The one constant in trading the financial markets is that you need a brokerage to do it. Whether you buy long, day trade, or short, you need a stock brokerage to do it. Usually the hardest move to start trading stocks, is to open an account.

Which brokerage has what I need? Is the price structuring fair? Does it have the tools needed to help facilitate my trading as well as any growth? The answer to these questions is what ultimately determine if a stock brokerage is good for you or not.

The brokerages in the list below all have low account minimums, great tools and support, and the ability to grow with you.

The following is a chart of the best online discount stock brokerages for new stock traders.

Check out a complete list of our stock brokerage reviews.

Looking to enter the stock market, but don’t know how? Check out our FREE eBook, Guide To Entering the Stock Market.

Understandably, as Zecco started to grow and increase its members count, the 100% free online trading is not what it truly used to be. Now members are eligible to get 10 free trades per month as long as they maintain a balance of $25,000 or execute 25 trades in a month. Any other trade is still reasonably low compared to other stock brokerages at $4.95 per trade.

All that being said, Zecco still has room to improve when it comes to the tools and applications that it provides; however, you need to weigh whether you would rather have the cheap commissions or more sophisticated tools.

Talk to other members. Thanks to ZeccoShare now members can discuss and share trading ideas with each other for free. Have a question? Post it on the message boards.

Now trade Forex. Just recently Zecco launched their new Forex service along with a virtual platform to practice Forex trading without risking any money.

Stock Brokerage Details

Commissions: Stocks $4.50 flat-rate; Options $4.50 plus .50 per contract

Account Minimums: $0

Overall, what Zecco lacks in available tools and resources makes up for in the extremely cheap trading commissions. Whether you are a new trader or just somebody looking to cut down on commissions cost, Zecco is worth giving it a try.

What makes thinkorswim so unusual is their ability to impress both novice and experienced traders. With free webinars and classes, thinkorswim seems to be breeding their own type of trader. There is also a mobile trading application, so you can access your thinkorswim account on the road.

Promotions. Maybe part of the reason so many like thinkorswim is their constant promotions: every new TOS member gets a free stuffed monkey, executing 40 trades in month will get them to pay for your internet, and 3 complimentary mutual fund trades per month.

No start up or hidden fees. There are no start up or inactivity fees. You can even take a test drive of their popular trading platform before becoming an actual registered member. Also, as a registered member, you will get $50 for every person you refer to thinkorswim.

Stock Brokerage Details

Commissions: Stocks $0.015 per share ($5 min) $9.95 per trade; Options the lesser of $2.95 per contract or $1.50 per contract plus $9.95

Account Minimums: $500

Don’t Like Your Current Broker: thinkorswim will reimburse any transfer fees up to $100.

Overall, thinkorswim’s trading platforms and applications make it a prime stock brokerage for both the novice and experience trader; however, more active traders might consider another brokerage for cheaper commissions.

Get access to the award winning trading applications by signing up for an account at thinkorswim.

Fair and simple pricing. What makes TradeKing such an enticing discount stock brokerage is their simple pricing, with some of the lowest in the industry. Best of all there are no strange requirements or forms to fill in order to use them.

Social network twist. Members of TradeKing gain access to their unique trader network. See what other members are trading and why or check out other users’ portfolios and performances. You can also establish your own blog or peruse through others’.

Enough tools to keep you satisfied. TradeKing boasts a good amount of tools and platforms to perform your stock research. Their usability is also clean and organized, so any novice or stock junkie will be satisfied. Use their stock screener or chart platform.

Stock Brokerage Details

Commissions: Stocks $4.95 per trade; Options $4.95 plus $0.65 per contract.

Account Minimums: $0

Overall, TradeKing’s combination of cheap commissions, social network feel, and easy usability makes it a suitable solution for most traders; however, more experienced and aggressive active traders may prefer other options.

Sign up for TradeKing.

What makes E*Trade vastly different than most other online stock brokerages is that they are almost a full running bank. Besides managing your market trading, you can also control various retirement and banking needs all from E*Trade, which may appeal to those looking for an all-in-on type of brokerage (Also consider TD Ameritrade).

Too many awards? For three straight years, SmartMoney has named E*Trade the number 1 online stock broker. They also received 5 stars in customer service, tools, research, and banking services; however, all these accolades do not come cheap, especially when we are talking about the commissions.

While E*Trade is a great brokerage for new and long-term traders, the commissions are vastly high compared to its peers.

Trade from your computer or phone. While many traders might complain about the high commissions, many of these same traders also rave about E*Trade’s tools and platforms. Although they have the typical PC-based and streaming platforms, E*Trade boasts one of the best mobile trading applications around.

Stock Brokerage Details

Commissions: Stocks $12.99 per trade; Options $12.99 plus $0.75 per contract. Various requirements can knock your commissions all the way down to $6.99.

Account Minimums: $1000

Fees: Execute 1 trade per quarter or maintain a balance of plus $10,000, to avoid quarterly maintenance fee of $40. There are also tons of other criteria that you can meet, to avoid the fees.

Overall, E*Trade is best for new and long-term traders looking to take a more prudent approach to investing and managing their money. Depending on your specific numbers, commissions may be a turn off to more active and advanced traders.

5 Reasons To Have More Than 1 Stock Brokerage Account

1. Better Order Fills. Whether you want to trade options, buy and sell stocks, short stocks, or whatever, there are just so many types of stocks and investment tools that only one brokerage can try to satisfy. Perhaps you want to short a particular stock, but your brokerage does not have any shares of that stock to borrow. If you had multiple accounts, your other brokerage(s) may be able to fill the order. At the same time, other brokerages might be able to get you shares at more optimal prices depending on the particular stock.

2. Ability To Execute More Trades. Be it by your brokerage or legal laws, there are restrictions that prevent traders to execute a certain amount of trades in a given time period, unless they qualify to be an active trader. Some of the guidelines usually require you to have a particular amount of money in your account and conduct a certain amount of trades regularly within a given time period. While that is all good, many of us just do not have the ability to consistently trade so many times or fund out account with that much money.

By having multiple accounts, we allow ourselves the ability to execute more trades without needing to quality to be an active trader.

3. Commissions Allocation. While some stock brokerages have flat-rates, others vary their commissions based on how many shares you are dealing with. Also one brokerage might have better stock trading commissions, but another brokerage might have better option trading commissions. By having multiple accounts we can easily utilize that particular brokerage that will limit our commissions fees for a certain trade.

4. Access To More Tools And Resources. Almost no online stock brokerage has the same type of tools and resources. One brokerage may have a powerful research platform, but another brokerage may have better commission rates. Why not research on one, and execute trades on another? Some brokerages also offer mobile trading applications to trade from anywhere.

5. Trade Foreign Market. While most traders are satisfied with trading on the U.S markets, there are occasions when they might want to trade stocks that happen to be on foreign markets. Not every brokerage allows you to trade in various markets, so by having multiple accounts you can always find a brokerage that will allow you to trade that stock.

Overall, while it may seem tedious and annoying to manage multiple stock brokerage accounts, if used correctly, the benefits can drastically outweigh the cons and even make you more money.

The truth of the matter is that opening a stock brokerage account today has become so easy and much more efficient that everything can be done without really having to leave the computer. There are a just a few papers/documents you will need.

Depending on the broker you are signing up for will determine when you need to supply certain information. Some brokers allow you to simply create a user name and password and see what all services and tools are available, however, once you are ready to add money, they will require more personal information. On the other hand, there are brokers that will require all the information upfront.

The key to remember is that signing up for a online stock brokerage is not a permanent event. Just like with any bank, you can easily take out your money, close your account, and move it somewhere else. In fact, most stock brokerages will cover most if not 100% of any transfer fees that occur when transferring to their brokerage.

*Side-note: Brokerages need your business, so make sure to let them know about your concerns or problems before closing your account. You may be able to get some sweet deals out of it.

That being said, here is what you will need to completely sign up for an online stock brokerage:

1. Copy of driver’s license and social security card. Some brokers will be satisfied by just a copy of your driver’s license however others might also require a copy of your social security card. Make sure to already have a copy of them ready, as you will need to fax it to the brokerage.

2. Bank account and routing number. Obviously we need to fund our account in order to actually start trading. While you could always perform some sort of wire transfer, most discount stock brokerages allow you to electronically fund your account directly from your bank account. This will drastically increase the setup time.

3. Knowledge of previous credit history. Because trading does have tax implications, you are required to provide your social security number. In order to make sure you are who you say you are, some brokerages may try to ask you questions about your previous credit history. For some brokers, answering correctly may allow you to not need the items listed under the first bullet; otherwise, if the brokerage is still unclear than they will require you to send them those documents.

As you can see there is really not much that you need to open an online stock brokerage account; however, it is important that you stay updated on the process, so that you can get your account up and running in no time at all.

Along with E*Trade, TD Ameritrade is known for their “one-stop shop” mentality. The tools and resources available to members are far and away more bountiful than most other discount brokerages.

Tired of scanning? TD Ameritrade boasts a new pattern matcher that will compare stocks with textbook trading pattern in just a matter of seconds. On top of that, members have access to extremely detailed oriented platforms that are both streaming and PC based.

TD Ameritrade also works hard to align themselves with third party developers to create even more solutions. Thanks to their open API system, there are plenty of mobile stock trading applications that will allow you to access your TD Ameritrade account from anywhere and anytime.

If you are looking for educational support, TD Ameritrade also hosts several night classes that allow you to learn about different trading strategies all from the comfort of your home and at no extra cost.

Stock Brokerage Details

Commissions: Stocks $9.99 per trade; Options $9.99 +.75 per contract

Account Minimums: $0

Account Types: Individual , Corporate, Roth IRAs, Sep IRAs, Traditional IRAs, Joint , UTMA/UGMA , Trusts, Partnerships, Investment Clubs, and Educational IRAs.

Overall, TD Ameritrade offers a wide-variety of solutions that will allow you to maintain full control of your investments from one account, if you choose to do so. On the other hand, more experienced traders may prefer cheaper commissions somewhere else over the extra bells and whistles provided by TD Ameritrade.

Trade free for 60 days + Get up to $600 with TD Ameritrade..