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7 best free stock trading platforms

Thanks to the rise of fintech, investors now have the option to buy and sell stocks online or through mobile apps - and often free of charge.

There are dozens of trading apps and platforms that allow investors to invest cash in a variety of securities with minimal to no fees. With the increase in choices, here are the best free stock-trading platforms and how they compare.

7 best free stock trading platforms

Whether you're a beginner investor or have been playing the market since before the last recession, free stock trading platforms and apps provide a great opportunity to maximize your returns and keep trading easy and simple.

These investment platforms are top-notch.

1. E*TRADE

Although E*TRADE (ETFC) - get report accounts aren't always free, there are some promotions and accounts that allow investors to invest for free. Currently, E*TRADE is having a promotion when you open a new account. The promotion offers 60 days of commission-free trading for up to 500 trades with a minimum deposit of $10,000 or more.

The site offers 24/7 customer service, easy mobile trading, data and research information, and has trading vehicles that range from etfs to options. And while E*TRADE's commissions usually hit just under the $7 mark for normal (nonpromotional) trades, the site is still very popular for its ease of use and retirement services.

2. Robinhood

The free stock trading app has seen a meteoric rise in popularity in recent years, accumulating 6 million users in 2019 - and with good reason. Robinhood seems to be the darling of commission-free trading - as a fintech startup founded by baiju bhatt and vlad tenev in 2013 with their free stock trading model.

Although there has been some speculation over how robinhood makes money (given their free trading model), the app is very popular for its easy, free trading and variety of investment vehicles - including options and even cryptocurrency.

To get started, you simply have to submit an application to robinhood and meet a few basic requirements (although if you are planning to participate in options trading, additional requirements are necessary) - with no account minimum. As a bonus, there are no maintenance fees.

As somewhat of a drawback, robinhood doesn't currently allow fractional investing (you can only buy whole shares). But for its cost-efficiency and easily-accessible app format, robinhood is clearly a crowd favorite for a reason.

3. Charles schwab

Ideal for investors looking to get into etfs, charles schwab (SCHW) - get report has an impressive array of 200 etfs to choose from, all commission-free. And, as a bank and stockbroker all-in-one, the schwab app is a great one-stop-shop for investors.

Schwab also has no-transaction-fee mutual funds, with around 4,000 available. Their regular trades will set you back around $5 apiece. There is no minimum balance requirement (although normal accounts typically come with a $1,000 minimum).

Because of their wide selection of the commission-free etfs and mutual funds, schwab is a strong contender for free stock trading.

4. Acorns

If you're a beginner investor looking to make money in stocks, acorns is the perfect introductory stock trading app.

Acorns specializes in micro-investing - that is, investing your spare change in stocks. There is no minimum to create an account, but there is a $5 minimum to start investing.

The app takes the spare change you've got from linked debit or credit cards to invest in commission-free etfs. There are no fees for inactivity.

5. Vanguard

Boasting around 1,800 commission-free etfs (just shy of robinhood's 2,000,) vanguard offers a wide selection of free trading options. The platform offers over 3,000 transaction-free mutual funds to boot - including S&P 500 index funds.

The trading platform doesn't have a minimum account requirement, but they do charge $20 a year for a service fee.

6. TD ameritrade

Much like E*TRADE, TD ameritrade (AMTD) - get report offers a free trading promotional if you open an account. You can get up to 60 days of commission-free trading for options, etfs and other equities, as well as up to $600 if you deposit $3,000 or more.

And even when the 60 days runs out, trades average about $6.95 a trade - on par with several other competitors. But TD ameritrade also offers over 300 commission-free etfs, and hundreds of transaction-fee-free mutual funds to choose from.

As one of the biggest online trading platforms, TD ameritrade offers a variety of top-notch services including research, data, and information on stocks as well as cash management, among others.

7. M1 finance

M1 finance does things a bit differently (think: customization.)

In addition to being completely commission-free and fee-free, M1 finance allows investors to invest in fractional shares as small as one penny. And, what makes M1 finance different is it allows users to create "pies" - that is, pie graphs that are comprised of a variety of etfs, stocks, and bonds. The app also allows users to choose different kinds of pies based on their investment needs and risk tolerance.

Although there is a $100 minimum for investing, the app allows for total customization of your own portfolio, and offers different kinds of "pies" from moderate to "ultra-aggressive" or "market cap 100."

For a completely free, zero-commission stock trading app, M1 finance seems to offer a pretty good deal for the DIY investor.

The bottom line

So, which free stock trading platform is best for you?

While some platforms like TD ameritrade and E*TRADE only offer short-term free stock trading services through promotions or new accounts, they do offer some industry-leading services that may be worth the extra cost you'll incur when your trial run ends.

However, for the investor who wants a truly free stock trading experience, robinhood, acorns and M1 finance offer a formidable range of services and offerings - even including cryptocurrency and options. And, as trading is increasingly becoming mobile, these app-focused companies are optimized to provide a solid, easy-to-use trading experience from the comfort of your ios or android-enabled device.

Still, as always, it is important to examine your personal investment goals and be realistic about how much you are willing to pay for extra services (if you do opt for one of the bigger brokerage names). But thanks to the surge of fintech companies in recent years, there are plenty of investment options that offer free stock trading services that can help grow your returns - all with the touch of a button.

5 online businesses you can start with no money

The internet is the great equalizer. In business specifically, it has leveled the playing field. Anyone can start a money-making online business—anyone with a computer, that is. But here’s the thing: virtually no technical experience is needed. Today there are plenty of tools you can use to build an online business that makes the technical work a lot easier than it was in the past.

You can also live anywhere you want, set your own schedule, and work as little or as much as you want, depending on how fast or big you want your business to grow. No business or marketing experience is needed either. It’s a truly democratic medium for entrepreneurship.

Best of all, unlike a brick-and-mortar business, you don’t need a lot of startup capital. In fact, you can get many internet businesses up and running with no money at all because so many free services facilitate the possibility. For example, you can set up a website or blog for free using wordpress. Or you can leverage a third-party site like amazon or ebay to sell goods with no inventory costs. You use their selling platform in exchange for giving them a cut of your sales.

And this is just the start of the many available no-money e-commerce startup solutions. Let's consider five of the top ways to start an online business and make money online with little or no cost at all.

1. Drop shipping

The basic idea behind an online drop shipping business is that, as a small business owner, you don’t have to maintain a large inventory (or any inventory whatsoever) of products or handle any delivery to your customers. That eliminates the financial cost and risk of having a warehouse full of stuff you might not sell, and the hassle of arranging to send orders all over the country or the world. In fact, you don't have to manufacture or store any products at all.

The only thing you have to focus on is marketing and advertising to find the customers and make the sales. Once the sale is made the rest is handled by others. Your only cost is the expense of marketing and advertising to acquire a new customer.

Once that is done, you'll work with a company that specializes in drop shipping. Here’s how it works:

You list products for sale on your website or a platform like amazon, ebay, or etsy.

When one of your customers makes a purchase, you purchase the product from a third-party company (the drop shipper, usually a manufacturer or wholesaler) for a lower price. This process is as simple as forwarding the order from your customer, a process that can actually be completely automated. (remember you don't have any risk here of buying inventory because the sale has already been made).

Your drop shipper then sends the product to the customer.

Easy enough, right? With drop shipping, you can offer a wide range of products, so the operating expenses for your business are super low.

As you can see there is no risk on your part because you don't even purchase the product (at cost) until the actual sale is made!

What are the downsides to the drop shipping business model? You have to find a reputable drop shipper you can count on to deliver to your customers. If an order is late or doesn’t go out—or a product is of poor quality—you get blamed, as your company is the one representing the product and customer experience.

Also, because this market is so competitive, the margins—that is, the difference between the wholesale price and how much you can sell a product for—are lower, so this will be a high-volume type business to generate a serious income. But still, it is a worthwhile low or no-cost startup option.

One way to stand out from the competition with a drop shipping business is to private label your products. This simply means you put your own label/brand on the products that the manufacturer is creating. That way you're not selling the same product brand and just competing on price; rather you can use your own brand and face less competition. think about when you're looking at medicine at the pharmacy; the brand names sell for higher prices and people think they are different from the generic brands even though the ingredients are exactly the same. Consider these important factors when looking for a good drop shipping product.

Anyone considering a drop shipping business should seriously consider leveraging amazon.Com to grow their business and learn more about becoming a profitable amazon seller, because amazon is an established marketplace that people already trust and has an existing customer base. Eventually, you should also consider having your own online store as well.

Requires very little startup capital

No need to maintain inventory

You can leverage established marketplaces with existing customer bases

You can be blamed for your drop shipper’s mistakes

The market is very competitive

You must sell a lot to generate a substantial income

2. Affiliate marketing

Affiliate marketing is somewhat similar to drop shipping but with some key differences. With this e-commerce model, you again don’t maintain an inventory of your own products, and you don’t have to worry about shipping products to customers.

Basically, you pick a profitable niche for your online business, and then you find an affiliate partner who has products available in that niche. Some of the most popular affiliate sites are clickbank.Com, amazon.Com, and CJ affiliate by conversant (formerly commission junction). Between them, they offer just about any digital information product (like ebooks, audio files, video files) or physical product you can think of. Many big name companies and brands like wal-mart and home depot run their own affiliate programs.

With affiliate marketing, you offer the products for sale, for example, on your blog or e-commerce website. Each product has a unique link that tracks back to your account with your affiliate partner. A prospect who clicks on the link is taken to your partner’s shopping cart for checkout. Once they buy, that purchase is recorded and you receive a commission. commission amounts vary depending on the affiliate partner, but is generally 5 percent to 25 percent, or 50 percent or more with digital information products. as you can see, there’s little risk on your part and virtually no investment needed either. Just like with drop shipping your only costs will be marketing and advertising to drive traffic and generate the sale.

The key difference between this and drop shipping is that the business model is even more hands off. All you have to do is provide a link for the customer to click on and the merchant handles everything; billing, order fulfillment, customer service, etc.

All you have to do is handle the marketing to get your prospects to buy (through social media, email marketing, blogging, or whatever method you choose). But after they click the affiliate link, it’s out of your hands. You don’t have to ship products or handle any customer service questions. And you certainly don’t have to maintain an inventory.

All you have to do is focus on paid and free ways to market your online business.

Affiliate marketing really is one of the most "hand-off" types of online businesses you can start.

Low risk: no initial investment required

You’re responsible for driving web traffic to the affiliate link (no traffic means no money)

May need to spend money on advertising and marketing

3. Blogging

If you have the expertise or a passion or interest for a subject, you're ready to start making money with a blog. With a service like blogger (www.Blogger.Com), you can start up your blog totally free. You can also create your own site and secure your own hosting for a low price, which is generally the route I recommend, as many free blogging sites have restrictions on what you can say or do, including making money or advertising.

You may think blogging is all about writing. And it can be if that's what you want to do. But written blog posts are just the start. You can post photos, videos, and links to other sites, you can even repost news and other articles… anything is game, really, as long as it relates to your niche.

They key is that you want to post original content that is useful to your target audience and to post on a regular basis. That is the best way to get ranked in the search engines and to also get your audience to take action.

What sort of content should you provide? Anything that is engaging to your prospect. How-to topics, top-10 lists, commentary on trends in your niche, tips and tricks articles—basically, you need to provide useful content. There's no shortage of ideas for your blog.

You make money in a variety of ways with an online business blog.

Have you ever been to a website and seen an ad on it? Chances are it was an ad being run through the google advertising network.

These pay-per-click ads appear on your blog. Every time somebody clicks on an ad (which is supposed to be about a subject related to your niche), you make a few cents or more. Small amounts each time, but it adds up. This is extremely hands-off. You just need to get a code from google, place it on your website - and the ads will automatically appear on your blog. Google will only show ads that are relevant to your blog so it's a good experience for your visitors and maximizes the number of clicks you get, meaning more income.

Blog ad networks.

You can also work with ad networks other than google, like blogads, and run banner ads on your blog. Same as google adsense ads, you place the code once on your website and when your visitors click on the ads then you get paid. In addition to banner ads, you can also run video ads on your site.

In many cases you can make more money with blog ad networks, but they tend to only work with blogs that are getting tens of thousands of visitors a month or more; as opposed to google ads where you can start right away regardless of the amount of traffic you get.

Affiliate marketing.

You know this one already. You include links to products you are promoting as an affiliate and every time somebody buys the product, you get a commission. With a blog, you can integrate advertising with content to make it even more likely you’ll get the sale. For example, you could do a product review—which is useful content—and then include a link to buy the product under an affiliate link.

Here are a few successful blogging tips to make sure people can find your blog—and will keep coming back. This is key to building a following and making your blog a profitable venture.

You need to provide useful content in an engaging way.
If your blog is boring or the information can be found everywhere else, nobody will read it. Don't hesitate to put your own personality into the blog.

You have to post content on a regular basis.
People thirst for the new, so make sure you put up articles, videos, or whatever consistently. It could one post per day or three times per week. Whatever it is, maintain the same schedule. A scattershot posting history means losing readers.

At a minimum try to aim for one new post, video, or other forms of content a week.

Be genuine.
Yes, your blog is supposed to make money. But you can’t make marketing pitches all the time. Focus on useful content so that your readers come to know, like, and trust you. Then they will naturally click on your advertising or buy the products you recommend. In this era of the internet and social media, people are looking for authenticity.

Do all of this, and you’ll attract the notice of search engines like google, which are always looking to put sites with useful, relevant content on top of the search results. this is what content marketing is all about.

You could start a blog in less than an hour. But it takes time to make money as you build readership, and only a small percentage of those folks end up buying your products.

You may work on your own schedule

May take a long time to begin making money

Creating and posting content can be time-consuming

4. Online video

Have you watched a youtube video lately? Of course you have! This is one of the world’s most popular websites, with more than 2 billion users watching hundreds of millions of hours of video each day. and it’s not all cats doing funny things, by any means.

You can leverage youtube’s reach to make money online. No, you’re not trying to create a viral video, so to speak, although if it does go worldwide and is seen by millions, that’s a good thing.

Instead, you’ll be following a proven strategy for maximizing views of multiple videos on a regular basis. You’ll be creating useful content—something engaging that people want to watch. And it works in many, many different niches. It could be a how-to video or a talking-head video on a topic of interest for people in your niche—the sky is the limit.

You make money with ad revenue. Your first step is to create a youtube account and start uploading videos. Then you enable monetization on your youtube settings. basically, this gives google the go-ahead to include short adsense ads with your videos, which you've seen if you’ve watched a youtube video. When viewers click on those ads, you get paid.

Another opportunity to make money with a youtube channel is through paid sponsorships. Build a large enough following and companies will be more than happy to pay you to promote or mention their products and services in your videos.

Some tips to create professional-looking videos (no expensive pro equipment needed):

You can use your smartphone or a simple video camera. But make sure the lighting is good so that everything in your video is clear and easy to see.

Make sure the audio is clear. You don't want an air conditioning hum, construction noise, or other distractions.

Use simple editing software like imovie to put titles at the beginning of the video and to edit out any flubs.

Above all, remember that your videos can be simple and don’t have to be slick. Just provide useful content and be engaging and interesting. Funny helps, too.

And to extend the reach of your videos, be sure to post them on your facebook business page, twitter, your blog, and other channels. Let people know you’re in the video business now.

In addition to ad revenue from youtube videos, you can also use your youtube channel to drive traffic back to your website, where visitors can read your product reviews, click on the ads on your website, or even get onto your email subscriber list—where you can make multiple sales with your email list.

You can use your existing smartphone or computer

It works across several different niches

Creating and posting videos can be time-consuming

It may take a while to begin making revenue

5. Information products

When you have an internet business, it doesn’t have to be about selling physical products. In fact, digital information products are one of the easiest and quickest ways to make money.

There's no shortage of ways to create information products, but the most popular formats include:

Audio: a recorded teleconference, interview, course, or some other spoken-word product

Video: a recorded webinar, a how-to, an interview

Text: an ebook, an instruction booklet of some sort, a travel guide

In each of these categories, you can really get creative and make any type and format of content, as long as it’s engaging and useful.

No matter which way you do it, it’s passive income—money you earn while you sleep because you put these products up for sale on your website and a customer can buy and download them any time of day or night, automatically. All you have to do is check the sales periodically to see what topics or types of products are selling best so you can make more of those.

Can bring in passive income once you put the product on the market

Can be a quick way to make money

Creating a product takes some upfront work and time

You may need to invest some money initially

Putting it all together

The trick with any online business is to make sure you’re in a profitable niche market. So be sure to keep an eye on trends, check out bestseller lists on sites like amazon, and consider what people are discussing on social media.

One thing to keep in mind is that you don’t have to restrict yourself to just one of these e-commerce opportunities.

Start out with one and get it going. Then add new revenue streams as you’re able. That will grow your income and ensure that you have something to fall back on should one business start going south.

Online trading journal & money management

Tradebench is an online trading journal for you to plan, journal and learn from your trades.
You’ll get a structured approach to earn more money from your trading.

Become a more profitable trader. Cost free.

Join over 40,000 other traders and see what a difference tradebench will make in your trading!

* in return for free personal usage you accept to receive & open 1 sponsored e-mail per month as well as one of the following two: A) add a link to tradebench.Com somewhere relevant or B) support us with a donation. More info here (includes commercial use info). Note: feel free to try our tools a couple of days before fulfilling A or B. Our general term & conditions and privacy policy also apply and can be found here.

Join these traders and 40,000 others!

“thank you so much for your wonderful trading tools. I am amazed that you provide them for free and have never seen such a comprehensive trading journal.”
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Trader testimonial about Excel Trading Journal

I was looking for a proper trading journal for some time and finally found tradebench. It has great functionality, including import & export for excel. I can create trade plans to ensure I only enter trades that suit my personal strategy, avoiding emotional trades. If you’re looking for a trade journal, you should give tradebench a try.”
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What you get…

✔️ trade planning
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✔️ open trades dashboard
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✔️ customizable parameters
✔️ risk & money management
✔️ worldwide exchanges
✔️ almost all trading vehicles

Try it hands on – cost free!
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Trading journal, trade planning, risk & money management

Tradebench is a cost free online trading journal, trade planning, position sizing and risk management software for private stock, futures, CFD and forex traders in the financial markets.

Our number one goal is to make you a more profitable trader. This is achieved by offering a structured approach to your trade planning and position sizing/risk management as well as an easy-to-use way of journaling your trades making reviewing and learning from previous trades an integral part of your trading routine.

Learn more about the features or click the button below to do a quick sign up for immediate access. It’s cost free.

7 best free stock trading platforms

Thanks to the rise of fintech, investors now have the option to buy and sell stocks online or through mobile apps - and often free of charge.

7 best free stock trading platforms

These investment platforms are top-notch.

1. E*TRADE

2. Robinhood

3. Charles schwab

Because of their wide selection of the commission-free etfs and mutual funds, schwab is a strong contender for free stock trading.

4. Acorns

If you're a beginner investor looking to make money in stocks, acorns is the perfect introductory stock trading app.

Acorns specializes in micro-investing - that is, investing your spare change in stocks. There is no minimum to create an account, but there is a $5 minimum to start investing.

The app takes the spare change you've got from linked debit or credit cards to invest in commission-free etfs. There are no fees for inactivity.

5. Vanguard

The trading platform doesn't have a minimum account requirement, but they do charge $20 a year for a service fee.

6. TD ameritrade

As one of the biggest online trading platforms, TD ameritrade offers a variety of top-notch services including research, data, and information on stocks as well as cash management, among others.

7. M1 finance

M1 finance does things a bit differently (think: customization.)

For a completely free, zero-commission stock trading app, M1 finance seems to offer a pretty good deal for the DIY investor.

The bottom line

So, which free stock trading platform is best for you?

Free trading demo account review

Are you looking for a free and unlimited trading demo account? – then this page is for you. In more than 7 years of experience in online trading, we have tested many providers and present you in the lower table in our top 3. Additionally, you will learn on this page why a demo account with virtual credit is so important for beginners and advanced traders.

Broker:	review:	spreads:	advantages:	open account:
1. IQ option	(5 / 5) ➜ read the review	starting 1.0 pips	+ FX & options + best platform + start with $10

Criteria for a good trading demo account:

Not every trading demo account is optimal for the private trader. That’s why there are different criteria that make a good trader. All in all, however, it can be said that nowadays almost every online broker offers a free demo account. Sometimes, however, there are runtime restrictions or other functions that are limited.

The demo account is intended to simulate real money trading. Therefore, it is essential to choose a reputable provider. With brokers with an official regulation and financial license, there are no differences in the demo and real money trading from our experience.

Free demo account

Unlimited demo account

There is no difference between the demo account and real money trading

The account can be recharged with virtual money as desired

All functions are available

Why is a demo account so important for beginners and advanced users?

A trading demo account is an account filled with virtual credit (play money). It simulates real money trading. Traders can therefore trade real market situations without risk. The account is particularly suitable for beginners who want to start trading. The first experiences can be collected in the demo account.

In general, it is about getting to know the trading platform of the broker better. In our experience, most beginners find it very complex to trade on the financial markets at first. After a few explanations and tests, however, one realizes that it is not so difficult. In addition to the trading platform, the broker can also test the trading conditions.

The spread and trading commission in the demo account is the same as in the real money account. New markets should also first be tested in virtual mode, especially in the short-term area (day trading). Beginners and advanced traders can benefit from this. In addition, trading strategies can be tried out or developed. In summary, the rule is that you should trade in the demo account until you are profitable and make progress.

Facts about the demo account:

Trading in the demo account is risk-free and simulates real money trading

Test the trading platforms sufficiently

Learn online trading and control order execution

Test the broker’s fees

Test and develop new trading strategies

Free and unlimited demo account

In general, a demo account is always free of charge. From our experience, 99% of online brokers offer this service. Some few providers require a minimum deposit. From such offerers is urgently to be advised against, because these are often unserious. In addition, the account should have an unlimited duration.

Some providers have fixed expiration times for the test account. By a message to the support, this problem can be solved however and the running time was extended from my experiences up to now always. In summary, beginners and advanced traders have the opportunity to test open trading platforms and brokers. A demo account like the real money account should always be ready to trade.

IQ option trading demo account

No difference between real money and virtual credit

With good brokers there is no difference between demo and real money trading. The price movements and executions are the same. Gladly, the trader can also check this himself. With regulated providers you do not have to worry. Therefore, be sure to obtain an official license from a financial supervisory authority.

The top recommended brokers all have an official license and are even regulated several times. Also, the trading fees and/or the spread has no difference in the demo account to the real money trade. With these accounts, you can simulate real money trading 1 to 1.

Choose a reputable provider for your trading demo account as well

You trade in both accounts under the same conditions

Account recharge is quite simple

With the demo account, there is the possibility to recharge the credit as desired. Since it is a test account, the credit can shrink quickly. But this is no problem at all. Because over the web page of the broker one can recharge the account very simply in few clicks. If you have any questions you can contact the support.

Further training for traders

Especially many beginners trade in the demo account and this is also absolutely necessary for a newcomer. The brokers offer concrete training material. The offer ranges from trade tutorials to free-market analyses and webinars. The demo account is the best way to expand your knowledge.

In addition, you can gain personal experience in various market situations. Professionals generally talk about the fact that it takes several thousand hours of screening time to act successfully. Read also our 10 trading tips.

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How long should I practice in a demo account?

From our experience, one should practice in the demo account until one has made demonstrably the first profits over a longer period of time. From our experience, a period of one month is suitable here. If you make a good profit week after week, you can slowly dare to trade real money.

It is important that you keep a statistic about your trades. The trading platform, however, already shows this very transparently. Alternatively, further tools can be added. It is best not to rush into anything. Trading a week longer in a demo account is better than losing real money because you don’t feel safe enough.

Conclusion: the demo account is the best way to learn online trading

The trading demo account is suitable for any trader and should be used before trading real money. It has many advantages which we have described to you on this page.

In addition, the creation of such an account is done in a few minutes. Online brokers meanwhile offer very easy access to the trading platform. Should he feel sure that a trader is safe enough for real money trading, he can start it directly.

In summary, the demo account is one of the most important tools of a trader, because with this account you can try many things about real market situations for free and without risk.

Good luck with your trading.

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How online brokerages make money charging zero trading fees

Published: 10/04/2020 | updated: 01/29/2021 by financial samurai 38 comments

On october 2, 2019, charles schwab announced that it would no longer charge any trading fees. I remember my father using charles schwab in the 1990s and being charged $50 a trade. This article will discuss how online brokerages make money charging zero trading fees.

Immediately after the announcement, charles schwab stock dropped about 9%, while firms like TD ameritrade and E-trade dropped by even greater percentages. Clearly, investors in these names were not happy that these companies would be losing a significant portion of their revenue.

But when fees are cut, consumers generally win, if the firms can stay in business. Thus, the question is how will online brokerages make up for this lost revenue? Another question is what should investors on the platform do?

How online brokerages make money charging zero trading fees

After charles schwab announced its trading fee elimination, TD ameritrade, the first online brokerage I opened in 1995, followed suit the next day. E*trade has also eliminated trading fees.

So how are online brokerages going to make money or at least make up for their lost revenue? It may surprise you to know that charles schwab has been generating the majority of its revenues (57% in 2018) by acting as a bank.

In other words, charles schwab pays you a lower interest rate on your cash deposits with the firm, and earns a higher interest lending or investing the money elsewhere.

For example, charles schwab could pay you a 0.1% interest rate on your cash and buy a 10-year treasury bond paying 1.5%. This is their net interest margin (NIM) business.

Median deposit and margin trends at 25 largest public US banks

By cutting its trading fees to $0, charles schwab is hoping to attract more customers and their idle cash onto its platform.

In TD ameritrade’s case, it is slightly different because it doesn’t own a bank. It has affiliate partnerships with banks such as TD bank to hold customers’ cash on deposit. The bank partner then pays a portion of its net interest margin to TD ameritrade. Therefore, the net interest margin business profitability is lower.

Further, less than 30% of TD ameritrade’s revenue comes from its net interest margin business. In order to stay competitive, TD ameritrade had no choice but to also cut its trading commissions to zero, even though commissions accounted for a greater percentage of revenue.

Hence the greater percentage fall in its share price. TD ameritrade’s #1 mission has to be to boost its net interest margin business to be its main revenue generator. Thus, I suspect it will be advertising higher cash interest rates in the future.

Besides trying to earn more net interest margin business off customers, online brokerages are hoping to generate more margin trading and options trading business. New customers might even join their money management business that invests money in mutual funds with higher fees than index funds and etfs. For example, schwab has an intelligent portfolio premium business that costs a fixed amount to join and has a monthly fee.

What online investors should do

Free trading is great. But just as getting fries for free sounds great, if you subsequently also buy a big mac, a 16 oz coke, and baked apple pie, you’ve probably spent too much on an unhealthy meal.

To take full advantage of free online trading, here’s what I think investors should do:

1) review your historical trades.

We know from the data that individual investors are the worst performers. Therefore, instead of immediately increasing your trading frequency because you can for free, review your last several years of trades and see whether you made good decisions or not. Be honest with your results.

Use the $0 trading fees to make incremental adjustments to your portfolio to match your desired risk exposure. In the past, maybe you held back on adjusting your equity exposure from 72% to 70% because it wasn’t worth paying $4.95 – $6.95 per trade. Now, commission fees are no longer a reason not to do so.

2) do not engage in margin trading.

Margin trading is how you can lose all your money in a downturn. Margin trading not only exposes you to total loss, but it also costs an interest fee to trade on margin. Please don’t leverage up at this point in the cycle. The S&P 500 and the NASDAQ are at all-time highs. Valuations are expensive. I’d much rather invest in lagging rental properties instead.

3) do not engage in options trading.

The average investor has no business doing any sort of options trading. If you must dabble, then look to use options to hedge by selling covered calls or buying puts. Even then, I don’t recommend options trading unless you have plenty of time and interest.

4) keep cash to a minimum in the brokerage.

The money in your online brokerage account should be 95% – 100% invested in stocks or bonds or other investments. The vast majority of your cash should be invested in an online bank with a much higher interest rate or in a special cash fund with your online broker that pays a higher interest. The chart below shows how CIT bank has the highest cost of interest-bearing deposits. Savers should take advantage.

Deposit costs at 25 largest public US banks

Alternatively, your favorite digital wealth advisors such as personal capital and betterment have created new high yield cash products to attract more users and provide more value and synergies as well. But their savings rate will change depending on the conditions.

5) question the fees of their mutual funds.

If you elect to use a digital wealth advisor platform on an online brokerage account, then you should ask them to generate a sample mock portfolio based on your investment goals and risk tolerance.

Then you should analyze the funds they are putting you into by analyzing the composition, the historical returns, and the fees. If the portfolio isn’t made up of index funds and etfs, then the funds will most certainly be more expensive.

6) set up a punt portfolio or a teaching portfolio.

For those of you who have the time and the means, you can now set up a punt portfolio to see if you can actively beat the market. Given there are no fees, your punt portfolio can be as small as $1,000. If you’ve always wanted to be a daytrader, here’s your chance to get it out of your system. I personally have roughly 25% of my public investment portfolio in active funds and individual stocks. I invest in big tech names and other names that I think will outperform.

You can also set up a teaching portfolio for your children or your friends to show them how to buy and sell securities, highlight how difficult it is to time the market, and more.

Because my dad explained to me the stock ticker section of the newspaper in high school, I became interested in a career in finance. My career in finance ended up being quite lucrative, and without it, financial samurai would not exist. Therefore, you never know how far a little education will go with your children.

If you have children, I highly encourage you to put them to work and open up an roth IRA. It’s great to contribute to a roth IRA with earned income at a low or zero percent tax rate. Within 20 years, they could become millionaires if you combine the roth IRA with a custodial trading account and a 529 plan.

Make sure you eat for free

How Online Brokerages Make Money Charging Zero Trading Fees

Please stay disciplined when it comes to building your after-tax investment portfolio for passive income. Your taxable investment portfolio is what will generate passive income. And passive income is what is necessary to retire early or live a life of freedom.

Take advantage of $0 trading fees by making minor asset allocation adjustments to your portfolio. But remember, the more often you trade, the higher the likelihood of worse returns.

Finally, don’t forget about the tax consequences of trading. If you hold a security for under 12 months, you will pay short-term capital gains tax. Short-term capital gains tax is equal to your federal marginal income tax rate. The more you trade, the more trade reconciliation you’ll have to do come tax time as well.

Enjoy the race to zero fees. Now if only the real estate industry would hurry up and cut its commission fees to zero. That would be a cataclysmically positive event for the economy!

Wealth management suggestion

Sign up for personal capital, the web’s #1 free wealth management tool to get a better handle on your finances. In addition to better money oversight, run your investments through their award-winning investment checkup tool to see exactly how much you are paying in fees. I was paying $1,700 a year in fees I had no idea I was paying.

After you link all your accounts, use their retirement planning calculator. It pulls your real data to give you as pure an estimation of your financial future as possible using monte carlo simulation algorithms. Definitely run your numbers to see how you’re doing.

I’ve been using personal capital since 2012 and have seen my net worth skyrocket since. Optimize your finances wisely.

Author bio: sam started financial samurai in 2009 to help people achieve financial freedom sooner, rather than later. Financial samurai is now one of the largest independently run personal finance sites with 1 million visitors a month.

Sam spent 13 years working at two major finance companies. He also earned his BA from william & mary and his MBA from UC berkeley.

He retired in 2012 with the help of his retirement income that now generates roughly $250,000 passively. He enjoys being a stay-at-home dad to his two young children.

Here are his current recommendations:

1) take advantage of record-low mortgage rates by refinancing with credible. Credible is a top mortgage marketplace where qualified lenders compete for your business. Get free refinance or purchase quotes in minutes.

2) for more stable investment returns and potential outperformance of volatile stocks, take a look at fundrise, a top real estate crowdfunding platform for non-accredited investors. It’s free to sign up and explore.

3) if you have dependents and/or debt, it’s good to get term life insurance to protect your loved ones. The pandemic has reminded us that tomorrow is not guaranteed. Policygenius is the easiest way to find free affordable life insurance in minutes. My wife was able to double her life insurance coverage for less with policygenius in 2020.

4) finally, stay on top of your wealth and sign up for personal capital’s free financial tools. With personal capital, you can track your cash flow, x-ray your investments for excessive fees, and make sure your retirement plans are on track.

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