Looking for the best online brokerage? If you want to actively trade stocks, then you need a good platform to handle your trading. You should look for platforms with zero to low commissions, adequate tools, and plenty of research options and a good reputation for executing trades.
In order to day trade, you must have a minimum account balance of $25,000 and meet specific margin requirements. According to the SEC, a day trader is someone that makes at least four ‘day trades’ in a five-day period. But you can still make trades to build up to the $25,000 mark.
Best Online Brokerage for Beginners
Webull provides free stock just for opening your account and allows you to trade stocks, ETF’s, options and just opened their crypto trading at $0 per trade.
One of the advantages Webull has over Robinhood is their analysis tools and a slightly easier to use Desktop and Mobile app. PLUS, they are very generous with the free stock. This month, they are giving away up to 60 free stock just for opening an account. Click here for details on that promotion.
- Web platform charting with ability to add hotkeys and grid layouts.
- Ability to trade stocks, options, ETF’s and crypto.
- Easy to use mobile app.
- Read our full review here.
Robinhood provides free stock just for opening your account and allows you to trade stocks, ETF’s, options and crypto for $0 per trade. And since there are no account minimums, it’s very popular with Gen Z.
When you signup with Robinhood, they give you free stock to help start your account (valued up to $200). As a result, people have reported getting Apple or Tesla. Click the link below and leave a comment letting me know what you get.
- Very easy to use.
- Great beginning mobile app (but once you learn, you’ll want to upgrade)
- Click here to read our full review.
TD Ameritrade’s Stock Trading Platform is Called ThinkorSwim
TD Ameritrade’s platform, thinkorswim, is great for the active investor. It offers an exceptional array of research and tools meant for active investors just like you. If you’re brand new to trading, then I recommend starting with THIS platform and using their paper trading simulator. That way – you practice, get good at it before you dive in with real money.
- Practice trading with ‘virtual money’ before diving in
- $0 commissions on online stock, ETF, and options trades
- 24/5 trading, which allows you to trade stocks 24 hours a day five days a week
- Get access to advanced trading tools
- Get access to more than 400 technical studies
- Large selection of investment options
E*TRADE is one of the longest standing online brokers. Great for those just starting in day trading as well as experienced investors, E*TRADE offers a fast system that’s easy to use. If you start to daytrade, please contact your local E*Trade rep who can release any restrictions on your account.
- $0 commissions on stocks, ETFs, and options
- A wide range of options including stocks, ETFs, options, futures, and mutual funds
- Exceptional charting tools that provide technical analysis
- Risk analysis tools that help you make fast decisions
- 24/7 customer service
If there’s one thing you need as a day trader, it’s effective order execution as time is of the essence and Fidelity offers it. Firstly, Fidelity provides consistency and reliability that you want in a trading platform. Secondly, Fidelity is one of the most stable companies out there today. As a result, you get excellent trade executions and terrific research screeners.
- Real-time insights
- Get real-time alerts allowing you to make fast decisions
- No account fees
- $0 commissions
- Low margin rates
- Research from more than 20 sources
- Zero expense ratio index funds
Charles Schwab’s Edge Trading Platform
Let me show you why Charles Schwab’s StreetSmart Edge trading platform makes day trading a breeze. StreetSmart Edge is great for the beginning day trader as well as the expert, as the system easily grows with you. Because it provides a wide variety of tools and services designed to appeal to ALL levels of investing, including beginners.
And now, Schwab has acquired thinkorswim from above as of August 2020.
- Risk management features that help you make quick decisions that protect your portfolio
- Access on any device
- Get real-time news
- Utilize advanced stock charting
- Access to reputable research
- Trade multiple securities on one ticket
- $0 online commissions for stocks, ETFs, and options
TradeStation Stock Trading Platform
TradeStation leads the pack in technology with its innovative offerings both on the desktop and mobile devices. If you’re looking for an all-in-one platform, TradeStation puts everything day traders need under one roof and charges $0 commission on trades.
- $0 commissions on stocks, ETFs, and options
- Cutting edge technology that provides the power day traders need
- Access to free webinars and courses
- Watch live demos from the ‘pros’
- Advanced trading tools
- Offers cryptocurrency trading
If you live in Canada, this is one of the best platforms outside of the USA since $0 trade is not a thing in Canada. Most Canadians love the stand-alone system for both computer & smart phone.
And they charge different commission amounts depending on your trading style. Is Questrade a good idea?
Questrade is a great broker for active traders who want to reduce their commission costs. Long-term investors, with more than $5,000 CAD in their account, also benefit from low commissions as well as access to no-cost-to-buy ETFs and managed portfolios with low yearly fees.
Do your research, consult with your financial advisor and choose the stock trading platform that suits your needs. Most platforms today offer $0 commissions, but it’s not just about the cost. Think about the features offered and how they help you make the smart trading decisions you need to succeed.
- Learn to Trade Options with Danny Devan
- Learn to Trade Stocks with Ricky Gutierrez
- What Stocks to Buy Now
- What Stocks Do Well Under President Biden
- The Top 5 Books Every New Investor Should Read
Please bookmark this page as I will update and add to it over the next few weeks. If you know someone who is looking for this, please share this with them. We rely on word of mouth marketing to get the word out.