Online Brokers: Reviews

Charles Schwab scores high marks for its range of investment products, along with easy-to-use research and trading tools on its website, good customer service and overall customer satisfaction. A Schwab account requires a… minimum opening balance of $1,000. Commissions range from $8.95 to $12.95 per trade. Schwab offers more no-load and no-transaction-fee (NTF) mutual funds than its main rival, Fidelity, as well as a robust bond selection, access to international stock exchanges and even Coverdell education savings accounts. Investors who want advice can contact a professional via the website or visit one of Schwab's 300 branch offices across the country.

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TradeKing's $4.95 fee for any type of trade is one of the lowest available. There are no hidden fees and no minimum required to open an account. In multiple reviews, this broker is also named as having the best customer… service of any online broker. Part of its award-winning customer support is the online TradeKing Community, where investors interact with one another and with professionals. Experts also praise this online broker's trading tools and range of investment products. However, TradeKing doesn't have as many features for those who need more help. There's no in-person investment advice available, but its active forums are liked in reviews.

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According to the experts, Interactive Brokers (IB) offers the best of both worlds: low costs and cutting-edge technology for day traders, including real-time data and charting and analysis tools. Commissions are only… $.005 per share for trades of up to 1,000 shares. SmartMoney's 2008 review names it the best online broker in the category of commissions and fees. IB offers direct access trading; trades made using its platform go directly to the market. It offers a broad range of investment products, including access to 70 foreign markets. However, this isn't the site for those who need more handholding and educational tools. You can't trade mutual funds, and you have to spend at least $10 per month in commissions.

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