As the role of technology gets larger in trading, there are many people who want to get started investing their money in stocks online, but are just not sure where or how to get started. The stock market may seem to some a daunting, potentially unknowable beast that is impossible to tackle and learn.
The good news is that you are not alone in your quest to start investing your money in the stock market. There are plenty of companies that will broker your stock exchanges and can help teach you how to effectively invest your money in the market. Below is a list of several of the best online stock brokers. Hopefully, this list will give you a good place to start in investing in the stock market.
1. TD Ameritrade
The suggestion for this broker comes from Blain Reinkensmeyer’s article on StockTrader.com concerning the subject. According to Reinkensmeyer, TD Ameritrade is considered the best option for online stock trading. He is not alone in thinking this as well, as the numbers show. TD Ameritrade was ranked #1 on StockBrokers.com in a variety of categories, such as its desktop platform, its mobile app, education and phone support. It also ranked high in research, being a top-five finisher. It also has a $0 minimum deposit, which can be very useful to have when just starting out in investing, as other companies can have an up to $2,500 minimum deposit. Check out Reinkensmeyer’s full article for more information.
While TD Ameritrade is good, OptionsHouse is considered the best online stock broker company, according to the website Top10Reviews. What is the reason for their endorsement, you may ask? According to the website, OptionsHouse provides a variety of great services that are beneficial to beginner investors, as well as to more seasoned ones. They are low-cost, easy to use and provide a wide range of services and education to investors. In other words, OptionsHouse can do it all. They also have a lower cost for stocks than TD Ameritrade, with stocks being available for $4.95. And like the company above, they too have a $0 minimum deposit, so there is not a large upfront cost to start investing. As a note, OptionsHouse was acquired by E*Trade in 2016, though no changes are expected to be made to its pricing or platform.
3. Ally Invest
This suggestion comes from Dayana Yochim in her article on NerdWallet. According to Yochim, Ally Invest is on this list for several reasons. One reason is that it offers low commissions at $4.95 as well. Another is that it is has a great trading platform. In addition to this, it has many free tools that its users can utilize, such as research, data, and analysis that can greatly help your chances of profiting from your investments. Tools like these can help you determine what are the best index funds to invest in, for example. In addition to all of this, Ally Invest also has a $0 minimum deposit. For more on Ally Invest, as well as more information on different brokers, take a look at Yochim’s full article.
According to Mike Jelinek, writing for The Simple Dollar, one of the reasons that E*Trade is a great online broker is that they are a very well-rounded brokerage company. They also have a variety of great services to offer customers. One such service is their mobile app. According to Jelinek, E*Trade’s mobile app is in a class of its own. This is due to how much is available on the app, such as MSNBC videos, live market news, and up-to-date quotes. These are just part of the services available on the app. Another reason is its web-based platform, which has E*TRADE 360. What is great about this is that you can view all relevant aspects of your account on one page. Thus, you can do research and make a trade all from one page, which makes the process a whole lot easier. The only downside to E*Trade is its price and that it requires a $500 deposit when making an account. For more on E*Trade, check out the rest of Jelinek’s article.
As stated in the beginning, starting your journey in stock exchange can seem a bit daunting at first. There is a lot of new information to learn and many different rules and strategies to understand. That is why as a new trader it is important to use online brokers that have easy-to-use platforms, great educational and research tools, good customer service and ideally low starting costs. Hopefully, the list above provides examples of such brokers and can help you start off right in your journey in stock exchange.