You will require an account with a reputable trading platform if you want to start an investment journey by purchasing and selling stocks, cryptocurrencies, and other assets in one secure location. The top online trading platforms, according to our research, include reasonable costs and commissions, a wide range of supported markets, a comprehensive set of tools and features, and first-rate customer support. In this article, we compare the top trading platforms currently available to help clear the air.
Best Online Trading Platforms Reviewed
The greatest trading platforms available at the moment are covered in detail in the reviews that are provided below. There should be a platform that can accommodate all needs because brokerage providers vary in terms of prices, supported marketplaces, user-friendliness, and other factors.
Currently available on the market, eToro is both the greatest investment software and the best trading platform overall. A wide number of asset classes are covered by eToro, which also serves as the best Islamic broker and one of the top scalping brokers. Investors of all skill levels will benefit from its straightforward but intuitive platform. You simply need to deposit $10 to get going after creating an account, which takes a few minutes. Many stocks and ETFs from the US and other countries will then be available to you. Markets in the Hong Kong, Canada, UK, Germany, and many more are covered in this. For instance, traders can purchase DWAC stock for some of the lowest trading costs available.
You may might want to check out Crypto.com if you’re seeking the best cryptocurrency trading platform for 2022. More than 250 digital currencies from various blockchain networks and projects are available on the site. In less than 10 minutes, you may quickly create an account with Crypto.com. Additionally, the technology enables fee-free, immediate ACH fund deposits. You can also use debit and credit cards, however, a 2.99% fee will be applied to each transaction. We also enjoy that you can purchase cryptocurrencies on Crypto.com and deposit the tokens into an account that pays interest.
Similar to eToro, Webull likewise enables you to trade equities and cryptocurrencies through a single secure hub. The latter is supported by 37 cryptocurrencies, the majority of which are large-cap coins, on the platform. Here, you may trade cryptocurrencies for as little as $1 without paying any commissions. When trading Bitcoin and other digital currencies, spreads start at 1%. Webull offers thousands of US-listed markets on a commission-fee basis if equities are more your thing. It only costs $5 to trade one share of stock. Be aware that Webull only offers a very small number of ADRs when it comes to international shares.
While Coinbase is undoubtedly not the ideal trading platform for cryptocurrency investments, it does provide a rather straightforward approach for beginners to explore this market. This is so that beginners may quickly open an account and start investing in cryptocurrencies using a credit or debit card. However, Coinbase imposes a steep 3.99 per cent fee on its rapid buy option. Instead, some US consumers choose to use ACH to deposit money, and once the money is there, they start trading cryptocurrencies. Having said that, ACH transfers may take up to three working days to complete, and you will still be required to pay a charge of 1.49 per cent for each slide.
Another trading website that focuses solely on cryptocurrencies is Binance. You will have access to a wealth of trading tools on this platform that is intended for experienced traders. TradingView, which provides real-time data on volume and pricing, is integrated. Additionally, a variety of order types, technical indicators, and charting tools are available from Binance. The fact that Binance has the most liquidity and trading volume in the cryptocurrency sector is another thing we admire. On the other side, Binance now enables US customers to instantaneously purchase more than 80 cryptocurrencies using a debit or credit card.
6. Interactive Brokers
One of the better trading platforms for this purpose is Interactive Brokers if you’re wanting to create a diversified portfolio of traditional assets. Interactive Brokers provides everything from stocks and ETFs to fixed-rate bonds and funds across thousands of US and international marketplaces. You also employ managed portfolios, customized financial guidance, and impending initial public offerings. When you buy and sell US-listed stocks and ETFs, Interactive Brokers doesn’t charge a commission. Depending on your account type and the relevant market, there may be an additional fee for foreign shares and other asset types.
One of the top online trading platforms for long-term investors is probably E*TRADE. You won’t need to make a minimum deposit to create an account, and E*TRADE stands out for the variety of IRAs it offers. This is a terrific approach to investing tax-efficiently because there is a retirement account to meet any purpose. No charges will be charged when you add US-listed stocks and ETFs to your E*TRADE portfolio. Different rates are applied to other assets. There is little availability of foreign stocks and little support for fractional shares.
Schwab is the next broker on our list of the top trading platforms for 2022 that you should take into account. This platform, which has been in use since 1971, provides services to millions of customers in the US. Due to its established reputation and stringent regulation, Schwab may be trusted. All US-listed equities, OTC markets, and IPOs are all accessible through Schwab’s market offerings. The only stock types available are ADRs for foreign stocks. On the NASDAQ and NYSE listed equities, there are no commission fees. You just need to invest $5 if your stock of choice is a component of the S&P 500.
Despite providing a number of helpful features for short-term traders, the Fidelity platform may be most appropriate for long-term investing. Along with index funds and mutual funds, you may find thousands of stocks and ETFs here. Investing in fixed-rate bonds is another option. All of these items are excellent for investors who want to buy and hold their investments, especially if you’re considering starting a retirement account. On that topic, Fidelity provides a wide range of tools that can assist you in selecting the ideal IRA for your needs. Based on your anticipated investments, you can also compute your monthly cash flow.
10. TD Ameritrade
Another trading platform with a broad selection of supported markets is TD Ameritrade. Having said that, this platform’s proprietary platform for experienced traders, thinkorswim, is what actually makes it stand out from the competition. This can be accessed online or through desktop applications that can be downloaded. In either case, thinkorswim offers sophisticated tools that let you routinely outperform the markets. For instance, this offers more than 400,000 economic indicators, real-time and historical data, customisable charting panels, and the capacity to send greater advanced orders. The thinkorswim mobile app offers access to many of the aforementioned resources as well.
Robinhood is possibly the greatest trading platform for beginners, despite the fact that it lacks advanced tools and capabilities. Starting with Robinhood doesn’t need any minimum deposits, and the smallest stock trade just costs $1. The same applies to ETFs, cryptocurrencies, and options. In addition, Robinhood charges no commission on any of the assets it supports. There are thousands of US-listed stocks, but only ADRs are used to trade foreign stocks. Being limited to $1,000 in quick deposits makes it difficult to deposit money into your Robinhood account.
12. Ally Invest
One of the greatest trading platforms for you may be Ally Invest if switching money back and forth between your bank and brokerage accounts is a headache for you. This is due to the fact that Ally Invest provides various financial services through a single hub. This includes checking and savings accounts, retirement plans, mortgages, vehicle loans, and personal loans in terms of banking. Ally Invest provides you with access to stocks, bonds, ETFs, and options on the brokerage side of things. Surprisingly, bitcoins are not supported. Additionally, Ally Invest forbids you from acquiring partial ownership of assets.
How we Select the Best Stock Trading Platforms
We describe how we rate and contrast the top online trading platforms available in the sections below. This will also make it possible for you to identify a platform that supports your trading objectives.
Licensing and Trust
We only pick brokers that have the necessary authorizations to provide brokerage services in the US. Typically, this takes the form of SEC regulation and FINRA approval. For your safety, stay away from any trading platform that isn’t authorized to work in the US. We also favour established trading platforms over freshly introduced ones in the space.
Selection of Markets
From our reviews, you may have deduced that the finest trading platforms on the market will provide a broad range of asset types. You can access US and overseas equities, ETFs, cryptocurrencies, and more with eToro, for instance. The likes of Fidelity and Schwab are excellent for managed portfolios, financial counseling, mutual funds, and index funds.
Minimum Account Balance
You may start an account on many trading platforms without making a minimum deposit. You can do this to start trading in the financial markets without having to put a lot of money at risk. Remember that US clients must always have a minimum balance of $2,000 in order to open a margin account.
Some of the sites we’ve talked about today, including Ally Invest and E*TRADE, demand complete share purchases. However, you may trade in stocks with just a few bucks thanks to the top trading platforms we researched, including eToro, Webull, and Robinhood. The platform might not be appropriate for your needs if fractional trading is not supported and you are on a tight budget.
Trading Fees and Commissions
All of the trading platforms we’ve reviewed today allow you to invest with no commission if you’re purchasing US-listed equities or ETFs. Other assets, such as equities traded outside of the US, are, nevertheless, frequently priced higher. In light of this, it is advisable to confirm this before opening an account. Be aware that eToro offers 0% commission access to over a dozen foreign marketplaces if you’re interested in purchasing equities from abroad.
The copy trading feature and smart portfolios offered by eToro are probably of interest if you are a total newbie looking for passive investment solutions. Look for a platform that offers extremely advanced capabilities, such as economic and technical indicators, along with chart creation tools, if you are an experienced trader who wants complete control over your investing selections.
The top trading platforms available right now have been compared in this article. We concentrated on platforms that provide reasonable costs for access to a wide range of marketplaces, combined with appropriate trading tools and first-rate customer support.
We came to the conclusion that eToro is the best trading platform overall for 2022. The site provides thousands of cryptocurrencies as well as equities and ETFs with 0% commission.
Without incurring any additional costs, you can also invest in copy trading tools and add money to a professionally managed smart portfolio. Within five minutes, US customers can open an eToro account that has been confirmed.