3 Broker Reviews Platforms to Follow in 2021

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Despite the pandemic-driven recession, the bullish global stock markets have incentivized many people to try their hand at stock trading. The apparent disconnect between the stock markets and macroeconomic conditions over the past year accelerated equity investments. 

Average daily equity trading volumes increased 55.7% year-over-year to 10.90 billion in 2020, despite a 2.3% shrink in the United States’ current dollar GDP last year. In 2021, the V-shaped macroeconomic recovery driven by robust fiscal and monetary stimulus packages has been driving the stock markets. 

Average daily trading volumes increased 92% year-over-year in January this year. A substantial rise in retail trading allowed the Trade Reporting Facility volume to reach a record of 48.6% of all trading in January. 

However, as more and more retail investors enter the stock markets, choosing the right broker for trading is of utmost importance. Given the crucial role of brokerage firms executing trades, choosing inefficient trading platforms can lead to immense losses for investors. Earlier in January, the popular Robinhood trading platform temporarily halted new purchases of GameStop shares, amid the short squeeze, causing many retail investors to miss out on potential gains. 

Thus, people should weigh the pros and cons of brokerage platforms carefully before creating their trading accounts. Several broker review platforms provide detailed insights into such trading platforms, helping new entrants make an informed decision. 

Popular Brokerage Review Platforms 

Investimonials

Investimonials is one of the top broker review platforms covering major trading websites globally. The platform allows users to post anonymous reviews regarding their brokerage platforms. It also allows users to post anonymous reviews regarding financial newsletters, software, and books. 

As many novice traders consult newsletters published by various websites to ascertain the top performers in the markets, consulting unbiased websites is critical. Also, reading the top-rated books by investment gurus can help investors better understand various investment strategies. Investimonials’ diversified topic coverage and user-friendly interface make it a popular platform globally, with a large user base. 

Bankrate

This platform takes on a fundamental approach while reviewing platforms. It considers the account and commission fees, types of securities available, research and advisory services, etc., while providing reviews on each brokerage platform. Also, Bankrate uses an optimal weightage statistic to assign each factor with its corresponding ideal weight, giving readers an accurate trading platform review. 

Its systemic scores highlight the top-quality brokers out of innumerable brokerages in the markets. Bankrate also publishes separate articles to list the top brokers for mutual funds, ETFs, fractional shares, and IRA accounts daily, thereby providing up-to-date information to readers. Its reports have been incorporated by well-known news sites such as CNBC, Wall Street Journal, and Forbes.  

Block Pug

Block Pug reviews cryptocurrency trading platforms, exchanges and blockchain products and services. The rising popularity of cryptocurrency globally has intrigued retail investors to enter this market. However, the complex workings of decentralized blockchain technology, along with the mixed federal opinion of cryptocurrencies across countries, have held back investors. 

Block Pug aims to educate the masses on crypto trading, digital assets, and blockchain technology. With cryptocurrency hailed as the future of finance, Block Pug is one of the most informative educational websites providing diversified knowledge on the subject. The website provides reviews on exchange and Contract for Difference (CFD) trading and compares various crypto-based products such as wallets, apps, and exchanges. 

Block Pug’s articles and reviews help novice investors filter out market misconceptions and misleading news, thereby allowing them to develop a fair and balanced view of the cryptocurrency market. 

Bottom Line

The rapid rise in equity trading volume as novice investors develop a keen interest in stock markets has led to the inception of numerous brokerages. These brokerage platforms primarily gain popularity by discounting their products and services, charging zero commission fees, and forgoing account opening charges. 

However, many such trading platforms might manage the cost by providing limited services and account holders. Thus, researching such stockbrokers before opening accounts is crucial to help investors identify the best platforms suiting their needs.  

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