compare_arrows Compare trading platforms head-to-head
Use the broker comparison tool to compare over 150 different account features and fees.
Compare brokers now
Our research
Why you should trust us
Sam Levine, CFA, CMT, the lead writer for StockBrokers.com, has over 30 years of investing experience and actively trades stocks, ETFs, options and futures. He's held roles as a portfolio manager, financial consultant, investment strategist and journalist. He holds the Chartered Financial Analyst (CFA) and the Chartered Market Technician (CMT) designations and served on the board of directors of the CMT Association.
Blain Reinkensmeyer has been investing and trading for over 25 years. After having placed over 2,000 trades in his late teens and early 20s, he became one of the first in digital media to review online brokerages. Blain created the original scoring rubric for StockBrokers.com and oversees all testing and rating methodologies.
For this guide:
- Whenever possible, we used our own brokerage accounts for testing. For several brokers, we used a test account that was provided to us.
- We collected 3,528 data points (196 per broker).
- We tested each online broker's website, browser-based trading platform (where applicable), downloadable desktop trading platform (where applicable), and of course, the mobile app (or apps in the case of several brokers).
- We met with the product teams of nine online brokers.
How we tested
Our writers maintained active, funded online brokerage accounts for testing. In certain circumstances, a demo account was provided by the broker.
As part of our annual data check process, we sent a data profile link to each broker summarizing the data we had on file and the data they provided us last year, with a field for entering any data that had since changed. For the brokers that filled out these profiles, we audited the information for any discrepancies between our data and the broker’s data to ensure accuracy.
As part of our annual review process, all brokers had the opportunity to provide updates and key milestones in a live meeting that took place in the fall. Meetings with broker teams also took place throughout the year as new products rolled out. Insights gathered from these calls helped steer our testing efforts to ensure every feature and tool was assessed.
Once our data collection, auditing, and trading platform testing was completed, we entered our final 1-10 opinion scores of each broker's key area (Commissions & Fees, Platforms & Tools, Research, Mobile Trading, Education, and Ease of Use). We then ran all the collected data through our proprietary scoring engine to determine each broker's Overall percent score and rating.
Trading platforms tested
We tested 18 online trading platforms for this guide:
What is a trading platform and how does it work?
A trading platform (online brokerage account) allows you to buy and sell investments via computer or mobile app. The brokerage custodies (holds) your assets (investment dollars) for you and provides activity reports and account statements. It also credits any interest accrued and dividends to your account. To open an online broker account in the United States, you will need a Social Security number and you will be required to enter basic financial information such as your name, address, phone number, and trading experience.
In the United States, to provide online trading services, brokers are regulated by both FINRA and the SIPC. The SIPC insures $500,000 per account including up to $250,000 in cash against theft or the firm going belly-up. It’s important to remember, however, that insurance does not protect any investor against losses due to market fluctuations.
How much money do you need to start investing?
Most trading platforms in the United States don’t require minimum account balances. Now you can open an account, fund it with a dollar or two, and buy a fraction of a share of stock. You can also practice investing with no money at all at a broker that offers virtual trading, also called paper trading. See our top broker picks for paper trading.
Should I hire a financial advisor or trade on my own?
There are two types of stock brokers. Online stock brokers, meaning companies like E*TRADE and Fidelity, allow you to buy and sell stocks. Traditional stock brokers — individuals who pass a series of exams and work at brokerages — buy and sell stocks on behalf of clients. Traditional stock brokers often work for corporations.
If you are looking to buy and sell stocks on your own, you are looking for an online broker. When you open an account with a regulated brokerage, you can deposit money and make investments in the stock market.
If you want someone to manage your money for you, you will want to hire a financial advisor. To get started, start a financial advisor search on our sister site, investor.com.
Best overall trading platform, lowest fees - Fidelity
Company |
Minimum Deposit |
Stock Trades |
Options (Per Contract) |
Offers
|
Visit Site |
Fidelity
|
$0.00 |
$0.00 |
$0.65 |
Trade at Fidelity. 1 |
Visit Site
|
Fidelity is our top trading platform pick because it provides industry-leading research, excellent trading tools, and an easy-to-use mobile app. Our research found that Fidelity offers the lowest fees thanks to its order routing practices and commitment to not accepting payment for order flow.
Fidelity provides a ton of news and market commentary, along with extensive research on a wide array of investment options. If you’re new to investing, you’ll appreciate a huge library of helpful articles, too. Read full review.
Fidelity Mobile app gallery
Fidelity research gallery
Best desktop stock trading platform - Charles Schwab
Company |
Minimum Deposit |
Stock Trades |
Options (Per Contract) |
Offers
|
Visit Site |
Charles Schwab
|
$0.00 |
$0.00 |
$0.65 |
$0 Online Trade Commissions |
Visit Site
|
Charles Schwab acquired TD Ameritrade in October 2020 and, as of fall 2023, is in the process of migrating all customer accounts to Schwab. The great news is that TD Ameritrade's trading platform, thinkorswim, is, as of October 2023, available to all customers of Charles Schwab.
Whether you are day trading, options trading or futures trading, we found thinkorswim desktop to be a winner in our comparison testing. Meanwhile, for casual investors, thinkorswim web gives traders an easy way to quickly manage their account while accessing essential trading features. Read full review .
thinkorswim gallery
Best platform for mobile trading - E*TRADE
Company |
Minimum Deposit |
Stock Trades |
Options (Per Contract) |
Offers
|
Visit Site |
E*TRADE
|
$0.00 |
$0.00 |
$0.65 |
Open and fund & get up to $600 or more. |
Visit Site
|
E*TRADE won our Best Web Trading Platform and Best Investor App awards in 2023. Offering not one but two apps, our takeaway is that E*TRADE Mobile provides usability and depth for what matters most to casual investors: portfolio management, quotes, watch lists, market research. For active traders, tools such as Live Action Scanner are top-notch, making the Power E*TRADE Mobile app another great trading platform option. Read full review.
E*TRADE Mobile apps gallery
E*TRADE Mobile, one of two strong apps the broker offers. Press play for a tour of its features.
Best trading platforms 2023 summary
Here are the best online brokers for 2023, based on over 3,000 data points.
-
Fidelity
- Best overall, lowest fees
-
E*TRADE
- Best for mobile trading
-
Charles Schwab
- Best desktop stock trading platform
-
Merrill Edge
- Best for high net worth investors
-
Interactive Brokers
- Best for professional traders
-
Firstrade
- Best for Chinese-speaking clients
-
tastytrade
- Best desktop options trading platform
Read next
References
Schwab Acquisition of TD Ameritrade
About the Editorial Team
Sam Levine, CFA, CMT
Sam Levine has over 30 years of experience in the investing field as a portfolio manager, financial consultant, investment strategist and writer. He also taught investing as an adjunct professor of finance at Wayne State University. Sam holds the Chartered Financial Analyst and the Chartered Market Technician designations and is pursuing a master's in personal financial planning at the College for Financial Planning. Previously, he was a contributing editor at BetterInvesting Magazine and a contributor to The Penny Hoarder and other media outlets.
Blain Reinkensmeyer
Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on StockBrokers.com and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets.
Carolyn Kimball
Carolyn Kimball is managing editor for Reink Media and the lead editor for the StockBrokers.com Annual Review. Carolyn has more than 20 years of writing and editing experience at major media outlets including NerdWallet, the Los Angeles Times and the San Jose Mercury News. She specializes in coverage of personal financial products and services, wielding her editing skills to clarify complex (some might say befuddling) topics to help consumers make informed decisions about their money.
Steven Hatzakis
Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.
1 Fidelity Sell orders are subject to an activity assessment fee from $0.01 to $0.03 per $1,000 of principal. Options trading entails significant risk and is not appropriate for all investors. Certain complex options strategies carry additional risk. Before trading options, please read Characteristics and Risks of Standardized Options. Supporting documentation for any claims, if applicable, will be furnished upon request.
E*TRADE: *Other fees apply.
Disclosure: *The $5,000 bonus offer is available with a $1,000,000 to $4,999,999 deposit. Visit info.tastytrade.com/tasty-offer for full details, terms, conditions, and restrictions. Offer expires 03/31/2024. tastytrade, Inc. is a registered broker-dealer and member of FINRA, NFA, and SIPC.
*Webull Disclaimer View Disclaimer.
Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. StockBrokers.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.