Although high transaction fees and investment minimums had been once the most significant obstacles for new investors, investing has become more accessible thanks to the introduction of online trading platforms like the popular multi-asset platform MetaTrader. Below, we will mention the top 5 stock trading platforms alternatives which investors should consider this year.
1. M1 FINANCE
This is amongst the most well-known online trading platforms and there are various reasons for that. Apart from robust free investment tools, M1 Finance likewise comes with debit cards, checking accounts, loans, plus other financial services. This platform can be accessed via the mobile app or the web client available for Android as well as iOS devices. Irrespective of the device used by you, this platform features a clear and simple design which will make it easy to locate what you are searching for. Moreover, most of its features can be accessed for free.
2. FIDELITY
This particular trading platform is a brokerage firm having in excess of 100 locations in the US. It provides extremely competitive investing features and is an excellent option for investors. It comes with an affordable fee schedule without any minimum investment for lots of account types which includes brokerage accounts and IRAs. Fidelity also provides support for an extensive range of assets including mutual funds, stocks plus bonds, ETFs, Forex, and CDs. However, it is not possible for traders to make investments in cryptocurrencies with Fidelity.
3. ROBINHOOD
This is an extremely well-known investing app, and one can download it easily via Google Play. Being a functional platform intended for investors who are experienced, the features offered by this platform are usually designed for individuals that are comparatively new to investing. Robinhood has introduced the capability of investing in fractional shares and this can prove to be convenient for stocks which are more expensive. At present, this trading platform is in early access and it should get a full rollout shortly.
4. E*TRADE
This trading platform is an established one which is intended for the new investors out there. One need not pay any fees for purchasing or selling stocks, and it will be possible to begin investing sans any account minimums. Although forex or crypto trading is not supported by E*Trade at present, it nevertheless comes with a generous selection of assets which include stocks, options, futures, as well as ETFs. This platform also provides remarkable resources for beginner investors which include a profound Knowledge section covering all essential things like trading fundamentals and planning for taxes.
5. ALLY INVEST
This is an online bank featuring lots of financial services such as savings accounts, checking accounts, as well as loans. Ally provides accessible tools for investment along with self-directed as well as managed accounts intended for both experienced and novice traders. The investment platform of the bank is known to support lots of common asset types such as ETFs, commission-free stocks, options, along with mutual funds and bonds. It also works with a number of retirement accounts like Roth, Traditional, plus SEP IRAs.
CONCLUSION
Apart from these 5 trading platforms, there are also others which we have not mentioned in this post. Go through the online reviews of these platforms before choosing one for you. As previously mentioned, MetaTrader is very popular for retail forex trading. Check out RoboMarkets to get the latest MetaTrader 5 download version that’s enhanced for multi-asset trading.