Whether you’re a new investor or an experienced one who wants to find a better broker, there are always online brokerage services that offer affordable options and a decent amount of learning tools, charts, reports, etc. to help you make informed decisions. Commissions, customer service, trading tools, and investment options are among the most important things to look for in the best discount broker.
How much should it cost to buy a share of stock or make any kind of trade? Traditional stock brokers tend to charge commissions, but that isn’t necessarily the case anymore. The age of the internet has made it possible to make trades for as little as a penny each or 1% of the trade value per stock or EFT. Also, you should never pay for inactivity. No real, legitimate modern broker will charge you any fee for NOT making trades.
As for customer service, it’s always a good thing to have a trained customer service representative available to answer any of your questions or assist you with any task when you need help. Even if you’re a knowledgeable trader, you still might need some help with the cyber tools or app. While the best discount broker likely won’t offer full-service assistance 24/7, there should still be adequate support via chat and email, as well as extensive how-to tutorials.
Best Discount Broker With Quality Trading Tools
It’s always a good idea to choose a discount broker that offers trading tools like quality scanners, last sale tickers, mobile apps, charts, and other tools for active investors. Make sure any app you want to use is compatible with your device and platform. Market research assistance is essential as well. A good online broker firm should have a variety of technical and fundamental market research for you to look into.
What about account minimums? How much money will you be required to put into an account, and keep in it? Some brokers might even require you to put in higher minimums in order to gain access to premium platforms, personalized support, and functionality. For the average trader, $2,500 is usually a good starting point.
You might want some variety with you trades as well – not just stocks. There are EFTs, Bonds, Mutual Funds, Options, etc… to consider. The ideal brokerage service will offer a versatile platform with very low fees. There especially better not be any inactivity fee or annual fee.
One of the best discount broker firms to consider is Zacks Trade. There is a solid client portal, no inactivity fees to worry about, intuitive phone apps, helpful tutorials, and a lot more.