Which Broker Should You Be Using?

“Which broker should I use?” This is one of the most common questions we get from beginner traders. And it’s a viable one! There are so many platforms out there, how do you know which one is best for you? Today we are going to break down the top six most commonly used brokers in our group and give you our opinions on them!

TD AMERITRADE’S THINKORSWIM (TOS)

For TD Ameritrade, there is a website platform and a desktop application. The application, ThinkorSwim (TOS), is one of the most powerful platforms in the world.

There are no commissions equities trading, but $0.65/contract on options trading. Their paper trading interface is great, as it’s the exact same as using the actual platform. So you won’t have any learning curves switching from paper trading to real trading.

The user interface is easy to use with many advanced capabilities. One drawback to TOS is sometimes you do have trouble getting your orders filled on the platform. If you place your orders on the app, fills don’t seem to be an issue though.

INTERACTIVE BROKERS (IBKR)

If you live outside of the United States, this is a very popular platform to use. I do not like IBKR because it is a subscription-based platform and they are constantly trying to upsell you (hence the rating). They don’t cater to small accounts very well either.

On the plus side, the interface is really good. It’s one of the best I’ve seen. The fill rate for your orders is even better. They offer paper trading and have no commissions or fees when it comes to equities and options trading.

IBKR is available in almost every country around the world and is the platform many of our international members use.

ROBINHOOD

Robinhood is only available in the United States. It is a mobile trading platform. They offer options trading and have a good interface for it.

For commissions on equities and options, there are none. You are not losing any money due to commissions. They do not offer paper trading though. So if you pick this platform, you will need to be aware that you cannot practice on it with fake money.

It is a great broker for beginner traders, but you will eventually want to move on to a more advanced and capable platform. The fill rate can be really slow at times because they have to go through market makers to ensure liquidity before approving the order.

WEBULL

Webull is primarily a mobile trading app. This is the mobile trading broker we recommend for anyone on the go.

It’s a much stronger trading platform than Robinhood because of the indicators, order execution, and in-depth chart layout.

With Webull, you are able to perform more comprehensive technical analysis on your phone than you are with the Robinhood platform. They have a paper trading program and offer zero commissions on equities and options trading.

So if you are trading at work or not able to have your laptop in front of you, this is the platform we recommend using on your phone. The fill rate is similar to Robinhood, as they also have to go through market makers to approve the order and ensure liquidity.

TRADING212

If you are an international trader, this is the platform I recommend you use most. It is available in almost all countries, except the United States.

Their interface is phenomenal. It is very comparable to ThinkorSwim or Trading View. The drawback to Trading 212 is that they do not offer options trading. So if that is something you want to do, you probably will not benefit much from this platform.

They have no commissions on equities and their paper trading platform is well done and very intuitive. The fill rate seems to be equal to other major brokers. Usually immediate, as long as there is enough liquidity.

If you are someone who only wants to trade shares and does not live in the United States, you will benefit most from the Trading 212 platform.

TRADING VIEW

Trading View is a unique platform and analysis tool, but it is not a broker. You have to connect your broker to this analysis tool to be able to trade on the platform.

It is an involved process to get it set up, but once you get it going, it’s really clean trading from there. I really like Trading View because its technical analysis capabilities are next level.

It is a very powerful program because it is an internet-based platform, meaning everyone can see the exact same thing at the exact same time.

It is difficult to do options trading on Trading View and your fees will be dependent on the brokerage platform you have gotten set up with. Overall, it is a great tool to use for shares trading. The fill rate will depend on the brokerage platform you choose though.

In conclusion…

It can be overwhelming to decide on a trading platform. At the end of the day, you need to go with one that is best for you and your situation, not what everyone else is using. This means you need to consider the following:

1. Are you trading shares or options?
2. What are the fees like?
3. What country do you live in?
4. Do you want to trade on your phone or computer?
5. How much money are you wanting to start trading with?

All of these are questions you need to answer to help you decide which platform is best for you!

If you already have a platform, why did you pick that one? Let us know below in the comments.