Investing through an online broker is a rewarding, especially if you have sufficient information about online brokers in the market. It is simple and requires reasonable fees. However, the most challenging task is to find the right broker to work with.
Here is a review of the top online brokers in the market.
TD Ameritrade is an online broker that charges more than its competitors, but has an excellent mobile platform and strong customer support. These attributes make TD Ameritrade earns its position as the best online broker in the industry.
TD Ameritrade charges $9.99 for each trade, which is twice the charge of cheaper brokers in the market. However, the quality delivered is more superior that it justifies their high price tag. In addition, TD Ameritrade has excellent trade platforms, real-time streaming quotes, and 24/7 customer support.
Fidelity provides their clients with everything that is required for successful investment. Although there are steep requirements for accessing Fidelity premier platforms, Fidelity is still one of the best online brokers in the market.
Fidelity has over 15 million brokerage accounts with over $1.5 trillion in customer’s assets. It has outstanding services that provides clients with amazing client-experience. Fidelity charges $7.95 plus $9.95 per contract. The most notable feature is that it has lowest margin-about 3.75%, for assets ranging between $5000, 000 and $999, 999.
Although, ETRADE rates may not be the cheapest, it has easy-to-use website. This high quality mobile experience will satisfy active and casual investors. ETRADE has been working hard to remain competitive in order to reach more potential customers. With the customer satisfaction in mind, ETRADE is doing well in the online brokerage industry.
While being competitive with other brokers, ETRADE is not the suitable choice for individuals seeking for discounted commissions. Regular stock trades cost $9.99 plus $0.75 per contract. ETRADE offer flat-rate commission for all trades, meaning that active traders can get rates as low as $6.99 if they trade over $1500.
The customer service of ETRADE is above par but not award-winning. The options available in their customer service are live chat and phone support.
Acquired by the Bank of America, Merrill Edge provides brokerage services to investors from all backgrounds. The clients of Bank of America have privileges which include managing the accounts, updating contact information, transferring funds, universal logins, and getting free month trades.
Merrill Edge charges $6.95 per trade with no extra fee for stocks under $1. However, option trades charge $6.95 plus $. 75 per contract. When compared with other competitors, Merrill Edge has the lowest rates. Moreover, the free trades make Merrill Edge stand out from its competitors. The investors who qualify for free trade are selected through Awards Program. The customers can receive at most 30 free equity trades each month if they have an average balance of $50,000 in three months or up to 100 free trades for balance over $100,000 for the same period of three months.
Merrill Edge has excellent customer support which features email, live chat, and phone support. Their customer representatives are knowledgeable, friendly, and professional. On the other hand, the email and live chat support is commendable.
The union of OptionsHouse and TradeMonster on May 2014, made a perfect marriage for existing and new clients. OptionsHouse was popular for its competitive rates, while TradeMonster offered excellent web-based trading platform. The combined strengths of the companies provide an amazing experience to the clients.
The stock trades are flat rate 0f $4.95 per trade, with options trades charging $4.95 plus $. 50 per contract. The flat rate structure is less expensive when compared to other brokers. OptionsHouse structure is transparent with no gimmicks that can increase the costs without the knowledge of the customer.
Charles Schwab, founded in 1973, is excellent for investors seeking for superior customer experience. It has $2.46 trillion in client assets. Charles Schwab has rolled out trade source, a new client dashboard that enables clients to view their portfolios. Charles Schwab is in line with competitors when it comes to trading or options. It has a flat rate of $8.95 for stock trades and $8.95 plus $0.75 per contract for option trades.
Charles Schwab offers a consistent and reliable customer support to its clients. It has knowledgeable and courteous representatives who are available 24/7. However, their email support is extremely poor and inconsistent. They take long times before replying the emails.