Are you looking to boost your retirement fund? Or try your hand at online trading?
There are lots of online trading platforms available, but they aren’t all the same. Some have hidden fees, others offer limited trading opportunities, and some lack the analytics you need to make a smart investment.
So how do you know which one to choose? Don’t waste your time and money trying out all of the options available to you.
Instead, keep reading – our trading guide will help you find the best online trading platform for you.
TD Ameritrade is widely regarded as one of the best overall trading platforms available. They are a full-service brokerage, so expect everything from stock trading to forex trading, plus retirement services like IRAs.
In most cases, there’s no minimum deposit required to open an account. Accounts can also be funded in a myriad of ways: electronic bank deposit (ACH), check, wire transfer, account transfer, or physical stock certificates.
The drawbacks? Only U.S. and Canadian securities can be traded, so international trading isn’t possible.
Also, cryptocurrencies are not tradable. Even popular options like Bitcoin are missing from the platform.
If you’re new to investing and want to dip your feet into it, Robinhood is a good beginner’s choice. Their mobile app makes trading quick and convenient. Like many other trading platforms, it offers no-commission trading on stocks, options, ETFs, and even some cryptocurrencies.
However, as a more streamlined trading platform, it doesn’t offer some of the features of other platforms. Mutual funds, forex, and futures trading are out of the question.
Robinhood also lacks some of the educational resources of other platforms. This isn’t necessarily a negative if you know what you’re doing. Otherwise, you need to either pay for Robinhood Gold or look outside of the platform for financial advice and tips.
Fortunately, third-party sites like Boss Money fill that gap, providing a variety of educational resources on finance.
Fidelity offers a wide range of investment benefits. For retirement planning, Traditional, Roth, and rollover IRAs are offered. International trading is also available.
Their Active Trader Pro desktop platform is also great for active day trading. It provides real-time analytics and alerts.
Finally, they offer a Cash Management Account. This is a brokerage account designed for everyday spending. It features ATM fee reimbursement, mobile transfers and deposits, check writing, and bill pay options.
However, their online trading options do not include forex, crypto, or futures.
The right online trading platform will offer ease of use, no or minimal fees, and a variety of securities to trade. Whether you’re new to online trading platforms or are looking to switch platforms, look for one that meets your needs.
If you liked this trading guide, check out the rest of our finance section for more advice on how to get the most out of your money.
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