Best Stock Trading Platforms 2020

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• Best Stock Trading Platforms 2020

Investment minimums and high transaction fees were once major barriers to entry for new investors, but the rise of online trading platforms has made investing more accessible than ever. Contemporary trading tools offer affordable trading and a variety of useful features for novice and expert traders alike. In this article, we'll take a look at five of the best stock trading platforms investors should consider in 2020 and beyond. While each offers unique advantages and disadvantages over the others, you can't go wrong with any of these services.

M1 Finance guides you through the setup process after creating a new account (Image credit: M1 Finance)

Finance M1

Affordable trading with intuitive design on desktop and mobile No buying or selling fees Low minimum investments Exceptional design on desktop and mobile Afternoon trading only available with M1 Plus subscription Fees for certain actions, such as closing retirement accounts No support for M1 Finance crypto trading is one of the most popular online investment platforms, and it's easy to see why so many users prefer it over more traditional options. Along with powerful free investment tools, the platform also offers checking accounts, debit cards, loans, and other financial services. You can access M1 Finance through the web client or the mobile app, available for iOS and Android devices. No matter what device you use, M1 Finance has a clean and simple design that makes it easy to find what you're looking for. Also, most of the features of M1 Finance can be used for free. There are no transaction fees, most accounts can be opened with as little as €100, and the platform even offers fractional shares. That being said, retirement accounts require a minimum initial investment of €500. M1 Finance also offers an optional premium subscription for €125 per year. M1 Plus comes with 1% cash back and 1% APY on checking accounts, 1.5% off the typical lending rate, and access to the afternoon trading window for investors. None of these features are required to use the service, so you can always start with a free account until you decide to upgrade. The M1 Finance investment tool makes it easy for all investors, regardless of background. Portfolios are visualized via a pie chart and it's easy to adjust the relative size of each item. Users can develop their own "cakes" using stocks and funds or choose from a variety of pre-defined expert cakes, including target date funds and various stock/bond allocations. All things considered, M1 Finance is a great option for most investors in 2020.

Robinhood's informative articles cover a variety of common questions and concerns for new entrants (Image credit: Robinhood)

Robin Hood

An accessible app for novice investors No minimum investment No buy and sell costs Trade seven of the most popular cryptocurrencies Useful resources for inexperienced traders No retirement account Fractional stocks always in early access Robinhood is the most popular investment app on the App Store and can also be downloaded via Google Play or accessed online. While this is a functional platform for experienced investors, its features are generally designed for people who are relatively new to investing. The service introduces the ability to invest in fractional shares, which can be extremely convenient for more expensive stocks. Robinhood is currently in Early Access and is expected to be fully implemented in the near future. Users can open an account with no minimum investment. Like M1 Finance, Robinhood does not charge commissions for purchases or sales. Additionally, the website offers helpful articles on a wide range of basic business topics. These factors make it one of the most accessible options for people who are just starting to invest. Robinhood is not limited to stocks, ETFs, and options. Unlike M1 Finance and many other services, Robinhood offers decent options for people who want to invest in cryptocurrency. The platform currently supports the following currencies:

• Bitcoin (BTC)
• Bitcoin Cash (BCH)
• Bitcoin SV (BSV)
• Dogecoin (DOGE)
• Ethereum (ETH)
• Classic Ethereum (ETC)
• Litecoin (LTC)

However, one of the main drawbacks of Robinhood compared to other investment platforms is that it does not offer 401 (k), IRAs, or any other retirement accounts. These accounts offer substantial tax benefits, so they are often the most profitable way for new investors to get started. Also, there is no support for trading currencies or certain common assets, such as bonds and mutual funds.

Fidelity makes it easy to find mutual funds, options, ETFs, and other assets (Image credit: Fidelity)

customer

A versatile option with exceptional forex trading, physical locations and market research tools Live events available Exceptional market research tools Supports a wide range of assets, including forex trading Offers retirement accounts Slightly more complex than Robinhood and others platforms for beginners No support for crypto trading Unlike M1 Finance and Robinhood, Fidelity is a brick and mortar brokerage firm with over 100 locations in the United States. That being said, it still offers some very competitive investment features for online users, and is another great option for all investors. Fidelity has a generally reasonable fee schedule with no minimum investment for many types of accounts, including IRAs and brokerage accounts. It also offers support for fractional shares and a wide range of assets, such as stocks and bonds, mutual funds, CDs, ETFs, and forex. Unfortunately, Fidelity does not allow users to invest in cryptocurrencies. Market research is one of Fidelity's main advantages, over platforms that focus on providing a simple investment platform. In addition to collecting information from a variety of sources, Fidelity also offers in-depth research tools for various types of assets. While Fidelity doesn't specifically target new investors like Robinhood, its interface is still clear enough for any trader to pick up quickly. The website and mobile app do a great job of simplifying a wide range of tools and options into a relatively simple design. Also, while Fidelity is a perfectly functional option for online users, you can get even more benefits if you live close to a physical location. It's easy to make appointments for financial advice or a variety of other services, and Fidelity hosts a wide variety of seminars and other educational events for investors. With that being said, you can also learn the basics of investing in the FAQs found on the website.

Ally Invest offers self-managed and managed trading, based on your needs (Image credit: Ally Invest)

Ally Investment

Online banking only with managed and self-managed portfolios Offers managed and self-managed trading Affordable investment, no account minimum Supports retirement accounts, trading forex and a variety of other assets No cryptocurrency Ally is an online bank that offers a number of financial services, These include checking accounts, savings accounts, and loans. Ally Invest offers affordable investment tools with managed and self-managed accounts available for novice and experienced traders. The bank's investment platform supports many common asset types, including no-fee stocks, ETFs and options, as well as bonds and mutual funds. It is also compatible with various retirement accounts, such as traditional IRAs, Roths, and SEPs. Unlike M1 Finance and Robinhood, Ally Invest provides full 24/7 forex trading support. In addition to its in-depth asset selection, this feature makes Ally Invest significantly more flexible than many other online stock trading platforms. Managed portfolio users can quickly find the perfect portfolio for them based on their unique financial goals and risk tolerance. Similarly, Ally Invest offers powerful market research features to help traders make the right decisions and identify smart investments. It's easy to find past performance, company data and other critical information before making investment decisions. Managed portfolios pay an annual advisory fee of 0.3% and the minimum balance is €100.

The E * Trade Deep Knowledge page has everything new investors need to know to get started (Image credit: E * Trade)

Ecommerce

Affordable trading and informational resources for new and experienced investors Extremely affordable Helpful educational resources A good variety of assets Support for retirement accounts No forex or crypto trading €500 minimum deposit for basic portfolios E*Trade is an established online trading platform designed to help new investors get started and make the right decisions. There is no charge to buy or sell shares, and users can start investing with no account minimum. While E*Trade doesn't support cryptocurrency or forex trading, it still has a decent selection of assets, including stocks, futures, options, and ETFs. E*Trade offers professionally managed accounts called Core Portfolios. These require a minimum deposit of at least €500. Like the portfolios managed by Ally Invest, the top portfolios offer investors the ability to tailor their investments according to their financial priorities. They also come with an identical advisory fee of 0.3% per year. Additionally, E*Trade provides excellent resources for first-time investors, including an in-depth knowledge section that covers everything from the basics of trading to tax planning. Even if you want to manage your own account, you can get investment advice by contacting E*Trade directly. With competitive pricing, a diverse selection of assets, and educational tools for new traders, E*Trade is the perfect way to start investing. With that being said, users interested in trading cryptocurrency or forex will need to look elsewhere. Summary of the best offers of the day