The online brokerage landscape has expanded rapidly, offering investors a wide array of platforms to choose from. Each brokerage brings its own set of advantages — whether it’s responsive customer support, advanced research and analytical tools, competitive fee structures, diverse account options, superior cash management, or access to alternative assets, IPOs, and fractional shares. With so many choices available, it’s crucial for investors to select platforms that align with their individual financial goals and investing strategies — or strategically use multiple platforms to leverage each one’s strengths for their investment needs.
Below is an in-depth breakdown of several standout brokerages, highlighting their strengths and potential drawbacks.
★★★★☆
A well-rounded platform suitable for investors of all experience levels and account sizes, with no minimum requirement to open an account. Plus seamless integration with banking services—such as free ATM access.
The Good
- Commission free stock, option, and ETF trades
- thinkorswim trading platform
- Large selection of mutual funds
- Fractional shares
- Extensive research reports and tools
The Bad
- Low interest rate on uninvested cash
- No cryptocurrency access
★★★☆☆
Appeals to active traders and long term investors with robust trading platforms and access to a wide range of tradable securities including futures. No account minimum.
The Good
- Commission free stock and ETF trades
- User friendly web based platform
- Large selection of mutual funds
- Extensive research reports and tools
The Bad
- Low interest on uninvested cash
- No cryptocurrency access and limited fractional shares
- Website and platform can be difficult to navigate
★★★★★
A complete platform suitable for traders and investors of all experience levels with no account minimums and access to tradable securities including Forex.
The Good
- Commission free stock, option, and ETF trades
- Highly rate trading platforms (web, mobile, desktop)
- Large selection of mutual funds, expense ratio free index funds, CDs, and bonds
- Extensive research reports and tools
- High interest rate on uninvested cash
The Bad
- Option contract charges
- No futures and limited cryptocurrency access
★★★☆☆
Primarily for active and experienced traders with its advanced trading tools and extensive range of tradable securities, including global markets and futures.
The Good
- Commission free stock, option, and ETF trades
- Low margin rates
- Expansive tradable securities list
- Extensive research reports and tools
- High interest on uninvested cash
The Bad
- Platform can be difficult to navigate, making it easy to overlook its full range of features
- High minimums to earn better margin and interest rates
- Mobile and desktop versions are buggy
★★★☆☆
Offers a growing range of products and services while continuing to disrupt traditional brokerage models. No account minimum and often offers promotions.
The Good
- Commission free stock, option, cryptocurrency, and ETF trades
- Gold program that offers research, better rates, and other benefits for $5 a month
- Fractional shares
- High interest rate on uninvested cash
- 24/5 trading
The Bad
- No mutual fund or bond access
- Inconsistent and unreliable execution history
- Limited research tools
★★★☆☆
A continuously evolving platform designed with beginner investors in mind, offering a user-friendly experience through its mobile and web-based interfaces. No account minimum and often offers promotions.
The Good
- Commission free stock, option, and ETF trades
- Access to financial planners
- Fractional shares
- IPO, alternative investment, robo investing access
- Social investing
The Bad
- Low interest on uninvested cash
- Limited option strategies
- No cryptocurrency access
- Lack of research tools
★★★☆☆
Tech-savvy trading platform that appeals to active traders with its commission-free trading, advanced charting tools, and user-friendly mobile and desktop interfaces. No account minimum and often offers promotions.
The Good
- Commission free stock, option, and ETF trades
- Exceptional easy to use charting tools
- High interest rate on uninvested cash
- Improving research tools
- Access to foreign stocks (for a fee)
The Bad
- Difficult to navigate interface
- No mutual fund access
- Cryptocurrency requires Webull Pay
