Choosing what drink you want at the bar is not a hard decision. It’s not going to affect your life in any way that you need to worry about (unless you have one too many). Breathe a sigh of relief next time you’re ordering a drink because you know that, whether it is a beer or a gin and tonic, your choice is not going to be the end of the world.
However, the same can’t be said for when you pick a stockbroker.
This is infinitely more important. We’re not saying it is life or death, but it can make the difference between a tough couple of years, and a fantastic couple of years! But, when it comes time to decide on a stockbroker, how do you pick? How can you make sure you get the right one for your needs and desires? Well, we’re going to help you out with that!
Firstly, we’re going to polish up your knowledge on what a stockbroker is and what they do, and then we’re going to list the best ones we know of to get you’re a jump start on your competition.
Read carefully and before you know it, you’ll be flying high in the financial market.
What Is A Stock Broker?
A stockbroker is a professional who buys and sells stock and other securities for any number of clients through a stock exchange. They work for both retail and institutional clients and do so for a fee. They work on behalf of clients in order to manage their investment portfolio, they judge what the best financial move will be and enact that in the hopes of getting a big return.
Stockbrokers are very hard-working individuals often working 12-hour days. But in return, they often make more than $50,000 a year, with Wall Street stockbrokers making above $100,000. Stockbrokers charge fees on top of the deal they are brokering in order to make a living.
Now we’ve explained exactly what a stockbroker does, it is time for us to tell you the 7 best stockbrokers out there in the United States of America right now. Take a read through and see if one is right for you.
Top Online Stock Brokers
Fidelity have made it to the top through their amalgamation of low-cost accounts, and high-quality customer service. It seems this is a combination that can’t be beaten, as they often receive 5-star ratings all over the internet.
As of 2019, their commissions ran at $4.95 per trade, their account minimum was a fantastic $0, and they offered an amazing 300 commission-free trades with a deposit of $50,000 or more. It goes without saying that these sorts of characteristics please customers very much, which is why Fidelity is on this list.
Interactive Brokers do not play around; they make it clear from the offset that they only deal with those that know their stuff. This is why they’ve been able to maintain such a professional performance throughout their existence. They are leaders when it comes to involvement in the investment markets. They also have among the lowest rates charged for commissions in the business.
However, dealing with these players is not for the faint of heart. They charge a fee if your account remains inactive for an extended amount of time. So make sure you mean business before getting involved.
You may have heard the name Merril Edge bandied about if you’ve talked to big-time investors and stockbrokers before. This is because they get their name from Merril Lynch, a big name on Wall Street with a reputation dating back to 1914. Unfortunately, during The Great Depression, Merril Lynch was hit quite heavily and forced to sell out to the Bank of America. But they are the people to work with if you have an account with Bank of America in the modern day. As part of their preferred rewards program, they offer customers interest rate boosts that correspond to your balance, as well as discounts too.
Merril Edge’s reward system makes it the best when it comes to gifting its customers with extra perks if you like little treats you’ll love working with them.
Following the English legend of the stocking-clad anarchist who stole from the rich and gave to the poor, the stock brokering company known as Robinhood offers something a lot of other firms doesn’t. Robinhood offers you free, unlimited stock trades. However, many you want, you can fill your boots. Upon registering they also offer you free trade options in cryptocurrency.
This comes at the expense of a lack of positive features anywhere else in the deal you get with them. But you have to admit that sacrificing any other positive initiatives for the chance to trade stock freely is a pretty sweet deal.
Robinhood actually operates mainly through a mobile phone app, so anyone looking to join with them must be tech-savvy to a certain degree. Although a web version is coming soon.
Another low-cost firm with $4.95 trades, and a discount relative to the volume of your trading. The added bonus of no account minimum and automated investment plans make Ally Invest a really fantastic choice for those just beginning to spread their wings in the stockbroking.
Having said this, they are also fantastic for experienced users, as for account holders with over $100,000 daily balance, they offer a $3.95 trade rate. But even if you don’t qualify for this special deal, Ally Invest still offer a range of competitive choices in return for your custom.
There you have it! 5 of the best stockbrokers around right now. Have a little read through again and think to yourself what would be the best stockbroker for you. Your financial aspirations can be accessed through one or more of these five fantastic firms, so choose carefully.