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The Best Brokers to Setup a
Trading Account
Written by Michael Thompson
Picking the right broker is essential if you want to be successful in the stock market. The broker that you choose has a big impact on your trading moving forward. We've assembled the best brokers and all of the information you should know to help you choose the best broker for you.
TD Ameritrade

TD Ameritrade stands out from other brokers for many reasons. Ever since they were founded in 1971, they have been offering plenty of tools, useful products and research to help brokers do their best. They offer mutual fund screeners, lists of stock, stock analysis and so much more. Choosing a broker with the top tools and newest products is always a good idea and you can benefit from it a lot. With TD Ameritrade, you can trade commission-free and you won't have to pay a fee per trade. They don't have a minimum deposit requirement, which is very useful for beginners. TD Ameritrade has a very good app that investors rate really highly. The app allows you to trade, invest in funds ad stream data from your phone! Furthermore, their customer support is outstanding. TD Ameritrade is a great broker for both beginners and experienced traders.

They do still have a fee that you should know about; The paper statement fee. If your account's value is lower than $10 000, you'll be charged $2 per paper statement. 
The Pro's:
  •  Useful app
  • ​No minimum deposit requirement and no fee per trade
  • ​Useful tools and information available
  • ​Great customer support
The Con's:
  •  The paper statement fee

Thinkorswim is owned by TD Ameritrade and offers a lot of the same benefits. This platform has the best resources and tools that'll help you make better choices during trades and investments. One of their best tools is paperMoney. When you make a paperMoney virtual account, you can test all of your strategies and tricks without risking any real money. You can test out situations with 1000 000 virtual dollars and under to be more prepared for the real deal. Thinkorswim will allow you to evaluate your ideas and stay on top of the markets and that is extremely important in the stock market. Staying educated is great for any trader, not just rookies. Thinkorswim has a big learning center with guides, features and live lessons. All of these features make this an amazing platform for beginners.

TradeStation is generally focused on active and experienced traders so if you have been trading for a while, they might be the right broker for you. Recently they have been trying to appeal to active traders and are now offering $0 trades. This broker has plenty of data and tools to help you out and all of their trading platforms are high quality.

They have no account minimum but the thing is, in order to use TS Select, you need a $2,000 minimum account balance. In order to trade for free on their more advanced platforms, TS Select is required so really you can't use the best with an account that has less than $2,000 on it. TS also has a lot of fees that users have to pay. They have annual account fees, inactivity fees, $125 outgoing account transfer fee and more.
The Pro's:
  •  Great tools and advanced data and research
  • ​Professional level trading platform
  • ​Great if you are experienced and an active trader
The Con's:
  • You'll need TS Selects to have access to the best platforms
  • ​The pricing and the plans are known to get pretty confusing
  • ​Lots of fees
  • ​HORRIBLE CUSTOMER SERVICE!!!! Proceed at your own risk!

E*trade is another popular broker that offers tools and useful market data. Just like all of the other brokers we mentioned, E*Trade has no account minimum and a $0 fee per trade. They've got a great mobile app with great features and their customer service is impressive. This platform is recommended for beginner investors as well as for the more experienced traders.

However, there is one thing about E*Trade that traders don't enjoy. The website is hard to navigate at times their website transparency isn't the best one out there. It isn't very easy to find some important information and that can leave many customers confused or with unanswered questions. Plus, E*Trade has fees such as the $75 transfer out fee.
The Pro's:
  •  Great app
  • ​Useful tools and educational resources
  • ​Helpful customer service 24/7
The Con's:
  • The website isn't the easiest to navigate and it can be difficult to find key information
  • ​The multiple fees
Which Broker is The Best?

TradeStation and E-Trade are popular brokers that also have plenty of good things to offer, but the top broker that we recommend is TD Ameritrade. They have less fees and great educational tools and platforms. They are a great broker for any level trader and don't have too many fees that you would need to worry about.

Treat Trading Seriously
You'll never be a super successful trader if you treat trading like a casual hobby. If you want to make money and expand your trading business then you need to start treating it like a business! Trading requires not only money, but also effort and time. You need to be ready to learn and take it all seriously, like you would a business. Know the difference between your job, trading and your hobbies. They should all be approached differently. Trading is a lot of hard work and you need to be invested in it more than you are invested in your casual hobbies.

Brokers That Would Help You Get Around The PDT Rule

For those wishing to get around the dreaded PDT Rule, CMEG and TradeZero are great brokers. TradeZero is based out of the Bahamas and CMEG is based out of Trinidad and Tobago so the PDT Rule doesn't apply to them. Both of these offshore brokers are known for being the top brokers that aren't located in the U.S. However there are are always risks when setting up an account with offshore brokers. Beware of these risks and stay informed on what you're signing up for. The minimum to open an account with TradeZero and CMEG is $500 but both offer resources and tools that you'll definitely benefit from. These two brokers do have plenty of fees that you'll need to pay, but paying the fees might be worth it since you get to avoid the PDT rule.

To conclude, we believe that the best broker for rookies and invested traders is TD Ameritrade, but if you're looking to escape the PDT rule you can give CMEG or TradeZero a try. At the end of the day, it all depends on what you value more and what fits your strategy. All brokers have pros and cons and hopefully you can understand the advantages and disadvantages of opening an account with each one of these brokers better with the information that we provided in this article.

About Author: 
Michael Thompson

Michael Thompson is an advanced senior trader with over a decade of trading insight. He has traveled to trading seminars all over the world including Ireland, Germany, Thailand, California, Florida, and Costa Rica....His trading style is centered on accelerated growth. Michael prefers trading a combination of different options strategies.

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