Best Brokerage Accounts & Investment Apps in the USA 2020

Based on more than 3 million user reviews and hundreds of hours of research, we can guide you through the jungle of online trading and help you find the best broker in the United States.

Our List of the Best Brokerage Accounts & Investment Apps in the USA

Which is the Best Brokerage Account in the USA?

Fidelity
What we like

One of America's top investment banks

Fantastic selection of securities

What we don't like

Reported issues with the platform

Expensive to use outside of the U.S.

One of America's top investment banks

Fantastic selection of securities

Reported issues with the platform

Expensive to use outside of the U.S.

Features

Fees: Some commission-free trading
Demo account: No
Min deposit: 0
Assets: Varied selection of global securities
License: CFTC, the SEC, FCA, etc.

star-full star-full star-full star-full star-half

Rating by our editorial team

0 users gave the score of 0/5
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70,721 users gave the score of 2.83/5

Fidelity Investments, more commonly known as just Fidelity, is one of the leading investment and financial services in the United States. It’s estimated that Fidelity’s customers hold more than 6.5 trillion dollars in assets, while the Fidelity bank manages closer to 3 trillion dollars.

In other words, Fidelity is a well-established broker that allows its customers to invest in a huge selection of assets and securities. Better yet, registering an account is easy and completely free of charge, meaning you can start investing today.

Despite being awarded several “Best Online Broker” awards in 2020, there are some things that could be improved.

During our reviewing of Fidelity, we found several past customers who claim that the Fidelity trading platform is flawed and “full of bugs”, and there have been reports about the stop-loss feature not working properly.

In fact, from a technical perspective, the platform can be a bit problematic.

Naturally, this has resulted in customers losing funds they thought were protected.

Which is the Best Forex Broker in the USA?

Oanda

Oanda is one of the world’s most elite online brokers based in New York and with a global reach that few brokers can compete against.

What we like

Their unparalleled global reach

5 different platforms

What we don't like

High fees and commission

A limited selection of assets in some jurisdictions

Their unparalleled global reach

5 different platforms

High fees and commission

A limited selection of assets in some jurisdictions

Features

Fees: Commission, fees, and spread depending on the assets/securities
Demo Account: Yes
Min Deposit: 0
Assets: Thousands
Licenses: (CFTC), (FCA) & (IIROC)

Ratings:
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Rating by our editorial team

3 users gave the score of 3.7/5
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15,008 users gave the score of 3.65/5

Between 73-89% of retail investor accounts lose money when trading CFDs.

Oanda is the best forex broker in the USA, as well as one of the leading forex brokers globally.

Based in New York, Oanda effectively provides traders from all over the country with the tools they need to succeed and make a profit in the forex market.

Using either your desktop, laptop or mobile device, you can make use of more than 50 technical tools, including drawing tools, charts, and more.

Due to the strict trading laws in the United States, Oanda has been forced to limit their selection of assets greatly on the market. Since CFD trading isn’t allowed in the country, you will be limited to the FX market.

In turn, that makes Oanda a better broker for traders outside of the USA, than inside the country.

Which is the Best Stock Broker in the USA?

TD Ameritrade
What we like

One of the biggest brokers in the world

Global reach with fantastic investment opportunities

What we don't like

Expensive to invest with

A limited selection of securities in certain jurisdictions

One of the biggest brokers in the world

Global reach with fantastic investment opportunities

Expensive to invest with

A limited selection of securities in certain jurisdictions

Features

Fees: Commission and fees
Demo account: Yes
Min deposit: N/A
Assets: Thousands of securities and derivatives
License: CFTC, the SEC, FCA, etc.

Ratings:
star-full star-full star-full star-full star-half

Rating by our editorial team

1 users gave the score of 5/5
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65,711 users gave the score of 3.63/5

After countless hours of testing and reviewing, we’re convinced that TD Ameritrade is the best stock broker in the USA. And we’re not alone.

According to Stockbrokers.com’s annual market review, TD Ameritrade ranks as the number 1 overall broker in the USA.

This broker offers a selection of trading platforms that help you perform at your best, as well as an endless selection of tradable stocks and other exchange-traded securities.

As of 2020, TD Ameritrade has more than 12 million registered users from all over the world, including the United States.

Unfortunately, many past clients have reported over an hours waiting time when you call TD Ameritrade’s customer service. There have also been several cases where traders have felt like their account managers aren’t fast enough to open and close positions.

Which is the Best Investment App in the USA?

E*Trade
What we like

One of the oldest online investment brokers on the market

Free account registration

What we don't like

Lacking customer service and account maintance

Limited availability in Europe

One of the oldest online investment brokers on the market

Free account registration

Lacking customer service and account maintance

Limited availability in Europe

Features

Fees: Cheap trading
Demo account: Yes
Min deposit: $0
Assets: Varied selection of global securities
License: CFTC, the SEC, FCA, etc.

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Rating by our editorial team

0 users gave the score of 0/5
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129,017 users gave the score of 2.6/5

E-Trade Financial Corporation – better known and stylised as E*Trade – is an expert on all things related to offering online trading opportunities, especially on mobile devices (Android & iOS).

In addition to great trading software, E*Trade has experts that can help you create the optimal portfolio and you can enjoy commission-free trading on all stocks, Exchange-Traded Funds, and options, which are listed in the U.S.

E*Trade was founded in 1982 and has offered online trading services since the early 90s, making it one of the most experienced online brokers in North America.

During our research, we stumbled upon quite a few reviews claiming that E*Trade’s customer service is impossible to reach and that they continuously change customers’ account types, creating limitations on how much everyone is able to withdraw.

It does, unfortunately, seem like E*Trade is struggling to provide their customers with the most basic service: a way to easily contact them.

Which is the Best Stock Trading App in the USA?

Robinhood
What we like

Commission-free trading

Innovative investment services

What we don't like

Limited strictly to American traders

Limited experience in the sector

Commission-free trading

Innovative investment services

Limited strictly to American traders

Limited experience in the sector

Features

Fees: Completely free
Demo account: No
Min deposit: $0
Assets: Stocks, cryptocurrencies, ETFs, options
License: SEC, Finra

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Rating by our editorial team

0 users gave the score of 0/5
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168,410 users gave the score of 2.78/5

After the launch in 2013, Robinhood took the online investment and trading world by storm.

This broker’s main product is a phenomenal trading app that allows you to trade stocks and ETFs (and more recently, cryptocurrencies), using your preferred mobile device. However, the best part with this broker is that it’s completely FREE to use.

Instead of paying commission and fees, Robinhood takes out interest on all their customers account balances, making it completely free to use.

Since the broker is rather new and it recently became a sensation in the investment world, the selection of tradables could be greatly improved.

Also, Robinhood is only available in the United States, meaning only Americans who reside and are currently located in the country can use the service.

Which is the Best Forex Trading App in the USA?

Forex.com

Forex.com is a top forex broker with a great reputation, 80+ currency pairs, and a selection of trading platforms suitable for any and every trader.

Even though this broker offers other assets as well – mainly CFDs – what sets them apart from their competitors is their fantastic forex trading service.

What we like

Offers MT4 and an Advanced Platform

Unparalleled forex service

What we don't like

Poor selection of CFDs

Long processing times for certain withdrawals

Offers MT4 and an Advanced Platform

Unparalleled forex service

Poor selection of CFDs

Long processing times for certain withdrawals

Features

Fees: Commission-free forex trading
Demo Account: Yes
Min. Deposit: $100
Assets: 300 assets, including 80+ FX pairs.
License: FCA, CySEC, etc.

Ratings:
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Rating by our editorial team

1 users gave the score of 5/5
Total score:
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2,878 users gave the score of 3.48/5

Between 73-89% of retail investor accounts lose money when trading CFDs.

Forex.com is owned and operated by American GAIN Capital, which is widely considered to be one of the earliest developers of online forex trading.

Today, Forex.com provides forex trading opportunities to American customers with some of the best trading platforms – including one based on TradingView – analytic tools, and educational material on the market. Using the forex trading app, you gain access to 90+ currency pairs with some of the tightest spread in the country.

Similar to Oanda – which we mentioned above – Forex.com’s selection of assets is restricted in the U.S due to current trading regulation. In turn, that means that European traders can trade CFDs, forex, and more, while American traders are limited to forex only.

Which is the Best Trading Platform in the USA?

Interactive Brokers
What we like

One of the biggest online brokers in North America

Top-shelf trading software for all customers

What we don't like

Long processing time for withdrawls

High commission for small positions

One of the biggest online brokers in North America

Top-shelf trading software for all customers

Long processing time for withdrawls

High commission for small positions

Features

Fees: Rather high fees
Demo account: Yes
Min deposit: $100
Assets: Huge selection
License: SEC, IIROC, FCA, ASIC

Ratings:
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Rating by our editorial team

2 users gave the score of 5/5
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6,065 users gave the score of 3.8/5

Interactive Brokers, often abbreviated to IBKR, represents the epitome of online brokers in the USA with close to 1 million active customers trading stocks, options, forex pairs, bonds, options, and precious metals.

The broker is completely online-based and for the past 10 years in a row, Barron’s has ranked Interactive Brokers as one of the top 10 online brokers in the United States.

With that being said, Interactive Brokers’ platform and the website feels outdated and we experienced a couple of bugs and glitches when running our tests on the platform. IBRK is also far from the cheapest option to trade with.

Trading Guide for Traders in the USA

The number one thing to keep in mind when investing or trading in the United States are the trading laws. You see, unlike other Western countries, the United States has very strict trading regulations that, for example, limit all forms of CFD trading.

Furthermore, the United States has several regulatory bodies that oversee the financial market:

In other words, you should only rely on using regulated brokers that have been approved by each of the financial regulatory bodies in the U.S.

How to Find the Best Brokerage Accounts & Investment Apps in the USA

Finding the best broker in the U.S. for your specific needs requires a bit of research and testing. To help you get started as fast as possible, we’ve broken down the process into three steps:

1. Check Licenses and Assets

By checking broker licenses and ensuring that said brokers offer the assets you want to trade, you can make a shortlist of suitable brokers.

Remember to be picky with the brokers you consider for the best trading opportunities and the highest level of security.

2. Ensure That You Can Afford the Fees

In the last couple of years, there has been fears competition between American brokers trying to limit their fees as much as possible, meaning it’s cheaper to invest today, than it has been in the past.

With that said, all brokers charge certain fees and several have minimum deposit requirements. Therefore, you need to set a budget that you can afford and then find a broker that matches your budget.

3. Run Tests and Compare Brokers

The third and final step involves running tests with the brokers and comparing their services using this guide and our extensive broker reviews.

We also highly recommend that you open a demo account when possible so that you can test the platform and tools out before depositing real money.

How Can I Start Trading in the USA?

By using our broker recommendations, as well as our guide for traders in the U.S., you can quickly start trading in the USA.

Don’t forget that you have to be at least 18 years old to start trading.

Is Trading in the USA Legal?

Yes, many forms of trading and investments are legal and tightly regulated in the U.S. As long as you use a regulated broker, you can rest assured that you are trading legally.

Keep in mind that some derivatives, such as Contract for Differences, are not allowed in the country, unlike in Europe and Asia.

Can You Trade Forex in the USA?

Yes, the forex market is readily available in the United States, and by using the best forex broker in the USA, you will have the best opportunities to make a profit on the forex market.

How Can I Buy Stocks in the USA?

By using an online broker, such as the best stock broker in the USA.

With the fact that the American stock market dominates on a global level, most brokers, both domestic and international, offer access to the American stock market and exchanges, such as Nasdaq and the NYSE.

FAQs:

Is Forex Taxable in the USA?

Yes, all forms of trading and investing are taxable in the United States.

In terms of forex trading, American citizens are taxed 15% on 60% of their capital gains. The remaining 40% is taxed according to your current tax bracket.

We recommend that you contact the Internal Revenue Service (IRS) to ensure that you are paying the right amount of tax when trading in the U.S.

How Can I Invest in the USA With Little Money?

Most online brokers, including Robinhood, have low-to-no minimum deposits and they are always trying to limit their fees.

Furthermore, online brokers tend to offer derivatives on underlying assets such as options, which are perfect for traders with little money, since they don’t require you to purchase the securities in whole.

Is Forex Illegal in the USA?

No, forex trading is legal and fully regulated in the United States and the brokers are overseen by several regulatory bodies including the SEC and CFTC.

Can a Non-US Citizen Open a Brokerage Account?

The answer to this differs from broker to broker. For example, Robinhood is only available to American traders, while brokers such as TD Ameritrade and E*Trade have subsidiaries that accept traders from Europe, Canada, etc.

Please note that commission and trading fees tend to be a lot higher for non-American traders, than for American traders.

Which is the Best Trading Account in the USA?

Based on our extensive tests and reviews, we’ve come to the conclusion that Fidelity has the best brokerage account in the U.S.

How Do I Start Trading Forex in the USA?

We suggest you start by reading this comprehensive guide to learn the basics of trading in the U.S.

Then you can register an account with the best forex broker in the U.S., and start trading forex.

Can I Start Trading Forex with $10?

Some American online brokers have no minimum deposit limits, meaning you can start trading with as little as $10.

How Can I Start Buying Stocks in the USA?

You start by opening an account with the best stock broker in the U.S., making a deposit, and then start buying stocks.

Don’t forget that stock trading is a skill that takes time and dedication to master, which is why you should start studying stock investments as soon as possible, and preferably before you start trading.

Conclusion

Whether you’re looking for the best forex or stock broker in the United States or want to learn more about how one trades using a mobile trading platform, we’ve got you covered.

We have tested all the online brokers in the U.S. and collected thousands of customer reviews with the goal of guiding you to the best broker and trading platform in the United States.

Note: Don’t hesitate to leave a comment below in case you have any questions regarding trading apps, safety, day trading, investments, financial systems, or anything else that might come to mind while spending time on our website. We promise to answer you as soon as possible.

Trading Platforms, Brokers & Apps That We Tested:

  • eToro
  • Markets.com
  • 24Option
  • IQ Option
  • BDSwiss
  • HotForex
  • Trade.com
  • Libertex
  • Plus500
  • XTB
  • InstaForex
  • IG Markets
  • GKFX
  • LionsFX
  • Valutrades
  • XM
  • IronFX
  • Blackwellglobal
  • FPMarkets
  • AmanaCapital
  • Admiralmarkets
  • Alvexo
  • Bizintra
  • Pepperstone
  • Windsorbrokers
  • FXPro
  • ForexTime
  • HYCM
  • FXGrow
  • TeleTrade
  • Trader.online
  • Marketscube
  • Finmaxbo
  • FXCC
  • Oanda
  • Forex.com
  • LCG
  • CMC Markets
  • FXCM
  • iForex
  • IFC Markets
  • Aaatrade

Is Trading Allowed In My Country?

CFD Regulation Country by Country. The CFD trading services we are listing in this article are available in the following countries.

Europe:

  • Albania
  • Bosnia & Herzegovina
  • Bulgaria
  • Croatia
  • Czech Republic
  • Denmark
  • Estonia
  • Finland
  • France
  • Germany
  • Greece
  • Hungary
  • Iceland
  • Ireland
  • Italy
  • Kosovo
  • Latvia
  • Lithuania
  • Macedonia
  • Malta
  • Moldova
  • Montenegro
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Romania
  • Russia
  • Serbia
  • Slovenia
  • Spain
  • Sweden
  • Switzerland
  • Turkey
  • Ukraine
  • United Kingdom

Excluded: Belgium

North America

  • Belize
  • Canada
  • Costa Rica
  • Cuba
  • Guatemala
  • Honduras
  • Jamaica
  • Mexico
  • Nicaragua
  • Panama
  • Puerto Rico
  • The Bahamas

Excluded: United States

South America

  • Argentina
  • Bolivia
  • Chile
  • Colombia
  • Dominican Republic
  • Ecuador
  • Guyana
  • Paraguay
  • Peru
  • Suriname
  • Uruguay
  • Venezuela

Excluded: Brazil

Africa

  • Algeria
  • Angola
  • Benin
  • Botswana
  • Burkina Faso
  • Burundi
  • Cameroon
  • Central African Republic
  • Chad
  • Democratic Republic of Congo
  • Egypt
  • Eritrea
  • Ethiopia
  • Gabon
  • Ghana
  • Guinea
  • Guinea-Bissau
  • Kenya
  • Lesotho
  • Liberia
  • Libya
  • Madagascar
  • Malawi
  • Mali
  • Mauritania
  • Morocco
  • Mozambique
  • Namibia
  • Niger
  • Nigeria
  • Republic of the Congo
  • Rwanda
  • Sierra Leone
  • Somalia
  • South Africa
  • South Sudan
  • Sudan
  • Swaziland
  • Tanzania
  • The Ivory Coast
  • Togo
  • Tunisia
  • Tunisia
  • Uganda
  • Western Sahara
  • Zambia
  • Zimbabwe

Middle East

  • Georgia
  • Armenia
  • Azerbaijan
  • Iran
  • Iraq
  • Syria
  • Lebanon
  • Cyprus
  • Israel
  • Jordan
  • Saudi Arabia
  • Kuwait
  • Bahrain
  • Qatar
  • United Arab Emirates
  • Oman
  • Yemen

Asia

  • Afghanistan
  • Bangladesh
  • Cambodia
  • China
  • China
  • India
  • Indonesia
  • Japan
  • Kazakstan
  • Kirgizistan
  • Laos
  • Malaysia
  • Mongolia
  • Myanmar
  • North Korea
  • Pakistan
  • Papua New Guinea
  • Philippines
  • Singapore
  • South Korea
  • Sri Lanka
  • Thailand
  • Turkmenistan
  • Uzbekistan
  • Vietnam

Excluded: Hong Kong

Oceania:

Our Author:

Our editorAdam Jarfjord is a Swedish day trader, investor, and copywriter. He works as head of content at BullMarketz.com and has been providing editorial content within the financial sector for more than 5 years.

Read more about him by visiting his LinkedIn profile or contact us directly to learn more about the team.

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