Top 10 Online Trading Platforms You Should Try in 2024

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As investors become more experienced, many are shifting from traditional buy-and-hold investing to more active trading. It’s not for everyone, but with time and practice, you can get better at it. If you’re a trader, this list of the 10 best trading platforms for 2024 can help you find the right one.

Our picks for the best online trading platforms:

1. Schwab: Best Overall
2. Fidelity: Best Customer Service
3. Ally Invest: Best Comprehensive Financial Services
4. ZacksTrade: Best for Active Trading
5. Firstrade: Best for Options and Mutual Funds
6. TD Ameritrade: Best Trading Platform
7. E*TRADE: Best Bonuses
8. M1 Finance: Best for Managed Investments
9. Robinhood: Best for Crypto Trading
10. Acorns: Best for Beginners

Here are some summary reviews of each platform:

Schwab

• Minimum initial investment: $0
• Financial products: Stocks, bonds, ETFs, mutual funds, options, futures
• Fees: $0 on stocks, ETFs, and options (+ $0.65 per option contract); $6.95 for OTC stocks; $74.95 for mutual funds, but offers 4000+ no-transaction-fee funds
• Bonus: Up to $1,000 if referred by an existing Schwab client
• Schwab is the largest retail brokerage firm in the world, offering excellent resources for every type of investment, including active trading.

Fidelity

• Minimum initial investment: $0
• Financial products: Stocks, bonds, mutual funds, ETFs, options, futures
• Fees: $0 on stocks, ETFs, and options (+ $0.65 per option contract); 3000+ no-transaction-fee mutual funds
• Bonus: Up to $100 for new and existing clients
• Known for top-notch customer service available 24/7, including 140 local branches.

Ally Invest

• Minimum initial investment: $0
• Financial products: Stocks, bonds, ETFs, mutual funds, options, FOREX
• Fees: $0 for stocks, ETFs, and options (+ $0.50 per contract); $1 for bonds; $4.95 for mutual funds; $4.95 + $0.01 per share for stocks priced under $2
• Bonus: $100 to $3,000 for new accounts with deposits ranging from $10,000 to $2 million-plus
• Ally Invest stands out with comprehensive financial services, including banking and lending through Ally Bank, and a robo-advisor option.

ZacksTrade

• Minimum initial investment: $2,500
• Financial products: Stocks, ETFs, options, mutual funds, bonds, crypto
• Fees: $0.01 per share ($1 minimum per trade) for stocks and ETFs above $1 per share; otherwise, 1% of the trade’s value; $1 for the first option contract, then $0.75 per additional contract; $27.50 for mutual funds
• Bonus: None
• Designed for active traders, offering premium research through Zacks Investment Research.

Firstrade

• Minimum initial investment: $0
• Financial products: Stocks, bonds, options, ETF, mutual funds
• Fees: $0 on stocks, ETFs, mutual funds, and options
• Bonus: Two stocks worth up to $200 when you open and fund an account with at least $100
• Ideal for trading options and mutual funds without commission charges.

TD Ameritrade

• Minimum initial investment: $0
• Financial products: Stocks, bonds, ETFs, mutual funds, options, futures, FOREX
• Fees: $0 on stocks, ETFs, and options (+ $0.65 per option contract); $6.95 for OTC stocks; $49.99 per trade on no-load mutual funds
• Bonus: None
• Known for its Think or Swim trading platform with advanced features and 24/7 support.

E*TRADE

• Minimum initial investment: $0
• Financial products: Stocks, bonds, ETFs, mutual funds, currencies, options, futures
• Fees: $0 on stocks, ETFs, and options (+ $0.65 per option contract); $6.95 for OTC stocks; 4,000+ no-transaction-fee mutual funds, otherwise $19.99 per trade
• Bonus: $50 to $3,500 for deposits from $10,000 to $2 million-plus
• Offers bonuses and a variety of investment products with low fees.

M1 Finance

• Minimum initial investment: $0 to open, but $100 to begin investing
• Financial products: Individual stocks and ETFs
• Fees: No management or transaction fees
• Bonus: $30 to $500 when you open a new account and deposit between $1,000 and $50,000 or more
• M1 Finance is managed by a robo-advisor and allows for self-chosen investments.

Robinhood

• Minimum initial investment: $0
• Financial products: U.S. stocks, American depositary receipts (ADRs), options, cryptocurrencies
• Fees: $0 on U.S. stocks, options, ETFs, and cryptocurrencies
• Bonus: None
• Great for trading cryptocurrencies with a user-friendly mobile app.

Acorns

• Minimum initial investment: $5
• Financial products: Mix of ETFs in a portfolio
• Fees: $3/month for an individual plan; $5/month for a family plan
• Bonus: $10 after making your first investment of $5
• Ideal for beginners, investing your money and rounding up change from transactions into a diversified mix of ETFs.

Getting Started
Online trading platforms are easy to set up, usually taking just a few minutes online. Be sure to understand how each platform works and the resources available before making your first trade. Invest a small portion of your portfolio in active trading and keep the bulk in stable, long-term investments. Managed accounts like robo-advisors can be valuable, as can alternative investments like real estate or cryptocurrency.

Online Stock Brokers vs. Trading Platforms
Stockbrokers like Schwab and Fidelity are full-service, offering trading platforms and no commissions on many trades. Trading platforms are more focused on the trading dashboard and may offer fewer services. Robinhood is a notable example of a trading platform focused mainly on trading rather than full-service brokerage.

Starting with Minimal Funds
You don’t need a lot of money to start investing. Most platforms on our list require no minimum initial deposit. It’s crucial to start investing sooner rather than later to build up your investment. Beginners can start with basic online stock brokers and move to more suitable options as they gain experience.

Choosing the Best Platform
While Schwab and Fidelity are highly rated, the best choice depends on your needs. Review each platform’s features and decide based on your trading style and preferences. Our ranking criteria included minimum investment requirements, various financial products, fees, bonuses, and special features.

Here’s a recap of the 10 best trading platforms for 2024:

1. Schwab: Best Overall
2. Fidelity: Best Customer Service
3. Ally Invest: Best Comprehensive Financial Services
4. ZacksTrade: Best Active Trading
5. Firstrade: Best Options and Mutual Funds
6. TD Ameritrade: Best Trading Platform
7. E*TRADE: Best Bonuses
8. M1 Finance: Best Managed Investments
9. Robinhood: Best for Crypto Trading
10. Acorns: Best for Beginners

Choose the platform that best suits your needs and trading style.