Best Online Stock Trading Platforms of 2023

Saving in your 401(k) is well and good, but if you’re like many investors, you’ll also want to invest directly in the markets—and that means finding a convenient and low-price way to trade stocks, bonds, mutual funds and maybe even cryptocurrency. 

Luckily, the past few years has seen a profusion of online stock trading platforms. And these days almost all brokerage firms—whether startups or venerable brands around for decades—offer zero-commission trades, meaning you no longer need to worry about always looking for the cheapest option.

• Best overall
• Fidelity
• Key stats: 
• Why we picked it:
• Caveats:
• Other companies we considered:
• Best for beginners
• TD Ameritrade
• Key stats:
• Why we picked it:
• Caveats:
• Other companies we considered:
• Best for advanced investors
• Interactive Brokers
• Key stats:
• Why we picked it:
• Caveats:
• Other companies we considered:
• Best for mobile
• Webull
• Key stats:
• Why we picked it:
• Caveats:
• Other companies we considered:
• Stock investing terms to know
• Brokerage account
• Active investor
• Mutual fund
• ETF
• Index fund
• Fractional shares
• Commission
• Sales load
• Expense ratio
• Margin rate
• How we picked

So, how to choose the right one for you? We spent hours comparing more than a dozen stock trading platforms looking for the most intuitive tools, in-depth research and access to guidance and other educational content. We considered all of this when making our picks for the Best Stock Trading Platforms of 2023. You’ll find more details about how we evaluated and selected our winners at the end of this article.

Best overall

Fidelity

Key stats: 

• $0 account minimum for investing
• $0 commissions for online stock, ETF and options trades
• 3,400+ no-transaction-fee mutual funds
• 4 zero-expense-ratio index funds
• Fractional shares of 7,000+ U.S. stocks and ETFs
• 190+ Fidelity branches across the U.S.
• No-fee Fidelity Rewards Visa Signature Card earns 2% cash back on all purchases
• Free mobile app available on iOS and Android devices
• 24/7 phone, chat and email support

Why we picked it:

Fidelity meets the needs of all types of investors. Whether you’re just starting out in active trading or an experienced investor looking to upgrade your platform, you’ll appreciate Fidelity’s commitment to low-cost investing, robust market research and financial planning integration. 

The investing account dashboard on Fidelity’s main web trading platform is a solid homebase. It’s detailed yet easy to find what you’re looking for thanks to a slightly more intuitive navigation bar than competitors like Charles Schwab. The best-in-class stock screener lets you explore stocks that align with a specific theme (such as “Pharmaceutical technology”) or strategy (“growth”). Within those lists, you can sort through dozens of criteria, from company facts to trading characteristics, to refine your potential picks. If you get lost, Fidelity has a helpful stock screener tutorial in its Learning Center, along with a huge searchable database of videos, articles and courses on various topics that you can filter by beginner, intermediate or advanced difficulty. Experienced investors can toggle between the main site and the Active Trader Pro platform, which lets you customize your dashboard and check out real-time analytics, news and strategic insights.

Fidelity has an edge over competitors when it comes to financial planning, offering some of its most comprehensive management tools to brokerage account holders who activate Full View, a feature that lets you connect external accounts so that all of your cash, investment and debt balances can be monitored from one Fidelity dashboard. You can easily track your net worth, categorize transactions and play around with Fidelity’s budgeting and goal-setting tools. And if you decide at any point to turn in your active investor card, Fidelity has a well-designed robo advisor, Fidelity Go, for when you’re working toward a specific goal, as well as one-on-one advisory services and full account management. 

Fidelity also has a solid, no-fee credit card that earns 2% cash back on all purchases (higher than Schwab’s otherwise nearly identical card), which you can deposit into either a Fidelity cash management account or a Fidelity investment account.

And as a plus, Fidelity doesn’t use the controversial practice of payment-for-order flow when executing trades. 

Caveats:

Fidelity’s downsides are mostly notable for advanced investors. The broker doesn’t support futures, foreign exchange, commodities or cryptocurrency trading (though it does offer a commission-free ETF that invests in companies at the forefront of the crypto and digital payments industry). And while stock, ETF and options trades placed online are commission-free, broker-assisted orders placed over the phone cost $32.95 per trade. Schwab charges $25 per broker-assisted trade. Note that Fidelity also charges a short-term redemption fee for no-transaction-fee mutual funds in its FundsNetwork held for less than 60 days.

Other companies we considered:

Charles Schwab offers a similarly well-rounded investment platform with no-commission online trades and a large and varied investment selection (but no crypto). However, Schwab also charges a short-term redemption fee on certain mutual funds, but the holding period is longer, at 90 days. 

Next to Fidelity, Schwab falls short because it lacks full integration of its financial planning tools and its investment platform. Both companies allow you to link external accounts so you can see all your finances in one place, but Fidelity uses that data to help you track your progress toward retirement and create a budget based on your typical spending patterns, among other things. Schwab could be a better choice, however, for advanced investors looking to trade futures.

Best for beginners

TD Ameritrade

Key stats:

• $0 account minimum for investing
• $0 commissions for online stock, ETF and options trades
• 3,400+ no-transaction-fee mutual funds
• 175+ branch locations across the U.S.
• Two free mobile apps available on iOS and Android devices
• 24/7 phone, chat and email support

Why we picked it:

TD Ameritrade claims to help investors get smarter. It backs that claim up with a robust library of free—and most importantly, easy to find—videos, webinars, courses and articles explaining everything from how to build a diversified retirement portfolio to understanding stock analysis techniques. 

TD (the brand has been owned by Schwab since 2020) cleverly gamifies learning by asking users of its web investing platform to select a goal (options include “I’m new to personal finance and I want to learn the essentials,” “I want to build a nest egg for retirement” and “I’m an experienced trader who wants to speculate”), recommending a curriculum to follow and awarding points and badges for completing modules along the way.

Sophisticated traders love TD Ameritrade’s Thinkorswim trading platform, but there’s something for beginners there too: paperMoney. Accessible via the Thinkorswim desktop, web and mobile applications, paperMoney lets you practice your trading strategies using $100,000 in virtual cash. 

Caveats:

TD Ameritrade doesn’t yet support fractional shares, an increasingly common offering among stock trading platforms that allows investors to buy by the dollar amount instead of the share. Like most other investing platforms, it’ll cost extra to execute a stock or ETF trade over the phone. In this case it’s $25 per trade.

Other companies we considered:

Vanguard is an industry leader in buy-and-hold investing and offers a no-frills experience that’s especially appealing for those just starting out. The company took the No. 1 spot on J.D. Power’s 2022 customer satisfaction ranking for do-it-yourself investors. 

Alas, Vanguard is not a top pick for active investors. Anyone trying to beat the market will find that Vanguard operates with an opposing ethos. The company says on its website that it does not provide watch lists or news updates to investors in order to discourage them from trading frequently. Even investors on board with a buy-and-hold strategy may be deterred by the relatively high barrier to entry. There’s a $3,000 minimum for investing in Vanguard’s lowest-cost class of index funds, called Admiral Shares. 

Best for advanced investors

Interactive Brokers

Key stats:

• Lite account: $0 commissions on U.S. exchange-listed stocks and ETFs
• Pro account: $0.0005 to $0.0035 per share for all stock and ETF trades (volume discount available)
• $0.25 to $0.65 per options contract (minimum $1 per order)
• No account maintenance or minimum balance fees
• 17,000+ no-transaction-fee mutual funds
• Supports margin trading at industry-low rates
• Trading available for Bitcoin, Ethereum, Litecoin and Bitcoin Cash
• Free mobile app available on iOS and Android devices

Why we picked it:

Interactive Brokers, or IBKR, is for investors looking for efficient, professional-grade web and mobile platforms. It stands out in part for its range of investments, allowing options, futures, crypto and forex trading—most firms don’t support all four—in more than 150 global markets.

The company’s two services, IBKR Lite and IBKR Pro, cater to casual and active traders, respectively. Pro comes with additional research tools, but moves away from $0 commissions on stock and ETF trades. Instead it uses tiered pricing where higher trading volume results in lower costs. Pro users also get access to the SmartRouting tool to execute trades at the best possible price, avoiding the controversial practice of payment for order flow, and enjoy competitive interest rates on uninvested cash over $10,000.

U.S. margin traders will find some of the lowest loan interest rates with Interactive Brokers, ranging from 4.83% to 6.83% as of January 2023, depending on the loan amount and account type. By way of comparison, TD Ameritrade charges between 11.75% and 13.75% on margin accounts.

Caveats:

Advanced traders craving simplicity won’t find it here. With Interactive Brokers, the value is in the highly detailed research, charting and ordering capabilities. However, the company has launched a new mobile app, IBKR GlobalTrader, that’s meant to streamline its offerings. So far it’s better received by users than the original IBKR mobile app.

Due to tiered pricing within the IBKR Pro account, it’s not easy to estimate what you’ll pay for trades up front. And unlike most competitors, Interactive Brokers doesn’t offer 529 college savings accounts. 

Other companies we considered:

As previously mentioned, TD Ameritrade’s Thinkorswim platforms—mobile, web-based and desktop versions—are highly respected among advanced investors for their breadth of technical indicators and customization capabilities. However, Interactive Brokers has a wider investment selection, including cryptocurrency, while still charging low or no commissions.

Best for mobile

Webull

Key stats:

• $0 account minimum for investing
• $0 commissions on stock, ETF and options trades
• $0 options contracts
• Supports margin trading
• Trade 40+ crypto coins ($1 minimum)
• Buy fractional shares ($5 minimum)
• Download the app for free on an iPhone, iPad or Android

Why we picked it:

If you’re searching for a mobile-first experience, Webull delivers. The free Android app has been downloaded on more than 10 million devices, exceeding the mobile downloads of any other firm on our list. 

The app, also available for iPhones, presents a user-friendly interface with all the bells and whistles necessary for day trading: in-depth charting, a customizable dashboard, real-time quotes, detailed screeners, news, analysis and an impressive amount of easily digestible educational content. Plus, new users can get free stocks for opening an account or inviting new friends.

To get a better understanding of how trading works, or to test new strategies without the risk, Webull offers paper trading with no cap on the amount of your virtual cash. Users can compete in paper trading contests, bounce ideas off of each other and check out the latest market news in the app’s “community” section.

Webull app reviewers appreciate the company’s extended trading hours, which are longer than Fidelity’s and Charles Schwab’s. Another way it’s different from the big guys: Webull supports direct crypto trading, and even has a new crypto wallet where you can store your holdings. (Transfers in and out are only available for Bitcoin, Bitcoin Cash and Litecoin at this time). 

Caveats:

You can’t buy mutual funds or bonds on Webull, which could be a nonstarter for anyone seeking a well-diversified portfolio under one roof. Webull also doesn’t provide access, paid or complimentary, to investment professionals like some of the big firms do. Even contacting the customer support team can sometimes be a struggle, app reviewers say. Webull also offers only a few account types: traditional, Roth and Rollover IRAs and individual accounts.

Other companies we considered:

Less experienced investors—or those looking for mutual funds and bonds rather than crypto—should consider using the Fidelity Investments app, available on iPhones, iPads and Android phones. It’s a solid extension of the excellent Fidelity desktop platform for keeping tabs on your portfolio, browsing research and analysis and placing trades. 

Stock investing terms to know

If you’re new to investing, here’s a list of terms you should get familiar with before diving into the nuances of different platforms.

Brokerage account

This is a type of investment account that lets you buy and sell financial securities, like stocks, bonds and mutual funds whenever you like. It’s different from an investment account that’s designed for retirement, such as an IRA or 401(k), because your profits are taxable in the year they’re earned and you can withdraw money at any point without paying a penalty.

Active investor

An active investor is someone who frequently buys and sells securities (stocks, bonds or other investments) in an effort to beat the average returns of a specific benchmark. If you plan to actively trade, you’ll value investing platforms that provide in-depth research, analysis and news so you can make informed decisions about when and what to buy or sell. 

Mutual fund

A mutual fund offers a way to invest in many stocks or bonds at once by pooling your money with other investors. The securities in a mutual fund often share a particular characteristic or theme—for example, a small-cap equity mutual fund usually consists of shares of companies that are valued at between $250 million and $2 billion, what the market considers “small.” Some mutual funds are “actively managed” meaning they try to pick winning stocks that will beat the market. Others are “index funds” that merely aim to deliver market-matching returns. Either way, mutual funds offer a simple way to diversify since all your money isn’t held in a single company’s stock.

ETF

An exchange-traded fund, or ETF, is a type of mutual fund that trades throughout the day on an exchange like a stock. (Traditional mutual funds can be bought and sold just once a day.) Most mutual funds are index funds, although some try to beat the market. 

Index fund

An index fund is a mutual fund or an ETF that aims to mirror the performance of a specific index, such as the S&P 500 or Russell 2000. Owning an index fund is widely regarded as an efficient way to increase diversification and lower investment risk. Since index funds aren’t actively managed, they’re usually cheaper than regular mutual funds.

Fractional shares

Fractional shares are a helpful tool for beginner investors who may not have enough money to buy full shares of the companies they want to invest in. Instead of buying one $300 share of Company A, for example, you can buy fractional shares in Companies A, B and C for $100 each. Most of the top online stock brokers now offer fractional shares with a minimum investment of around $5.

Commission

This is the fee charged by a broker for each purchase or sale of a stock or ETF. Zero-commission trades are now an industry norm, but usually only if the order is placed online.

Sales load

Some mutual funds charge a fee when the fund is bought or sold, thereby reducing how much money gets invested or the investor’s final return. Loads typically to a financial advisor to compensate them for help they offer in picking funds for offering generally financial advice. No-load funds, also called no-transaction fee  funds, do not charge a trading fee. There may still be fees for things like selling the investment within a certain timeframe, however.

Expense ratio

This is the percentage of your investment that goes toward operating costs on an annual basis. For example, a mutual fund with an expense ratio of 0.5% would charge $50 for every $10,000 invested. The lower the expense ratio, the more of your return you get to keep.

Margin rate

Margin trading is an advanced technique where investors borrow money from a broker to buy more shares than they can afford. The cost of the loan (the interest rate) is called the margin rate and can vary from broker to broker. Ideally the investor sells the security for a higher price than they purchased it, enabling them to repay the loan with interest and pocket a profit. Trading on margin means you can lose more than your original investment, and is not recommended for beginner or intermediate investors.

How we picked

To pick Buy Side from WSJ’s best stock trading platforms, we reviewed offerings from more than a dozen companies. We favored those with zero-commission trades—now an industry norm—and from there evaluated each company on its investment selection; account minimums and fees; breadth of educational materials; quality of market research; navigability of web platforms; and user ratings on mobile apps. 

We also considered whether the company offers value-adds, such as budgeting or net worth tracking tools that integrate with the investment platform to aid in comprehensive financial management. 

To gather this information, we relied on the company’s own websites (extra points went to those with transparent pricing and clear product offerings) and also considered customer testimonials published on YouTube and in the reviews sections of mobile app stores. 

In addition, we consulted J.D. Power’s U.S. Self-Directed Investor Satisfaction Study published in April 2022, which measured satisfaction among nearly 5,000 investors, split between do-it-yourself investors and those who sometimes seek a professional for guidance but don’t have a dedicated advisor. Each of our top picks ranks above the industry average. 

All of the winners offer the following types of investment accounts, except where noted: individual and joint brokerages, traditional IRA, Roth IRA, Rollover IRA, 529 college savings plan, and custodial accounts. 

Note: Tanza Loudenback has written articles for Morgan Stanley Wealth Management. Morgan Stanley is the corporate parent of E*Trade, one of the stock trading platforms considered for this story.