The Best Brokers for Most Given Situations

Bottom line, you can't even start trading if you don't have an account with a broker. Choosing a broker requires a lot of contemplation, and not all brokerages are the right fit for all traders. This one's a doozy, so strap in, we're going to go through a lot. 

Below, I've compiled a list of the best brokers for most situations in every day trading, from the brokers with the best platforms and charting tools, to the best brokers for short selling. Please note the date this was written, in to addition to understanding that these are based on my own experiences. If I've missed an area of concern, please feel free to comment below the article and I'll gladly review and update.




Best Platform for Technical Analysis & Charts




To make successful trades online, many traders depend solely on their trading platform, and technical analysis (otherwise known as "chart trading".) The trading platforms that are available today are not only desktop-based, but are becoming mobile-based so you can literally trade from your cell phone or tablet. Charts that are highly advanced, tools for options, built-in screeners, ladders, virtual trading, hot keys, back-testing, watch lists, and real-time Level II quotes are just a few examples of the tools brokers are now making available to clients.

TD Ameritrade is the only broker that I feel offers great chart tools. Personally, I prefer Tradingview, while executing trades through your current broker. Tradingview, by far and away, is the best technical analysis platform a trader can add to their arsenal of tools. With the cleanest displays, countless tools and indicators, social interaction for sharing trading ideas, and a list of other benefits, Tradingview takes the win here.


Best Brokers for Small Accounts



Ah... if I only knew then what I know I now. Am I right? There is no reason to list any more than one. Hands down, it goes without saying, SureTrader is the best fit for anyone wanting to trade frequently, that can't afford to just cough up 25K to do it. Unlimited day trades with only $500 in your account? Damn right you can. SureTrader dominates this area simply for the fact that it is one of the great ways to avoid the Pattern Day Trading Rule. Suretrader is able to provide a trading experience free of the PDT rule due to the fact that they are based off shores, and are not subject to the same rules as other brokers under the SEC.


Best Brokers for New Traders





TradeStation offers a "University" that allows you to learn the basics of trading at your own pace. Their customer service team is great, and they offer one of the most detailed and customizable platforms out there. SureTrader made this list simply for the PDT rule exception. When first starting out, many traders hit a wall with the PDT rule, and it slows or limits trading opportunities. Unless you plan to begin your first trading account with $25,000 or more, SureTrader may be the option for you. The last on the list would be ThinkorSwim by TD Ameritrade, for its plethora of educational and video resources, in addition to offering webinars and classes you can register for.


Best Brokers for OTC and Sub-Penny Trades 



Centerpoint takes the cake for this category. Centerpoint offers the best OTC fills despite its fees, basically because their NITE route will usually offer the best option out there for OTC fills. Centerpoint also offers CSTI, ATDF, CDEL, ARCA, in addition to a few others.



If you're into trading sub-penny securities or anything less than maybe $.50 a share, you may want to consider a brokerage that won't bend you over with commissions and fees for trading securities so low. Etrade doesn't charge fees or commissions on a per-share basis, which can help a lot in keeping costs per trade reasonable. Brokers like Centerpoint and Suretrader have commission fees per-share, which can add up really fast on stocks that you'll need to trade large qualities of shares on to profit. Interactive Brokers is an honorable mention due to their commissions being .005/share OR 0.5% of the total trade value, whichever option is the cheapest. Both of the above mentioned are cheaper than Centerpoint and Suretrader for really cheap stocks.



Best Brokers for Short Selling Stocks



Most brokers out there won't even lend shares of penny stocks, but these are a few that do. In order to find locates on a lot of stocks, these three are the best brokers available. Centerpoint probably offers the best borrows for penny stocks, while SureTrader offers the best with stocks over $1. IB has some good borrows as well, but requires a 10K deposit to open an account.


Best Brokers for Retirement Services


Etrade offers "No Fee IRAs," that include a $25 annual custodial fee which may include additional fees. Go figure... right? If you can manage to avoid these fees by holding a minimum of $25,000 between all of your Etrade accounts, Etrade is one of your best options for retirement services and a full service brokerage. Another good option is OptionsHouse, which offers one of the lowest fee structures you will come across, and is one of the few brokers I know of that allow trading options within an IRA account.

Best Brokers for Forex Trading


TradeStation has been a forex brokerage since the early 90's, and allows you to begin with "TradeStation Basics", and lets you learn at your own pace. You can also reach out to TradeStation Labs, Events, and University. ThinkorSwim also offers similar services within their platform like a rookie-learning curriculum that offers courses and videos. The Learning Center within the platform consists of videos, tutorials, thinkManual, thinkMoney magazine, and Quiz Central. FXCM makes the cut because they offer daily walk-throughs of their platform along with strategy sessions, a library of tools and trading guides, and a calendar of events that can teach you how to read quotes and place trades.

Best Brokers for Options Trading


With TradeStation, you can trade options for some of the lowest prices of any online options trading service that I've come across. The trading price for options varies because the more you trade, the lower the fees. TradeStation is an online broker with a solid options trading system that offers a lot of useful tools and educational resources. While some of its fees are higher than other services' fees, it may just be the best value in an options broker for high-volume traders that know what they're doing, but still appreciate a broker that offers support and strategies. 

 OptionsXpress focuses on options and education, making it a good choice for traders that want to break into higher-risk investments than just mutual funds or stocks. The system is easy to use, and resources are available within the program and on their website that can help you along your way. The downside to OptionsXpress is that if you trade large numbers of contracts, you will pay more with this service than with most other online options services in the end.


Conclusion



I hope this helps those that are in search of a new broker. Again, not all brokers are a good fit for all traders. We all have different tendencies when we trade, you just need to find what works well for you. 

Again, if I missed an area of concern or a specific broker that you feel is a better fit for any of the above, please leave a comment and I will gladly review and update. 

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