Best Online Stock Trading Brokers for 2015
I’ve had an online stock trading account since I was 13 years old and I’ve used at least a dozen of the best online stock trading platforms. I’ve gained a few “learning experiences” from managing my own account and working as a proprietary day trader in Chicago for several years.
There are over 50 online brokerages where you can open an account. The best online brokerage accounts aren’t just for trading stocks. Sure, many of them started as online stock trading accounts, but now they’re full-fledged trading, saving, investing, retirement planning, and banking machines.
This industry is more complex than the average person thinks. You shouldn’t just pick any online broker and sign up for an account. The best online broker for one person is often completely different for the next person. Use this resource as a guide to your decision process. Figure out what features are best for you, and make your selection.
The Simple Dollar’s Top Picks
Here are the 4 best online brokerage accounts for 2015:
- TD Ameritrade – Best For Developing Traders
- OptionsHouse – Best Discount Broker (also Best Options Broker)
- E*Trade – Best Trader Resources
- Scottrade – Best Support and Service
I analyzed a number of elements to come to my decision on which brokers are the best. Later in this post, I provide full details on how I selected the best online brokerages.
When you take all the features, resources, trading platforms, and technology into account (while also considering every type of trader), the full-service brokers, likeE*Trade and TD Ameritrade are the best for the largest number of people.
For those simply looking to make cheap trades, I would recommend going withOptionsHouse.
If you’re a very advanced trader, high-volume trader, or a professional who manages money, I recommend going with Interactive Brokers. However, I didn’t include Interactive Brokers on my list because they’re best for a very small group of traders and the platform is very complex.
What makes a great online broker?
- Quality trading tools and technology
- Multiple trading platforms for all levels of traders
- Excellent mobile trading features
- Solid navigation that displays the relevant information where you want it
- Quality educational resources and research for trader development
There’s more to selecting an online broker than price. You have to consider the resources you’re getting for the cost you pay per trade.
For example, my colleague, who is also an ex-trader, likes to use a combination of stock and options trade in his longer-term trading. He recently switched over to Fidelity because he really liked the cash management features, but was very disappointed by complex order entry, sub-par options execution and frustrating navigation. He’s currently making the switch to one of the brokers I profile here.