Best Trading Platforms and Brokers Online

Choosing the right trading platform is critical for anyone looking to buy and sell stocks, bonds, ETFs and other investments. With so many options, it can be challenging to identify the best online brokers that offer a winning combination of low fees, tools, and customer service. Investopedia conducted extensive research to rank the top trading platforms in 2023. Their analysis weighed factors like trading costs, investment selection, research capabilities, ease of use and mobile experience to see which brokers came out on top.

According to Investopedia, the best overall broker is Fidelity, thanks to its $0 commissions, vast research resources, easy-to-use website and trading apps. Other top picks include TD Ameritrade for beginners and Robinhood for mobile experience. This overview covers the key strengths of the leading trading platforms to consider as you manage your portfolio.

Fidelity is one of the largest and most well-established brokerages, offering a full suite of investment products including stocks, ETFs, options and mutual funds. A standout is Fidelity's range of over 3,000 commission-free mutual funds. Fidelity also provides high-quality research, education, and tools for fundamental and technical analysis. The easy-to-use website and mobile apps make Fidelity a great choice for both new and experienced investors.

Pros: Low fees, fractional share trading, extensive research and tools

Cons: Higher fees for broker assisted trades

Robinhood pioneered free stock trades and remains a top choice for cost-conscious investors. The mobile app provides an intuitive experience tailored to individual stock and ETF trading. Users also have access to margin trading and options, as well as crypto trading through Robinhood Crypto. The lack of mutual funds and research is a drawback.

Pros: $0 commissions, easy to use mobile app, fractional shares

Cons: No mutual funds, limited research and education

Pros: $0 commissions on U.S. stocks and ETFs, mobile and desktop apps, free level 2 data

Cons: No funds, bonds or cryptocurrencies

SoFi Invest offers an affordable way to invest in stocks, ETFs and crypto. Unique benefits include automated advice, financial planning services and the ability to borrow against your portfolio. SoFi also brings together investing, banking, lending and budgeting into a seamless all-in-one experience. However, the platform does not support options, mutual funds or advanced trading.

Pros: No commissions, financial planning, investing and banking in one place

Cons: No options, mutual funds or advanced trading

A long-time leader, Charles Schwab provides investors with a full range of accounts, zero commission trading, banking, extensive research and worldwide access. Schwab is particularly well-suited for ETF and mutual fund investors with over 3,500 no-transaction fee funds. Downsides are the availability of only Bitcoin futures, no individual cryptocurrencies.

Pros: $0 commissions, worldwide market access, excellent fund selection

Cons: Limited crypto trading, higher margin rates

Webull focuses on intuitive and affordable trading via desktop and mobile. No commissions and no per contract options fees make Webull a cost-effective choice alongside the user-friendly apps. However, Webull does not offer mutual funds, bonds or other long-term investment products. Also, it has a shorter track record than more established brokers.

Pros: $0 stock and ETF commissions, easy-to-use mobile trading

Cons: No mutual funds, relatively new company

While all these brokers offer $0 stock and ETF trades, their strengths differ based on account types, tools, research, fees and investment selection. Consider which features are most important for your investing approach. For long term investors, look to brokers like Fidelity and Charles Schwab. Frequent traders may prefer Interactive Brokers or Webull. Beginners are best served by an intuitive platform like Robinhood or SoFi. Finding the right match means you can confidently handle your investments through inevitable ups and downs.