What Are the Best Electronic Trading Platforms?
The most important decision that you will make when trading electronically is the trading platform. Getting your order filled in a timely manner is critical to your success as a trader. In addition, the ease of use of the trading system can mean the difference between a quick and efficient learning curve and a long protracted learning curve. The majority of trading platforms do have tutorials that allow you to review the entire platform before you make a commitment and deposit funds. Some platforms even have live support that you can access 24 hours a day. Choosing an electronic trading platform is a personal decision because you will be using this system to help you trade better and more successfully.
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Think or Swim Trading Platform
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Think or Swim was purchased by TD Ameritrade, making it the largest online trading platform in the U.S. Barron's publishers rated the Think or Swim trading platform number one for the past five years. Think or Swim gives various promotional fees for not only opening accounts, but for trading activity. Think or Swim boasts easy-to-use technology that includes risk management for each trade. In addition, Think or Swim has 24-hour, seven-day-a-week customer service and physical offices with advisors for traders.
Schwab Trading Platform
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Schwab began as a discount broker and recently purchased the largest options trading platform in the U.S., Optionsxpress, for $1 billion. A trader that actively trades both options and stocks can benefit from this full-service firm with the addition of options expertise. Schwab builds a personal relationship with its users by providing advice and insight into trades in which investors need help. Schwab gives impartial guidance necessary when questions arise related to any market or trade. The virtual trading system with Schwab provides leading edge charting and analysis tools.
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E*Trade Trading Platform
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E*Trade offers a great deal of free research and education, and has competitive rates on fees and commissions. E*Trade has 24-hour customer service seven days a week. To have a physical office in the trading community is a plus because any important financial transaction or malfunctions with the platform can be addressed in person, not simply online. E*Trade also offers competitive interest rates on its accounts.
Scottrade Trading Platform
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Scottrade has one of the lowest minimum requirements to open an account at $500. Scottrade offers low margin rates and low commission fees on options trading. Scottrade has physical offices in addition to its huge online presence. A customer can walk into an office and request help or transact any business. With a complete line of products, Scottrade consistently get its clients the lowest possible price for trades, close to the NBBO, National Best Bid or Offer. When executing a trade, these prices are critical to the profitability and success of the trader.
Interactive Brokers Trading Platform
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Although headquartered in Greenwich, Connecticut, Interactive Brokers is a global choice for those that have offshore accounts or prefer a worldwide trading vehicle. Interactive Brokers also allows for bond trading from a single universal account. Not only does Interactive Brokers have billions in capital, but it is in more than 90 markets across the world. Interactive Brokers fills trade orders quickly and actually educates traders on advanced trading tools.
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