Choosing The Best Investment Platform For Your Needs
Choosing a brokerage firm to begin your journey into financial freedom, or a new home for your growing portfolio can be challenging with the evolution of how personal investing is done. For beginning investors, joining a brokerage that is easy to use with low commissions or fees and investor education may be a good place to start. For seasoned investors, having an abundance of research available could be a strong selling point.
Before choosing the features of a potential brokerage, having an idea of the type of investment strategies that will be used should help narrow down the right platform. All brokerages will offer stock trading for a reasonable fee, but mutual fund fees can range widely amongst the firms.
Every brokerage has a different level of investment vehicles available. All firms will offer stocks, options, and mutual fund investing, but not all offer foreign exchange (FOREX) or futures trading. Many do offer banking services, so being able to hold a separate savings account outside of a primary bank account can help focus on different short or long terms goals.
The minimum deposit required to open an account varies greatly. A few newer firms may not require a minimum deposit, while some of the longer established firms have a specific enrollment deposit. The majority of investors may choose to have the better quality of research available to them, opposed to greater customer service. However, it all depends on what your needs are as an investor.
Highlighted here are eight (8) of the top online brokerage firms and what they offer: