Direct access trading brokers

Direct Access Brokerage Firms List


Below we list best direct access brokerage firms in 2017. Read their reviews, compare stock and options fees, and see ratings and rankings for their direct market access trading platforms.




Thinkorswim rating

thinkorswim

TD Ameritrade ThinkOrSwim Direct Access Broker


Trading stocks and ETF's on TD Ameritrade's ThinkOrSwim platform costs $6.95. Options are an additional $0.75 per contract. Commissions are negotiable if you can show that you are an active trader. One of our traders right now has a $4.99 per trade rate.

The brokerage firm has over 100 commission-free ETF's and charges nothing extra for penny stocks, large orders, or after-hours trading. There are no account maintenance or inactivity fees.

Investors have access to more than 13,000 mutual funds, of which 2,500 carry no transaction fee. Research reports are free of charge from 12 independent providers. Traders have access to two major trading platforms, ThinkOrSwim and Trade Architect, both of which come with free streaming quotes, including Level II quotes. Investors can practice trading with Paper Money, a virtual trading account, or discuss ideas in myTRADE, a trader community. There are 126 local branches for investors who want personal service.

On the down side, the broker has high margin rates and above-average commissions.


Broker Review

Read TD Ameritrade ThinkOrSwim Review





Tradestation rating

TradeStation



TradeStation Direct Access Broker


TradeStation offers its clients both a flat-rate pricing schedule and a per-share structure. The flat-rate trading commission is $5. There's also a per-share pricing schedule that charges investors $0.01 per share for the first 500 shares, and $0.006 per share after that. This plan carries $1.00 minimum per trade. Options are $5 plus $0.50 per contract.

This broker has an active online community and has a large selection of investment products. The charting tools are high quality, and the platform has trading modeling capacity.


Broker Review

Read TradeStation Review





Interactive Brokers rating

Interactive Brokers



Interactive Brokers Direct Access Broker


IB charges $0.005 per share for stock and ETF trades, with $1 minimum. Options are $0.70 per contract if the premium is greater than or equal to $0.10. The $0.70 charge is discounted to as low as $0.25 for premiums under $0.10.

IB is great for margin borrowing and global investing. It also has a large selection of investment products. Its flagship trading platform, Trader WorkStation, is very sophisticated.

On the bearish side, there is a rather steep $10,000 minimum opening deposit for most accounts. There is $10 monthly minimum commission requirement to avoid a $10 fee. If an account doesn't generate the required $10 in monthly commissions, market data is also charged at $10. A staggering $100,000 account balance is required to waive such fees. IRA accounts cost $30 per year.

Because Trader WorkStation was developed with advanced, active trader in mind, it is difficult to learn, especially for beginners. IB's fee structure is very complicated, and customer service is hit and miss. This direct access broker regulates margin too strictly. Per-share pricing structure makes orders with a large number of shares rather expensive. IB only offers no-load mutual funds, and the minimum order amount is $3,000, which is higher than the industry average.


Broker Review

Read Interactive Brokers Review





Speedtrader rating

SpeedTrader



SpeedTrader Direct Access Broker


SpeedTrader charges $6.95 for stock and ETF transactions for accounts under $25,000. For accounts above $25,000, the charge is $4.49. A per-share plan is also available for accounts above $25,000. The trading fee is $0.0044 per share with a $1.99 minimum per trade. Options are $0.40 per contract with a $1.99 minimum per trade. Exchange fees are passed onto the customer.

Bulls say the trading platforms are good quality here. Virtual trading is also available for clients who want to practice. Active traders can do well here because the commission schedule favors them.

Investors criticize the annual $75 fee for IRA's. There are also steep monthly platform fees. A $10 inactivity fee is charged if an account has less than 15 trades in a quarter. Option exercise and assignment fees are $10 each. Pricing and platforms are changed too frequently here. There are no research tools at this direct access broker, and the record keeping is inadequate.


Broker Review

Read SpeedTrader Review



Updated on 3/16/2017.





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