Broker Reviews Overview
Choosing the perfect broker for you is an important first step on your trading journey. Like a good pair of gloves, your broker of choice should be a suitable fit for you. But with so many brokers out there today, where do you start?
Here at AskTraders, our expert team of trading professionals has taken care of all the hard work for you. We’ve reviewed and ranked our trusted broker partners to save you hours of research.
Along the way, we’ve looked at everything from account types and features, to trading fees and FCA regulation and condensed all of this information into a handy snapshot overview.
Strengths
- Regulated by the SEC and FINRA
- Multiple types of assets available for trading
- Cryptocurrency trading available
- Active trader program offers competitive commissions
Weaknesses
- Product portfolio is somewhat limited
Strengths
- Interactive brokers recently launched the commission-free trading platform for stocks and ETFs
- The broker website features a dedicated section of in-depth research and market analysis reports
- IB presents a trader with more tradable instruments than most other electronic brokers
- IB grants its clients access to over 120 markets in 30+ countries across the world
- The broker is hailed for its low trading fees – especially for margin traders
Weaknesses
- One may consider both the company website and professional trader platforms rather complex
- It is biased towards professional traders and imposes restrictive minimum commissions and activity fees on small-holder accounts
- The broker maintains a complex pricing structure
- The broker calls for high minimum deposits and operating balances that often lock out retail traders
Strengths
- Incredible for traders looking to diversify
- A great platform for socially conscious traders
- The cost per trade is minimal
- Clean layout and easy to understand/use
- Access to IPOs
Weaknesses
- Option trades are not an option on the Motif Investing platform
- No mutual funds are available
- Customer support is lacking - it’s not 24/7 at all, and there’s no live chat option
- Lacking education/tools
Strengths
- Tiny management fees at 0.25%
- Free management for accounts under $5,000
- Free financial planning toolkit - Exceptional goal setting dashboard
- Tax loss harvesting, stock level tax loss harvesting, and SmartBeta optimization
- Best robo-advisor for tax minimization
Weaknesses
- No fractional shares
- Portfolios under $100,000 are not customizable beyond questionnaire
