Do you want to join an investing platform but aren’t sure which one? If your answer is yes, then you are in the right place. In this article, we’ll discuss the best investing platforms and go over how to stay afloat in a sea of online brokers, from Aikido finance to E+Trade and many others.
Let’s dive right into the details.
What are investment platforms?
Investing platforms are web-based services that allow you to purchase and sell stocks, bonds, and mutual funds all in one place.
Investing platforms serve as a vital link between you and the investment sector.
Whether you want to trade stocks, Foreign exchange, bonds, and commodities, you’ll need to choose an investing platform that suits your investment needs.
Many of the platforms allow you to select a pre-built portfolio that corresponds to your risk tolerance.
Continue reading to learn which investment platforms stand out from the rest!
Top 5 investment platforms
Here is a comprehensive review of the best investment platforms.
TD Ameritrade is a prominent online stockbroker because of its appealing features, which include highly accessible customer service, in-depth and comprehensive stock trading research, no minimum account sizes, and reasonable commission pricing.
You can open an account and play around with it without making a deposit until you feel comfortable. TD Ameritrade wants new investors to gain confidence and expand their portfolios as their skills improve.
For beginners, the E*TRADE platform contains two-level menus that provide quick access to various screening tools, portfolio analysis, and educational resources.
For beginners, E*TRADE has three computer-based platforms and two mobile platforms to suit various investing styles and interests.
You can also practice on a demo account, a paper trading account based on the Power E*TRADE platform. The more advanced E*TRADE platforms are likewise well-designed, guiding you as you progress to more complex asset classes.
Aikido is a cloud-based investment platform that lets users quickly build and live trade investment portfolios. The platform grants users access to Aikido’s research-backed strategies. Aikido is data-driven, and easy to use.
Fidelity Investments offers no trading commissions, the platform has over 3,400 no-transaction-fee mutual funds, and a top-notch research and trading platform. Its zero-fee index funds and stellar customer service are the cherries on top.
Fidelity provides broad pre-set and adjustable asset screeners, as well as a plethora of research. Uninvested funds are automatically deposited into a money market fund to assist boost overall portfolio returns.
Interactive Brokers is quickly becoming one of the world’s leading online brokers. They have been around for decades at this stage (1977 to be precise) and particularly appeal to traders / quant investors.
The platform has $351B AUM (Assets Under Management), and in 2021 it was voted the best online broker by Barron’s.
How to choose the right investment platform
The best investment platforms for beginners have a few features in common; Simple to navigate, offers a wide range of instructional materials to motivate learning, and gives you access to high-quality stock market research.
But it’s also important to consider how much money you want to invest.
Is that convincing enough? Yes, absolutely.
So, let’s delve deeper and see what you should look for in an investing platform.
Start by learning the principles of online brokerage – in other words, immerse yourself in the investment world. Find literature about investment platforms, and read independent reviews.
- Prioritize your Needs
Think about your needs and establish a list of requirements before searching for the most refined investing platform for beginners.
You might prioritize either attaining your investment objectives or looking for the most user-friendly site; when choosing a broker, think about your financial goals and make sure the broker can meet them.
A reputable broker is more than just a place to place trades. Look for independent reviews authored by investment advisors or financial analysts that provide in-depth knowledge of a platform.
- Make a test run
So, you’ve determined that your pick is reliable and secure. Now what? Give your future money-making partner a chance. You’ll never know if you and your partner are a good match unless you try their service.
For example, Ally Invest allows anyone to start investing with as little as $500.
Test runs are critical to your grasp of how a platform is laid out, what features you have access to, how the investing process is organized, and how their support systems work.
- Compare the pros and cons of each platform.
Take a look at your investment options and the risks you’re willing to take.
New investment platforms provide adequate opportunities for beginners who have not yet developed a portfolio of favorite assets – stocks, ETFs, options, and cryptocurrencies.
Keep a close eye on commissions and costs, especially for the markets that matter the most to you. Consider whether the broker’s technology is appropriate for your investment style, whether you are a long-term investor or an active trader.
- Ask for support
Every investment platform, without a doubt, provides guidance on everything from how to use a platform to how to create a successful investment strategy. The amount and quality of assistance provided, however, varies substantially.
Finally, remember how critical it is for you to be able to contact live customer service. Some platforms offer live help over the phone, while others concentrate on technology and provide bare-bones customer support via email or text chat.
It’s not as simple as you may assume to choose the best UK investment platform for beginners.
There are a plethora of excellent services available to make things as simple as possible. However, as previously stated, there are other factors to consider.
So, what type of investment platform would you choose?
Share your thoughts in the comments below.