Best Online Stock Brokers for 2024

Interactive Brokers stands out as the premier platform for stock investing due to its competitive pricing, extensive range of tradable assets, advanced trading tools, and comprehensive research resources, catering to both novice and experienced investors alike.

In today's digital age, selecting the right online stock broker is crucial for businesses and investors of all levels. Choosing the best fit can significantly impact your financial success by providing:

• Cost-effective trading: Competitive fees keep more money in your pocket.
• Streamlined transactions: User-friendly platforms simplify the trading process.
• Investment flexibility: Access to a wide range of assets caters to diverse investment goals.
• Enhanced decision-making: Powerful research tools inform smarter investment choices.
• Tailored support: Features like margin accounts and investor guidance cater to specific needs.

By carefully evaluating your options, you can unlock the full potential of online stock trading and achieve your financial objectives.

Quick Look at the Best Stock Brokers:

• Best for Stock CFDs: Plus500
• Best for Global Traders: Interactive Brokers
• Best for Intermediate Traders: Webull
• Best for Active Investors: Moomoo
• Best for Short Selling Over $25K: Cobra Trading
• Best for Beginners: Robinhood
• Best for AI Investing: Magnifi
• Best for Fund Investing: Charles Schwab
• Best for Trading Ideas: Public.com
• Best for Copy Trading: eToro
• Best for Scalping: TradeZero

Best Online Stock Brokers and Platforms

Once you know what you’re looking for online stock brokers, you can make an informed decision on which stock broker to choose. For example, if you plan on making investments in foreign stock markets and already have considerable experience operating in the financial markets, Interactive Brokers might make a good choice. Advanced investors have specific needs, and financial products will vary from one platform to another.

1. Best for Stock CFDs: Plus500

Many people who want to get into CFDs are located in Europe where CFDs are quite popular. But, where can these traders get into CFDs of all types? Plus500 has the platform that advanced traders need to get into these assets, and it makes it very easy to both practice and trade these assets. The platform is not designed for beginners, which can be a big draw for those who are managing large portfolios and want to use CFDs to further than investments.

Yes, there are stock CFDs, but there are also CFDs for crypto, indices and forex, depending on what you prefer to trade.

• Fees: $0; currency conversion fees may apply
• Minimum investment: $100

Main Features:

Easy-to-Use Platform: Plus500 boasts a clean and intuitive interface, making it simple for new investors to navigate.

Wide Range of CFDs: Trade Contracts for Difference (CFDs) on a variety of assets, including stocks, forex, commodities, indices, and cryptocurrencies (availability subject to regulation).

Leveraged Trading: Amplify potential gains (and losses) by using leverage, but be aware of the associated risks.

Risk Management Tools: Utilize stop-loss and take-profit orders to help manage risk and secure profits.

Guaranteed Stop-Loss Orders: Benefit from an extra layer of protection with Plus500's guaranteed stop-loss orders (availability subject to regulation).

Why We Picked It:

Plus500 simplifies online investing for beginners with a user-friendly platform and a variety of assets to trade, including stocks and commodities through Contracts for Difference (CFDs). 

How It Looks:

2. Best for Global Traders: Interactive Brokers

Interactive Brokers’ award-winning platforms and services were designed with professional and international traders in mind. Clients can trade in 150+ different markets across 200 countries and territories with 26 currencies.

The company also offers multiple trading platforms including its flagship Trader Workstation (TWS) desktop platform, a web-based Client Portal, and various mobile applications including IBKR Desktop, IBKR Mobile, GlobalTrader, and IMPACT. Furthermore, the IBKR Application Programming Interface (API) is available in Excel with the powerful FIX API.

The brokerage firm’s pricing depends on whether you choose IBKR Lite or IBKR Pro, although U.S. stocks and ETFs can be traded commission-free. Because investing can be scaled to your budget, you never feel as though you’re overpaying. Plus, you get some of the lowest margin rates in the industry and a relatively high APY on uninvested cash held in your account.

• Fees: $0.0005 to $0.0035 tiered per share; Free for US clients choosing IBKR Lite plan.
• Minimum investment: $0

Main Features:

Competitive Pricing: IBKR boasts some of the lowest commissions in the industry, keeping more money in your pocket.

Extensive Tradable Assets: Trade stocks, options, futures, forex, bonds, ETFs, and more, all on a single platform.

Advanced Trading Tools: Leverage sophisticated charting, order types, and algorithmic trading for greater control over your investments.

Comprehensive Research Resources: Gain valuable insights with in-depth market data, analyst ratings, and fundamental analysis tools.

Why We Picked It:

Interactive Brokers offers a compelling combination of affordability, functionality, and resources, making it a strong contender for investors seeking a well-rounded online brokerage experience.

How It Looks:

3. Best for Intermediate Traders: Webull

Webull offers both a mobile-based and desktop app that are highly intuitive and perfect for intermediate and advanced traders. The Webull platforms feature fundamental and technical analysis tools that include advanced charting and technical indicators.

Consumers can trade over 5,000 stocks, exchange-traded funds (ETFs,) stock trading or options trading on Webull’s platforms free of commissions. You can also open an account without an initial deposit and try out their platforms in a paper trading account that lets you practice without risking your money. 

You can even open a margin account where you can short stock — although you’ll be required to deposit a minimum of $2,000. In addition, Webull’s promotional offers include 3 free shares of stock for successfully opening an account determined by random selection using Webull’s lottery system.

• Fees: $0; Sells only - $0.000008 * Total $ Trade Amount (Min $0.01)
• Minimum investment: $5

Main Features:

Commission-Free Trading: Enjoy free stock, ETF, and options trades, allowing you to invest without worrying about additional fees.

Intuitive Platform: Webull boasts a sleek and easy-to-use interface, making it ideal for beginners and casual investors.

Advanced Charting Tools: Despite its user-friendly nature, Webull provides powerful charting capabilities for technical analysis.

Fractional Shares: Invest in fractions of expensive stocks, making it easier to build a diversified portfolio on a budget.

Paper Trading: Practice and hone your trading skills in a risk-free environment with virtual funds.

Active Community: Connect and learn from other investors through Webull's vibrant online community.

Why We Picked It:

Webull is a strong contender for investors seeking a user-centric platform with commission-free trading and a variety of tools to support their investment journey. 

How It Looks:

4. Best for Active Investors: Moomoo

Moomoo is an intuitive investment and trading platform with a professional set of tools, data and insights. When you sign up with Moomoo and open a brokerage account with Moomoo Financial Inc., features include:

• Real-time Level 2 stock and options market data for funded accounts
• Advanced technical indicators and charting tools
• Advanced order types for all investors
• Full extended trading hours from 4 AM to 8 PM EST
• Multi-market quoting
• Low fees, including $0 commission on U.S. Stocks and ETFs plus $0 equity options contract fees
• 5.1% APY in the Cash sweep program

You can review the FAQs in the Help Center if you need more information, or you can reach out to the customer support team via email or phone during the trading day.

Some new features from moomoo:

• New User Deposit Bonus: Deposit $100 and receive 7 fractional shares of a star-stocked bundle ("Magnificent 7" at $5 each)
• New User Transfer Bonus: Get a 1.5% cashback on your initial transfer amount (up to $300)
• Referral Bonus: Invite a new user who deposits $100 or transfers in $1,000, and receive 7 fractional shares of a star-stocked bundle ("Magnificent 7" at $5 each)

There are educational tools and professional-grade research tools that complement a community that has 20M+ users worldwide.

• Fees: $0
• Minimum investment: $0

Main Features:

Commission-Free Trading: Join the wave of zero-commission stock and ETF trades, maximizing your returns.

Advanced Order Types: Explore a variety of order types beyond the basic market and limit orders for more strategic investing.

Level 2 Market Data: Gain valuable insights into order book depth and real-time buy and sell pressure for informed decision-making.

AI-Powered Research: Leverage artificial intelligence for stock recommendations, news analysis, and thematic investing insights.

Educational Resources: Access a library of articles, courses, and webinars to enhance your investment knowledge.

Vibrant Community: Connect and share investment ideas with other Moomoo users through the online community forum.

Why We Picked It:

Moomoo offers a well-rounded package for investors seeking a user-friendly platform with features that go beyond basic stock trading. It provides a strong combination of affordability, growth-oriented features, and educational resources. 

How It Looks:

5. Best for Short Selling Over $25k: Cobra Trading

Cobra Trading is the go-to broker for short selling with exceptional access to stock borrows and direct access routing. Cobra gives you the ability to take advantage of the best opportunities in the market. This brokerage firm has been in business for nearly 20 years and maintains the perks of a small firm.

With Cobra’s platform, you get Active Trading Accounts over $25K, competitive access to short opportunities, direct access routing, immediate and available client service nd the DAS Investing Platform.

Cobra exclusively opens and services any active brokerage account above $25K. Cobra allows you to trade in a way that a “free broker” cannot.

• Fees: As low as $0.0015
• Minimum investment: $27,000

Main Features:

Commission-Free Trading: Join the wave of zero-commission stock and ETF trades, 

Direct Market Access: Enjoy superior control over your orders with direct access to market exchanges.

Advanced Order Routing: Route your orders to different venues for potentially better fills and execution prices.

Short Locate Expertise: Easily locate hard-to-borrow stocks for short-selling strategies, giving you a wider range of trading opportunities.

Competitive Commissions: Benefit from volume-based commission structures that reward active traders.

Professional-Grade Platform: Utilize a powerful platform with advanced charting and order management tools.

Exceptional Customer Service: Receive dedicated support from a team known for its responsiveness.

Why We Picked It:

Cobra Trading caters to active traders with a laser focus on getting the best execution possible. This translates to significant advantages for frequent traders who can leverage Cobra's features to optimize their strategies and potentially save on commissions. However, with a focus on advanced tools and potentially higher minimums, Cobra Trading might be less suitable for beginners.

How It Looks:

6. Best for Beginners: Robinhood

Robinhood is a platform well known for providing easy access to the markets for all investors, allowing traders to buy and sell stocks without commission charges. Along with the concept of no-fee trading and a $0 minimum deposit, Robinhood maintains a quality mobile app that's simple, intuitive and easy to learn.

While there may not be the most powerful trading tools for advanced or professional traders, users just like you can buy and sell stocks with a few clicks. Plus, the mobile-native platform upon which the app is based allows you to jump from the browser to the app without any trouble. 

To top it off, new users can even get a randomly selected free share of a major stock. You can even get a competitive APY on uninvested cash.

• Fees: $0
• Minimum investment: $0

Main Features:

Commission-Free Trading: Enjoy free stock, ETF, and options trades, allowing you to invest without worrying about additional fees.

Fractional Shares: Invest in fractions of expensive stocks, making it easier to build a diversified portfolio on a budget.

User-Friendly Platform: Robinhood boasts a sleek and easy-to-use interface, ideal for beginners navigating the world of investing.

Educational Resources: Access basic investment information and educational materials to enhance your financial knowledge.

Why We Picked It:

Robinhood remains a top choice for beginners due to its affordability. Commission-free trades and fractional shares allow you to invest on a budget. The user-friendly platform and educational resources make it easy to navigate the world of investing for the first time. 

How It Looks:

7. Best for AI Investing: Magnifi

Magnifi is a marketplace that allows you, as an 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.

• Fees: $14 - $140 per month for the subscription. Free trial available.
• Minimum investment: $0

Main Features:

AI-Powered Investing Assistant: Leverage an AI assistant for personalized investment recommendations, portfolio analysis, and educational guidance.

Natural Language Search: Find and research investments using simple terms and phrases.

Commission-Free Trading: Enjoy free stock and ETF trades, allowing you to invest without additional fees.

High-Yield Savings Accounts: Earn interest on uninvested cash to maximize your returns.

Multiple Account Linking: Connect your existing investment accounts for a holistic view of your portfolio.

Why We Picked It:

Magnifi offers a unique approach with an AI assistant that personalizes investment advice and simplifies research with natural language search. This commission-free platform with high-yield savings allows you to maximize your returns, and potentially access comprehensive wealth management features by connecting your existing accounts.

How It Looks:

8. Best for Fund Investing: Charles Schwab

Like most of its peers, Schwab charges $0 commission for online stocks and ETF trading and requires no account or trade minimum. There are also no hidden fees. However, there are charges for trading options contracts. A broad array of multiple asset types are available on the platform. These include stocks, ETFs, mutual funds, bonds, options, futures, IRAs, custodial accounts and trusts. 

Schwab's low-cost ETF and index investing is one of the largest in the market. Investors big on mutual funds can leverage the platform's diverse list of OneSource no-commission, no-load mutual funds and Schwab's branded low-cost mutual funds. The platform offers fractional shares. So with as little as $5, you can leverage Schwab’s Stock Slices to buy into S&P 500 stocks. In addition, you can trade on over 30 global markets. 

Whether you're a newbie or a seasoned pro, Charles Schwab's stock trading app has you covered. With the best stock trading app, you can get real-time quotes, place trades, create a stock watchlist and view your positions and balances. You can also view market indices, breaking news and in-depth charts. The Schwab Assistant, one of the app's top-shelf features, allows you to place trades, get quotes, set alerts and receive clarifications on investment questions.

• Fees: $0 commissions on stocks
• Minimum investment: $0

Main Features:

Versatility for All: Whether you're a beginner or a seasoned investor, Schwab offers the tools and resources you need.

Cost-Effective Trading: Commission-free trades and competitive fees make Schwab an attractive option for any budget.

Streamlined Experience: User-friendly platforms and exceptional customer service ensure a smooth trading experience.

Breadth of Investment Options: Schwab provides access to a vast array of investment vehicles to suit your goals.

Why We Picked It:

Charles Schwab offers a compelling combination of affordability, user-friendliness, and powerful features, making it a strong contender for a top online broker for a wide range of investors.

How It Looks:

9. Best for Trading Ideas: Public.com

Public.com is the only investing 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 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.

• Fees: $0 commissions on stocks
• Minimum investment: $0

Main Features:

Fractional Shares: Invest in slices of expensive stocks, making it easier to build a diversified portfolio on a budget.

Commission-Free Trading: Enjoy free stock and ETF trades, allowing you to invest without worrying about additional fees.

Social Features: Follow other investors, share ideas, and learn from a collaborative online community.

Thematic Investing: Explore curated investment baskets focused on specific themes or trends.

Low Account Minimums: Public.com allows you to start investing with a small amount of money.

Why We Picked It:

Public.com gamifies investing with a social platform for beginners.  Fractional shares, commission-free trades, and low minimums make it easy to start small. Learn from other investors and explore thematic baskets to build a portfolio focused on the trends you believe in.

How It Looks:

10. Best for Copy Trading: eToro

eToro, renowned for its crypto offerings, also offers stocks, ETF trading and forex trading. In addition, you can mix your stocks and ETFs into an existing cryptocurrency portfolio. The stock offering allows you to invest in full stocks or fractional shares for as little as $10, engage with real, experienced investors regarding strategy and view detailed price charts and analysis.

• Fees: $0 commissions on stocks
• Minimum investment: $10

Main Features:

Social Trading: Copy the trades of popular investors and leverage the wisdom of the crowd.

CopyPortfolios: Invest in pre-built portfolios curated by eToro's investment team or other successful investors.

Fractional Shares: Invest in fractions of expensive stocks, making portfolio diversification easier.

Multiple Asset Classes: Trade stocks, ETFs, options, cryptocurrencies (availability subject to regulation), and CFDs (Contracts for Difference).

Why We Picked It:

We selected eToro because it empowers investors, especially beginners, to copy the trades of successful investors through social features. They also offer flexibility with stocks, ETFs, crypto (availability subject to regulation), and CFDs.

How It Looks:

11. Best for Scalping: TradeZero

TradeZero is a platform positioned so that it can serve all those who want the chance to trade with zero commissions, scale their portfolios and avail themselves of high-quality services. With TradeZero, you get direct market access at low to no cost, including 24/7 live customer support, a powerful mobile app and a free version of what other brokers charge quite a lot of money for.

If you step up to Zero Pro, you get more functionality, but the Zero Free dashboard is just as complex and rich with options and nuances. Review how TradeZero offers free trades and confine yourself to those securities or branch out if you like. From professionals to novices, TradeZero helps you get started, save money and increase your net worth.

• Fees: $0 free limit orders; $0.005 per share on paid orders
• Minimum investment: $250

Main Features:

Ultra-Low Commissions: Enjoy some of the lowest commissions in the industry, ideal for frequent traders.

Advanced Order Types: Utilize a wide range of order types for strategic trade execution.

Active Trader Platform: Leverage a powerful platform with advanced charting, technical analysis tools, and level 2 market data.

Free Stock Borrow Rate: Short-sell stocks without additional interest fees on borrows (availability subject to change).

Why We Picked It:

TradeZero offers ultra-low commissions to keep more money in your pocket. Their advanced platform with powerful tools and potentially free stock borrows empowers you to execute complex strategies.

How It Looks:

Online Stock Brokers - How Do They Compare?

Which Broker Suits You Best?

All the stockbrokers mentioned above have different features that might work better for certain people over others. A discount broker might be a good place to start with online trading. However, frequent traders may prefer a more robust brokerage that costs a little bit more. The best stock trading platform is the one that optimally fulfills your particular needs, going above and beyond a brokerage account. In short, it should always make investing easy.

Many of the best stock brokers also offer demo or paper trading accounts that let you gauge their services and platforms, so you can try them out before committing any funds. In the end, ensure that your online broker makes you feel comfortable and offers quality results.

Main Types of Brokerage Accounts

Understanding the different types of brokerage accounts is crucial for any investor. Choosing the right account aligns your investment strategy with your financial goals and risk tolerance. Here's a breakdown of the most common types:

• Cash Accounts:
  
• Key Features: You can only invest with settled funds (cash available in your account). No borrowing allowed. Suitable for beginners and conservative investors.
• Advantages: Lower risk, no margin interest, good for long-term investing.
• Limitations: Limits your buying power for potential gains.
• Margin Accounts:
  
• Key Features: Borrow money from your broker to buy securities. Amplify potential gains (and losses). Requires higher minimum account balances and carries higher risk.
• Advantages: Increased buying power for potentially larger returns.
• Limitations: Interest charged on borrowed funds, risk of margin calls if account value falls below maintenance requirements.
• Retirement Accounts:
  
• Key Features: Offer tax advantages for retirement savings. Examples include IRAs (Individual Retirement Accounts) and employer-sponsored plans like 401(k)s. Contributions may be tax-deductible and earnings grow tax-deferred or tax-free depending on the account type.
• Advantages: Significant tax benefits for retirement saving goals.
• Limitations: Restrictions on withdrawals before retirement age (penalties may apply). Contribution limits may apply.

By understanding these account types and their pros and cons, you can make informed investment decisions tailored to your financial goals and risk tolerance. For example, a young investor with a long-term horizon might choose a Roth IRA for tax-free growth, while a more conservative investor nearing retirement might prioritize a cash account to minimize risk.

How Quickly Can You Start Trading?

Setting foot on the path of investment can appear daunting, especially when you're pondering over the initial sum required. Wealth is not a prerequisite for investing, and you will be surprised to learn that many platforms keep their minimums low, and it is rare that you will run into investments that are set aside for accredited investors.

Embracing the right strategies helps you stay grounded with limited resources. So long as you can complete the KYC or verification process, you can get started. Some brokers are faster than others.

What to Consider When Choosing 

Selecting the right online broker is crucial for your investment success. Here are some key factors to weigh in your decision:

• Trading Fees: Commissions and fees can eat into your returns. Look for brokers with commission-free trades or low fees that align with your trading activity.
• Account Minimums: Some brokers require a minimum deposit to open an account. Consider how much you plan to invest initially and choose a broker with a minimum that fits your budget.
• Investment Options: Different brokers offer various investment options like stocks, ETFs, options, and mutual funds. Ensure the broker provides the investment vehicles you're interested in.
• Trading Platform Features: Consider the features and user-friendliness of the broker's trading platform. Does it offer the functionalities you need, such as research tools, charting, and order types?
• Customer Service Quality: Reliable customer service is essential. Research the broker's reputation for responsiveness and support options (phone, chat, email) in case you need assistance.

By carefully considering these factors, you can choose an online broker that aligns with your investment goals, budget, and trading style.

Frequently Asked Questions