5 Discount Brokers to Help You Start Your Online Trading Career

One of the many aspects traders have to consider is the amount their brokerage charges per trade. These trading costs are typically less than $10 per trade, but when you made hundreds of trades a week, those fees can pile up rather quickly and really put a dent into your monthly budget. Here’s a quick look at of some of the best online trading platforms you’ll find available to help guide you through trying your hand at investing.

Fidelity – 300 Commission-Free Trades

For traders looking to start, Fidelity is one of the best platforms thanks to their 300 commission-free trades offer. You get 2 years to use up all those trades, so moderate traders only investing a few times a month will have plenty of fee-free trades ahead of them. Once you blow through those free trades, you’ll only pay $4.95 per trade. Fidelity has won numerous awards for their software and platform performance, making them the best option for anyone who needs a discount broker for online trading.

Robinhood – Truly Free Trading

Robinhood offers completely free trading in the palm of your hand on both iOS and Android. It doesn’t have the detailed candlestick charts you’ll find available on other brokerages, but it does have a web interface after being mobile-only for several years. The brokerage is also dipping their toes into cryptocurrency trading in some states, so if you’re keen to learn about trading digital assets alongside conventional ones, then Robinhood is your best bet.

Charles Schwab – Commission-free Trading

For traders who prefer to invest in mutual funds and ETFs, then Charles Schwab is currently the best option on the market. It’s the second-largest brokerage that offers a large selection of commission-free funds to trade. Because of its position as the market leader on ETFs and mutual funds it is highly recommended among the retiree community. The brokerage features market reports, research tools, and commentary provided by the company to help you make the best investment decision possible.

E*TRADE – Best Platform for Options

Options traders looking for a good platform should look no further than E*TRADE. They only charge $4.95 + $.50 per trade when you complete at least 30 trades in a quarter. If that’s too rich for your blood, you’ll pay a slightly higher fee, but E*TRADE remains competitive as the best web-based platform for all your options trading needs.

TD Ameritrade – Good Overall Option for Novices & Experts

TD Ameritrade has a few great platforms for beginning investors to learn how to trade using live stock market data. It’s not the most competitive regarding fees, but their beginner product thinkorswim lets you play with fake currency tuned to real market data while you get your trading legs. Fees are around $6.95 + $.75 for stock and options trading, while mutual funds trades will cost $49.99 to set up. TD Ameritrade’s acquisition of Scottrade also gives it the largest pool of commission-free ETF trading, so it’s worth looking into if you were considering Charles Schwab before.

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