Trading cost is not a cheap expense for every trade you join into. From commissions, account maintenance charges, and other fees that are expected when trading, you’ll be sure that these will add up to eat your profit. That and the expense of paying each share at $5, $6, or even up to a hundred dollars apiece. That’s why having a trusted and profitable online trading partner is a must for online traders.
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Before divulging into any online trading platform and risking your hard-earned money, you have to be sure that the platform is:
- not a scam
- is not plagued with hidden charges
- will give you a fair chance for growing your money.
What are the best free account online trading platforms?
There’s a multitude of online trading platforms that offer a free account for you to join in. Let’s explore some of them.
Pocket Option
Pocket Option offers an unlimited demo account free of charge with a balance of $10,000.00. What is good with this demo account is you could renew it if you experience losses as you test the platform. This will give you a lot of time to practice and enhance your trading skills without having to gamble real money until your $10,000 folds ten times more.
Trusted Broker has recognized the potential of Pocket Option as one of the most viable and trustworthy online platforms for beginners. The reviews at https://www.trusted-broker-reviews.com/pocket-option/ pointed out that Pocket Option also gives an analysis of your trading game in the event you lose your bet – a learning curve for all novices. When you have a free account, that means you will only trade virtual money without having to deposit any money.
Robinhood
One of the darlings of commission-free trading, it’s popularity has risen because it’s a user-friendly free trading platform with no account minimum and maintenance fees to worry about.
To get started, you can simply apply and meet some basic requirements and voila, you can start trading without having the burden of so many charges that could consume your investment even when you have not seen any profit yet.
Acorns
Acorns is the beginner online trading platform for those who need to take baby steps in online trading. It specializes in micro-investing, and there is no minimum to create an account. However, you would need to deposit a $5 minimum to start investing. The app connects to your debit or credit card to invest in commission-free ETFs.
TD Ameritrade
This platform offers promotional free trading accounts. That means you have a 60-day period to trade for options, ETFs, and other equities without paying any commission fees. After 60 days, you can trade an average of $6.95 per trade.
Charles Schwab
The Schwab app offers more than 200 ETFs, all commission-free. And as a stockbroker and a bank, it is a one-stop-shop for investors looking into ETFs. It also offers no transaction fee mutual funds, up to 4,000 funds to choose from.
There are still a host of online trading platforms that offer fair profiting and are credible for risking your savings. But you have to pick out the best of the best and those that reflect your trading appetite.
How to Spot a Reliable Online Trading Platform?
Though each trader has their own set of financial goals and personal aspirations, the most successful ones know how to look for the most reliable platforms to invest. Here are some points to ponder when looking out for a dependable online trading platform.
- User-Friendly Trading Site: A platform has to be as intuitive as possible for you to quickly understand how to do your commands on the computer.
- Realistic Claims: When the online platform promises you out of this world results like giving you a dollar of profit for every dollar you invest, think twice, and better leave that site. If there is one thing that life has taught us is that profit does not grow exponentially.
- Clear and Easy to Understand Free Trading: You should always have a crystal clear understanding of what you’re getting into. The limitations of your free account, terms and conditions, and everything in between should be divulged.
Free online trading accounts are the best way to test your investing appetite and confirm if you are fit to play the stressful game of online trading. Know that when searching for the trading platform that’s fit for you, you have to absolutely know all the terms and conditions and charges to the dot. Knowledge is your only armor when participating in the unknown.
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