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You can get data from individual analysts, as well as daily insights from the in-house counsel. But, once you get the hang of it, you can quickly access your chosen feature without too much hassle. Interactive Brokers primarily serves seasoned and institutional traders. That said, the brokerage firm is constantly evolving to accommodate the expectations of retail investors, too. The online broker offers accounts in two variations. Compared to other US online brokerage accounts, Interactive Brokers also has an unparalleled range of investment products.
Besides giving direct access to international exchanges, traders can also choose from a variety of fixed income products that include several European bonds. If you prefer a desktop application to trade, Trader Workstation comes with lots of flexibility. There is also a mobile app through which you can easily place trades and monitor your account. In its efforts to offer educational resources, IBKR has set up several features that can fully equip a trader in the ways of the market.
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You can essentially sign up as a student and gain real-life trading experiences through the labs and campus functionalities. Get Started with Interactive Brokers. Considered as a brokerage account, Merrill Edge combines the best of robust technology and tools for traders and investors. However, the platform truly shines when you take into account its integration with the Bank of America. Consequently, Merrill Edge is best suited for users of the aforementioned bank. You can sign in to both accounts with a single login, process transitions with ease, as well as monitor your trading funds effortlessly.
If you look past this advantage, Merrill Edge comes across as a decent and straightforward platform.
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The trading experience is smoothly designed and allows you to trade options and ETFs at no commission. There are no inactivity fees, or any account minimum requirements. You can make use of the two innovative research tools — the Dynamic Insights and Idea Builder, to find investment opportunities in the market and customize your brokerage account to your liking.
You can filter investment options through ideas, such as climate change, high yielding, and more. While the benefits are extensive, Merrill Edge trails behind significantly when it comes to investment products.
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If you are looking to trade, you will be limited to equities, options, ETFs, and bonds. You have no access to cryptocurrencies or futures. Get Started with Merrill Edge. If you are a technical trader, then TradeStation offers every switch and indicator you might need. The brokerage account takes pride in its array of technical analysis tools and charting applications that particularly appeal to seasoned traders.
TradeStation GO — the official trading platform of the brokerage account — facilitates zero commission trading of stocks, ETFs, futures, and options. Cryptocurrency trading is accessible through another platform called TradeStation Crypto. However, this platform does not feature the full functionalities of GO and charges you a commission fee that depends on your account balance. While the broker offers several innovative technical tools, you will also need a bit of coding knowledge to take full advantage of them. TradeStation has introduced an Easy Language — which is a crossover between HTML and SQL that you can use to modify technical indicators based on your strategies and apply them to charts.
Although learning materials are offered, the more extensive ones are available only at an extra cost, which is on the expensive side. In simple terms, while TradeStation is decent in most areas, it is a good fit for professional traders who are well-versed in the ways of technical analysis. Get Started with TradeStation.
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The first thing you will notice about Robinhood is how simple and efficient the user experience is. The platform is fairly easy to navigate — translating to the fact that it is one of most popular brokerage accounts for newbie traders. In its early days, Robinhood stood apart as one of the few brokers that offered commission-free trading on stocks, options, ETF, and cryptocurrency markets. It also has no minimum account requirements. However, Robinhood has failed to keep up with the features and technical resources offered on other online brokerage accounts. For instance, the platform does not offer mutual funds or bonds.
There are also very few learning resources available for traders, even at a beginner level. Moreover, there are absolutely no technical indicators, market analysis tools, or charts offered. In summary, if you are a beginner hoping to access the investment markets at a low cost, then Robinhood can meet your needs. But it is likely that you will soon outgrow its limited features. Get Started with Robinhood. While most online brokerage accounts now offer trades at zero commissions, ZacksTrade has not reigned in its trading fees. But do not let trading fees alone lead you into overlooking this brokerage platform.
ZacksTrade offers tons of features that can easily make up for these additional costs. Its platform is geared towards active traders and investors who prefer the assistance of a human online broker for their trades — at no extra cost. There are three incredibly sophisticated and in-depth trading platforms that are more appropriate for aggressive trading strategies.
This packs all of the robust tools and features you can dream of — including news, research from third-party integrations, technical and analysis tools. As evident, this platform is most appropriate for high volume traders. If you want the same expertise on cryptocurrencies, you will have to look elsewhere. Get Started with ZacksTrade. Ally Invest is best suited for clients of Ally Bank who want to get started with investing. The more incorporated you are with the banking facility, the more benefits you can gain from Ally Invest. For instance, you can seamlessly transfer funds from your bank, and the money will be reflected in your trading account within minutes.
Ally Invest offers commission-free trading on stocks, options, and ETFs. There is also forex trading available for over 50 currency pairs. The InvestLIVE trading platform allows you to customize the interface to your liking and trade from a set-up that is most comfortable to you.
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The Ally Invest mobile app also has similar functionalities and gives you access to real-time data. You can set your personal goals, timeframe, and risk tolerance while leaving Ally to automatically rebalance and reweight your portfolio. Get Started with Ally Invest.
Launched in , WeBull is a relatively new addition to the US brokerage account scene.
Its youth is reflected by its modern features that best appeal to retail clients who want a sleek trading experience across multiple devices. The mobile platform itself is as efficient as the web version — giving you access to full trading functionality on the go. Its array of assets range from stocks, ETFs, forex, cryptocurrencies, and options — all of which can be traded on a zero-commission basis and with no account minimums.
Further, there are also no contract fees charged for options. Apart from its smooth interface and low pricing structure, WeBull does not have anything unique to offer to the more seasoned trader.
What Type of Options Trader Are You?
Even with a focus on innovation, its educational content is underwhelming. There is no guidance for beginners or information on complex trading topics such as options and margin. If you already know how trading works and are looking for an uncluttered platform, then WeBull might fit your bill. However, if you are a beginner that needs more guidance, there are alternative brokerage platforms that can serve you better.
Get Started with WeBull. The brokerage account gives you access to over 4, assets.
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This includes conventional financial securities to derivative instruments. Moreover, you will be trading all these assets at zero-commission. In addition to being a low-fee broker, eToro is also known for its intuitive newbie-friendly platform. You can also benefit from passive trading through its automated features — such as CopyTrading and CopyPortfolios. This allows you to mirror the trading strategies of other experienced traders by investing in them.
The platform also has a plethora of learning materials to help new traders learn the ropes of the investment arena.
You can take your pick from webinars, guides, courses, or choose to start with a demo account with paper money before you trade the live markets. In comparison to the other US brokerage platforms, eToro also lags behind when it comes to technical analysis tools. Get Started with eToro. Looking for an international brokerage account? Learn more about the Firstrade international brokerage account.
This type of investing is best suited for retirement goals and is less risky compared to trading. Trading is riskier than investing is not suited for beginners. The two types of brokers are full-service and discount online brokers and they com with different service levels and pricing.