Choosing a proper online broker is essential to success and can have a significant impact on your investment expenses. Whether you’re trying to save money or invest big, your investment firm should be as important as the stocks you invest in. Before you choose just anyone, we’ve searched for the top online brokers for you to trade through.
OptionsHouse
OptionsHouse is easily one of the best dealers in the business. This site has great customer support, so if you ever have an issue, you can get it resolved as soon as possible. Additionally, the site has low commission fees of $4.95 for stocks. With this website, you have a number of investment options such as equities, mutual funds, ETFs, and bonds. One of the best things about OptionsHouse is the fact that it doesn’t require an account minimum.
Ameritrade
For 40 years, Ameritrade has been helping their clients pursue financial success. In addition to excellent customer service, Ameritrade also has powerful tools and platforms that you can use both on your PC and your mobile device. Like OptionsHouse, you don’t have an account minimum, but the commission per trade is a little higher at $9.99 per trade. Ameritrade is also ranked number one by Barron’s for best long-term investing, usability, research amenities, and more.
TradeKing
If you're looking for something that is low cost, TradeKing is certainly a viable option. This website charges $4.95 per trade and has a zero account minimum. While there are lower commission alternatives, TradeKing offers many tools that other sites lack such as market and company snapshots, quotes, and easily accessible research. Plus, TradeKing has a number of awards that make it stand out as an online banking firm.
Interactive Brokers
For one of the cheapest commissions available, Interactive Brokers is the perfect place for you. This website makes a goal to have the lowest costs so you can maximize your profits. For every share, you’ll be charged a minimum of $1 and a maximum of 0.5% of the trade value. This commission strategy can result in substantial savings. Unlike other companies, Interactive Brokers has an account minimum of $10,000 unless it’s an IRA, which brings the minimum to $5,000. You’ll need to keep your account minimum and maintain this balance if you wish to trade with Interactive Brokers.
Charles Schwab
Charles Schwab is a big name in the brokering business, so it makes sense that this company makes the list. At Charles Schwab, you can get one-on-one investment advice that helps you spend your money wisely. Additionally, if you prefer to work with a person, you can go to a local Charles Schwab branch and speak with someone face-to-face, although this will cost extra. Some other tools include streaming watch lists, real-time charts, analysis from Schwab and independent sources. With all of these tools, Schwab still only charges a commission of $8.95 per trade, although there is an account minimum of $1,000.
