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Discount Brokerage Services: Quick List of the Best Online Brokerage Platforms and Their Perks

Investing has never been so easy, no matter what kinds of investments you are looking for or your level of knowledge and experience. Thanks to online discount brokerage services, you can make fractional purchases of any stock. Furthermore, you can put your money into ETFs, trade on the foreign markets, etc. All you need is to pick an excellent online trading service that offers a platform for buying/selling, educational tools, and a Robo-adviser.

You might not have to spend much money, either. At most, there might be a minimum deposit requirement to open up an account. A lot of online brokers charge very little – if anything at all – on trading fees. If you do have to pay any commission fee, it will likely be a minimal amount. There is no need for anyone interested in investing in hiring a full-time broker or advisor these days.

What is the best Robo-adviser? What kind of service is right for you? Here is a look at a few of the leading discount brokerage services online:

E*Trade

This platform comes with easy-to-use tools, good customer support, user-friendly and advanced mobile apps, commission-free options, stock, and ETF trades. There are over 4,400 mutual funds to choose from with no-transaction-fee. There is stuff ($0 commissions) that active traders will love and stuff (educational resources) that beginners will love. The only potential con is that its website isn’t the easiest to navigate.

Robinhood

This platform is one of the more popular discount brokerage services you’ve probably encountered. It provides free ETF, stocks, options, and even crypto-currency trades. It’s a good option for beginners who don’t have much money to start an account. There is a $0 required minimum for a regular account, and for a margin account, there is a $2,000 minimum. The downside is that bonds and mutual funds are not available.

SoFi Active Investing

Short for “Social Finance,” this US-based fintech start-up started as a student loan refinancing platform. Since it has evolved into a broker regulated by the SEC and FINRA, its services include active and automated investing offerings. You can use a Robo-advisory service if you want SoFi to manage your investments or opt for the self-directed account.

Zacks Trade

While not as widely known as the other discount brokerage services, Zacks Trade deserves to be on this list. Due to its free access to 20 free research magazines/newsletters and 80 premium trials on other excellent publications, should you need additional educational materials. There are no maintenance or inactivity fees to worry you. Users can trade on 90+ exchanges in 19 countries and keep up with the global markets 24/7.

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