Whether you’re a beginner investor or a seasoned pro, the right online brokerage account can be more than merely a platform for placing trades. It can help build a solid investing foundation. Functioning as a teacher, advisor, and investment analyst — and serve as a lifelong portfolio co-pilot as your skills and strategy mature.
Free Trades, Cash Bonuses, Zero Fees
Free trades, $0 commissions, cash bonuses, and learning tools are just some of the many perks offered. Discover innovative investment & wealth management solutions. Below are a few online companies to consider:
Robinhood
What’s better than free? Robinhood offers commission-free stock, options, ETF, and cryptocurrency trades. It also requires no account minimum to maintain an account.
The signup and account funding process can be completed quickly, and new customers are typically approved in under an hour. The app’s instant bank verification feature means that customers are not waiting several days to receive and report on a small deposit in their bank accounts. Once approved, they can fund their accounts with up to $1,000 and start trading right away. Larger deposits can be made but will take a few days to clear.
Robinhood is a bare-bones trading platform and doesn’t have all the benefits of a more traditional online brokerage. The site offers limited securities, and mutual funds and bonds aren’t available through this platform. Likewise, no 401(k) or IRA accounts are supported.1
Merrill Edge
Currently, Merrill Edge offers a cash incentive of $100 to $600 for new accounts funded between $20,000 to $200,000. This discount brokerage operates via its parent company, Bank of America, as a web-based platform and mobile app. Plus, Merrill Edge offers a premier, real-time training platform for customers, called Merrill Edge MarketPro.
Stock and option trade commissions are $6.95, plus 75 cents per options contract. However, if customers maintain a combined balance of $50,000 or higher in their Bank of America and Merrill Edge accounts, they can receive 30 free trades each month. 2
Ally Invest
Where Ally stands out is in its cash bonus and free trading incentives for new and transferred accounts. Customers who set up new accounts receive 90 days of free trading, plus up to $3,500 in cash, depending on deposit size. Cash incentives start at account deposits of $10,000 or above.
This web-based platform offers equity trading at just $4.95 and requires no account balance minimum. For active traders that make 30 or more trades per quarter, the commissions drop to just $3.95 per trade. Options are priced at $4.95 and 65 cents per contract, or $3.95, and 50 cents per contract for active traders.
When it comes to options investing, Ally offers several useful web-based tools, including an options pricing calculator and a strategy scanner. Other trading tools include real-time streaming quotes, a profit/loss calculator, a probability calculator. They even offer the Maxit Tax Manager, which reports the tax implications of different trades prior to their execution. Ally also offers its trading platform via a streamlined mobile app. 3
Choose The Brokerage That’s Right For You
In addition to the above, just by doing a quick search, you can find many opportunities, and incentives from other well-known online trading companies such as You Invest by JP Morgan, TD Ameritrade, SoFi and Charles Schwab.
