What Trading Platform Do I Use To Buy Stocks?
One consideration you must make when starting to invest in stocks, is what trading platform will you use?
In order to trade effectively you’ll need a professional trading software that can help you perform technical analysis to predict the future movement of your stock.
Normally your stock broker will provide you access to their trading platform for free.
Some of them may charge a monthly subscription fee to their trading software and higher level financial data.
I prefer using the thinkorswim trading platform from T.D. Ameritrade.
It’s an advanced trading tool and the cool part is it’s completely free.
You can easily sign up for a trading account from T.D. Ameritrade.
You don’t need to deposit any funds to open a trading account with them after you have your trading account.
You can use their professional trading software thinkorswim for free.
However these brokers often require you to make an initial deposit to open a trading account with them.
And the final thing you should care about is pricing.
In my opinion pricing is less important than the first two criteria which are the reliability of a stockbroker and their trading platform.
That’s because as an investor you need to make sure your money will be kept securely by a trusted broker and you’ll also need a professional unbiased trading software to trade effectively.
Normally you’ll be charged about 10 bucks per trade.
You see the trading fee is not too expensive.
Actually if you can make money from the stock market you don’t need to worry too much about the trading fee.
So make sure you’ll always look for a reliable broker with a professional trading platform first and then look at their trading fee later.
And besides T.D. Ameritrade My favorite stock broker is Interactive Brokers.
They’re the cheapest but most reliable broker, you’ll be charged just one dollar for every 100 shares you buy.
This broker offers a very good trading fee however to open a trading account with them you’ll be required to make an initial deposit of at least $10000.
My number one trading tip for you is that you can have two trading accounts.
If you’re investing in the U.S. stock market you can open a trading account from T.D. Ameritrade and Interactive Brokers.
The cool thing about T.D. Ameritrade is that you don’t need to make any initial deposit to open a trading account with them.
Once you have your trading account you can use their trading platform thinkorswim for free.
You can use your T.D. Ameritrade account for analyzing stock charts and user Interactive Brokers account for buying and selling stocks.
As I’ve mentioned earlier using Interactive Brokers is very cost effective because you’ll be charged just one buck for every 100 shares you buy.
In the case you use other stock brokers you’ll be charged about 10 bucks or more.
So by having two trading accounts from T.D. Ameritrade and Interactive Brokers you can trade with a very low trading fee and you have free access to the thinkorswim trading software.