Best Online Stock Broker For Beginners so about a year ago I made a stockbroker tier list where i ranked the best stock brokerages in my opinion for investing.
The first one on the list is going to be ally invest and ally is basically a company that is trying to be a full-service solution they’ve got an online bank account but they’re also breaking into the investment world as well now they’ve got really good savings account along with their checking account they also have a very large atm network,
And i have to say their investment app is very easy to use and user-friendly overall ally is really good i think they’re one of the companies that’s pretty close to kind of bringing it all together in the full picture they’re still relatively new so i’m going to go ahead and give them pretty high marks here i’m going to put them into a tier a for almost s tier.
Next on the list we’re going to be talking about charles schwab and this is one of the biggest brokerages in the entire world on top of that they’ve got brokerage accounts checking accounts credit cards like pretty much anything you can ask for again they’re trying to be that all-in-one solution now one thing they did is they started charging zero dollar commissions and they probably ended up losing money here,
But it was kind of a long-term strategic play because what ended up happening is other companies stocks dropped other companies tried to copy them and of course their stock price went down one example of this would be td ameritrade which they just bought now on top of this charles schwab is well known especially if you’re an international traveler having one of the best bank accounts and the reason for this is because they will cover all of your atm charges pretty much no questions asked,
So if you’re somebody who travels international all the time charles schwab has probably the best bank account you can get i’m kind of trying to stick with just brokerages here but you do have to keep the whole picture in mind as well overall without a doubt charles schwab is estier s for steps ahead of the competition.
Next on the list is going to be chase sapphire banking and this is a really great service but at least last time i checked it’s only available for people who have a significant amount of money in chase’s bank account so you have to have hundreds of thousands of dollars in the bank account,
And if you have that they will give you access to chase sapphire banking but specifically chase sapphire banking the investment services okay so this is only for like your super boujee clients right rich people basically or very close to being rich so i’ve heard really good things about it obviously i’ve never used it myself but this one is going to go into b-tier b for boogie.
e-trade is next on the list and this is another company that is going to offer not just the brokerage account but you’ve got a checking account a savings account that has really good rates unlimited free atm usage pretty good overall just not as good as some of the other ones on the list i’m going to go ahead and put e-trade into b-tier b for better luck next time.
next we’re going to be talking about fidelity and this might be maybe really depends on your opinion overall the best one on the entire list so you know i’ve done these posts on you know the best credit cards the the best bank accounts the best brokerage accounts the best investing apps like i’ve done all these posts and fidelity is just constantly all the time they’re on the
top they just offer really good services i think they’re the closest to combining all of the different services together to just have a one-stop shop solution for all of your financial needs and so for that reason fidelity is definitely going to go into s tier s for superior.
next on the list we’re going to be talking about interactive brokers now generally speaking people who use this platform are using it for like day trading or swing trading i’m not personally a big fan of day trading however i did do a challenge that i posted on the website where i tried day trading for a week and things turned out really well i think i just got lucky it was kind of just like a roll the dice sort of thing but i checked out interactive brokers,
and they are excellent for day trading i got to give them props there so if you are into day trading swing trading that sort of thing interactive brokers is probably the best platform for you to use in my opinion at least from the research that i’ve done so for that reason i’m going to go ahead and put them into b tier b for but only around three percent of day traders make money and less than one percent of them make more than minim wage yikes all right .
next on the list is going to be lightspeed another platform that’s generally used for day trading again not a big fan this is one of your better options i guess for day trading but you know i’m just not a big fan of it so this is going to go into d tier d for debatable whether you’re investing or gambling.
next one on the list is going to be Merrell edge and this is a company that has been doing really good lately they’re kind of in the same boat as fidelity charles schwab where they’re trying to kind of combine everything together in my opinion they’re just not quite as good as these other ones so for that reason i’m gonna go ahead and put them into a tier but they’re kind of on the precipice of being an s tier a for almost as good as the best ones.
next on the list is going to be option express and this one is specifically used for penny stock day trading which is basically like the most risky version of day trading so i’m not a big fan of day trading and i’m even less of a fan of penny stocks okay so this one is going to go straight into f tier f for functionality.
next on the list we’re going to be talking about robin hood now this was the huge controversy of early 2021 where robin hood decided to stop people from being able to buy gamestop stock which was a decision that ended up hurting normal investors,
and helping out hedge fund managers so people were very very angry about that now the truth is when you really look at the details it wasn’t just robin hood they took the brunt of the blame but there was a bunch of different companies that did this and second there they did have some legitimate reasons for doing this okay but despite that fact people are still really mad at them,
and i haven’t been super happy with some of the moves they’ve been making in general you know and from what i’ve seen unless you know an update happens and you know that i didn’t see they don’t offer retirement accounts they don’t offer mutual funds or bonds anything like that and that’s just kind of unfortunate i think they should offer some of these long-term investing strategies because that is it’s been shown time,
and time again that people are going to get better returns if they invest long term but you got to give it to robin hood they were kind of the ogs they started the zero fee or very close to zero fee trading that made it possible for average everyday investors to get started investing at a much younger age,
and so overall i think robinhood is a net positive there is some negatives there like the way that they make money is a little bit sketchy if you look into it but overall it is a net positive i’m gonna go ahead and put robin hood into b-tier b for used to be best friends with robin hood but now my best friend is weeble.
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next on the list is going to be sofi and they are a company that is known for dealing with loans so they will help you to consolidate and refinance your loans specifically student loans and that’s what they’re most known for but they are trying to break into other parts of the finance world they are somewhat limited at this point in what they offer,
but it’s pretty much like zero dollar fees the commissions are low i think they’re doing a great job trying to break into finance it’s just that they haven’t been around for long enough for me to give them such a good score so overall i’m gonna go ahead and put sofi into a tier a for a challenger for s tier if they continue improving their product all right.
next on the list is going to be TD Ameritrade and they were just acquired by charles schwab and so it’s really not even worth talking about them they were really good for a long time one thing that they had going for them is they had a lot of physical locations where you can go in and actually talk to a live person which some of these investing apps don’t really offer so i’m going to go ahead and put this one into a tier which a stands for all-around good while they lasted.
next on the list is going to be TradeStation and this is another one that is all about day trading so we’re talking about active trading however in my opinion it is one of the best if you are going to day trade not quite as good as interactive brokers in my opinion but it is one of the best
ones if you don’t like interactive brokers this is probably the one that you want to use so i’m going to go ahead and put it into c tier c for confused about what they’re doing because they offer so many different services and it doesn’t really make sense all right so.
next on the list is going to be vanguard and vanguard is probably the most trusted company on this entire list if you ask me and the reason for that is because they are basically the ogs of the index fund and in my opinion index fund investing is probably the best type of investing that you can do at least if you’re somebody who has like a like a medi level risk tolerance so when it comes to fidelity Charles Schwab,
and vanguard it really just comes down to your own preference but if what you care about the most is kind of reputation and trust i would say that you should probably go with vanguard so it’s not quite as good when it comes to technology and you know the app interface and the online interface it’s just not as good but overall when it comes to trust they are nber one so that’s why they’re going to go into s tier s4 straight up the most trusted brokerage all right so.
next on the list is weeble and the reason that weeble was able to burst onto the scene in the last few years is because they basically saw all of the weaknesses of robin hood that robin hood wasn’t fixing and they basically filled in all of those gaps so in my opinion weeble is just a slightly better version of robin hood so in my opinion weeble is more for beginners just like robin hood it’s slightly more difficult to use than robin hood just,
like i don’t know five percent more difficult to use however it has a lot more functionality there’s just so much more that you can do with it it has a super nice interface it’s just very ergonomic easy to go around i i love using weeble anytime that i do some kind of challenge like when i did my day trading challenge for instance i used weeble for it and that’s like four free stocks you could end up getting up to eighteen hundred dollars just for signing up this one is going to go into s tier s4 especially good for beginners.
next on the list is going to be your investment by jp morgan this is one that didn’t make it onto last year’s list people commented about it and so i looked into it now this one is relatively new it’s not really fully fleshed out or anything like that they don’t offer all the functionality that some of the other brokerages do.
now this can be a good or a bad thing depending on what you’re looking for so if you’re looking for something that’s just super basic and super simple kind of like for a beginner this could be a good one for you so overall this is one to keep your eye on i’m gonna be keeping my eye on it but i’m gonna go ahead and put this one into b tier b for baby brokerage that could be really good in the future all right so.
next on the list is going to be Zach’s trade and this is one that again kind of caters towards day trading and like penny stock trading that sort of thing some argue that this is actually the best day trading platform they swear by it the commissions are going to be a little bit higher than some of the other platforms you also i think you have to have at least twenty-five hundred dollars to start trading on here which is again a little bit higher than some of the other platforms.
so if you’re into day trading and you know the other two that i mentioned interactive brokers and TradeStation you’re not into them you should definitely give Zach’s trade a look I’m gonna go ahead and put this one into c tier,
c for commissions are too damn high another comment that i was getting on my post that I did last year was i didn’t offer an option for some of my viewers who are from Canada Australia Great Britain etc so I did some research on these obviously I haven’t used these but some of my friends that i know online have used them,
and I did quite a bit of research and i i you know i haven’t used them so i don’t really want to recommend them but i just want to mention a few that you can look into yourself and so some of these would be Europe etoro de gero revolut Canada quest trade wealth simple trade united kingdom trading 212 heard great things about that one free trade great name Australia stake,