If you want to invest in stocks and you are a newcomer in the world of trades and investments, the first thing you need to do is find a safe and practical way to invest. Investing through brokers is a good idea as they can help you learn about investing and you can use the unique features of the brokers at your convenience. However, you need to find the best stock brokers that are genuine, efficient, and reliable if you do not want to lose your hard-earned money.
If you are looking for the best broker for you, it is important to check if the broker fulfills your specific needs as an investor. You need to consider twelve key factors to compare the stock brokers before you can choose the most suitable one. The factors are:
- Trade commissions
- Customer service
- Trading tools
- Account minimums
- Market research
- Investment options
- Other fees
- Retirement accounts
- Account security
- Speed and order execution
- International trading
Taking these key points into account, the top 5 stock brokers you can go for in 2020 are…
1. TD Ameritrade
TD Ameritrade is one of the largest online brokers in the world. It prioritizes finding new investors and makes it easy for them to get started in investments. The stock broker maintains an active social media presence so the younger audience can be familiar with the company, as well as the concept of investing. If you are a new user and you want to invest in stocks through TD Ameritrade, you need to know that financial education is the key component of the broker’s offering. The online resources of the broker feature wide learning pathways for both beginners and advanced investors.
This broker offers three computer-based platforms with two mobile platforms for investors. Each platform provides an array of investing styles and interests. If you are just getting started in investing, the standard E*TRADE website and app are designed for you. Both the app and the website have two-level menus. From there, you can access numerous screening tools, education offerings, and portfolio analysis easily. The broker also offers a demo account in the form of a paper trading platform that is modeled after the Power E*TRADE platform that traders use to practice on. The more advanced the platforms are, the more elegantly they are designed. These advanced E*TRADE platforms can guide investors as they graduate to more complex asset classes.
3. Merrill Edge
When it comes to customer service, no broker can beat Merrill Edge. Not only it has great resources built into its technology for newcomers in investing and investors exploring different life stages, but users can also sit down with an advisor face-to-face in almost all branches of Bank of America nationwide. Besides, the consultants are focused on life stage planning primarily than trading advice. Apart from its extensive advisor network, Merrill Edge offers two computer-based trading platforms. The native mobile apps are well-designed and have plenty of built-in context-sensitive help. By using the story features, you can understand what is going on in your portfolio well and you can also check what affects the performance of stocks or funds.
This broker concentrates on its customer experience on value. Fidelity finishes rank 1 for research tools and it offers a website that is easy to use. Users can screen for trade ideas, research on stocks and are provided with market commentary. The website offers everything that everyday investors require to manage their portfolios. Active Trader Pro is the flagship desktop platform of Fidelity and it is loaded with trading tools like real-time analysis, and real-time position trading. Other tools include website watch lists and charting.
TradeStation provides the most advanced desktop trading platform within the industry. Apart from stocks, the platform is brilliant for options, ETFs, and futures trading. The best part of the broker is that it truly focuses on traders – whether it is new traders just learning, a casual trader, or an active trader in day trading or swing trading. TradeStation desktop tools include real-time streaming, custom screening, ladder trading, and advanced strategy testing. Apart from desktop trading, users can invest through this broker on the web, and also mobile.
You can know more about these brokers online.