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A Look at Some of the Best Alternative Brokerages Out There

trading stocks
robuart on Deposit Photos

After the GME and AMC incident, people are upset with the brokers that shut retail investors out of trading certain stocks and are looking for a new platform that will be there when they need it the most. There are a lot of brokers that are seeing a migration of new users from brokerages such as Robinhood, Webull, TD Ameritrade and Charles Schwab

Robinhood was the pioneer broker for having commission-free trading. Soon after that, many brokers followed. Now, almost all brokers have commission-free trading. However, one of the upsides to Robinhood was the ability to buy fractional shares, something that other brokers are still trying to adopt themselves. So, for people that are looking for an alternative to these brokerages but don’t know where to go, here are some brokerages that didn’t prevent traders from trading GME and AMC.

Fidelity

Fidelity is a popular brokerage with a lot of fancy features.

  • Offers an IRA
  • Commission-free
  • $0 minimum deposit
  • Supports fractional shares
  • Simple user interface
  • Doesn’t offer any promotions

M1 Finance

M1 Finance is a useful brokerage for beginners.

  • Beautiful user interface and easy to navigate
  • Commission-free
  • Supports fractional shares
  • Offers a Roth IRA
  • Has a pie feature that allows the user to distribute investment in a nice, clean way. For example, when you add $100, the brokerage will automatically distribute those funds according to the percentage of the pie that you set up before.
  • $100 minimum deposit

WeBull

Even though it blocked traders from buying GME and AMC, some of its users believe that WeBull’s CEO Anthony Denier’s explanation for the halt was very believable.

  • Complex user interface. Unless you know what you’re doing, it can get overwhelming for beginners.
  • Supports commission-free trading and fractional shares
  • Offers a Roth IRA option
  • Offers a crypto trading option
  • Awesome promotions. Users have the chance to receive many free stocks at a time and win more prizes, unlike Robinhood that only offers one free stock.
  • Paper trading. This is when the broker gives you fake money to practice trading. You can trade with as much money as you want.
  • $0 minimum deposit

InteractiveBroker

InteractiveBroker is similar to TD Ameritrade, with a complex trading system.

  • Offers a wide range of ways to invest such as stock options, margin trading, commodities, Forex, bonds and more
  • Complex user interface. There are many windows and charts moving at the same time, which can be overwhelming.
  • Commission-free
  • $0 minimum
  • Supports fractional shares
  • No promotions for new users
  • Good for investors outside the United States

E-trade

E-trade is another complex brokerage with many tools and features at your disposal.

  • More advanced interface than the more user-friendly brokerages
  • Many different ways to invest, such as futures, mutual funds, bonds and more
  • Commission-free
  • $0 minimum deposit
  • No promotions
  • Offers an IRA account
  • Does not support fractional shares
  • Offers learning tools to learn how to trade stocks

Honorable Mentions

  • Merrill Lynch 
  • Vanguard
  • Betterment
  • Acorn
  • SoFi
  • Trade Zero
  • Firstrade
  • Wealthfront
  • You Invest by JP Morgan
  • eOption
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