Have you ever thought about opening a stock trading account? Or perhaps you are looking for another platform to trade on? This blog is intended to compare and contrast three popular stock trading platforms.
I have had experience and currently use all three brokers : ETrade, Robinhood, and Webull. I first started on Robinhood back in March, while I took over ETrade and Webull accounts in May.
In general each broker offers:
- Free commission trading (no fees).
- High-speed execution.
- Instant deposits.
- Face ID to get into your mobile account.
- $0 account minimums.
From the outside looking in, there are a ton of similarities between the three companies. However, each site has unique qualities that are worth noting:
- Best Mobile App:
- User-friendly interface, customizable portfolio and watch list, straightforward and simplistic.
- Most Popular Stock Broker:
- 13 million users, continuously growing, lots of groups on Facebook geared towards Robinhood traders.
- Best for Beginners:
- Easy to grasp, fractional shares, free cash management debit card.
- Easy Access to Trade Cryptocurrency and Low-Cap Stocks:
- Whether you’re looking to buy Bitcoin or an up-and-coming company, Robinhood can provide it.
Robinhood’s Worst Features: Bad Customer Service, Low Priority Ranking for Users, Cannot Short-Sell (only options), Often Labeled as “Too Simplistic”.
- Best Research/ Stock Advice:
- Robo Advisor, analysts provide price targets and buy/sell ratings, up-to-date news stories regarding specific stocks.
- Best Customer Service:
- 24 hour phone support line, online texting/email option, offices around the nation.
- Best for Advanced Traders:
- Shortselling, trailing stop/ limit orders, ETrade named as the #1 online broker by Kiplinger in 2019.
- Longest Active Stock Broker:
- Trustworthy, reputable, regularly featured on the news.
ETrade’s Worst Features: Does Not Have the Best Mobile App, IRA Fees, Slow Account Verification, Limited Currency Trading.
- Most Generous:
- 2 free stocks for signing-up & funding your account with $100, always doing raffles where you can win free stocks, has a great referral program.
- Best for Technical Analysis:
- Graphs are impeccable and interactive, statistics are widely provided, and gives you the ability to analyze a lot of numbers.
- Most Versatile:
- Can invest in both IRAs and Crypto, access to stock screeners, stock lending income program.
- Best for Paper Trading:
- Robinhood does not offer trading simulators and ETrade is not as user-friendly. Personally I use Investopedia’s trading simulator, however Webull offers a similar platform for those that like fake money trading.
Webull’s Worst Features: Poor Customer Service, Slow On Getting You Your Free Stocks, Flawed Options Trading, Sub-Par Reputation.
For me, Robinhood is my favor broker. I wrote about my first three months on Robinhood (here). It’s combination of simplicity and user-friendliness is the reason for its rapid growth. I can see Robinhood expanding even more in the future, eventually being the biggest stock trading platform in the world. Do you agree?
**Something to note: The rankings of these popular stock trading platforms above are a combination of personal opinion and online research. I am not a financial advisor, and urge for you to do your own research before trading on these platforms!
Comment below and I’ll be happy to answer any questions to the best of my ability.