With so many new online stock brokers on the market, choosing the one that is best for you may be a daunting task. Make no mistake, finding the right stock broker is one of the most impactful decisions you will make as an investor. It will influence almost every other decision you make later on. This is why it is crucial to get it right the first time.
Top 10 Online Stock Brokers In 2022 – Overview
eToro – Overall best online stock broker in 2022
Axos – Best Sign-Up Bonus
Interactive Brokers – Best Online Stock Broker for Global Traders
Webull – Best Online Stock Broker for Semi-Experienced Traders
moomoo – Best Online Stock Broker for Active Investors
TradeZero – Best Online Stock Broker for Scalping
CenterPoint Securities – Best Online Stock Broker for Momentum Traders
Cobra Trading – Best Online Stock Broker for Day Traders
Fidelity – Best Low-Cost Online Stock Broker
Ally Invest – Best Online Stock Broker for Forex
Top 10 Online Stock Brokers In 2022
eToro – Overall best online stock broker in 2022
eToro has made a name for itself by offering its users a low-cost online stock platform with a low deposit minimum and excellent depositing options, something many other platforms ignore to their detriment.
On eToro you can trade stocks listed on all major stock markets from Europe, Asia, and the UK, including those listed on the NYSE and NASDAQ. None of the trades will cost you a dime, as eToro doesn’t charge commission on trading transactions. It also supports fractional shares trades from just $10 in value. That means you can trade stocks of companies that are worth much more than you can afford, like Apple or Google. All this, and more, is why eToro consistently takes first place among the top 10 online stock brokers worldwide.
Axos – Best Sign-Up Bonus
Axos Invest is a subsidiary of Axos Bank, one of the largest federally chartered savings and loan associations and banks in the United States. Their online stock trading platform is self-directed, meaning users don’t have any assistance from the staff. If you are a beginner, this is probably not the best choice for you, but experienced traders can take full advantage of what Axos has got to offer.
In addition to a very generous sign-up bonus, Axos doesn’t charge commission for stock and ETF trades, only $1 for each options contract and $9.95 per mutual fund trade. They also offer Roth and IRAs, so you can get those tax incentives. If you are ready to step up your game, there is Axos Elite, with a wide array of advanced features and prolonged business hours. With Axos Elite, you also gain access to TopRanks, Axos’s amazing research tool.
Interactive Brokers – Best Online Stock Broker for Global Traders
Interactive Brokers is probably the best online stock trading platform on the market at the moment. The entire app is designed from starch with just one goal, to provide online traders with a perfect tool to ply their craft. With Interactive Brokers, you get 24 hours market access six days a week. There are 135 markets in 33 countries to choose from and the platform supports trades in 23 currencies. This should be enough even for the most demanding users.
There are no fees for trading U.S. stocks and ETFs, but you will have to pay one for trading everything else. The exact amount depends on whether you are using the Lite or Pro version of the platform.
Webull – Best for Online Stock Broker Intermediate Traders
If you are ready to toss your training wheels but do not yet feel comfortable swimming with the sharks, then Webull is the online stock broker for you. With highly functional mobile and desktop apps, Webull is a perfect place to hone your trading skills and advance to the next level.
Even if you are still a beginner, Webull may be a good online stock broker for you, as it features a simple UI that is intuitive and simple to use. If you are thinking about your retirement and want to plan ahead, Webull offers a wide variety of IRAs to invest in, securing your pension.
There is no minimum deposit and Webull doesn’t charge commission on the US stocks. It also allows fractional shares trading, at a $5 minimum.
Moomoo – Best Online Stock Broker for Active Investors
Moomoo is one of the youngest online stock brokers on the market, having been founded in 2018. Despite that, it has already established a name for itself by employing clever and advanced features and offering plenty of trading options to its users. Moomoo offers investors protection of up to $500,000 and is regulated by top-tier financial bodies.
Some of the features that attract many users are no-commission trading, as well as no inactivity fees for US users. Moomoo also offers amazing analytics tools and plenty of educational material, including videos, for less-experienced traders.
The downsides are that there are very limited options trading and the lack of live customer support, either via chat or telephone. Every issue you may encounter will have to be resolved through email.
TradeZero – Best Online Stock Broker for Scalping
With zero commission, excellent customer support, and an amazing app, TradeZero is an online stock broker that offers a lot to its users. Active traders also have rebates at their disposal. To ease your mind, TradeZero offers two different insurance policies to its users. On the other hand, the platform requires a minimum of $500 before you can start day trading.
TradeZero doesn’t list any futures or forex and it doesn’t have a crypto exchange. For more demanding users, there is the TraderZero Pro platform, with added features and more functionality, but you will need to fork out a monthly subscription to use it.
CenterPoint Securities – Best Online Stock Broker for Momentum Traders
CenterPoint Securities is one of the fastest online brokers on the market. A lot of attention was paid to its infrastructure to allow almost instant order execution, creating an excellent platform for momentum traders and other investors who value the speed of transactions.
All that speed come at a cost, though, but successful traders have no issues with paying it, as it allows them to be competitive and have an edge over the competition. If you only make occasional trades and don’t really need a super-fast transaction speed, then CenterPoint Securities probably isn’t for you. On the other hand, professionals will enjoy what this broker has to offer.
Cobra Trading – Best Online Stock Broker for Day Traders
Cobra Trading is one of the best direct market access platforms today. With 24 available routing options and a highly responsive UI, it is ideal for day traders that need many options and fast execution of their orders.
Cobra Trading is intended as a viable alternative to big-name brokers. That is why it has a direct line to customer support available 24/7, always ready to help its users. Having a dedicated support team at your disposal at any time can be a life saver at times, but it comes at a cost. Each month you will have to shell out $125 for using Cobra Trading. Many people feel that is cheap for the level of support they are receiving, but it definitely isn’t for everyone.
Fidelity – Best Low-Cost Online Stock Broker
Fidelity is probably the oldest broker on our list, founded in 1946. Over time, they have transitioned from traditional brokers to one of the best low-cost online trading platforms on the market.
Apart from affordability, Fidelity boasts one of the largest collections of educational materials we have ever seen, and it is free to registered members.
Ally Invest – Best Online Stock Broker for Forex
A relative newcomer to the world of online stock brokers, Ally Invest tries to make up for its tardiness by offering a wide array of services seldom found with the competition.
Apart from foreign exchange, you can also get a comprehensive banking solution, satisfying all your financial needs on one online platform. Ally Invest also offers interest payment on your cash balance, which is great for people who trade infrequently.
Conclusion
With the glory days of day trading behind us, online stock brokers had to evolve and adapt to the needs of a new generation of traders. Some did it better than others and platforms like eToro clearly stand out from the rest of the pack. It remains to be seen whether other online stock brokers can catch up with them.
