Online Brokers: Reviews

Updated December 2009

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Best online broker overall

Fidelity

Fidelity offers a full range of services to online investors, from international trading to checking accounts. The firm is known for its large selection of investment products. Its easy-to-use website provides great… education, planning and analysis resources to help you make the best choices. Fidelity has a three-tier commission structure; those who make fewer than 36 trades a year and have less than $50,000 in assets pay $19.95 per trade, for example. There are no extra fees, and the minimum is $2,500 to open an account. Fidelity provides mobile applications, and you can check your accounts or make trades while on the go.

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Expert & User Review Sources:

SmartMoney.com: SmartMoney magazine identifies the best online brokers in six categories. A chart at the end ranks the 16 brokers included in the ...

Barron's: Barron's rates the top 25 online brokers for 2009 and summarizes the results in a table. In addition, several short tables break ...

ConsumerReports.org: Seventeen brokerage firms are rated and ranked, based on a survey of online subscribers. Respondents rated brokers on their ...

J.D. Power and Associates: More than 5,000 investors who make their investment decisions without the help of a financial adviser responded to J.D. Power and ...

Kiplinger.com: Kiplinger.com evaluates a dozen brokerages by opening accounts and trying them out. Editors name Fidelity the best overall online ...

Forbes: Forbes awards Fidelity a Best of the Web award. In a short review, the editors write that the firm has "Best-in-class planning ...

American Association of Individual Investors Journal: AAII's website features an annual discount broker guide, including a summary of members' feedback during the previous year about ...

TopTenReviews.com: Detailed reviews of 16 brokers are provided by the editor of TopTenReviews, and a comparison chart summarizes data about each of ...

BetterTrades.com: Financial analyst Robert Stammers offers fairly short reviews of 11 online brokers. Of Fidelity, he writes that the firm "is ...

Keynote Systems: Twelve online brokers are rated by Keynote Systems, based on how quickly they process a stock order and the success rate of order ...

Epinions.com: Fidelity gets the best score of all the online brokers rated here by their customers. Although the rating is based on more than ...

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Best discount broker

TradeKing

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TradeKing offers a combination of low costs and good customer service, but a more limited range of investment products than Fidelity. This broker'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. Part of its well-regarded customer support is the online TradeKing Community, where investors interact with one another and with professionals. TradeKing operates online only, and there's no in-person investment advice available. No wireless trading is offered; orders must be placed online or by phone.

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Expert & User Review Sources:

SmartMoney.com: This annual broker survey ranks 16 brokers and names the best brokers in several categories, including commissions and fees, ...

Barron's: Reviewer Theresa W. Carey says, "TradeKing is big on education," with a "newly launched TradeKing Learning Center. TradeKing is ...

Kiplinger.com: Kiplinger.com evaluates a dozen online brokers by opening accounts at each of them and testing their products and services. ...

TopTenReviews.com: TopTenReviews.com provides reviews of 16 brokers and a useful comparison chart. Ratings are based on other reviews as well as ...

StockTradingToGo.com: This website offers commentary from investment professionals and ranks online brokers based on costs alone. Blain Reinkensmeyer ...

FiveCentNickle.com: This website is maintained by an anonymous man who describes himself as a self-taught financial wizard. The short article ...

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Best for active traders

ThinkOrSwim

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Experts say ThinkOrSwim is the best broker for frequent traders and for options traders. That said, though it's geared toward active traders, ThinkOrSwim offers flat-rate stock trade commissions of $9.95, or $.015 per… share with a $5 minimum, regardless of how many trades you make. The first three mutual fund trades each month are free, but it takes $3,500 to open an account. With four trading platforms and the ability to access your account from virtually any mobile device, this broker appeals to tech-savvy youngsters and seasoned traders alike. Cutting-edge trading and analysis tools and top-notch customer support are the icing on the cake, say reviewers. The broker's acquisition by TD Ameritrade has -- at least for now -- left its many positives unchanged.

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Expert & User Review Sources:

Barron's: Barron's rates the top 25 online brokers; the resulting rankings and category ratings are summarized in a table. ThinkOrSwim is ...

TopTenReviews.com: TopTenReviews.com offers detailed reviews and ratings of 16 brokers; data about them are summarized in a comparison chart. The ...

American Association of Individual Investors Journal: The AAII website offers an annual Discount Broker Guide that includes a table summarizing the feedback members have provided ...

LongShortTrader.com: Blogger Michael Comeau responds to a reader's question asking whether ThinkOrSwim has changed since its merger with TD ...

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