In 2020, the entire world has been turbulent because of the pandemic, which has fortunately become controllable and less damaging now. Global financial markets are about to recover from instability caused by the recent changes. Considering the current of the economy, both beginning and experienced investors must investigate the stock trading market elaborately to make the most efficient decisions.
Active traders can feel more confident in the market by using advanced tools for trading. Some investors rely on the benefits of AI in stock trading, thus protecting themselves from failures in the volatile markets. Besides choosing tools for investments, observing stock trading platforms matters as well. Many online resources help investors save their time by testing and researching such platforms for them. In this article, we made a list of seven best brokerage platforms according to reviews by professional financial investigators.
Top 7 Brokerage Platforms of TodayÂ
The number of online stock trading brokers on the market is so diverse that it’s hard to choose one. Some of them are the most suitable for beginners because they provide training materials and video tutorials. Others work best for professional traders and investors by offering convenient trading terms. In this part of the article, we made a list of the US-based platforms and compared them according to trading conditions presented on each of them.
1. TD Ameritrade
TD Ameritrade has been on the market since 1975. The minimum amount for trading is only $1. The platform offers incentive programs for users, trading without commission during the first 60 days with a deposit of $3000 or more, cash bonuses ranging from $100 to $600. The commission per transaction is $6.95. Within this platform, traders deal with shares, bonds, options, Forex trading, more than 4000 mutual funds, 300 ETFs without commission, and bitcoin futures. TD Ameritrade is known for a wide range of financial tools that experts consider the best in the entire market.
2. Interactive Brokers
This online broker allows people to trade on more than 100 platforms in 31 countries. It sets no requirements for a minimum deposit. However, margin trading requires a minimum deposit of $2000 and is allowed only for people over 21. In general, trading commissions are lower compared to direct competitors of this platform. People who spent more than $10 on commissions or have more than $100 thousand assets on their account can get a month of free service. It is also applicable to traders under 26 who paid more than $3 for commissions. We recommend Interactive Brokers to professional traders rather than beginners.
3. Forex.com
Forex.com would be a good choice for both beginning and professional investors. The platform has everything to get started – training courses, analytics, and live webinars. The minimum deposit on Forex.com begins at $50. Users can choose from account types for successful deals. One of the most interesting offers is a so-called DNA account that provides access between banks for a fee. Traders with a $25,000 account or a turnover of $25 million per month can join the Active Trader loyalty program. According to this program, users get 15% cashback from trading, a personal manager, and compensation for the bank transfer fee.
4. Fidelity
Fidelity Investments is one of the world’s largest investment companies that deal with asset management. It operates in more than 100 countries worldwide. According to Fidelity’s trading terms, clients must make no less than 36 deals per year. Its Active Trader Pro platform allows investors to use 166 indicators, 22 tools for chart drawing, 86 observation fields, and more. The trading instruments include assets, options, exchange-traded funds (ETF), and separate investment funds. Fidelity also offers a variety of analytical tools and ensures commission transparency.
5. RoboForex.com
This online broker offers demo, standard, and ECN accounts. If you are a beginning trader, it’s better to open a cent account, get first $30, and start trading. Experienced traders would make the most efficient deals by using an ECN or Prime account. One can also benefit from the CopyFX proposition that makes it possible to copy other traders’ deals on the platform. On RoboForex, you can buy and sell a great variety of assets and use over 8,500 trading instruments for different purposes, including tools for cryptocurrencies and crypto indices.
6. FXDD
There are two types of available accounts for the FXDD clients – Standard and ECN (electronic communication network account). One can trade over 50 currency pairs, metals, more than ten stock indices, ten CFDs on stocks, and six cryptocurrency pairs. The leverage for retail clients is from 1:1 to 1:30. Clients don’t have to pay a fee for the Standard account, which offers 1.7 points spread on the EUR/USD pair compared to 0.2 points with the ECN account. With ECN, a user must also pay a trading commission.
7. OANDA
On OANDA, trading conditions depend on the requirements of financial regulators. The maximum leverage for American clients is 1:50. Clients aren’t allowed to hedge orders and must follow the FIFO rule. According to this rule, a trader must close orders following their opening sequence. OANDA allows people to trade indices, commodities, bonds, metals, and over 90 currency pairs. No additional commissions are charged. Spreads are highly competitive. For example, spreads on EUR/USD and GBP/USD are 1.3 and 1.9 points, respectively.
Conclusion
Before choosing a platform for trading or investing, you should figure out what conditions fit your intended budget and experience. Stock trading has always been a risky area; that’s why the platform you choose must provide high security for their clients. You can learn more about all the security measures of trading platforms by visiting official websites of the listed online brokers. Check the list of top rated trading apps in India based on the experience of the professionals and the user feedback.Despite a plethora of information on the Internet, the only person to judge the quality of such platforms is you, so look carefully for updates on financial markets to make the right decisions.
