Online stock trading software comes in many different shapes and sizes. These are the best software platform choices for trading stock online in 2018:
Best Online Stock Trading Software Summary
For investors looking to invest in mutual funds, Ally Invest offers over 10,000 mutual funds for only $9.95 per trade. This is among the lowest mutual fund fee in the industry. For reference, TD Ameritrade charges $49.99 per mutual fund trade.
Here are fast facts about each of the brokers and the online stock trading software that they offer:
Bottom Line
Among the online stock brokers that offer 24/7 customer service, Ally Invest has the lowest commissions and fees and best free trading software, there’s no question about it.
Ally also has very valuable promotions for active options traders: Up to $3,500 cash bonus + commission free trades for new accounts
See the full Ally Invest review.
Bottom Line
TradeStation offers excellent trading software for all traders. Whether you’re just starting out are are interested in algorithmic trading, TradeStation’s online trading software can suit your needs.
New for 2018, there is one TradeStation promotion: All-New Pricing. Now Only $5/Trade + No Software Fees.
See the full TradeStation review.
Bottom Line
The Zacks Trade platform is amazing. Everything from the color and size of the font to the speed of tick changes in stock prices is customizable. The Zacks Trade Pro platform was built for serious trading.
Zacks Trade is currently offering a promotion for 2018: Trade stocks for $1 until 2019. Learn More.
Full Zacks Trade review
Bottom Line
tastyworks is an innovative online broker that doesn’t charge for closing trades for stocks or options, and offers some of the most powerful trading technology in the game. The minimum initial deposit requirement of $2,500 is minuscule in exchange for the trading software you’ll gain access to.
See the full tastyworks review.
Bottom Line
TD Ameritrade is one of the largest brokerage firms in the United States, and their trading software keeps clients satisfied. But this comes at a high cost, TD Ameritrade’s fees are among the highest in the industry.
See the full TD Ameritrade review.
At the end of the day, if we had to pick single out one online stock trading platform, it would be TradeKing Live by Ally Invest.
With the lowest trading commissions our of every broker that has 24/7 customer support, free real-time market data, and a slick platform layout, Ally Invest offers a rare combination of valuable stock trading software tools and very low pricing.
Plus, Ally has tons of educational content to help new investors make their first trades as well as help experienced investors place complex stock and options orders.
Things to Consider when Selecting Online Stock Trading Software
When looking at online stock trading software, it’s important to consider a few key points. Can you submit orders easily, with only a few or even a single click? Can you cancel all open orders with one click? Is there knowledgable 24/7 customer support present to assist if you get stuck?
We’ve spent over 100 hours testing the best online stock trading software in the industry. Another important thing to keep in mind is that many of the downloadable platforms offered by TD Ameritrade and tastyworks often require ample computing power. I run both of these platforms on a top-of-the-line Macbook pro and they both lag upon occasion.
This is especially the case if the application is left running in the background, and then opened up again.
This is one reason to consider using web-based trading software.
As an all-around broker, Ally is the clear winner for 2018.
Online Stock Trading Software
Show table|
Stock Broker |
Trading Software |
Stock Trading Fee |
|---|---|---|
|
SpeedTrader |
SpeedTrader Pro |
$4.49 |
|
SureTrader |
Dough |
$4.95 |
|
Charles Schwab |
Street Smart Central | $4.95 |
|
Merrill Edge |
Market Pro |
$6.95 |
|
Fidelity |
Active Trader Pro |
$6.95 |
|
Firstrade |
Web platform |
$2.95 |
|
Interactive Brokers |
Trader Work Station |
$1.00+ |
|
M1 Finance |
Mobile App |
Free |
|
Lightspeed |
Lightspeed Trader |
$4.50 |
|
eOption |
eOption Live |
$3.00 |
|
Wells Fargo |
WelllsTrade |
$2.95 |
|
Robinhood |
Mobile App |
Free |
Tips for Trading Success
The interesting thing about online trading software is that it can actually make or break you as an investment professional.
If your software lags and crashes when you are trying to place an order, and you have serious money on the line, you can easily lose due to technical issues. This is absolutely the most frustrating way to lose in the stock market. This is why hedge funds and other institutions spend hundreds of thousands of dollars on software every month, because it matters.
However, for retail traders, brokers like TD Ameritrade and Ally Invest offer virtually the same level of service as prime brokers like Goldman and JP Morgan – and they do it for free. They can afford to offer top-notch software for free because of the sheer volume of active clients these brokers have.
Retail brokers work off of volume, institutional brokers work off of price.
Should I Pay Extra for Online Trading Software?
Absolutely not. In today’s age, there is no point in paying for online trading software. 99% of brokers give amazing trading software away for free. Some brokers, however, still charge for their trading platforms. Case in point, brokers like SpeedTrader charge $100 a month for their downloadable trading software. We’re not sure who uses this, but it’s a needless waste of money.
Is it Necessary to Use a Trading Platform?
A very few select brokers have no trading software to speak of. They merely have a website with a basic layout that lets clients enter orders to open and close positions. This works, but if you are day trading or actively managing your positions, you will find it much easier if you use a real trading platform.
