Best Trading Platforms: Top Choices for Investors

Q: What are the best trading platforms for investors?

The best trading platforms include Fidelity, Charles Schwab, Interactive Brokers, Webull, E*TRADE, and ZacksTrade. Each offers unique features for different investors. They cater to various skill levels and investment goals.

Q: What makes Interactive Brokers the best platform for advanced traders?

Interactive Brokers is known for its Trader Workstation platform. It has advanced tools and technology for trading. It offers real-time updates, customizable dashboards, and more, making it perfect for advanced traders.

Q: How does Webull cater to new or intermediate traders?

Webull combines a simple design with advanced trading features. It's great for new or intermediate traders. It's easy to start with but still lets users grow their skills.

Q: Which trading platforms offer extended trading hours and market access?

E*TRADE and Interactive Brokers are top for extended hours and market access. E*TRADE trades ETFs 24/7, Monday to Friday. It also has extended hours from 7am ET to 8pm ET.

Finding the right trading platform is key to success in investing. This article will look at the best platforms for different investors. It will cover their features, fees, and how users feel about them. With many options available, there’s something for every investor, from those just starting to seasoned traders.

Key Takeaways

Leading trading platforms offer a variety of features and fee structures to cater to diverse investor needs.
Investors can choose from platforms with user-friendly interfaces, advanced analytical tools, extended trading hours, and international exchange access.
Platforms like Charles Schwab, Interactive Brokers, and Webull have received high ratings for their offerings.
Promotions and incentives are available to help investors get started with certain brokers.
Comprehensive research and educational resources are crucial for informed investment decisions.

The best trading platforms offer a lot for investors. They have everything from commission-free trades to advanced tools. These platforms suit all investors, whether you’re new or have years of experience.

Charles Schwab is known for its easy-to-use interface and great customer service. It got a 4.9 out of 5 from NerdWallet¹. It’s great for those watching their costs, with $0 per online equity trade¹. Interactive Brokers is a top choice for advanced traders, scoring a perfect 5.0 from NerdWallet¹. It charges just $0.005 per share, with discounts for high volume traders¹.

Webull is excellent for beginners or those with some experience. It offers commission-free trades on stocks, options, and ETFs for $0 per trade¹. It’s highly rated by NerdWallet at 5.0 out of 5¹.

E*TRADE is great for those who want to trade longer hours, from 7 am ET to 8 pm ET¹. It also has commission-free trades for stocks, options, and ETFs¹.

ZacksTrade is good for investors interested in over-the-counter (OTC) trading¹. It charges $0.01 per share but offers global market access and is geared towards active traders¹. But, it requires a $2,500 account minimum¹.

When picking a trading platform, think about fees, tools, resources, and promotions. This will help you find the best fit for your investment goals and style.

Our Pick for Variety of User-Friendly Platforms

Charles Schwab leads in offering a wide range of easy-to-use trading platforms². After acquiring TD Ameritrade, it added the popular thinkorswim platform to its lineup. This includes Schwab.com, Schwab Mobile, and StreetSmart Edge. Our tests showed Schwab is great at making trading smooth, letting you trade before your account settles. It also has a “SnapTicket” feature for quick trades while you’re researching.

Charles Schwab stands out by offering many trading platforms for all investors². Whether you’re experienced or new to investing, Schwab has something for you. The thinkorswim platform is packed with features like real-time data, advanced charts, and various order types and strategies².

For those who like simple and easy tools, Schwab.com and the Schwab Mobile app are perfect. They make it easy to manage your investments and trade². The StreetSmart Edge platform is for active traders, offering a customizable interface with many advanced features.

Charles Schwab is a top choice for investors who want a variety of easy platforms and strong research and education².

Our Pick for Advanced Traders

For advanced traders, Interactive Brokers is our top pick. It offers seven trading platforms, including mobile apps, web-based platforms, and desktop ones³.

The Trader Workstation is a key feature of Interactive Brokers. It’s fast and packed with tools. Traders get real-time updates, customizable alerts, and a dashboard tailored for serious trading³.

Interactive Brokers also has IBKR Desktop, their newest platform. It combines Trader Workstation’s features with new improvements based on client feedback. This makes it great for traders who want a top-notch experience³.

Interactive Brokers is known for its volatility lab and advanced charting tools. They also offer heat maps and paper trading. These features are perfect for detailed analysis³.

They also have a mutual fund replicator. This lets traders copy the strategies of top mutual funds. It adds a sophisticated touch to their trading³.

In summary, for advanced traders looking for a platform with many tools and features, Interactive Brokers is the best choice³.

Our Pick for New or Intermediate Traders

Webull

Webull is a top pick for new or intermediate traders. It has a minimalist design and is easy-to-navigate. This makes it perfect for beginners⁴. But, it also has advanced trading features for when you’re ready to learn more⁴.

Webull offers IPO access, a rare feature among brokers⁴. This lets new and intermediate traders join in on initial public offerings. It’s a chance to make exciting investments⁴.

Webull is flexible and offers a lot, making it great for traders moving from simple to complex strategies⁴. It’s perfect whether you’re starting out or want to improve your trading skills. Webull has the right mix of easy use and advanced tools.

“Webull’s intuitive design and powerful features make it a standout choice for new and intermediate traders alike, providing a platform that can grow with your investing expertise.”

Our Pick for Extended Trading Hours

When looking for extended trading hours, E*TRADE and Interactive Brokers are top picks. They give investors the chance to trade all day, every day⁵.

E*TRADE is great for its long trading hours. It lets you trade ETFs 24/7, Monday to Friday, and from 7am to 8pm ET⁶. The broker also has many trading platforms, like a mobile app, its website, and Power E*TRADE⁵.

Interactive Brokers is the best online brokerage for day trading, especially for advanced traders⁵. It offers after-hours trading for over 10,000 U.S. stocks, ETFs, and U.S. equity index options⁶.

Both E*TRADE and Interactive Brokers have extended hours for active traders and investors⁵⁶.

Extended trading hours come with risks, like less liquidity and uncertain prices⁶. It’s important to think about your trading strategy and goals before trading during these hours⁶⁷.

Broker	Extended Trading Hours
ETRADE*	ETF trading 24 hours a day, Monday through Friday, and extended market trading hours from 7am ET to 8pm ET.
Interactive Brokers	Offers after-hours trading for over 10,000 U.S. stocks, ETFs, and U.S. equity index options.
Charles Schwab	Provides overnight trading through its thinkorswim platform with a selection of 23 funds as of April 2024.
Webull	Offers full extended trading hours from 4 am to 9:30 am and from 4 pm to 8 pm.

In summary, E*TRADE and Interactive Brokers are great for investors who want extended trading hours. But, remember to think about the risks and your goals before trading during these hours⁵⁶⁷.

Our Pick for Over-the-Counter Access

ZacksTrade is a top choice for investors looking into over-the-counter (OTC) stock trading⁸. It may have higher fees than some others, but it’s great for trading OTC stocks. This market is often ignored by big brokerages.

ZacksTrade works with Interactive Brokers as an introducing broker⁸. This means ZacksTrade users get to use a special version of Interactive Brokers’ powerful trading tools⁸. This partnership gives ZacksTrade the edge it needs to offer top-notch tools for day traders and active investors.

ZacksTrade is all about OTC stock trading⁹. It doesn’t charge commissions on OTC trades, making it a budget-friendly option for those into penny stocks and microcap companies⁹.

But, trading OTC stocks comes with big risks. These include less oversight, wide price differences, and the chance of fraud and manipulation⁹. Anyone thinking about OTC trading should do their homework, use risk management, and be careful.

ZacksTrade is a top pick for those into OTC stock trading, thanks to its link with Interactive Brokers’ advanced tools⁸. Sure, it might cost more than some others, but trading OTC stocks for free is a big plus. This could draw in seasoned traders and those looking for the OTC market’s big rewards, even with its risks⁸¹⁰⁹.

best trading platforms

Finding the best trading platforms depends on what you need. Fidelity, Interactive Brokers, and Charles Schwab offer different benefits for various investors. They serve day traders, active traders, beginners, and mobile app users¹¹.

Fidelity is great for many traders because of its tools, education, and customer service¹¹. Interactive Brokers is top for advanced traders. It offers global markets and risk management tools¹².

Charles Schwab, with its thinkorswim platform, suits both new and seasoned investors¹¹.

The right best trading platform depends on your goals and needs. Look at what each brokerage offers to find the best match for you¹¹.

There are many other brokers that might suit you too. It’s important to research and pick the platform that helps you reach your financial goals with confidence¹¹.

Fidelity Investments: Best Overall, Best for ETFs, Best for Low Costs, Best for Cash Management

Fidelity Investments is our top choice for the best online brokerage. It has low fees, a wide range of products, and many full-service features. This makes Fidelity a leader in the industry¹³. It’s great for investors who want low costs and powerful tools without paying extra for order flow.

For ETFs, Fidelity is the top pick. It offers $0.00 commission on online U.S. equity trades and ETFs for its retail clients¹³. Some ETFs at Fidelity have a small service fee of only $100¹³. This makes Fidelity very affordable for ETF investors.

Fidelity also keeps costs low for other investments. Its margin rate is just 12.325% for trading¹³. Without paying for order flow, Fidelity is a smart choice for those looking to save on trading costs.

Fidelity’s cash management is also excellent. It insures cash in Fidelity accounts with FDIC, giving investors peace of mind¹³. Its cash management tools and options are perfect for investors focusing on cash management and stability.

Fidelity is widely recognized as the best online brokerage. In 2024, it won several awards, including Best Broker for Beginning Investors and Best Online Broker for IRA Investors¹³. StockBrokers.com ranked it as the No. 1 online broker overall in 2024¹³.

Investopedia named Fidelity Best Overall online broker in 2023, along with Best Broker for ETFs and Best Broker for Low Costs¹⁴. It also won top spots in several categories by Investor’s Business Daily® in 2022¹⁴.

Fidelity offers innovative investment options like the Fidelity ZERO Total Market Index Fund and Fidelity ZERO International Index Fund for individual investors¹³.

It also has Fidelity Crypto® for trading cryptocurrency, but remember, crypto trading isn’t insured by standard financial protection¹³.

“Fidelity Investments consistently delivers top-notch service, low costs, and a wide range of investment options, making it the best overall online brokerage platform for a variety of investors.”

In summary, Fidelity Investments is the best online brokerage for many reasons. It excels in ETFs, low costs, cash management, and is highly recognized in the industry. Investors looking for a reliable, full-service broker with low fees will find Fidelity an excellent choice.

Charles Schwab: Best for Beginners

Charles Schwab is a top choice for new traders and investors¹⁵. It has become even better with TD Ameritrade’s educational resources¹⁶. Now, it offers a wide range of learning materials like tutorials, webinars, and courses¹⁵.

The platform is easy to use on desktop, web, and mobile¹⁵. Beginners will love its simple design, easy order placing, and tools like customizable watchlists and options analysis¹⁷.

Schwab doesn’t just stop at online help. It also has coaching programs and live events for beginners¹⁵. These give new investors a chance to meet experts and get advice.

By combining Schwab and TD Ameritrade, the company now has the best tools and support for beginners¹⁵. Schwab is ready to help new investors make smart choices and reach their financial goals.

Interactive Brokers: Best for Advanced Traders, Best for International Trading, Best for Algorithmic Trading, Best for Risk Management, Best for Generating Stock Trading Ideas

Interactive Brokers is a top choice for advanced traders with its advanced tools and wide range of assets¹⁸. Its professional platform, Trader Workstation, is known for speed and features like real-time updates and customizable dashboards¹⁸.

It also excels in international trading, algorithmic trading, and managing risks, and helps in finding stock trading ideas¹⁹. The IBKR GlobalTrader gives access to over 90 stock markets worldwide, suitable for all traders¹⁹. The IBKR Mobile app has a 4.5-star rating on Google Play, showing its quality and performance¹⁹.

For advanced traders, Interactive Brokers offers fast, automated trades and the IMPACT app for ESG investing¹⁹. There’s also a free demo account with $1,000,000 in virtual cash for practice¹⁹.

Interactive Brokers is the top pick for advanced traders, offering great international access, algorithmic trading, risk management, and tools for trading ideas¹⁸¹⁹.

Interactive Brokers Group is a leading low-cost broker with advanced technology and access to many financial instruments globally. It has received top ratings from Barron’s for its trading technology and usability. The platform offers a 5.0-star rating and has been recognized for its features and customer service¹⁹. IBKR provides trading in over 90 stock markets and has a highly rated mobile app, showing its quality and user satisfaction¹⁹. It also offers APIs for advanced traders and the IMPACT app for ESG investing, along with a free demo account for practice¹⁹.

Conclusion

Choosing the right²⁰ trading platform is key to your investment success. Platforms like Fidelity, Charles Schwab, and Interactive Brokers offer many features for all investors²¹. Think about your goals, how much risk you can take, and your trading style. This will help you pick the best platform for you.

If you’re a day trader looking for low-cost options²², or if you want to invest in many different things, these top platforms have what you need. They offer commission-free trading, small share options, and advanced tools for research and charts. These tools are great for all investors, helping you move through the financial markets with ease.

Using the best²⁰ online brokers and platforms opens up new chances for you. It helps you improve your trading plans and reach your financial goals better. Whether you’re new or have been investing for a long time, this article’s advice can guide you. It helps you find the perfect trading platform for your needs and likes.

FAQ

What are the best trading platforms for investors?

The best trading platforms include Fidelity, Charles Schwab, Interactive Brokers, Webull, E*TRADE, and ZacksTrade. Each offers unique features for different investors. They cater to various skill levels and investment goals.

Why is Charles Schwab a good choice for new traders and investors?

Charles Schwab is great for new traders and investors. It has a user-friendly design and lots of educational resources. It also offers live training events. With TD Ameritrade’s resources, it’s a top pick for beginners.

What makes Interactive Brokers the best platform for advanced traders?

Interactive Brokers is known for its Trader Workstation platform. It has advanced tools and technology for trading. It offers real-time updates, customizable dashboards, and more, making it perfect for advanced traders.

How does Webull cater to new or intermediate traders?

Webull combines a simple design with advanced trading features. It’s great for new or intermediate traders. It’s easy to start with but still lets users grow their skills.

Which trading platforms offer extended trading hours and market access?

E*TRADE and Interactive Brokers are top for extended hours and market access. E*TRADE trades ETFs 24/7, Monday to Friday. It also has extended hours from 7am ET to 8pm ET.

What makes ZacksTrade stand out for over-the-counter (OTC) stock trading?

ZacksTrade uses Interactive Brokers’ powerful platforms. It’s known for its OTC stock trading skills. Even with higher fees, it’s a great choice for OTC trading.

Why is Fidelity considered the best overall online brokerage platform?

Fidelity is the top online brokerage for its low fees and wide range of products. It has full-service features and fights against payment for order flow. It’s perfect for investors who want low costs and powerful tools.