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Our favourite investment platforms going into 2023
Anyone who’s looking for new ways to diversify their investment portfolio would be wise to consider online stock trading, etfs, and other passive investments. It’s one of the most popular trading forms today because it offers high speed, low costs, and perhaps most importantly, the freedom of choice.
Online trading is the perfect option for seasoned as well as first-time traders. But how to choose the right investing platform?
What to look for in investing platforms
It seems like there’s a new investment platform every day. With so many options, it’s hard to know what the most suitable one is, particularly if you have little experience with online trading.
We spoke to expert investors at Invezz, who explained their choices regarding the best investment platforms for 2023. They told us that, “Your top priority should be security. That aside, the platform should meet the following criteria:
· Have insurance and offer protection against fraud
· Be a member of an authorized regulatory body
· Keep your personal information secure
Read reviews by former or current users of the platform on reputable review sites. Choose an investing platform with consistently positive feedback.”
Invezz continued, “Other important factors include fees and customer service. Look for providers with good customer service and low fees or, ideally, no fees on trading and transactions.”
We explored some of the options for you below.
TD Ameritrade: Best for beginners
Those with little experience in online stock trading should consider TD Ameritrade, which has earned the reputation of being among the best online stock trading platforms for novices. The platform offers reliable customer support, learning tools, and other resources. The app is user-friendly and easy to navigate.
On TD Ameritrade, you can trade stocks, options, futures, mutual funds, ETFs, and more. New investors might have a hard time getting started if they use an excessive amount of resources. The number of tools available can be overwhelming.
Wealthfront: Best choice for diversification
Wealthfront, a platform recently acquired by UBS group, is a robo-advisor. Computer algorithms manage your investments for you. This makes it a robust choice for diversified investments and hands-off portfolios.
If you decide to give Wealthfront a try, it starts with a short questionnaire to establish your risk tolerance. Then, the tool will present some trading options. You can customize your portfolio by adding ETF holdings. The platform features more than 500 college saving plans.
Hands-off trading is where Wealthfront truly excels. Due to this, advisors have limited access, and the platform isn’t as customizable as the others on this list.
SoFi: Best for high-speed trading
SoFi, which stands for “social finance,” is an online, fully-digital investment platform that offers very high-speed trading. It takes just a few minutes to sign up. The platform earns high marks for technical support and customer service.
Investors who prefer simple stock trading will find SoFi Invest an excellent choice because it doesn’t charge inactivity or withdrawal fees on stock and ETF trading. If you choose SoFi, your portfolio will be limited to ETFs, stocks, and cryptocurrencies.
Today, technology forms the core of stock trading. “Knowing what the best platform is and what to look for when choosing one is of paramount importance”, says Deccan Herald.
Once you’ve made this crucial decision, you can buy and sell stocks from the poolside or your kitchen table with the click of a button or the tap of the mouse, confident that you’re making viable investments.
This article does not necessarily reflect the opinions of the editors or management of EconoTimes.
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