Trading stocks online might sound complicated – but it’s actually very easy. And with the right online stock trading platform, seniors can try their hand at investing their savings or increasing their finances.
Whether you’re looking to try your hand at online stock trading or need a new way to grow your savings and income, an online stockbroker could be the answer.
And the following are 5 of the best online trading options everyone should try.
1. Ally Invest
Ally is best-known as an entirely online bank. But, in addition to a host of consumer-friendly banking choices, Ally also offers its Ally Invest service. For both first-time and experienced stock traders, this online stockbroker is easy to learn and use.
Why Ally is One of the Best
Ally Invest offers some of the lowest commissions available right now – and you don’t have to hold any account minimum. If you’re looking to invest without sacrificing a lot of money in fees, commissions, and other penalties, Ally Invest is one of the most affordable options.
Using Ally Invest is also easy and intuitive. You can easily make cheap, budget-friendly trades and manage your money with a wealth of online research tools. And you can begin investing with as little as $1 in your account, making it simple for anyone to try online trading.
If you aren’t very knowledgeable about investing, Ally Invest can handle the bulk of the work for you. This online stockbroker platform is also intuitive, which makes it easy for even the least tech-savvy individuals to understand the website. You can manage your investments from a desktop computer, so you don’t have to download any software or rely on a mobile app.
2. E*TRADE
As one of the very first online stockbrokers ever created, E*TRADE has been helping individuals manage their investments for decades. And today, E*TRADE is just as great as its long reputation promises.
Why E*TRADE is One of the Best
In addition to being one of the most reputable and respected online brokerages, E*TRADE can handle any kind of investing you’re interested in. From active traders with multiple trading platforms to long-term investors who have deep, varied portfolios, you can find everything you’re looking for at E*TRADE.
Investing when you’re close to retirement – or already retired – can be risky. However, E*TRADE caters to investors of all kinds. With low-cost fees and commissions as well as thousands of different mutual funds and ETFs that can be traded for free, there are many options for even the most cost-conscious seniors.
Additionally, the E*TRADE web platform is easy to use. You can choose between a basic website or a more advanced option, which is designed for active traders with more experience. You’ll also enjoy resources like market commentary, free market data, and analyst research to help you find smart investments.
3. TD Ameritrade
TD Ameritrade is one of the best-rated online brokerages – and it’s earned that title thanks to its wealth of investing tools, variety of financial products, and excellent research. Anyone who’s looking for guidance and research to begin investing will find TD Ameritrade gives the best access and support.
Why TD Ameritrade is One of the Best
The tools, research, and support make TD Ameritrade different from its competitors. Research and screening is one of the top features of this online brokerage – you can screen investment opportunities by stock, option, and mutual fund to assess each choice individually. You can also access information from third-party sources, like Morningstar and S&P Global, to get a full understanding of what you’re investing in.
With average, reasonable trading fees and commissions, as well as no account minimums, TD Ameritrade offers plenty to like. The fund selection is large, and TD Ameritrade gives its investors a wealth of choices to invest in mutual funds, trade stocks, or opt for complex options contracts.
The wealth of information, guidance, and research available through TD Ameritrade will help absolutely anyone make smart investment choices. Even if you aren’t familiar with online brokerages, TD Ameritrade offers enough information to make you feel confident. Additionally, with physical branches across the U.S., you can get face-to-face customer support and help any time you need it.
4. Fidelity Investments
A mix of good investments is key for a balanced portfolio, and that’s especially important for aging adults. That’s part of why Fidelity Investments is such an excellent online brokerage: thanks to recent changes, investing with Fidelity is more affordable, filled with options, and easy to manange.
Why Fidelity is One of the Best
Like others on this list, Fidelity Investments stands out because it offers a wealth of impressive research. NerdWallet calls Fidelity “unmatched” in its research offerings – there are 19 different providers you can browse to find out more about potential funds and investments, which makes it easy to devise a smart strategy.
Fidelity is known for its low fees. And recently, the brokerage actually eliminated its account fees, including transfer and account closure fees. This means you won’t have to spend more money to get a return on your investments. On top of these low fees, Fidelity Investments also requires no account minimum and hundreds of commission-free ETFs.
Fidelity Investments is an excellent choice for anyone who’s looking to invest, wants low fees, and highly values research. And these are all things you can directly benefit from. With Fidelity, you can grow your portfolio easily and keep investing costs low. With the selection of available funds, you’ll have no trouble building a balanced portfolio that continues to grow.
5. Merrill Edge
While it might not be a popular option just yet, Merrill Edge is rapidly growing as a big name in online brokerages. More and more people are choosing to invest with Merrill Edge, especially now that the trading platform is connected to Bank of America.
Why Merrill Edge is One of the Best
Merrill Edge offers competitive fees and commissions, and there’s no account minimum required. It’s a great choice for anyone who already has a significant amount of savings or investments, but even those who are just starting out will like what this brokerage offers. Support and online service are efficient and helpful too.
Merrill Edge is becoming increasingly modern, especially when it comes to its online platform and mobile app. The app and website are now easier to use and more intuitive, which means even those who aren’t tech-savvy can navigate without problems. You can even find quick and easy learning tools like Merrill Edge Stock Story, which will teach you investing basics clearly in minutes.
Here’s another perk: if you’re already a Bank of America customer, you’ll enjoy added benefits. Thanks to investments between Bank of America and Merrill Edge, you’ll get more research, special pricing, and in-person support if you need help.