15 Best Online Stock Trading Platforms in 2023 • Benzinga

Trading stocks means you can end up with a mixed bag of emotions. You might be excited at the prospect of watching your money grow, overwhelmed at the number of stock options available to you or even frustrated if you’re having trouble making your 1st buy. The best online stock trading platforms can help.

You don’t want to pile on the feeling of being overcharged by your brokerage account. Commissions, account maintenance charges and other hidden fees can quickly add up and eat into your profits. As a new trader, you may already feel especially hesitant to start investing. You might not be sure which broker to trust and which is worth the price. 

Luckily, most brokerages have recognized this fear and created free options to help new traders save more money when getting started. Take a look at our top picks to compare services and find your match today.

We’ve compiled a list of the best online trading platforms to get started trading stocks for free.

TradeStation is for advanced traders who need a comprehensive platform. The brokerage offers an impressive range of investable assets. Frequent and professional traders appreciate its wide range of analysis tools. TradeStation’s app is also equally effective, offering full platform capabilities.

TradeStation offers 2 distinct account types: its basic TS GO account for new traders and the more in-depth TS Select for advanced traders who need comprehensive tools and research options.

There’s no minimum account balance required to open a TS GO account. TS Select accounts require a $2,000 minimum deposit.

If you’re new to trading, you’ll love TradeStation’s Simulated Trading tool. It allows you to practice entering buy and sell orders using TradeStation’s suite of charting and analysis tools and using your trading strategy without risking any of your own money.  

Webull is a mobile app-based brokerage that features commission-free stock and exchange-traded fund (ETF) trading. It’s regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Webull offers economic calendars, ratings from research agencies, margin trading and short-selling. Its intuitive trading platform is complete with technical and fundamental analysis tools. Its a solid option for active intermediate and advanced traders.

You’ll enjoy commission-free trading for more than 5,000 different stocks and ETFs. There are no maintenance or software platform fees, and no charge to open or maintain an account.

IQcent is an all-in-one trading platform with the capacity to help you trade crypto, other digital assets, indices, stocks, etc. This platform serves as a powerful took for international traders who want to diversify their portfolios and make it easier to gain access to a range of financial markets.

With IQcent, you also get:

• A massive array of tradable assets
• High leverage options
• Small minimum order sizes
• Multiple (and instant) funding options

IQcent offers a proprietary trading platform that’s compatible with a range of devices, and there’s no software or an app to download. Straightforward and easy to navigate, experienced or novice traders can jump into IQcent and get started today.

Magnifi is a marketplace that allows you, as the investor, to use common brokerage tools and AI to make the best decisions for your portfolio. Because you can pull up all the information you need on a given asset, you can easily invest in the assets that will give you the results you deserve and better match your strategy.

Search for the investment options that meet your needs, invest in specific categories or scan for assets in a price range that’s affordable for you.

Best for long-term investors and those who require a bit of client support, you can also learn more about investing from this platform, utilize the AI-powered investing assistant, enjoy commission-free investing, try the mobile app and take advantage of over 15,000 possible investment options. This makes Magnifi a good place to trade for both seasoned and novice traders.

eToro is already popular among crypto investors, and it brings more diversity to your portfolio by allowing you to invest in stocks and ETFs. With stock trading, you can add your stocks to an existing crypto portfolio, bringing more variety to your investments and allowing you to see all your holdings in one place.

Stock trading at eToro also includes:

• Investing in full stocks or fractional shares for as little as $10
• Engaging with real, experienced investors on strategy options
• Reviewing detailed charts and technical analysis
• Zero commissions

RoboForex is a global multi-asset trading platform that runs on MT4 and MT5. It operates in various countries and claims more than 10,000 users. Traders can trade forex and contracts for difference (CFDs) — and do so in multiple languages. The platform was started in 2009 and is located in Belize.

Mondeum Capital is a broker-dealer that helps day traders to compete in the marketplace. Mondeum provides modern technology that is paired with:

• Competitive pricing
• Quality customer care
• Functionality built specifically for self-directed active traders
• Next gen trading solutions
• Simple account onboarding
• Easy funds transfers and withdrawals

If you’re an experienced trader, you can easily open a brokerage account with Mondeum and implement your trading strategies. While Mondeum’s offering is currently limited to U.S. stocks and ETFs, it’s a great place to build a strong portfolio that’s designed for high-volume asset management. Plus, Mondeum plans to expand its offerings in the future.

SoFi Active Investing is aimed at young investors. It offers free trades of stocks and exchange-traded funds, the ability to buy and sell cryptocurrencies like Bitcoin and Ethereum, and fractional shares of companies such as Amazon and Netflix.

Young investors can also gain from its member benefits, including free educational seminars and meetings with financial advisors. SoFi has no account minimum, so it’s easy to get started today.

Moomoo is a stock trading app with in-depth, customizable tools and a powerful platform. It’s a No. 1 contender for fastest trades. Moomoo’s trading channels and order processing capabilities fit all investor levels with its intuitive and powerful investing platform.

You get free access to Level 2 market data which displays real-time bids and asks. You can determine entry or exit points that assure the liquidity needed to complete your trades. (Don’t forget Moomoo’s customized stock screener so you can get what you need — instantly, the way you want it!) 

Moomoo charges no commission for U.S stocks, ADRs, ETF trades and options. Learn more.

Public.com is the only brokerage platform that lets you buy, sell, and hold stocks and ETFs alongside crypto and alternative assets—like art and collectibles. There are no account minimums, and all accounts are cash accounts—no IRA or 401(k)s at this time—which makes for simpler investing and easier decision-making. 

For every stock or ETF you want to buy, you can see all the information for that asset, a chart that tracks its trajectory, and historical data that allows you to learn and understand trends. This can also include access to advanced data, custom company metrics, and expert analyst insights through their Public Premium membership. It’s all about helping you be a better investor. Public.com even has a social feed to help you exchange ideas and opportunities with their active community of over one million investors.

If you’re a new investor, you can choose to build your portfolio around different themes—from Green Power to Meatless Revolution, Reduce and Reuse, Water Works, Cannabiz, and Self-driving cars. They also have a ton of educational resources if you’d like to understand more about the markets and what makes them move. Just remember to only spend money you’re comfortable losing if some of those investments don’t work out.

TD Ameritrade is 1 of the largest discount brokers. It’s a 1-stop-shop for traders and investors with varied trading experience. It offers a range of tradable securities, advanced and user-friendly platforms, as well as tools made available to users.

Opening an account is fairly easy and you can pay for it electronically and start trading the very same day. The Web Platform’s My Dock feature adds up to four columns of streaming data, while it also has predefined and custom screeners to filter thousands of investment opportunities.

Additionally, the Snap Ticket trading features to ensure a secure connection and make the trade even while you are doing any other task.

Given the plethora of research reports and the advanced trading tools TD Ameritrade boasts of, it is quite apparent that it fits into the scheme of advanced traders nicely.

Created for experienced, professional day traders, Interactive Brokers offers users 4,156 no transaction fee funds.

However, Interactive Brokers has earned a special place on our list for its incredibly low-cost stock trading and investing. And Interactive Brokers got rid of account minimums for individual investors. 

Though not free, users pay just $1 maximum per stock trade and $0.70 per options contract. These commissions are an average of about $4 lower than most competitors, making it 1 of the lowest-cost trading platforms on the market. and account maintenance fees (a monthly $10 inactivity fee for traders with account balances under $100,000).

If you’re an active trader and you’re looking for individual trades, Interactive Brokers is the closest you’ll get to free trading at a professional level.

The gold standard of free stock trading, Robinhood is a unique app that allows users to buy a wide range of exchange-traded funds and stocks.

The mobile trading app has also introduced cryptocurrencies with its 2019 update—though this option is not available in a number of U.S. states, including New York, Washington, Nevada and others.

The platform charges $0 in commissions and there are no account maintenance or inactivity fees you’ll have to worry about. If you’re looking for research and tools, Robinhood offers company information, charts, and other tools. The broker nonetheless offers exactly what it promises—truly free trades and over 5,000 equities to choose from.

The platform appeals to this demographic by offering the bare essentials of investment products and services. That means that those seeking to purchase and sell bonds, options contracts or mutual fund shares will have to look elsewhere. At the moment, the only vehicles available to Robinhood Investors are domestic exchange stocks and ETFs.

If you’re looking to invest in ETFs for free, Charles Schwab has 1 of the most comprehensive selections available.

Schwab offers 200 commission-free ETFs. Users can build a comprehensive and diverse collection of funds without paying the fees that come along with buying individual stocks. Charles Schwab also offers over 4,000 commission-free mutual funds, a selection on par with competitors.

While accounts with Charles Schwab typically come along with a $1,000 account minimum, the brokerage firm frequently runs promotions that offer to waive this minimum if you sign up for an automatic $100 monthly investment.

Though buying ETFs and mutual funds is free, it’s important to note that traders are subject to a $5 commission when buying or selling individual stocks and options.

When you use TradeZero, you gain access to a mobile app and desktop application that gives you all the information you need to invest wisely. There are no-fee and low-fee trading options, and you can register for a ZeroPro account for just $59 per month which gives you access to even more trading functionality.

With 24/7 customer service, you can get answers to all your questions at any time. Additionally, you gain access to advanced charts, indicators, news items, alerts and much more.

Revolut is a unique money app that brings several financial services into one package. When you download the Revolut app, you gain access to a service that:

• Lets you pay and get paid anytime around the world
• Transfer money between apps
• Invest in stocks and other assets
• Exchange currency
• Get a prepaid debit card in multiple countries
• Travel with less stress
• Budget and manage your finances

Because Revolut allows you to invest in stocks, you can take even greater control over your finances, making it possible for you to create new income streams and build your portfolio. Using Revolut makes it much easier to manage your money instead of using several different apps and trying to bring them together.

Though each trader has his own individual set of financial and personal goals, the most successful stock traders enter the market with the following 3 characteristics:

• Commitment to education: The most successful traders never buy stocks based on a “gut feeling.” They do their research, look at the history of the company and its leadership and make selections based on hard data and perspectives of industry experts. They also stay up-to-date on political happenings both at home and abroad and they factor in how new laws and regulations affect the market. Looking to increase your knowledge of the stock market? Check out our list of the best low-cost day trading courses you can sign up for right now.
• Use of the right tools: The best stock traders use the right tools at their disposal.
• A realistic perspective: There are plenty of stock trading courses that teach traders the secrets that industry professionals “hide” from the general public and website pop-ups that say they are the next Amazon or Bitcoin buy. The best traders know that these are over-exaggerated claims at best and downright scams at worst. Before you start trading, check your goals and make sure they are realistic—the stories of overnight millionaires are few and far between.

Though most stock brokers charge account maintenance fees and commissions, you’ll find a number of brokers that will allow you to trade for free. Some characteristics that all reliable free trading platforms share include the following.

A brokerage firm isn’t very useful if you can’t understand how to get started. Watch a few YouTube tutorials or website overviews to get a feel for the platform before you commit desktop space and time to the broker. If the platform isn’t intuitive, check the brokerage’s customer service options. A responsive team of customer service professionals may be able to help you understand how to operate a more complicated platform.

Though some investment platforms will allow you to trade for free indefinitely, some may only allow commission-free trades within a limited window after opening an account. When you sign up for an account on a free trading platform, make sure you read the terms of service to understand how many free trades you are entitled to with your account. Brokerages that try to hide this information may make their money “tricking” users into thinking that trades are free indefinitely, only to stick them with high fees later on by hiding a clause in the fine print.

Trading platforms that make unrealistic claims (like promising a dollar amount of returns or claiming that they have “secrets” that other brokers hide) are more than likely just trying to take your money with a hidden fee or commission. Remember, if it sounds too good to be true, it probably is.

Start with our top online broker platforms to find a service that works for you. A solid brokerage can also help you stay up-to-date on the market and make smart buying and selling decisions.

It’s hard to find a completely free trading platform. However, any online broker platform worth using will offer you a free trial period to try the product and use its educational offering. Get your feet wet and try a few options to settle on your best fit today.