Every trader desires to trade on the Best Stock Trading Platform.
So many times, I have been asked: “Why do you prefer such-and-such Stock Trading Platform over these other ones”.
Well today, I will reveal to you my Top 5 Best Stock Trading Platforms in the US.
Best Stock Trading Platform in the US: Is Webull better than Robinhood ?
We live in a digital world today.
AI is around the corner if it has not already taken over.
News from yesterday is no longer considered news and with that we are ever bombarded with the latest gadgets to try to help us keep pace in this fast moving world.
Should You Trade with Webull ?
The trading App Webull is the very embodiment of this new trend.
Webull provides its mobile App for free for the purpose of trading stock.
New customers even have a Paper trading account of ..wait for it.. 1 Million Dollars.
Yes, this means upon signing on to this App, you will be instantaneously rich with $1 Million..virtually of course.
That is nice and all but because there is no Level-2 data feed into this, the quotes you will see are at least fifteen minutes delayed. That does not cut in at all for day trading.
The other thing is that Webull does not offer Options trading (yet).
Consequently, this precludes this up and coming up newbie from cracking our Top 5 Best Stock Trading Platforms.
Is Robinhood Worth All That Hype ?
Another popular broker yet relatively new to the trading scene is Robinhood.
They have been around for five years at the time of this writing.
From inception, they offered $0 commissions on online trades thus having a huge mass appeal.
However, the quality of the User Interface leaves a lot to be desired.
For instance, the charting tool does not come with advanced indicators to help traders make sound trading decisions.
Here is the video Summary of the Webull vs Robinhood Article.
Many traders in our Discord room have told me about the inability to open new Option positions on Expiration Day.
This precludes such traders from taking advantage of very unique and effective strategies that are available on Friday Expiration.
Therefore, other than some fanatic traders ready to put with an inferior quality tools, not that many serious day traders would consider Robinhood Trading platform.
Now, you may be wondering : Is Robinhood better than Webull ?
I am not quite certain of that to be honest since Webull is really trying to improve its offering.
I will leave it to you to form your opinion on that comparison of Robinhood vs Webull.
Best Stock Trading Platform: Old School vs New Guard
Another newly created trading platform is eOption.
I traded with them for a while.
The attractiveness was the low cost of option contract, 10 cents I believe.
However, very little was provided after that.
For instance, they could not track the number of Day Pattern trades.
It is up to each trader to keep count.
The User Interface was a bit rudimentary as well as the options chains viewing which required some type of gymnastics to switch between calls and puts.
I know they have improved a great deal recently and now offer our beloved free Paper trading account.
Yet, much-needed to be done to make it onto our awaited list of best stock trading platforms.
All That Shines Is Not Gold
Without any further delay, our Number 5 on this list is: Merrill Lynch.
The company is part of the old guard of the brokerage industry.
By my measurements, they mainly still cater to long term investors.
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When it comes to Option trading, their commission is at $2.95 fixed per leg plus $0.75 per contract.
From a competitive standpoint, they charge more than those I am putting ahead of them.
#1 in Education Tools
Fidelity is another old timer trying to keep up with the newcomers.
Some of my long tern investments have been with them for many years now.
I know the inside of their platform especially the Education and Research that does not come second to none.
However, when it comes to trading, I think they are still myself that little something that separate out Top 3.
May I also point out that the trading platform is not intuitive at all.
My friend Piti and I spent a good hour one day trying to input a not so complex multiple legs position.
Overall, there are just too many items not related to active trading on this platform for it to make it on our podium.
What is the Best Online Trading Platform ?
Before I reveal the top 3 Best trading platforms, I want to mention that I did further research before writing this article yesterday.
I wanted to get the some type of measure to separate the next three companies since their current offers are very similar.
Two of them are currently running this promotion where new customers can get free cash by funding a new account with a certain minimum amount.
They all have $0 minimum to open an account with similar based price (65 cents) per option contract.
So I went onto their websites yesterday well after the market had closed and tried to get a better feel about their customer services.
My # 3 Best Stock Trading Platform: TD Ameritrade
This one felt to number 3 for this one and only reason: there is no Chat feature to interact with a Live person.
They gladly provide a phone number where a new consultant can answer your call. That got them the # 3 spot.
The table below provides a head-to-head comparison in three areas : Education, Reliability and Option Trading.
Our Top stock Trading Platform dominates these rankings.
|Trading Platforms Comparisons||Education||Reliability||Option Trading|
|E*TRADE vs Webull||E*TRADE||E*TRADE||E*TRADE|
|E*TRADE vs Robinhood||E*TRADE||E*TRADE||E*TRADE|
|E*TRADE vs TD Ameritrade||Same||E*TRADE||E*TRADE|
|E*TRADE vs Fidelity||Fidelity||E*TRADE||E*TRADE|
|E*TRADE vs Merrill Lynch||Same||Same||E*TRADE|
Number 2 Spot goes to: Charles Schwab
There is a chat feature on their website and I was welcomed by Jamel form Indianapolis.
I felt a personal touch for them to disclose the location of the representative helping me.
One of their slogans reads: “Trading tools that are powerful yet easy to use”.
Well, this company has 3 sites for trading just so that you know.
Their charting tool runs on Adobe and I have had reports of it not always doing what it is supposed to do.
One of their sites provides Live Feeds from CNBC.
I do not know about you, but I tend not to like pundits interfering with my methodology when I trade.
Of course, one could turn it off but this is supposed to help traders, Really ?
These are the little things that go them second spot.
IS ETRADE BETTER THAN TD AMERITRADE AND WHY ?
So, who do you think is Numero uno, Numero Un, Number one ??
Drum Roll please….
E*TRADE is my # 1 Stock Trading Platform and this is Why.
They have come a long way since acquiring Optionshouse in 2017.
They have the lowest fee per option contract at $0.50. All the other ones are at $0.65.
I am aware that a trader needs more than 30 trades in a quarter to get that rate which most Day and swing traders can easily surpass in a single month.
Nowadays, inside of E*TRADE trading platforms, on top of the free Paper account and Futures, there is the trading Lab.
This is where I go to simulate my trades before I send my order.
Take a Look at this video showcasing how to place orders inside of that Paper account.
Once you have your positions, there is a Risk Slide feature to get a view of how all or some of your positions will fluctuate with the market based on the Beta and volatility that you can adjust.
This week, The Power E*TRADE Light Theme was revealed with a new look and feel.
Scanning through the data is much easier and faster.
We went through a review of the leading brokerage firms.
Our investigation of the Best Stock Trading Platform in the US led to the following rankings.
- Charles Schwab
- TD Ameritrade
- Merrill Lynch
We were able to answer the questions like:
- Is E*TRADE better than Robinhood
- Is E*TRADE better than Fidelity
- Is E*TRADE better than eOption
- Is E*TRADE Better than TD Ameritrade
Some may say I am biased because I have been using E*Trade for a long time.
I promise to take a shot at these rankings periodically so that I can update you the readers.
Do we have a deal ?
=============================== UPDATE JANUARY 2021 ===============================================
I promised back in 2019 when I first wrote this piece that I will be updating these rankings with new development.
Well, here were.
Webull has really been trying hard to bridge the gap to the top platforms as show in this comparison of Webull vs Robinhood.
To the point where I now can compare Webull vs. etrade in this video review.
I hope you enjoyed the fun rankings of the the Top 5 US Trading Platforms.
Please leave your comments and own ranking below.
TBP | Becoming A Successful Stocks and Options Trader