platforms
Brokerage firms have been in existence for several decades and have evolved to provide a wide range of services to their clients. At a high level, each broker may operate differently, for example, focusing on a specific asset class, market segment (retail or institutional), or geography. Furthermore, due to the vast number of platforms available today, determining the best online broker can be difficult.
Account Fees
Whether you’re looking to invest in low-cost funds or manage your banking and investment needs under one roof, Schwab offers a seamless experience for investors who want it all in one place. One of its standout features is the lack of options contract fees — a rarity in the industry, as most brokers charge per-contract fees for options. This makes Webull a great option for options traders looking to save on costs. Vanguard’s own suite of mutual funds is known for offering some of the lowest expense ratios in the industry, and it also gives you access to thousands of no-transaction-fee funds from other firms.
Check our article covering Robinhood’s statistics such as number of users, AUM, and more. We took points away from TradeStation for its margin interest rates, which are higher than some of its competitors. Owned by Bank of America, Merrill Edge is notable for its extensive market research and analysis. The Forbes Advisor Investing team is committed to providing unbiased rankings and information with complete editorial independence. We use product data, strategic methodologies, and expert insights to inform our content and guide you in making the best decisions for you.
We’ve done the hard work to help guide you toward platforms that will actually support you. See how TD supports your investing knowledge and decision-making, and explore the full breakdown of its platform experience. Surviscor’s likes and dislikes about TD Direct Investing’s digital platforms. If there’s one nit to pick, it’s the handling of platform policies within the mobile experience, which could be clearer and more accessible. But overall, Questrade sets the bar for user-friendly digital investing in Canada. From the good, the bad and the not-so-great of its desktop and mobile platforms, to its service quality and how it ranks among other zero-commission brokers—we break it all down for you.
Forbes Advisor compared more than 20 of the most popular share trading platforms in Australia to determine our top picks. Pearler only provides access to the Australian and US markets for local traders, but there is a flat fee of $6.50 regardless of whether you’re trading here, on the NYSE, Nasdaq or even in ETFs. There’s a 0.5% flat fee per currency conversion charge between AUD and USD.
Its intuitive interface makes it easy to navigate, with the flexibility to choose from ready-made layouts or personalize your own. Plus, Robinhood offers a wide range of beginner-friendly educational resources. You can access roboadvisory assistance as well as personalized wealth management from a dedicated Schwab advisor.
However, it’s worth noting that Vanguard is the only other brokerage firm with AUM close to Charles Schwab’s. Our comprehensive review process aims to provide an independent assessment of providers to help you make informed decisions about which broker will best meet your needs. We strive to provide accurate and unbiased information to help you choose the right online broker for you. Fidelity’s size and scale are a testament to its long history of providing reliable and affordable investment services. Founded in 1946, Fidelity has grown to become one of the most trusted names in the industry.
They’ve helped push the entire industry forward, encouraging more innovation and transparency across the board. Our Best Non-Bank Online Brokers category uses the same 14-point evaluation system as our bank-owned rankings. While there are seven non-bank firms in Canada, only five of them cater to everyday self-directed investors.
It is a key performance indicator that measures the success of a firm in attracting customers and increasing its market share. Important considerations when selecting a brokerage platform are the investment options available, the fees for the options you want to select on the brokerage, the customer support and the user experience overall. But sometimes added costs can be helpful if it is something that simplifies things for an investor or aligns to the values or the user experience an investor is seeking. The main complaints against SogoTrade have to do with its trading platforms, which some customers find cumbersome and lacking in advanced features. Some users also note a poor user experience when it comes to research.
While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service. Stocks are one of the best long-term investments you can make to build wealth, and it’s never been easier to trade stocks online. But how do you choose the best online broker for buying and selling stocks? That depends on the type of investor you are and the features you need the most. A broker is an individual who connects buyers and sellers to facilitate transactions.
