The internet has paved way for investors to go through an online broker or firm instead of working with one in person or over the phone. There are so many options available online, including discount brokers that will charge a fee of just a few cents per share, depending on what kind of stock, EFT, or options you buy. The best online discount brokers stand high above the rest due to factors like good educational resources, guaranteed account protection, and no inactivity or maintenance fees to worry about.
However, you don’t want to shop by price alone. You might give up some very useful features and assistance if you just opt for the lowest-priced brokers. For instance, some offer completely free trades, but don’t expect things like extensive research, one-on-one assistance, or high-end tools. You might not even get any help at all.
This might not be a big deal to you if you already consider yourself to be an experienced, competent and knowledgeable trader. But you’ll still need to have market data research and charts to look at to help you with the decision making process as well as the option to trade in many exchanges in multiple countries 24/7. Also, the interface of the trading platform might not be very well-designed. These “free” brokerage firms have to be getting their money somehow. You’ll probably just end up having to pay extra money in the long run for one reason or another, so always be wary of any online company that promises a “free trading platform”.
Customer Support of the Best Online Discount Brokers
How is client support with a particular online broker? Even if it’s a discount brokerage firm that doesn’t charge much money, it should still provide support via live chat or telephone during exchange hours. Is there a free tutorial on how to use the trading platform(s)?
Also, whether you want to make your trades via the website or a mobile app, it should be designed for smooth performance and fast load times. You don’t want to wait around for the software to load when you are keeping an eye on a stock. What kinds of details are posted on the app table when you are reviewing stocks, bonds, EFTs, etc.? The more choice of platforms, the better. You can select the one based on your own personal preferences, and combined with free broker-assisted trades, it will be a lot easier to make informed decisions.
Which firm stands out among the best online discount brokers? Zacks Trade is a good organization to look into, as it offers all of the benefits and services mentioned above. There are positive Zacks Trade reviews from many users as well as leading websites such as Consumers Advocate and Brokerage-Review.