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7 Best Online Brokers for Stock Trading in 2022

7 Best Online Brokers

The world of investing has entered a new era thanks to developments in technology. Learning how to buy stocks online has never been easier. But what is the best online broker for stock trading? Well, it depends on what type of investor you are and what features you need the most in an online broker.

Here are seven of the best online brokers for stock trading in 2022.

1. Fidelity

There is a reason for Fidelity‘s popularity among online brokers. This platform offers no fees on trading commissions, a suite of excellent research tools, and great customer service.

Fidelity offers a solid selection of funds with little to no minimums and a wide range of education options for users. In this regard, Fidelity is the best in class. Users can search over 20 third-party providers such as Thomson Reuters, Ned Davis, and Recognia, to name a few. Investors are also invited to take a quiz to select the providers that best match their own investment style, which is an excellent service. 

Good customer service is crucial for new investors. Fidelity delivers on this front. From in-person guidance to free investor seminars, available at branches across the United States, Fidelity guides investors through the process of investing, giving them the tools they need to thrive while using an online broker.

2. TD Ameritrade

Whether you just want to trade stocks or enter the complex world of Forex trading, TD Ameritrade will meet your needs. The only product you can’t trade on this platform is cryptocurrencies, but it looks like TD Ameritrade is planning to offer that as well in the future.

Yet, in addition to all its offers, TD Ameritrade also has low prices. Stocks, ETFs, and mutual funds are all available commission-free.

As a bonus, TD Ameritrade offers some of the most comprehensive educational content available. Whether you just need to get familiar with how futures work or want to learn more about more advanced trading strategies, TD Ameritrade has articles and videos to help you. 

3. E*Trade

It makes sense that a company with a name like E*TRADE places a premium on the online brokerage experience. E*TRADE’s web-based platform makes trading easy. Not only does it use a user-friendly interface, but E*TRADE allows trading on 77 international markets and requires no transaction fees on over 1,300 mutual funds.

One of the biggest benefits of doing business with E*TRADE is E*TRADE Pro. This feature is ideal for active traders, as it comes with an easy-to-use app that makes playing the stock market a breeze. It is available to any client who has executed a minimum of 30 stock or option trades during the calendar quarter. 

Another way to access it is to maintain a minimum account balance of $250,000. With E*TRADE Pro, users will benefit from advanced analytics, options filter, strategy optimizer and much more. Even better, users can follow the markets via live watchlists and even use a probability calculator to help chart investments.

4. Interactive Brokers

Do you like to try before buying? Then you might like Interactive Brokers.

Interactive Brokers offers a one-time free trial. When you sign up, you get a fake account with $1 million to practice trading with. You can then use the account as normal, giving you time to test out all of Interactive Brokers’ trading tools and features at your leisure. 

If you end up loving Interactive Brokers’ trading platform, you’ll enjoy commission-free online trading on many products and low fees on others. Note, however, that Interactive Brokers may charge a low maintenance fee if you do not use your online brokerage account enough.

5. Merrill Edge

Merrill Lynch has long been a trusted name in finance and continues to do so as an online broker. Merrill Edge is the result of the acquisition of Merrill Lynch by Bank of America and has its own loyal base of users. Bank of America users will be especially thrilled with Merrill Edge, as the platform makes using both services seamless. For example, users can view their Merrill Edge and BOA accounts with a single login, and even make real-time transfers between the two instantly.

As for fees, Merrill Edge offers no commissions on stocks or ETFs. To go further, Merrill Edge uses the Preferred Rewards program, which gives customers access to a variety of promotions and discounts. Some of them include reduced loan rates, discounts on mortgage fees, and higher interest rates for savings accounts.

Merrill Edge website offers videos, webinars, courses, and a wide range of articles to help clients better understand investing. There is also MarketPro, an active trading platform available to all Merrill Edge clients. Its use of interactive charts, a customizable dashboard, and alerts make it a robust research platform that doesn’t leave much to be desired.

Merrill Edge offers after-hours trading. Clients can trade after hours Monday through Friday from 4:01 p.m. to 8:00 p.m. ET.

6. Ally Invest

Like many other online brokers, Ally Invest allows users to invest commission-free on most trades and does not require a minimum deposit. But these are far from the only benefits you will get with Ally Invest. Like other top online brokers, Ally Invest is packed with features and functionality to help you succeed on your investing journey. This valuable suite of resources contains many of the old functions used by TradeKing, which was purchased by Ally Invest’s parent company, Ally Financial. This acquisition gave birth to Ally Invest. Another advantage of trading with Ally Invest is its partnership with Ally Bank, which allows users to seamlessly connect their Ally Invest and Ally Bank accounts.

And when it comes to customer service, Ally Invest has its users covered. Its sister company, Ally Bank, is online only. This means that Ally Invest has gone to great lengths to make its customer service representatives available and always accessible to help users with their financial needs. Ally Invests’ customer service ranks first in its class, making it a safe bet for worried traders looking for an online broker to hold hands with initially.

7. Robinhood

Robinhood is a trading app that offers commission-free options, ETFs, and cryptocurrency trading. The company has been one of the only online stockbrokers offering commission-free trading for a long time, but this has become more common recently.

Robinhood is still one of the best online brokers for anyone looking to get into investing. And, it’s still one of the few apps that lets you trade cryptocurrencies.

Many people love Robinhood for its simplicity. There is no account minimum to get started and no annual fees. Additionally, the company offers web and mobile customer support options, as well as an easy to navigate application.

However, Robinhood’s research offering is rather thin. As well, while the app is easy to use, there are very few customizations offered.

Featured Image: Megapixl

About the author: Stéphanie Bédard-Châteauneuf has over four years of experience writing financial content for various websites. Over the years, Stephanie has covered various industries, with a primary focus on consumer stocks, cannabis stocks, tech stocks, and personal finance. This stock lover likes to invest for the long-term. Stephanie has an MBA in finance.

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