Trading platform list
Participation is required to be included. Each broker completed an in-depth data profile and provided executive time (live in person or over the web) for an annual update meeting.
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Best trading platforms 2021
The stockbrokers.Com best online brokers 2021 review (11th annual) took three months to complete and produced over 40,000 words of research. Here's how we tested.
Do you want to buy shares of stocks like apple (AAPL), facebook (FB), netflix (NFLX), or tesla (TSLA)? If so, you’ll need to set up a trading account with an online broker.
Every stock trading platform is unique. And now – with every broker offering $0 stock and ETF trades – deciding which one to use comes down to differences in the overall trading experience. Investment options, trading tools, market research, beginner education, customer service, and ease of use are all factors investors should consider when choosing a broker.
Having led these annual reviews for the past 11 years, I have seen the industry evolve firsthand. I placed my first stock trade when I was just 14 years old. (it was starbucks.) today, at 34, my lifelong tally of trades is now more than 2,500.
I geek out over every aspect of the trading experience, which is why our review process is so exhaustive. This year we measured more than 250 individual variables. I couldn't have done this alone, though. Big thanks to my teammates steven hatzakis, jessica hoelscher, and joey shadeck, along with the rest of our awesome editorial staff.
Best trading platforms 2021
Here are the best online brokers for 2021, based on 256 variables.
- TD ameritrade - best overall, best for beginners
- Fidelity - best for everyday investors
- Charles schwab - best IRA accounts
- Interactive brokers - best for professionals
- E*TRADE - best web trading platform
Best overall, best for beginners | open account
exclusive offer: get up to $375 and trade commission-free with TD ameritrade.
TD ameritrade delivers $0 trades, fantastic trading platforms, excellent market research, industry-leading education for beginners, and reliable customer service. This outstanding all-around experience makes TD ameritrade our top overall broker in 2021. Read full review
Best for everyday investors | open account
trade commission-free: no commissions to trade online U.S. Stocks, etfs, and options. 1
Fidelity is a value-driven online broker offering $0 trades, industry-leading research, excellent trading tools, an easy-to-use mobile app, and comprehensive retirement services. Serving over 32 million customers, fidelity is a winner for everyday investors. Read full review
Best IRA accounts | open account
current offer: $0 online stock, ETF, and options commissions at schwab.
With more than $6 trillion in client assets, charles schwab understands how to consistently deliver value to its customers. Highlights include $0 trades, excellent stock research, a diverse selection of trading tools, and an industry-leading offering of financial planning services. Read full review
Best for professionals| open account
exclusive offer: new clients that open an account today receive a special margin rate.
Once again, in 2021, interactive brokers is our top pick for professionals because of its institutional-grade desktop trading platform and rock bottom margin rates. Professionals aside, interactive brokers also appeals to casual investors with $0 trades and its user-friendly web platform. Read full review
Best web trading platform | open account
current offer: open an E*TRADE account & get $50 or more w/ code: WINTER21
Founded in 1982 as one of the first online brokerages in the united states, E*TRADE highlights include $0 trades, two excellent mobile apps, and the power E*TRADE platform, which is great for beginners, active trading, and options trading. Read full review
Other trading platforms
In addition to our top five trading platforms for 2021, we reviewed six others: merrill edge, firstrade, ally invest, tradestation, webull, and robinhood. Here's our high-level takeaways for each. To dive deeper, read our reviews.
6. Merrill edge | open account
current offer: invest in a new account and get up to $600.
Merrill edge offers $0 trades with industry-leading research tools (especially ESG research) and excellent customer service. Better yet, for current bank of america customers, merrill edge's preferred rewards program provides the best rewards of any bank broker we tested in 2021. Read full review
7. Firstrade
While firstrade is easy to use and terrific for chinese-speaking investors, its overall offering struggles to stand out against brokers who also offer $0 stock trades. Read full review
8. Ally invest
for current ally customers looking to invest in stocks, ally's universal-accounts experience and easy-to-use website is a convenient solution. Read full review
9. Tradestation
As a trading technology leader, tradestation supports casual traders through its web-based platform and active traders through its award-winning desktop platform, all with $0 stock and ETF trades. Read full review
10. Webull
webull offers a unique community experience and easy to use trading platforms that will satisfy most young investors. However, for everyday investing, webull lacks the trading tools and features to compete with industry leaders who also offer $0 stock and ETF trades. Read full review
11. Robinhood
robinhood is very easy to use; however, now that all online brokers offer $0 stock and ETF trades, robinhood's lack of trading tools and research leaves it a step behind the competition. Read full review
2021 overall ranking
Here's the overall rankings for the 11 online brokers who participated in our 2021 review, sorted by overall ranking.
Note: due to the pandemic and extensive market volatility, customer service was not scored as a main category.
2021 industry awards
For the stockbrokers.Com 2021 review, all online broker participants were assessed on 256 different variables, with 2,816 data points collected in total. Here are the 2021 main category, secondary category, and industry award winners. Here's how we tested.
What is the best stock broker for beginners?
Based on over 30 variables, the best stock broker for beginners is TD ameritrade. Alongside paper (practice) trading, TD ameritrade offers the largest and most diverse selection of educational content. Highlights include over 200 videos, progress tracking, quizzes, and over 100 monthly webinars, among others.
Which online broker has the lowest fees?
When it comes to buying stocks online, our research found fidelity has the lowest fees overall. Fidelity is the only online brokerage to offer $0 stock trades and not accept payment for order flow (PFOF). Since every broker offers free stock trades, hidden costs matter.
Which online trading platform is best?
Online trading platforms come in one of three forms: desktop (download), web (browser), and mobile (app). After testing 11 brokers and collecting 2,816 data points, we found that TD ameritrade has the best desktop trading platform, E*TRADE has the best web trading platform, and fidelity has the best stock trading app.
Summary
To recap, here are the best trading platforms overall for 2021.
Read next
Explore our other online trading guides:
Methodology
For the stockbrokers.Com 11th annual best trading platforms review published in january 2021, a total of 2,816 data points were collected over three months and used to score brokers. This makes stockbrokers.Com home to the largest independent database on the web covering the online broker industry.
Participation is required to be included. Each broker completed an in-depth data profile and provided executive time (live in person or over the web) for an annual update meeting. Our rigorous data validation process yields an error rate of less than .001% each year, providing site visitors quality data they can trust. Learn more about how we test.
More from the editor
Alongside the stockbrokers.Com annual review, our fifth annual forex brokers review, which included 27 forex brokers, was also published on our sister site, forexbrokers.Com. Finally, be sure to check the latest financial advisor ratings, which you can view on investor.Com.
About the author: blain reinkensmeyer as head of research at stockbrokers.Com, blain reinkensmeyer has 20 years of trading experience with over 1,000 trades placed during that time. Referenced as a leading expert on the US online brokerage industry, blain has been quoted in the wall street journal, the new york times, and the chicago tribune, among others.
All pricing data was obtained from a published web site as of 01/19/2021 and is believed to be accurate, but is not guaranteed. For stock trade rates, advertised pricing is for a standard order size of 500 shares of stock priced at $30 per share. For options orders, an options regulatory fee per contract may apply.
TD ameritrade, inc. And stockbrokers.Com are separate, unaffiliated companies and are not responsible for each other’s services and products. View terms.
1 $0.00 commission applies to online U.S. Equity trades, exchange-traded funds (etfs), and options (+ $0.65 per contract fee) in a fidelity retail account only for fidelity brokerage services LLC retail clients. Sell orders are subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). There is an options regulatory fee (from $0.03 to $0.05 per contract), which applies to both option buy and sell transactions. The fee is subject to change. Other exclusions and conditions may apply. See fidelity.Com/commissions for details. Employee equity compensation transactions and accounts managed by advisors or intermediaries through fidelity clearing & custody solutions® are subject to different commission schedules.
Options trading entails significant risk and is not appropriate for all investors. Certain complex options strategies carry additional risk. Before trading options, please read characteristics and risks of standardized options. Supporting documentation for any claims, if applicable, will be furnished upon request.
Advertiser disclosure: stockbrokers.Com helps investors across the globe by spending over 1,000 hours each year testing and researching online brokers. How do we make money? Our partners compensate us through paid advertising. While partners may pay to provide offers or be featured, e.G. Exclusive offers, they cannot pay to alter our recommendations, advice, ratings, or any other content throughout the site. Furthermore, our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data. Here is a list of our partners.
Disclaimer: it is our organization's primary mission to provide reviews, commentary, and analysis that are unbiased and objective. While stockbrokers.Com has all data verified by industry participants, it can vary from time to time. Operating as an online business, this site may be compensated through third party advertisers. Our receipt of such compensation shall not be construed as an endorsement or recommendation by stockbrokers.Com, nor shall it bias our reviews, analysis, and opinions. Please see our general disclaimers for more information.
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All rights reserved.
Best online stock trading platforms
Sarah horvath
Contributor, benzinga
Trading stocks means you can end up with a mixed bag of emotions. You might be excited at the prospect of watching your money grow, overwhelmed at the number of stock options available to you or even frustrated if you’re having trouble making your 1st buy.
You don’t want to pile on the feeling of being overcharged by your online trading platform. Commissions, account maintenance charges and other hidden fees can quickly add up and eat into your profits. As a new trader, you may already feel especially hesitant to start investing. You might not be sure which broker to trust and which is worth the price.
Luckily, most brokerages have recognized this fear and created free options to help new traders save more money when getting started. Take a look at our top picks to compare services and find your match today.
Best online trading platforms:
- Best overall online trading platform: tradestation
- Best mobile brokerage: webull
- Best for advanced traders: moomoo
- Best advanced platform: TD ameritrade
- Best for professional traders: interactive brokers
- Best for beginners: robinhood
- Best for advanced traders: schwab
- Best for saving on taxes: vanguard
Compare online brokers
Take a look at our top picks for online stock brokers. Compare what each offers to find the right service for you.
Best for
Overall rating
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1 minute review
Webull, founded in 2017, is a mobile app-based brokerage that features commission-free stock and exchange-traded fund (ETF) trading. It’s regulated by the securities and exchange commission (SEC) and the financial industry regulatory authority (FINRA).
Webull offers active traders technical indicators, economic calendars, ratings from research agencies, margin trading and short-selling. Webull’s trading platform is designed for intermediate and experienced traders, although beginning traders can also benefit.
Webull is widely considered one of the best robinhood alternatives.
Best for
- Commission-free trading in over 5,000 different stocks and etfs
- No account maintenance fees or software platform fees
- No charges to open and maintain an account
- Leverage of 4:1 on margin trades made the same day and leverage of 2:1 on trades held overnight
- Intuitive trading platform with technical and fundamental analysis tools
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1 minute review
Tradestation is for advanced traders who need a comprehensive platform. The brokerage offers an impressive range of investable assets as frequent and professional traders appreciate its wide range of analysis tools. Tradestation’s app is also equally effective, offering full platform capabilities.
Best for
- Comprehensive trading platform and professional-grade tools
- Wide range of tradable securities
- Fully-operational mobile app
- Confusing pricing structure to leave new traders with a weak understanding of what they pay
- Cluttered layout to make navigating tradestation’s platform more difficult than it should be
Best for
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This publicly listed discount broker, which is in existence for over four decades, is service-intensive, offering intuitive and powerful investment tools. Especially, with equity investing, a flat fee is charged, with the firm claiming that it charges no trade minimum, no data fees, and no platform fees. Though it is pricier than many other discount brokers, what tilts the scales in its favor is its well-rounded service offerings and the quality and value it offers its clients.
Best for
- World-class trading platforms
- Detailed research reports and education center
- Assets ranging from stocks and etfs to derivatives like futures and options
- Thinkorswim can be overwhelming to inexperienced traders
- Derivatives trading more costly than some competitors
- Expensive margin rates
Best for
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Moomoo is a commission-free mobile trading app available on apple, google and windows devices. A subsidiary of futu holdings ltd., it’s backed by venture capital affiliates of matrix, sequoia, and tencent (NASDAQ: FUTU). Securities offered by futu inc., regulated by the securities and exchange commission (SEC) and the financial industry regulatory authority (FINRA).
Moomoo is another great alternative for robinhood. This is an outstanding trading platform if you want to dive deep into smart trading. It offers impressive trading tools and opportunities for both new and advanced traders, including advanced charting, pre and post-market trading, international trading, research and analysis tools, and most popular of all, free level 2 quotes.
Get started right away by downloading moomoo to your phone, tablet or another mobile device.
Best for
- Free level 2 market data for all users who open an account
- Commission-free trading in over 5,000 different stocks and etfs
- Over 8,000 different stocks that can be sold short
- $0 contract fee for trading options, no commission either
- Strong market data and analysis tools with over 50 technical indicators
- Access trading and quotes in pre-market (4 a.M. To 9:30 a.M. ET) and post-market hours (4 p.M. To 8 p.M. ET)
- No minimum deposit to open an account.
- Active trading community with more than 100,000 app users
Characteristics of a successful online stock trader
Though each trader has his own individual set of financial and personal goals, the most successful stock traders enter the market with the following 3 characteristics:
Commitment to education. The most successful traders never buy stocks based on a “gut feeling.” they do their research, look at the history of the company and its leadership and make selections based on hard data and perspectives of industry experts.
They also stay up to date on political happenings both at home and abroad and they factor in how new laws and regulations affect the market. Looking to increase your knowledge of the stock market? Check out our list of the best low-cost day trading courses you can sign up for right now.
Things to look for in an online trading platform
Though most stock trading platforms charge account maintenance fees and commissions, you’ll find a number of brokers that will allow you to trade for free. Some characteristics that all reliable free trading platforms share include:
- An intuitive trading site. A brokerage firm isn’t very useful if you can’t understand how to get started. Watch a few youtube tutorials or website overviews to get a feel for the platform before you commit desktop space and time to the broker. If the platform isn’t intuitive, check the brokerage’s customer service options. A responsive team of customer service professionals may be able to help you understand how to operate a more complicated platform.
- Clear and easy-to-understand free trading. Though some platforms will allow you to trade for free indefinitely, some may only allow commission-free trades within a limited window after opening an account. When you sign up for an account on a free trading platform, make sure you read the terms of service to understand how many free trades you are entitled to with your account. Brokerages that try to hide this information may make their money “tricking” users into thinking that trades are free indefinitely, only to stick them with high fees later on by hiding a clause in the fine print.
- Realistic claims. Trading platforms that make unrealistic claims (like promising a dollar amount of returns or claiming that they have “secrets” that other brokers hide) are more than likely just trying to take your money with a hidden fee or commission. Remember, if it sounds too good to be true, it probably is.
The best online trading platforms
Based on the criteria above, we’ve compiled a list of the best online trading platforms to get started trading stocks for free.
The 8 best options trading platforms of 2021
The best options trading platforms might give you an edge in the market
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We are committed to researching, testing, and recommending the best products. We may receive commissions from purchases made after visiting links within our content. Learn more about our review process.
Options trading is a high-risk area of the investment world where you can pay for the option to buy or sell a specific security at a set price on a future date. Based on fluctuations in market prices for those securities, the value of options rises and falls until their maturity date.
If you want to trade options, you’ll need a brokerage account that supports them. Each platform is unique and has its own pros and cons, so it’s best to understand what you want before you sign up with a broker.
Learn more about the best options trading platforms to determine which one may be best suited for your needs.
Best options trading platforms of 2021
- Tastyworks: best overall
- Etrade: runner-up
- Charles schwab: best for beginners
- Webull: best for no commissions
- Interactive brokers: best for advanced traders
| category | winner | per-trade base commission | per-contract commission |
| best overall | tastyworks | $0 | $1 per contract to open (no closing commission) |
| runner-up, best overall | etrade | $0 | 65 cents, or 50 cents with 30+ quarterly trades |
| best for beginners | charles schwab | $0 | 65 cents |
| best for no commissions | webull | $0 | $0 |
| best for advanced traders | interactivebrokers | $0 | 65 cents (IBKR lite fixed pricing) |
Tastyworks: best overall
Tastyworks is a high-tech brokerage that gives options traders access to tools to quickly analyze and enter trades. It offers desktop, browser, and mobile trading platforms with similar features no matter which one you use. It also has unique tools that could help you make trading decisions on the fly, including quick rolls for options positions and quick order adjustments. The platform also gives you access to videos of tastyworks traders executing options trades, discussing strategy, and sharing research.
Options on stocks and exchange-traded funds (etfs) have no base commission and require a $1 per contract fee when opening a trade ($10 maximum per trade “leg,” which is a trade that takes place in an order with more than one component). There is no commission to close an option position. Options on futures cost $2.50 per contract to open, with no closing commission.
- Trade costs: $1 per contract to open, no commission to close (stocks and etfs)
- Account minimum: none
- Recurring fees: none
Options trading is the primary focus
Tastyworks network gives opportunity for traders to learn from one another
Commission caps for large trades
Per-contract fees are higher than competitors’
Fewer investments available outside of options
Etrade: runner-up, best overall
Etrade is one of the oldest online brokerage firms and offers an excellent overall options trading experience. Active traders enjoy a low 50-cent-per-contract price on stock or ETF options when they make at least 30 trades per quarter, or 65 cents each, for less frequent trades. Etrade doesn’t charge when you close an equity option priced at 10 cents or less.
The big draw at etrade is its platform, which includes advanced analysis tools, charting, risk analysis, and other features important to options traders. Etrade supports advanced options strategies such as so-called butterflies, condors, iron butterflies and iron condors, naked puts, and naked calls, though approval is required to access these riskier strategies. With dedicated options trader support, excellent tools, and competitive pricing for active traders, etrade is a strong choice for options traders.
- Trade costs: 65 cents per contract with less than 30 trades per month. 50 cents per contract with 30+ trades per month.
- Account minimum: none
- Recurring fees: none
Advanced trading platforms feature important tools for active options traders
Low pricing for active traders
Dedicated customer support line for options
Higher pricing for fewer than 30 trades per month
Charles schwab: best for beginners
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Courtesy of charles schwab
Beginners will likely feel right at home learning how options trading works and building their skills on charles schwab’s platform. The brokerage offers extensive resources for learning the ins and outs of options trading. And, as you become more experienced, schwab’s tools grow with you. You have access to advanced charting tools and trade calculators built into schwab’s investment platforms.
You can choose to trade online or use the advanced streetsmart central trading platform, which has most features that expert options traders would want (think quotes and trades, for example). The pending integration of former competitor TD ameritrade’s premier thinkorswim platform after its acquisition in october 2020 by schwab positions this brokerage as a great choice for expert trading. Trades are 65 cents per contract with no base commission.
- Trade costs: 65 cents per contract
- Account minimum: none
- Recurring fees: none
Low per-contract commission for options trades
Basic web platform and streetsmart active trading platform
Pending integration of advanced thinkorswim platform
Legacy advanced trading platform lags behind some options-focused competitors
Strict margin trading rules and relatively high margin rates when you borrow money to invest more
Higher price per contract than some competitors’
Webull: best for no commissions
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Webull is a newer investment platform that charges nothing for stock, ETF, and options trades, including options base fees and contract fees. You won’t pay a dime for most options trading activity on webull.
The only fees you are likely to run into at webull are for margin trading, short sales, advanced data feeds, and some small fees charged by regulators no matter where you trade. With ordinary options trading activity, you could get by without paying anything at all.
Webull offers web, mobile, and desktop platforms ideal for the most active traders. If you trade at a high volume, the savings you’ll get from webull could make switching worthwhile. When you open an account for the first time, webull may offer generous new customer promotions in the form of free stock.
- Trade costs: $0
- Account minimum: none
- Recurring fees: none
High-tech trading platforms
Free-stock bonus for new customers
A limited list of tradable assets
Short history compared with its competitors
Interactive brokers: best for advanced traders
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Interactive brokers is a top brokerage for advanced and active options traders. While it offers professional-level accounts, even those of us without millions under management can find our needs well-covered by interactive brokers.
Most DIY investors and traders may want to sign up for the IBKR lite account, which includes free stock and ETF trades and no base fee for options trades. IBKR lite has fixed pricing for options. If you’re a high-volume trader, you may want to upgrade to IBKR pro. The pro tier gives you access to fixed or tiered pricing options and longer trading hours.
Under IBKR lite, options for U.S. Markets have no base fee and cost 65 cents each. Thanks to tiered pricing, costs can go down to 15 cents per contract with high volumes. All orders have a $1 minimum, but that $1 is a drop in the bucket for larger traders looking to take advantage of the unique tiered pricing structure. However, IBKR pro account holders must keep a $100,000 balance or generate $10 in commissions per month to avoid a $10 monthly inactivity fee.
- Trade costs: 65 cents per contract, or less with tiered pricing
- Account minimum: none
- Recurring fees: none for IBKR lite, up to $10 per month for IBKR pro
Dedicated options trading platform with professional-level features
Choose between two pricing structures, based on your trading habits
Support for trading software application programming interfaces (apis)
Advanced platforms may be overwhelming for beginners
Complex pricing structure
What is options trading?
Options trading is a form of active investing in which traders make a bet on the future value of specific assets, including stocks, funds, and currencies. Instead of buying and holding the underlying asset directly, you hold a contract that gives you the right, but not the obligation, to buy or sell that asset at a specific price on a specific future date and time.
If your bet is right and the asset moves up or down beyond the value specified in your option contract, your option is “in the money” and you can exercise it for a profit. If your bet is wrong, your option becomes worthless.
Options trading can be very complex. It may use multiple conditions, and market prices change almost constantly during the trading day, or even 24 hours a day in some markets. This makes options trading very risky compared with long-term investments in mutual funds, etfs, or even many stocks. We recommend getting involved with options trading only if you understand what you’re doing and can tolerate the risks involved.
Profit from market fluctuations and volatility
Hedges other investments with low-cost options contracts that act as insurance
Limited trading risk with small contracts compared with some stock and ETF investments
Options market volatility increases exposure to risk
Trades can be complex and intimidating to new traders
Risky day-trading options strategies often lose money
How much money do I need to invest?
Thanks to brokers offering accounts with no minimums and no commissions, you could start trading options with just a few dollars. There is no minimum required to trade options at many brokerages, but you may have to complete an additional application to do this. You’ll need enough cash in your account to cover your trade positions and any fees arising from your chosen trading strategy.
Margin trading lets you borrow money to invest more, but there are fees and additional risks involved. If you are brand new to options, consider starting with only a paper trading account. These work like a stock market game and allow you to test strategies with fake money before putting your real dollars at risk.
How should I choose an options trading platform?
There are many options trading platforms to choose from. Each has its own pricing, asset availability, and features that could make one a better choice than another, depending on your own goals and needs.
When picking the best options trading platform for yourself, look at these key areas:
- Pricing: options trades can be free, $1 each, or a lot more. Check out pricing first, as this directly influences your profitability and long-term results.
- Technology: abilities to enter advanced and conditional orders with multiple conditions, or legs, may be vital to your trading strategy. Make sure you can enter the orders you’d like with an interface that works well with your style, preferences, and goals.
- Features: some platforms incorporate exceptional tools like live TV, the ability to follow trades entered by others, profitability calculators, and more.
How we chose the best options trading platforms
To find the best options trading platforms, we reviewed more than 15 brokerage and options trading platforms. Competitive pricing and high-tech experiences good for a variety of trader needs and styles were top on our list of the factors that we considered. We also considered investment availability, platform quality, unique features, and customer service.
Fxdailyreport.Com
The prices of cryptocurrencies have zoomed this year and many investors have started focusing on these digital assets. Investors have a couple of options to trade in cryptocurrencies. The first option is to use the cryptocurrency exchanges which allow traders to swap fiat currency such as dollar and euro for the digital currency, or digital currency for digital currency. Another option is to use the online forex brokers’ platforms for trading cryptocurrency cfds or pairs such as USD/BTC, EUR/BTC, etc. The aim of this post is to list out the top 10 cryptocurrency trading platforms.
Best cryptocurrency trading platforms 2021
Etoro, a multi-asset and social trading brokerage, has registered offices in israel, the UK and cyprus. The brokerage has a worldwide reach and is regulated in all the markets.
Retailfx came into existence in 2006 in tel aviv. Etoro openbook was set up in 2010 with the copy trading feature as a social investment platform, enabling traders to follow, view, and replicate the trades of top investors in the network.
Etoro boasts of more than four million active users and allows individuals to trade in forex, stock cfds, and cryptocurrencies.
IQ option may not be most well-known or the biggest platform, but it is growing very fast. The platform offers trading in all of the popular assets and up to 25 percent leverage. In addition, IQ option provides a multi-chart layout, historical quotes, and technical analysis across multiple platforms, including desktop, mobile, and tablet. The brokerage also offers excellent support which includes volatility alerts, stock screeners, calendars, newsletters, and market updates.
Founded in 2007, instaforex has more than 7,000,000 clients and is a well-established investment firm. Instaforex provides support services in more than 27 languages and the platform can be used by newbies and professional traders. The online forex trading platform provider makes available 7 asset classes, 16 platforms, and more than 300 instruments for trading. Clients can trade forex, commodities, precious metals, equity indices, individual stocks, energies, and cryptocurrencies. Instaforex has its registered office in russia and is regulated by RAFMM; and cysec, cyprus.
The hong kong-based cryptocurrency exchange binance charges very low fees of just 0.1 percent per trade. This platform does not only support several coins but also provides services in multiple languages, including chinese, english, korean, japanese, russian, french, and spanish. Binance primarily focuses on the china market and chinese coins. To fund the development of the exchange, it created the binance token (BNB) during the initial coin offering (ICO) event.
Coinmama, an exchange located in israel, specializes in enabling the purchase of bitcoin using credit/debit cards. The services offered by this bitcoin exchange are available in many countries around the world. The buying limit set by the exchange is higher compared to other exchanges. Bitcoins can be purchased for cash and on payments through the western union. However, the fee charged by the exchange is slightly on the higher side.
The bitcoin exchange cex.Io allows users to buy the cryptocurrency for low fees using credit cards. Purchases can also be made for free through bank transfers. The services offered by this exchange are available in many countries around the world, except a few specified by the platform provider. On the basis of verification, cex.Io offers four account levels with different buying limits. This bitcoin exchange operates as a registered company in all of the districts in which it is present.
Cex.Io combines crypto to crypto exchanges, fiat to bitcoin exchange, and a mining pool. The company also offers trades in mining contracts or bitcoin mining equipment rights for a specified period of time. In addition, the exchange offers USD/BTC and EUR/BTC pairs along with several crypto/crypto pairs.
Coinbase is the best option for first-time cryptocurrency buyers. The exchange’s interface is very user-friendly and this makes it easy for anyone to buy bitcoin, ethereum, or litecoin. Most cryptocurrencies have to be bought with bitcoin. Therefore, coinbase provides a good entry point for buying bitcoin or other cryptocurrencies. Coinbase allows clients from canada, the UK, the USA, europe, australia, and singapore to buy bitcoin, litecoin, and ether using either a bank account or credit card. A fee of 3.99 percent is charged when buying using a credit card and 1.49 percent when buying through bank transfer.
In forex trading, avatrade is by far the most recognized online currency trading platform provider. The regulated forex broker is dedicated to providing customized trading solutions to its clients irrespective of their prior knowledge or experience.
It is easy to open an account on the avatrade’s platform and you can be up and trading in a matter of minutes. The greatest advantage of working with avatrade is that the broker provides a large amount of educational material, especially to those who are not very conversant with trading. The online forex broker offers more than 250 trading instruments, including fiat currency, cryptocurrency, bonds, and cfds.
Yobit.Net was founded in russia and introduced through a forum in 2015. It caters to russian, english, and chinese traders. The bitcoin exchange accepts payments only in the fiat currency USD. In order to purchase bitcoins, the client should transfer funds in USD to his/her the account. Yobit.Net offers a wide range of cryptocurrencies such as BTC, ETH, DASH, XBY, and DOGE, among others. Trading on this platform is very easy, even for those who are new to cryptocurrencies.
Cryptopia limited, a well-known name in the market, offers free wallet and a spot trading platform with a lot of features for trading cryptocurrencies like bitcoin, ethereum, litecoin, dogecoin, cannabiscoin (CANN), electroneum (ETN), verge (XVG), digibyte (DGB), and many more (totals 1644 markets in CRYPTOPIA). The trading fee on cryptopia is 0.20% of the total BTC or crypto currency traded.
Kucoin is one of best multi-cryptocurrency exchange and trading platform with service centers based in hongkong. Kucoin exchange offers pairs for trading such as raiblocks (XRB/BTC), red pulse (RPX/BTC), canya (CAN/BTC), BTC/ETH, NEO/BTC, BTC/LTC, UTRUST (UTK/BTC), ethlend (LEND/BTC), bitcoin cash (BCH/BTC), etc (more than 69 BTC pairs). Kucoin charges a flat fee of 0.1% per trade, it also provides users with a mobile app available for android and ios.
Best forex trading platforms
Forex trading platforms are a major factor in choosing a new forex broker. The most popular trading platform you will find is the metatrader4 / metatrader5 software, which practically every broker offers.
We actually think that it is not such a great software, and very confusing for beginner traders.
Desktop vs web based trading platforms
The easiest way to compare brokers is to start with their web based trading platform.
A positive aspect of a broker that offers a good web based trading solution is that you can access it from any computer. If you are using a desktop software, you will experience faster response times, but your settings are saved locally on your computer.
In the fast paced world of trading the currency markets, you sometimes need to quickly close a position from your mobile or from the office.
The larger forex brokers, offer more options when it comes to the variety of trading software they give you. Take a look at pepperstone which is a large forex broker in united kingdom and australia. They list 9 different choices for you, in desktop, mobile, web based and tablet, see here.
Forex trading platform by company
Metatrader4 is the most widely available trading platform made by the company metaquotes.
It is no longer being supported, and they are trying to get brokers to make the switch to the new metatrader 5. The reason why MT5 is so popular, is because before forex trading became so popular, the few people actually trading, used MT4 along with API and expert advisor systems.
If you want a demo account on MT5, signup with the broker pepperstone.
Scipio software is the web based trading software you will find at the popular broker investous.
Scipio software is one of the best trading platforms for newbie / beginner investors. It is very clean, intuitive and user friendly. A downside of using their web based software is that your custom chart setting are not saved from session to session.
You can tryout a demo account of scipio at the broker investous.
Sirix trader is a very nice software, that was developed by the leverate company in 2013.
Sirix is available as a web based trading platform, along with mobile and tablet versions. A popular feature that it comes with is social trading, whereby you can copy and follow the trades of other investors.
You can tryout a demo account using sirix with the broker cmtrading.
Best forex brokers for beginners
Choosing a forex broker can be more difficult and confusing than choosing which trading platform to go with.
You can look at our best forex brokers list, or you can take these pointers to use when choosing a broker.
- Make sure you broker is licensed and regulated, by your local government financial regulator.
- Verify the forex brokers license in still active and valid.
- Test out their demo accounts to make sure it is fast enough for you, with no latency.
- If the broker offers you a fixed return managed account, run away. It is a sure sign they are a scam, read why.
- If you are looking for automated trading robots, try these.
Many investors only visit the scam broker investigator after they lost money using a rogue forex broker. Don’t make the same mistake they did, and only use legitimate brokers which are licensed and authorised in your country.
Best trading platforms 2021
The stockbrokers.Com best online brokers 2021 review (11th annual) took three months to complete and produced over 40,000 words of research. Here's how we tested.
Do you want to buy shares of stocks like apple (AAPL), facebook (FB), netflix (NFLX), or tesla (TSLA)? If so, you’ll need to set up a trading account with an online broker.
Every stock trading platform is unique. And now – with every broker offering $0 stock and ETF trades – deciding which one to use comes down to differences in the overall trading experience. Investment options, trading tools, market research, beginner education, customer service, and ease of use are all factors investors should consider when choosing a broker.
Having led these annual reviews for the past 11 years, I have seen the industry evolve firsthand. I placed my first stock trade when I was just 14 years old. (it was starbucks.) today, at 34, my lifelong tally of trades is now more than 2,500.
I geek out over every aspect of the trading experience, which is why our review process is so exhaustive. This year we measured more than 250 individual variables. I couldn't have done this alone, though. Big thanks to my teammates steven hatzakis, jessica hoelscher, and joey shadeck, along with the rest of our awesome editorial staff.
Best trading platforms 2021
Here are the best online brokers for 2021, based on 256 variables.
- TD ameritrade - best overall, best for beginners
- Fidelity - best for everyday investors
- Charles schwab - best IRA accounts
- Interactive brokers - best for professionals
- E*TRADE - best web trading platform
Best overall, best for beginners | open account
exclusive offer: get up to $375 and trade commission-free with TD ameritrade.
TD ameritrade delivers $0 trades, fantastic trading platforms, excellent market research, industry-leading education for beginners, and reliable customer service. This outstanding all-around experience makes TD ameritrade our top overall broker in 2021. Read full review
Best for everyday investors | open account
trade commission-free: no commissions to trade online U.S. Stocks, etfs, and options. 1
Fidelity is a value-driven online broker offering $0 trades, industry-leading research, excellent trading tools, an easy-to-use mobile app, and comprehensive retirement services. Serving over 32 million customers, fidelity is a winner for everyday investors. Read full review
Best IRA accounts | open account
current offer: $0 online stock, ETF, and options commissions at schwab.
With more than $6 trillion in client assets, charles schwab understands how to consistently deliver value to its customers. Highlights include $0 trades, excellent stock research, a diverse selection of trading tools, and an industry-leading offering of financial planning services. Read full review
Best for professionals| open account
exclusive offer: new clients that open an account today receive a special margin rate.
Once again, in 2021, interactive brokers is our top pick for professionals because of its institutional-grade desktop trading platform and rock bottom margin rates. Professionals aside, interactive brokers also appeals to casual investors with $0 trades and its user-friendly web platform. Read full review
Best web trading platform | open account
current offer: open an E*TRADE account & get $50 or more w/ code: WINTER21
Founded in 1982 as one of the first online brokerages in the united states, E*TRADE highlights include $0 trades, two excellent mobile apps, and the power E*TRADE platform, which is great for beginners, active trading, and options trading. Read full review
Other trading platforms
In addition to our top five trading platforms for 2021, we reviewed six others: merrill edge, firstrade, ally invest, tradestation, webull, and robinhood. Here's our high-level takeaways for each. To dive deeper, read our reviews.
6. Merrill edge | open account
current offer: invest in a new account and get up to $600.
Merrill edge offers $0 trades with industry-leading research tools (especially ESG research) and excellent customer service. Better yet, for current bank of america customers, merrill edge's preferred rewards program provides the best rewards of any bank broker we tested in 2021. Read full review
7. Firstrade
While firstrade is easy to use and terrific for chinese-speaking investors, its overall offering struggles to stand out against brokers who also offer $0 stock trades. Read full review
8. Ally invest
for current ally customers looking to invest in stocks, ally's universal-accounts experience and easy-to-use website is a convenient solution. Read full review
9. Tradestation
As a trading technology leader, tradestation supports casual traders through its web-based platform and active traders through its award-winning desktop platform, all with $0 stock and ETF trades. Read full review
10. Webull
webull offers a unique community experience and easy to use trading platforms that will satisfy most young investors. However, for everyday investing, webull lacks the trading tools and features to compete with industry leaders who also offer $0 stock and ETF trades. Read full review
11. Robinhood
robinhood is very easy to use; however, now that all online brokers offer $0 stock and ETF trades, robinhood's lack of trading tools and research leaves it a step behind the competition. Read full review
2021 overall ranking
Here's the overall rankings for the 11 online brokers who participated in our 2021 review, sorted by overall ranking.
Note: due to the pandemic and extensive market volatility, customer service was not scored as a main category.
2021 industry awards
For the stockbrokers.Com 2021 review, all online broker participants were assessed on 256 different variables, with 2,816 data points collected in total. Here are the 2021 main category, secondary category, and industry award winners. Here's how we tested.
What is the best stock broker for beginners?
Based on over 30 variables, the best stock broker for beginners is TD ameritrade. Alongside paper (practice) trading, TD ameritrade offers the largest and most diverse selection of educational content. Highlights include over 200 videos, progress tracking, quizzes, and over 100 monthly webinars, among others.
Which online broker has the lowest fees?
When it comes to buying stocks online, our research found fidelity has the lowest fees overall. Fidelity is the only online brokerage to offer $0 stock trades and not accept payment for order flow (PFOF). Since every broker offers free stock trades, hidden costs matter.
Which online trading platform is best?
Online trading platforms come in one of three forms: desktop (download), web (browser), and mobile (app). After testing 11 brokers and collecting 2,816 data points, we found that TD ameritrade has the best desktop trading platform, E*TRADE has the best web trading platform, and fidelity has the best stock trading app.
Summary
To recap, here are the best trading platforms overall for 2021.
Read next
Explore our other online trading guides:
Methodology
For the stockbrokers.Com 11th annual best trading platforms review published in january 2021, a total of 2,816 data points were collected over three months and used to score brokers. This makes stockbrokers.Com home to the largest independent database on the web covering the online broker industry.
Participation is required to be included. Each broker completed an in-depth data profile and provided executive time (live in person or over the web) for an annual update meeting. Our rigorous data validation process yields an error rate of less than .001% each year, providing site visitors quality data they can trust. Learn more about how we test.
More from the editor
Alongside the stockbrokers.Com annual review, our fifth annual forex brokers review, which included 27 forex brokers, was also published on our sister site, forexbrokers.Com. Finally, be sure to check the latest financial advisor ratings, which you can view on investor.Com.
About the author: blain reinkensmeyer as head of research at stockbrokers.Com, blain reinkensmeyer has 20 years of trading experience with over 1,000 trades placed during that time. Referenced as a leading expert on the US online brokerage industry, blain has been quoted in the wall street journal, the new york times, and the chicago tribune, among others.
All pricing data was obtained from a published web site as of 01/19/2021 and is believed to be accurate, but is not guaranteed. For stock trade rates, advertised pricing is for a standard order size of 500 shares of stock priced at $30 per share. For options orders, an options regulatory fee per contract may apply.
TD ameritrade, inc. And stockbrokers.Com are separate, unaffiliated companies and are not responsible for each other’s services and products. View terms.
1 $0.00 commission applies to online U.S. Equity trades, exchange-traded funds (etfs), and options (+ $0.65 per contract fee) in a fidelity retail account only for fidelity brokerage services LLC retail clients. Sell orders are subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). There is an options regulatory fee (from $0.03 to $0.05 per contract), which applies to both option buy and sell transactions. The fee is subject to change. Other exclusions and conditions may apply. See fidelity.Com/commissions for details. Employee equity compensation transactions and accounts managed by advisors or intermediaries through fidelity clearing & custody solutions® are subject to different commission schedules.
Options trading entails significant risk and is not appropriate for all investors. Certain complex options strategies carry additional risk. Before trading options, please read characteristics and risks of standardized options. Supporting documentation for any claims, if applicable, will be furnished upon request.
Advertiser disclosure: stockbrokers.Com helps investors across the globe by spending over 1,000 hours each year testing and researching online brokers. How do we make money? Our partners compensate us through paid advertising. While partners may pay to provide offers or be featured, e.G. Exclusive offers, they cannot pay to alter our recommendations, advice, ratings, or any other content throughout the site. Furthermore, our content and research teams do not participate in any advertising planning nor are they permitted access to advertising campaign data. Here is a list of our partners.
Disclaimer: it is our organization's primary mission to provide reviews, commentary, and analysis that are unbiased and objective. While stockbrokers.Com has all data verified by industry participants, it can vary from time to time. Operating as an online business, this site may be compensated through third party advertisers. Our receipt of such compensation shall not be construed as an endorsement or recommendation by stockbrokers.Com, nor shall it bias our reviews, analysis, and opinions. Please see our general disclaimers for more information.
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All rights reserved.
7 best free stock trading platforms
Thanks to the rise of fintech, investors now have the option to buy and sell stocks online or through mobile apps - and often free of charge.
There are dozens of trading apps and platforms that allow investors to invest cash in a variety of securities with minimal to no fees. With the increase in choices, here are the best free stock-trading platforms and how they compare.
7 best free stock trading platforms
Whether you're a beginner investor or have been playing the market since before the last recession, free stock trading platforms and apps provide a great opportunity to maximize your returns and keep trading easy and simple.
These investment platforms are top-notch.
1. E*TRADE
Although E*TRADE (ETFC) - get report accounts aren't always free, there are some promotions and accounts that allow investors to invest for free. Currently, E*TRADE is having a promotion when you open a new account. The promotion offers 60 days of commission-free trading for up to 500 trades with a minimum deposit of $10,000 or more.
The site offers 24/7 customer service, easy mobile trading, data and research information, and has trading vehicles that range from etfs to options. And while E*TRADE's commissions usually hit just under the $7 mark for normal (nonpromotional) trades, the site is still very popular for its ease of use and retirement services.
2. Robinhood
The free stock trading app has seen a meteoric rise in popularity in recent years, accumulating 6 million users in 2019 - and with good reason. Robinhood seems to be the darling of commission-free trading - as a fintech startup founded by baiju bhatt and vlad tenev in 2013 with their free stock trading model.
Although there has been some speculation over how robinhood makes money (given their free trading model), the app is very popular for its easy, free trading and variety of investment vehicles - including options and even cryptocurrency.
To get started, you simply have to submit an application to robinhood and meet a few basic requirements (although if you are planning to participate in options trading, additional requirements are necessary) - with no account minimum. As a bonus, there are no maintenance fees.
As somewhat of a drawback, robinhood doesn't currently allow fractional investing (you can only buy whole shares). But for its cost-efficiency and easily-accessible app format, robinhood is clearly a crowd favorite for a reason.
3. Charles schwab
Ideal for investors looking to get into etfs, charles schwab (SCHW) - get report has an impressive array of 200 etfs to choose from, all commission-free. And, as a bank and stockbroker all-in-one, the schwab app is a great one-stop-shop for investors.
Schwab also has no-transaction-fee mutual funds, with around 4,000 available. Their regular trades will set you back around $5 apiece. There is no minimum balance requirement (although normal accounts typically come with a $1,000 minimum).
Because of their wide selection of the commission-free etfs and mutual funds, schwab is a strong contender for free stock trading.
4. Acorns
If you're a beginner investor looking to make money in stocks, acorns is the perfect introductory stock trading app.
Acorns specializes in micro-investing - that is, investing your spare change in stocks. There is no minimum to create an account, but there is a $5 minimum to start investing.
The app takes the spare change you've got from linked debit or credit cards to invest in commission-free etfs. There are no fees for inactivity.
5. Vanguard
Boasting around 1,800 commission-free etfs (just shy of robinhood's 2,000,) vanguard offers a wide selection of free trading options. The platform offers over 3,000 transaction-free mutual funds to boot - including S&P 500 index funds.
The trading platform doesn't have a minimum account requirement, but they do charge $20 a year for a service fee.
6. TD ameritrade
Much like E*TRADE, TD ameritrade (AMTD) - get report offers a free trading promotional if you open an account. You can get up to 60 days of commission-free trading for options, etfs and other equities, as well as up to $600 if you deposit $3,000 or more.
And even when the 60 days runs out, trades average about $6.95 a trade - on par with several other competitors. But TD ameritrade also offers over 300 commission-free etfs, and hundreds of transaction-fee-free mutual funds to choose from.
As one of the biggest online trading platforms, TD ameritrade offers a variety of top-notch services including research, data, and information on stocks as well as cash management, among others.
7. M1 finance
M1 finance does things a bit differently (think: customization.)
In addition to being completely commission-free and fee-free, M1 finance allows investors to invest in fractional shares as small as one penny. And, what makes M1 finance different is it allows users to create "pies" - that is, pie graphs that are comprised of a variety of etfs, stocks, and bonds. The app also allows users to choose different kinds of pies based on their investment needs and risk tolerance.
Although there is a $100 minimum for investing, the app allows for total customization of your own portfolio, and offers different kinds of "pies" from moderate to "ultra-aggressive" or "market cap 100."
For a completely free, zero-commission stock trading app, M1 finance seems to offer a pretty good deal for the DIY investor.
The bottom line
So, which free stock trading platform is best for you?
While some platforms like TD ameritrade and E*TRADE only offer short-term free stock trading services through promotions or new accounts, they do offer some industry-leading services that may be worth the extra cost you'll incur when your trial run ends.
However, for the investor who wants a truly free stock trading experience, robinhood, acorns and M1 finance offer a formidable range of services and offerings - even including cryptocurrency and options. And, as trading is increasingly becoming mobile, these app-focused companies are optimized to provide a solid, easy-to-use trading experience from the comfort of your ios or android-enabled device.
Still, as always, it is important to examine your personal investment goals and be realistic about how much you are willing to pay for extra services (if you do opt for one of the bigger brokerage names). But thanks to the surge of fintech companies in recent years, there are plenty of investment options that offer free stock trading services that can help grow your returns - all with the touch of a button.
Best forex trading platforms
Forex trading platforms are a major factor in choosing a new forex broker. The most popular trading platform you will find is the metatrader4 / metatrader5 software, which practically every broker offers.
We actually think that it is not such a great software, and very confusing for beginner traders.
Desktop vs web based trading platforms
The easiest way to compare brokers is to start with their web based trading platform.
A positive aspect of a broker that offers a good web based trading solution is that you can access it from any computer. If you are using a desktop software, you will experience faster response times, but your settings are saved locally on your computer.
In the fast paced world of trading the currency markets, you sometimes need to quickly close a position from your mobile or from the office.
The larger forex brokers, offer more options when it comes to the variety of trading software they give you. Take a look at pepperstone which is a large forex broker in united kingdom and australia. They list 9 different choices for you, in desktop, mobile, web based and tablet, see here.
Forex trading platform by company
Metatrader4 is the most widely available trading platform made by the company metaquotes.
It is no longer being supported, and they are trying to get brokers to make the switch to the new metatrader 5. The reason why MT5 is so popular, is because before forex trading became so popular, the few people actually trading, used MT4 along with API and expert advisor systems.
If you want a demo account on MT5, signup with the broker pepperstone.
Scipio software is the web based trading software you will find at the popular broker investous.
Scipio software is one of the best trading platforms for newbie / beginner investors. It is very clean, intuitive and user friendly. A downside of using their web based software is that your custom chart setting are not saved from session to session.
You can tryout a demo account of scipio at the broker investous.
Sirix trader is a very nice software, that was developed by the leverate company in 2013.
Sirix is available as a web based trading platform, along with mobile and tablet versions. A popular feature that it comes with is social trading, whereby you can copy and follow the trades of other investors.
You can tryout a demo account using sirix with the broker cmtrading.
Best forex brokers for beginners
Choosing a forex broker can be more difficult and confusing than choosing which trading platform to go with.
You can look at our best forex brokers list, or you can take these pointers to use when choosing a broker.
- Make sure you broker is licensed and regulated, by your local government financial regulator.
- Verify the forex brokers license in still active and valid.
- Test out their demo accounts to make sure it is fast enough for you, with no latency.
- If the broker offers you a fixed return managed account, run away. It is a sure sign they are a scam, read why.
- If you are looking for automated trading robots, try these.
Many investors only visit the scam broker investigator after they lost money using a rogue forex broker. Don’t make the same mistake they did, and only use legitimate brokers which are licensed and authorised in your country.
Free options trading
Allyson brooks
Contributor, benzinga
“there’s no such thing as a free lunch” is one of the oldest sayings around, and for the most part, it’s completely true. You get what you pay for, especially in the world of finance.
While you might be skeptical of any type of free offer, technology has made finance more efficient and transaction costs have gone down dramatically. In fact, it’s not hard to find a brokerage that will let you trade at least some part of the stock market completely commission-free. Commission-free usually means a trip to the designated ETF list, but some brokers offer everything for free, including options.
Commission-free usually means a trip to the designated ETF list, but some brokers offer everything for free, including options.
Best free options trading brokers:
- Best overall for options and technology: tradestation
- Best for beginners: TD ameritrade
- Best for marginal accounts: interactive brokers
- Best for mobile traders: E*TRADE
- Best derivatives only broker: tastyworks
- Best for social traders: gatsby
- Honorable mention: eoption
Table of contents [ hide ]
Best free options trading brokers
Choosing the best broker requires a little bit of research and not every trader has the same needs. Benzinga has created a list of favorite trading platforms for free paper trading and free or low-cost options trading.
Commissions
Account minimum
Best for
1. Best overall: tradestation
Tradestation is a popular platform for technical analysts and other stock pickers, but its paper trading simulation gives inexperienced traders a way to learn new skills without risking real cash.
Paper money can be traded on desktop and mobile, but only current tradestation brokerage account holders can access the simulation for free.
Tradestation has a tilt toward active traders, so new traders can find plenty of research material and charting tools to test new strategies. Tradestation is a trusted name and its simulator is one of the best.
If you’re new to trading, you’ll love tradestation’s simulated trading tool. Its simulated trading tool allows you to practice entering buy and sell orders, using tradestation’s suite of charting and analysis tools and using your trading strategy without risking any of your own money.
Commissions
Account minimum
Best for
2. Best for beginners: thinkorswim by TD ameritrade
Thinkorswim is the gold standard for advanced trading features and using their paper money accounts is a great way to teach yourself technical analysis.
TD ameritrade account holders will get $100,000 in fake money to trade stocks, bonds, futures, commodities and options. You’ll find over 100 technical tools on thinkorswim and unlike many brokers, commission costs are factored in with your paper trading portfolio. This makes for a more realistic trading experience.
Paper trading is only worthwhile if the simulation is near perfect. Thinkorswim passes all the tests.
TD ameritrade recently completed an acquisition of scottrade, which will provide options traders with another level of flexibility as well. Right now, TD ameritrade charges $0 fin options based fess and $0.65 for options per contract.
Pricing
Account minimum
Best for
- Access to foreign markets
- Detailed mobile app that makes trading simple
- Wide range of available account types and tradable assets
- Comprehensive, quick desktop platform
- Mobile app mirrors full capabilities of desktop version
- Access to massive range of tradable assets
- Low margin rates
- Easy-to-use and enhanced screening options are better than ever
3. Best for marginal accounts: interactive brokers
The interactive brokers trader workstation provides a comprehensive list of options trading features and has been compared to the look and feel of a commercial airline cockpit. The workstation includes integrated tools such as IB risk navigator, options analytics and model navigator. It has a configurable format, quick-click order entry capabilities, and is extremely customizable.
The optiontrader combo tab allows traders to monitor price variations, view all available chains or filter for specific contracts and configure columns to view calculated model prices, implied volatilities open interest and greeks.
Interactive brokers also helps active traders minimize commissions and fees as well. Interactive brokers charges nothing in options based fees but charges $0.65 per contract fee for options.
Commissions
Account minimum
Best for
- Sophisticated trading platforms
- Wide range of tradable assets
- Exceptional customer service
4. Best for mobile traders: E*TRADE
E*TRADE’s power E*TRADE platform and mobile app are the gold standards of option trading platforms. Power E*TRADE currently offers traders premium-quality tools without the premium price tag.
According to a customer service rep, the long-term plan is to have the power E*TRADE platform replace E*TRADE pro as the premium service, but for now, it is free for all E*TRADE users.
Power E*TRADE is the perfect combination of speed, quality, tools, and navigation capabilities. The platform offers virtual trading for testing strategies. The option chain screen provides access to customizable real-time streaming option chains with up to 30 columns. The tradelab snapshot analysis breaks down risk/reward in an easy-to-understand way, indicating pros and cons as well as key events to watch for and a profit and loss chart. The strategyseek tool allows users to scan market data and identify potential trading strategies.
For all E*TRADE’s advances option trading features, the broker charges $0 in options based fees and $0.65 for options per contract.
Commissions
Account minimum
Best for
- Powerful platform inspired by thinkorswim
- Multiple order types and strategies
- Cheap options commissions
5. Best derivatives only broker: tastyworks
Tastyworks allows opening of an individual, entity/trust or joint account, and the account type held with the brokerage can be margin, cash or retirement. In margin trading, you are allowed to trade with borrowed capital, facilitating the use of all trading strategies available with the broker, while a cash account requires that you fully fund transactions, and also restricts usage of some trading strategies such as spread and uncovered options.
The web-based trading platform allows access from any computer and gives all functionalities as the downloadable version. Some of the features in the browser version is the follow page, where you can follow the firm’s curated experts’ trade, trade curve, which allows visualization of trades easily and the trade history option, which helps you analyze your trades.
Though opening an account is fairly easy, a prospective client is required to register with tastyworks ahead of time with an email address, username, and password, as well as:
- Address and phone numbers,
- Citizenship status,
- Personal information such as social security number and employment information,
- Bank details and
- Copies of identity and address proofs.
Once an account is registered, it normally takes one to three days to be approved.
Commissions
Account minimum
Best for
- Retail investors
- Traders new to options
- Social traders
- Millennial traders
6. Best for social traders: gatsby
Gatsby and robinhood a bit in common. Like robinhood, gatsby had a soft launch and the only way to access the platform is to get on the waiting list. Also like robinhood, all trading on gatsby is commission-free. Gatsby’s founders seek to “democratize the world of options” by simplifying the language and making it easier for newbies to understand.
You’ll be asked a series of simple questions on gatsby’s platform. If you think a certain stock will fall, you’ll be directed to the put options (and call options if you think the stock price will rise). You’ll then choose a strike price and expiration date and initiate your trade, all done in 4 quick phone swipes. Gatsby and robinhood are the only truly commission-free brokers for options trading.
Commissions
Account minimum
Best for
- Options traders looking for low-cost options contracts
- Beginner and advanced traders looking for options education
- Advanced traders who don’t need a lot of platform guidance
7. Honorable mention: eoption
Eoption isn’t a commission-free brokerage, but the transactions costs here are among the lowest in the industry. For options trades, you’ll only pay $3 per trade plus $0.15 per contract.
Many legacy brokers charge upward of $0.60 to $0.75 cents per contract, so this is a great deal. You’ll also get plenty of bang for your buck, thanks to eoption’s bells and whistles. You can set up an automated strategy using its auto trading feature and even get direct market access through the sterling pro trader.
Eoption has a $500 minimum to open an account and offers traditional, roth, SEP and coverdell iras.
Can you really trade options for free?
The short answer is: absolutely! Brokers continually undercut each other on commissions and that’s great news for retail traders.
Online brokers rarely have commissions higher than $5 to $7 these days and disruptors like robinhood and gatsby options have gone even lower than that. Both offer $0 commissions on all options trades.
Another way to trade options for free is through paper trading. With a paper trading account, you’ll be given monopoly money in a simulated brokerage account and can actively trade the market with your fake cash. Paper trading is a great way to hone your skills, practice new strategies and figure out how to trade.
But which should you choose, free trading or paper trading? When it comes to options brokers, all it depends on your bankroll and experience level as a trader.
Getting started
Before choosing an options broker, you need to determine your own investing goals. Do you simply want to make the most possible money? Do you have a specific savings target in mind? Or do just want to increase your knowledge of the options market and explore how different strategies work?
If you’re inexperienced with options or want to try out a few new strategies, paper trading might be your best bet. However, if you’re a veteran trader and you want to cut your transaction costs, take a look at some of our favorite free or low-cost options brokers.
Paper trading
Practice makes perfect and that’s why paper trading is so popular, especially among new traders. With paper trading, you aren’t putting any real capital at risk, but you can simulate live action in the markets or even go back in time and trade through previous periods. Many brokers have a free paper trading account available to anyone with a real brokerage account.
However, know that paper trading has drawbacks. Fake money means no skin in the game. All the emotion is taken out of trading, which is something that will never happen in the real market. Expertise in paper trading does not automatically translate to success in the real world.
Using a free or low-cost broker
If paper trading doesn’t appeal to you, finding a free or low-cost broker should be your alternative goal. Free trading is still a relatively new concept, but brokers like robinhood and gatsby options have totally removed commissions.
Even traditional legacy brokers are getting into the race to zero (for example, fidelity now has zero-expense etfs). Finding a free or low-cost broker to trade options is no longer like looking for a needle in a haystack.
So, let's see, what we have: the 2021 review (11th annual) best trading platforms review took three months to complete, and, in total, there are more than 40,000 words of research. At trading platform list
Contents of the article
- Top-3 forex bonuses
- Best trading platforms 2021
- Best trading platforms 2021
- Other trading platforms
- 2021 overall ranking
- 2021 industry awards
- What is the best stock broker for beginners?
- Which online broker has the lowest fees?
- Which online trading platform is best?
- Summary
- Read next
- Methodology
- More from the editor
- Best online stock trading platforms
- Best online trading platforms:
- Compare online brokers
- Characteristics of a successful online stock...
- Things to look for in an online trading platform
- The best online trading platforms
- The 8 best options trading platforms of 2021
- The best options trading platforms might give you...
- Best options trading platforms of 2021
- Tastyworks: best overall
- Etrade: runner-up, best overall
- Charles schwab: best for beginners
- Webull: best for no commissions
- Interactive brokers: best for advanced traders
- What is options trading?
- How much money do I need to invest?
- How should I choose an options trading platform?
- How we chose the best options trading platforms
- Fxdailyreport.Com
- Best cryptocurrency trading platforms 2021
- Best forex trading platforms
- Desktop vs web based trading platforms
- Forex trading platform by company
- Best forex brokers for beginners
- Best trading platforms 2021
- Best trading platforms 2021
- Other trading platforms
- 2021 overall ranking
- 2021 industry awards
- What is the best stock broker for beginners?
- Which online broker has the lowest fees?
- Which online trading platform is best?
- Summary
- Read next
- Methodology
- More from the editor
- 7 best free stock trading platforms
- 7 best free stock trading platforms
- The bottom line
- Best forex trading platforms
- Desktop vs web based trading platforms
- Forex trading platform by company
- Best forex brokers for beginners
- Free options trading
- Best free options trading brokers:
- Best free options trading brokers
- Commissions
- Account minimum
- Best for
- 1. Best overall: tradestation
- 2. Best for beginners: thinkorswim by TD...
- 3. Best for marginal accounts: interactive brokers
- 4. Best for mobile traders: E*TRADE
- 5. Best derivatives only broker: tastyworks
- 6. Best for social traders: gatsby
- 7. Honorable mention: eoption
- Can you really trade options for free?
- Getting started
