Robinhood is the ideal brokerage for beginning investors. The brokerage is convenient for mobile traders and has revolutionized the industry with commission-free trading. Their popularity is great for investors looking for a large and active community.
TD Ameritrade is a hybrid of E*TRADE and Interactive Brokers. TD Ameritrade's main appeal is Thinkorswim, their advanced trading platform that greatly enhances the brokerage and makes it distinguishable from the rest of the list.
Interactive Brokers is geared towards traders who have pre-existing investing experience, rather than beginners. The brokerage is praised for their advanced trading platform, which unfortunately can intimidate novice investors.
Merrill is a brokerage from Bank of America. Merrill's main appeal is its credibility, as it is backed by a major financial institution. This creates comfort for investors who would like to invest a large amount of their personal assets.
Fidelity Investments has a strong reputation for their mutual funds. Fidelity is ideal for investors who are investing a large amount of their personal assets, but are also seeking the tools of a brokerage like TD Ameritrade.
Credibilty, credibilty, credibilty, that is what Charles Schwab is widely-known for. Charles Schwab is one of the largest broker-dealers in the United States. The company has over 1,200 financial advisors, operates more than 330 brick-and-mortar locations in 46 states, and serves 7,000 registered investment advisors, with a total assets under management of nearly $4 trillion.