E*TRADE
Even though E*TRADE's costs are greater than those of competing online brokers in the options trading industry, the company still ranks as our top recommendation for novice traders and investors because of the company's intuitive and powerful desktop, web, and mobile platforms. In 2020, Morgan Stanley acquired E*TRADE, one of the earliest internet brokers founded in the 1980s.
To aid new options traders in learning the ropes, E*TRADE provides not only superb tools and statistics but also a wealth of training materials on options and other investing ideas. One of the best features of E*TRADE for novice options traders is the opportunity to "paper trade," or simulate an actual trade, without risking real money.
Pros:
- Excellent educational content
- Robust and easy-to-use platforms for desktop and mobile
- Paper trading
Cons:
- Higher commissions for options trading
- Higher fees for less frequent traders
- Does not support international trading, forex, or cryptocurrency
Account Minimum: $0
Fees: No commission for stock or ETF trades. Options are $0.50–$0.65 per contract, depending on trading volume.
Website: https://us.etrade.com/home
