This is not investment advice. The information provided is for educational and informational purposes only and does not constitute a recommendation to buy or sell any financial product.
The top stock trading platforms on the market today offer a wide range of features, and the top platforms differ in cost, products, and tools. The trader who chooses a platform should match the platform to the trading style, and the trader should look at the total cost, the platform's reliability, and the broker's customer support. The trader who compares the platforms on what matters can find the best fit, and the trader who picks the right platform can save time and money.
The main categories of stock trading platforms
The first category is the discount broker. The discount broker offers a low-cost platform with a wide range of products, and the discount broker is the most common choice for self-directed traders. The discount broker earns revenue from the spread, the payment for order flow, and the margin lending, and the discount broker passes the savings on to the trader in the form of low commissions.
The second category is the full-service broker. The full-service broker offers a high-cost platform with research, advice, and personal service, and the full-service broker is the most common choice for high-net-worth investors. The full-service broker charges a higher commission for the bundled service, and the full-service broker may charge an asset-based fee.
The third category is the robo-advisor. The robo-advisor offers an automated platform with a portfolio of ETFs, and the robo-advisor is the most common choice for passive investors. The robo-advisor charges a management fee of 0.25 percent to 0.75 percent per year, and the robo-advisor is suitable for investors who want a hands-off approach.
The fourth category is the proprietary platform. The proprietary platform is offered by a specific broker, and the proprietary platform is built for the broker's products. The proprietary platform may have a tighter integration with the broker's research, the broker's customer support, and the broker's other services.
The top platforms and their features
The first top platform is MetaTrader. MetaTrader is the most popular retail platform, and MetaTrader is offered by most CFD and forex brokers. The platform supports Expert Advisors, custom indicators, and a wide range of order types. The platform is free for the trader, and the platform is available on desktop, web, and mobile.
The second top platform is TradingView. TradingView is a web-based charting platform, and TradingView is popular with technical analysts. The platform offers advanced charting, social features, and a wide range of indicators. The platform has a free tier, and the platform has a paid tier for advanced features.
The third top platform is Interactive Brokers' Trader Workstation (TWS). TWS is a professional-grade platform, and TWS is popular with active traders and institutional clients. The platform offers direct market access, advanced order types, and a wide range of products. The platform has a steeper learning curve, and the platform is suitable for experienced traders.
The fourth top platform is TD Ameritrade's thinkorswim. thinkorswim is a professional-grade platform, and thinkorswim is popular with options traders. The platform offers advanced charting, options analytics, and a wide range of products. The platform is free for TD Ameritrade clients, and the platform is available on desktop and mobile.
The fifth top platform is eToro. eToro is a social trading platform, and eToro is popular with beginners. The platform offers copy trading, social features, and a wide range of products. The platform charges a spread, and the platform does not charge a commission on stocks.
How to compare the platforms
The first criterion is the cost. The cost includes the commission, the spread, the platform fee, the inactivity fee, and the currency conversion fee. The trader should calculate the total cost for a representative trading pattern, and the trader should compare the total cost across three to five platforms.
The second criterion is the product range. The platform should offer the products the trader wants to trade, and the platform should offer the markets the trader wants to access. The trader who wants US stocks should pick a platform with US market access, and the trader who wants international stocks should pick a platform with global market access.
The third criterion is the platform features. The platform should support the order types, the charting, the indicators, and the alerts the trader needs. The trader who uses Expert Advisors should pick a platform that supports automated trading, and the trader who trades options should pick a platform that supports options analytics.
The fourth criterion is the reliability. The platform should be fast, stable, and available 24/7. The trader should look for a platform with a strong uptime record, and the trader should look for a platform with a backup plan in case of an outage.
The fifth criterion is the customer support. The platform should offer customer support by email, by chat, or by phone, and the support should be responsive. The trader should test the support before opening the account, and the trader should look for a platform with a strong support reputation.
Common questions about trading platforms
What is the best platform for beginners? The best platform for beginners is a platform with a simple interface, a low minimum deposit, and a strong educational offering. The discount broker's proprietary platform or the MetaTrader platform are good options for beginners.
What is the best platform for active traders? The best platform for active traders is a platform with advanced order types, fast execution, and a wide range of products. Interactive Brokers' TWS and TD Ameritrade's thinkorswim are good options for active traders.
What is the best platform for options traders? The best platform for options traders is a platform with options analytics, options chains, and options-specific order types. TD Ameritrade's thinkorswim and Interactive Brokers' TWS are good options for options traders.
Related resources
Where to start
If you are evaluating the top stock trading platforms, the most useful first step is to shortlist three to five platforms, and to compare the cost, the product range, and the features. Our broker comparison lists the brokers and the platforms they offer, which together tell you what the broker offers before you open the account.