This article was last updated on July 22
If you are thinking of investing in the rising stock market or just looking to start an IRA then you need an online broker. In today’s online world there are lots of good choices, but the key things to look for are still around cost, convenience and customer support. Luckily Barron’s, the leading investment magazine for everyday investor’s, has shortened this list in its annual survey of Best Online Brokers. The survey measures overall brokerage performance based on eight key aspects: trade experience, trading technology, usability, range of offerings, research amenities, portfolio analysis and reporting, customer service and education, and cost. So without further ado, here is the top pick from the survey:
(****) OptionsHouse was again awarded a “Best for Options Traders” ranking. The survey found the broker’s packed with tools for options traders, and it has added some for stock traders, too. It was awarded four stars for Trade Experience, Research Amenities, Portfolio Analysis; Report, and Customer Service; Education. The core of the Options- House platform is its risk viewer. President George Ruhana says, “We really want people to understand the risk associated with their positions.” He notes that a customer may have a position that is suitable on the basis of his margin but inappropriate for the size of his account. The potential effects of a change in the market on your positions, and your overall portfolio, are nicely laid out and understandable. Clients place approximately 100 trades per year.