Investing in the stock market has become increasingly accessible to the general public thanks to the rise of online brokerage firms. These firms offer individuals the ability to invest in stocks, bonds, and other securities with ease, from the comfort of their own homes. With so many options available, it can be difficult to determine which online brokerage firm is the best fit for your investment goals. In this blog, we will compare the top 10 best online brokerage firms, taking into consideration their trading products offered, access to markets, costs to buy stocks and options, minimum balances required to maintain or to purchase certain assets, inactivity fees as well as subscription fees if applicable.

The table below offers an overview of 10 of the most well-known online brokerage firms. For a more detailed discussion on each firm, including their services offered, strengths and weaknesses, please use the links provided on the left to access the specific reviews that interest you.

It's important to note that fees can vary depending on the type of account you have and the amount of assets you have with the brokerage firm. Additionally, other fees such as account maintenance fees, inactivity fees, and transfer fees may apply. It's always a good idea to review the fee schedule of any brokerage firm before opening an account.

Charles Schwab

Charles Schwab is a reputable online brokerage firm that offers a wide range of investment products and services. They are known for their low fees, robust trading platform, and excellent customer service.

One of the biggest advantages of using Charles Schwab is their low fees. They offer $0 commissions on online equity, options, and ETF trades, and their mutual fund transaction fees are also very reasonable. Additionally, they don't charge any account maintenance fees or inactivity fees.

Their trading platform, StreetSmart Edge, is highly customizable and offers a variety of advanced features such as real-time streaming quotes, advanced charting tools, and news and research from top financial institutions. It is also available as a desktop application or a mobile app for both iOS and Android devices.

Another advantage of using Charles Schwab is their excellent customer service. They have a 24/7 customer support line, as well as a network of physical branches where customers can receive in-person assistance and attend educational seminars and workshops.

However, there are some downsides to using Charles Schwab. While they offer a wide range of investment products and services, their selection of commission-free ETFs is relatively limited compared to some of their competitors. Additionally, some users may find their trading platform to be somewhat complex and overwhelming, especially if they are new to online investing.

Overall, Charles Schwab is a great choice for investors who are looking for a reliable and affordable online brokerage with a wide range of investment products and services, as well as excellent customer support. However, investors who are primarily interested in commission-free ETFs or those who prefer a simpler trading platform may want to consider other options.

Fidelity

Fidelity is a well-respected online brokerage firm that provides a range of investment services for individuals and businesses. They offer a variety of investment products, including stocks, bonds, mutual funds, and exchange-traded funds (ETFs), as well as retirement and wealth management services.

One of the biggest advantages of using Fidelity is their low fees. They offer $0 commissions on online equity, options, and ETF trades, and their mutual fund transaction fees are also very competitive. Additionally, they don't charge any account maintenance fees or inactivity fees.

Fidelity's trading platform, Active Trader Pro, is highly customizable and offers a variety of advanced features such as real-time streaming quotes, advanced charting tools, and news and research from top financial institutions. It is also available as a desktop application or a mobile app for both iOS and Android devices.

Fidelity is also known for their excellent customer service. They have a 24/7 customer support line, as well as a network of physical branches where customers can receive in-person assistance and attend educational seminars and workshops.

Another advantage of using Fidelity is their wide range of investment products and services. They offer access to thousands of mutual funds and ETFs, as well as a variety of investment tools and resources to help investors make informed decisions.

However, there are some downsides to using Fidelity. While they offer a wide range of investment products, their selection of commission-free ETFs is somewhat limited compared to some of their competitors. Additionally, their website and trading platform can be somewhat overwhelming for new investors who are not familiar with online investing.

Overall, Fidelity is a great choice for investors who are looking for a reliable and affordable online brokerage with a wide range of investment products and services, as well as excellent customer support. However, investors who are primarily interested in commission-free ETFs or those who prefer a simpler trading platform may want to consider other options.

TD Ameritrade

TD Ameritrade is a reputable online brokerage firm that offers a wide range of investment products and services for individual investors and traders. They are known for their robust trading platform, excellent customer service, and competitive pricing.

One of the biggest advantages of using TD Ameritrade is their low fees. They offer $0 commissions on online equity, options, and ETF trades, and their mutual fund transaction fees are also very reasonable. Additionally, they don't charge any account maintenance fees or inactivity fees.

Their trading platform, thinkorswim, is highly customizable and offers a variety of advanced features such as real-time streaming quotes, advanced charting tools, and news and research from top financial institutions. It is also available as a desktop application or a mobile app for both iOS and Android devices.

Another advantage of using TD Ameritrade is their excellent customer service. They have a 24/7 customer support line, as well as a network of physical branches where customers can receive in-person assistance and attend educational seminars and workshops.

TD Ameritrade also offers a wide range of investment products and services, including stocks, bonds, mutual funds, and exchange-traded funds (ETFs), as well as retirement and wealth management services.

However, there are some downsides to using TD Ameritrade. While they offer a wide range of investment products, their selection of commission-free ETFs is somewhat limited compared to some of their competitors. Additionally, their website and trading platform can be somewhat overwhelming for new investors who are not familiar with online investing.

Overall, TD Ameritrade is a great choice for investors who are looking for a reliable and affordable online brokerage with a wide range of investment products and services, as well as excellent customer support. However, investors who are primarily interested in commission-free ETFs or those who prefer a simpler trading platform may want to consider other options.

ETRADE

ETRADE is a well-known online brokerage firm that offers a range of investment products and services for individual investors and traders. They are known for their robust trading platform, excellent customer service, and competitive pricing.

One of the biggest advantages of using ETRADE is their low fees. They offer $0 commissions on online equity, options, and ETF trades, and their mutual fund transaction fees are also very competitive. Additionally, they don't charge any account maintenance fees or inactivity fees.

Their trading platform, Power E*TRADE, is highly customizable and offers a variety of advanced features such as real-time streaming quotes, advanced charting tools, and news and research from top financial institutions. It is also available as a desktop application or a mobile app for both iOS and Android devices.

Another advantage of using ETRADE is their excellent customer service. They have a 24/7 customer support line, as well as a network of physical branches where customers can receive in-person assistance and attend educational seminars and workshops.

ETRADE also offers a wide range of investment products and services, including stocks, bonds, mutual funds, and exchange-traded funds (ETFs), as well as retirement and wealth management services.

However, there are some downsides to using ETRADE. While they offer a wide range of investment products, their selection of commission-free ETFs is somewhat limited compared to some of their competitors. Additionally, their website and trading platform can be somewhat overwhelming for new investors who are not familiar with online investing.

Overall, ETRADE is a great choice for investors who are looking for a reliable and affordable online brokerage with a wide range of investment products and services, as well as excellent customer support. However, investors who are primarily interested in commission-free ETFs or those who prefer a simpler trading platform may want to consider other options.

Robinhood

Robinhood is an online brokerage firm that has gained a lot of popularity in recent years, particularly among younger investors who are interested in trading stocks and ETFs. They are known for their user-friendly mobile app and commission-free trading.

One of the biggest advantages of using Robinhood is their commission-free trading, which allows users to buy and sell stocks, ETFs, and options without paying any fees. Additionally, their mobile app is very user-friendly and offers a streamlined trading experience.

However, there are some downsides to using Robinhood. One of the biggest concerns is the lack of research and educational resources available to users. While they do offer basic financial news and data, they don't provide the same level of in-depth research and analysis as some of their competitors.

Another concern is the reliability of their platform. Robinhood has experienced several technical glitches and outages in the past, which has caused frustration and even financial losses for some users.

Additionally, Robinhood has faced criticism for their business model, which relies heavily on selling user data to market makers and other financial institutions. This has raised questions about the level of transparency and accountability in their operations.

Overall, Robinhood may be a good choice for investors who are primarily interested in commission-free trading and a user-friendly mobile app. However, investors who are looking for a more robust trading platform or access to research and educational resources may want to consider other options. Additionally, investors should be aware of the potential risks and concerns associated with using Robinhood and should carefully consider their options before making investment decisions.

Ally Invest

Ally Invest is an online brokerage firm that offers a variety of investment products and services, including stocks, bonds, options, mutual funds, and exchange-traded funds (ETFs). They are known for their low fees, user-friendly trading platform, and excellent customer service.

One of the biggest advantages of using Ally Invest is their low fees. They offer competitive pricing for trading stocks, options, and ETFs, as well as no account maintenance fees or minimums. Additionally, they offer commission-free trading for select ETFs.

Their trading platform, Ally Invest Live, is very user-friendly and offers a variety of features such as real-time streaming quotes, advanced charting tools, and access to research and news from top financial institutions. It is also available as a mobile app for both iOS and Android devices.

Another advantage of using Ally Invest is their excellent customer service. They have a 24/7 customer support line, as well as a network of physical branches where customers can receive in-person assistance and attend educational seminars and workshops.

Ally Invest also offers a variety of educational resources and tools for investors, including webinars, articles, and tutorials on investing and trading.

However, there are some downsides to using Ally Invest. While they offer a variety of investment products, their selection of mutual funds is somewhat limited compared to some of their competitors. Additionally, their website and trading platform may not be as advanced or customizable as some other online brokerages.

Overall, Ally Invest is a great choice for investors who are looking for a reliable and affordable online brokerage with a user-friendly trading platform and excellent customer service. However, investors who are primarily interested in a wider selection of mutual funds or those who prefer a more advanced trading platform may want to consider other options.

Vanguard

Vanguard is an online brokerage firm that is known for its low fees, wide selection of mutual funds, and long history of providing high-quality investment products and services. They specialize in passive, index-based investing and offer a variety of investment products, including stocks, bonds, mutual funds, exchange-traded funds (ETFs), and retirement accounts.

One of the biggest advantages of using Vanguard is their low fees. They are known for having some of the lowest expense ratios in the industry, particularly for their index mutual funds and ETFs. Additionally, they offer commission-free trading for their own ETFs and a wide selection of no-transaction-fee mutual funds.

Their trading platform, Vanguard Brokerage Services, is user-friendly and offers a variety of features such as real-time streaming quotes, advanced charting tools, and access to research and news from top financial institutions. It is also available as a mobile app for both iOS and Android devices.

Another advantage of using Vanguard is their commitment to investor education. They offer a variety of educational resources and tools for investors, including articles, tutorials, and webinars on investing and retirement planning.

However, there are some downsides to using Vanguard. While they offer a wide selection of investment products, their selection of individual stocks and options is somewhat limited compared to some of their competitors. Additionally, their customer service can be somewhat slow to respond to inquiries or issues.

Overall, Vanguard is a great choice for investors who are looking for a reliable and affordable online brokerage with a focus on passive, index-based investing and a wide selection of mutual funds and ETFs. However, investors who are primarily interested in trading individual stocks or options or those who prioritize fast customer service may want to consider other options.

Interactive Brokers

Interactive Brokers is an online brokerage firm that caters to active and professional traders. They are known for their advanced trading platform, extensive range of investment products, and low fees.

One of the biggest advantages of using Interactive Brokers is their low fees. They offer very competitive pricing for trading stocks, options, futures, and forex, as well as no account maintenance fees or inactivity fees. Additionally, they offer commission-free trading for select ETFs.

Their trading platform, Trader Workstation, is very sophisticated and offers a variety of features such as real-time streaming quotes, advanced charting tools, and access to research and news from top financial institutions. It also allows for algorithmic trading and advanced order types, which are particularly appealing to active traders.

Interactive Brokers offers a wide range of investment products, including stocks, bonds, options, futures, forex, and exchange-traded funds (ETFs). They also offer access to international markets, making it a good option for investors who are interested in trading in global markets.

Another advantage of using Interactive Brokers is their extensive educational resources and tools for investors, including webinars, tutorials, and a variety of research materials on investing and trading.

However, there are some downsides to using Interactive Brokers. The trading platform can be somewhat overwhelming for beginners, and the account opening process can be time-consuming and complex. Additionally, customer service can be slow to respond to inquiries or issues.

Overall, Interactive Brokers is an excellent choice for active and professional traders who are looking for a comprehensive trading platform, a wide range of investment products, and low fees. However, beginners or investors who prioritize fast customer service may want to consider other options.

Merrill Edge

Merrill Edge is an online brokerage firm that is owned by Bank of America. They offer a range of investment products, including stocks, bonds, options, exchange-traded funds (ETFs), and mutual funds, as well as retirement accounts and financial planning services.

One of the biggest advantages of using Merrill Edge is their integration with Bank of America. This allows for easy account management and transfers between Bank of America and Merrill Edge accounts. Additionally, they offer discounts on trades and other benefits for Bank of America Preferred Rewards members.

Their trading platform, Merrill Edge MarketPro, is a customizable platform that offers real-time streaming quotes, advanced charting tools, and access to research and news from top financial institutions. It also allows for algorithmic trading and advanced order types.

Merrill Edge offers a variety of educational resources and tools for investors, including webinars, tutorials, and research materials on investing and retirement planning. They also offer a robo-advisor service, Merrill Edge Guided Investing, for investors who are looking for professional investment management.

However, there are some downsides to using Merrill Edge. Their fees are somewhat higher than some of their competitors, particularly for options trading. Additionally, the trading platform can be somewhat clunky and slow, and customer service can be slow to respond to inquiries or issues.

Overall, Merrill Edge is a good choice for investors who are looking for a comprehensive brokerage service with integration with Bank of America, a customizable trading platform, and a variety of investment products and educational resources. However, investors who prioritize low fees or fast customer service may want to consider other options.

TradeStation

TradeStation is an online brokerage firm that is geared towards active traders. Their platform offers advanced trading tools and access to stocks, options, futures, and forex. While TradeStation is known for its excellent trading tools, it may not be the best fit for beginner traders due to its complex interface and higher fees compared to other brokerage firms.

TradeStation's platform provides a wealth of customizable charting and analysis tools, as well as advanced order types and real-time market data. Their proprietary trading software, TradeStation 10, is highly regarded in the industry and offers a variety of features that can help traders make informed decisions.

In terms of fees, TradeStation charges a relatively high commission per trade compared to other online brokers, which may make it less appealing to those who are just starting out. Additionally, they require a minimum account balance of $2,000, which could be a barrier to entry for some traders.

Overall, TradeStation is a strong choice for experienced traders who are looking for a sophisticated trading platform with advanced features and analysis tools. However, novice traders may find the platform overwhelming and the fees may not be worth it for those who are not executing a large number of trades.

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