Best Online Stock Trading Platform For Beginners – The best stock trading software for beginners is easy to use, simple and has everything you need to jump into the markets with your head. We have spent over 100 hours testing the stock trading software of all the major online brokers and these are our results.
None of these brokers charge any fees for using their software. Ally Invest’s software is simple, easy to use and gets the job done. Also, if you need help navigating the platform, Ally’s customer support is available 24/7, so there’s always someone to help.
Best Online Stock Trading Platform For Beginners
Note that TradeStation’s platform is so good that they charge $120 per month to use it. It is now free for all merchants.
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Zacks Trade offers two platforms, Zacks Trade pro and Zacks Trade web-trader. Both are excellent trading platforms for options, futures and stocks.
When you consider fees, customer service, ease of use and accessibility (ie available on all computers), AllyInvest is the clear winner for best trading platform for beginners. Check out the full Ally Invest review here.
Since TradeStation got rid of platform fees as part of its rebranding efforts in 2018, TradeStation is also a great choice for trading software. Check out our full review of the TradeStation platform here.
Finally, Zacks Trade offers novice traders a crack at professional trading software without the huge monthly fees. Although the Zacks Trade platform may seem intimidating at first, it is a solid choice for all types of trading.
What Is Virtual Trading
Stock trading software is a downloadable or online platform that allows you to connect to the stock market. For the most part, all stock trading software is run by a US licensed broker, which actually facilitates online trading.
Most online brokers offer trading software at no extra cost. While there are some third-party commercial software companies, using these platforms usually requires a monthly subscription of around $150. In our opinion, paying for commercial software is not worth it as a retailer.
When you open an online brokerage account, you’ll usually have to fill out a questionnaire that will ask if you’re a professional trader. If so, you’ll have to pay more for market data and platforms. This is because the exchanges realized that they could make more money with “professional subscribers” who trade full time. Even if you are a very active retailer, it is smarter to take advantage of the non-professional position and a few hundred dollars every month.
For a while I had a subscription to Bloomberg Terminal (+$2,300/month) and it was the hardest trading platform ever to log into. My fingerprint scanner never worked, I always forgot my B-Unit login device (required a key fob to log in and had to contact customer service frequently to enter the platform.
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Needless to say, this is not an ideal situation. Good commercial software should be fast and easy to access, especially for beginners. The difficulty of connecting to the platform was compounded by the fact that the rent cost more than $2,000 a month.
In most business industries, buying better products equals better results. This is true with purchases and investments, but only up to a point.
If the stock trading software you use works and you can trade, track your positions, search for new trading ideas, etc. why pay more for software that does the same thing?
There are many companies that expect to charge you over $100 a month to use their commercial software that they say will give you an “edge” in the market. To tell the truth, this is very unlikely, especially for beginners.
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When we tested Ally’s software, whenever we had a question about how to place a certain type of order or how to use a certain tool, such as the options analysis tool, we were easily connected to support to the customer via live chat.
Ally’s customer service is available 24/7. If you need help at 4 in the morning, before the market opens, you can get it. This is one of the reasons why Ally has a great trading platform for beginners.
Another reason is that Ally’s software is free, powerful, comprehensive, and very easy to use. Many stock trading programs aren’t designed for beginners, and we’re not saying Ally’s software is made exclusively for beginners, but of all the platforms we tested, Ally had the shortest learning curve .
Stock trading software is the same as a trading platform. The two terms can be used interchangeably. Sometimes a trading platform may refer to the entire trading setup, i.e. online broker, trading costs, etc.
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That said, the best trading platform for beginners will also be the best stock trading software for beginners. We recommend choosing a platform that has no inactivity or market data fees, so if you decide trading isn’t for you, you can leave your cash in your account and not worry about monthly numbers. We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing interactive tools and financial calculators, publishing original and objective content, allowing you to conduct research and compare information for free, so you can make confident financial decisions.
Our articles, interactive tools and hypothetical examples contain information to help you conduct research, but are not intended to serve as investment advice and we cannot guarantee that such information is applicable or accurate to your personal circumstances. Any estimate based on past performance is not a guarantee of future performance and before making any investment you should discuss your specific investment needs or seek advice from a qualified professional.
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