menuclose
Home ‣ Resources

How We Test

Since our 2009 founding, our mission at StockBrokers.com has remained firm: to provide thorough and unbiased reviews of online brokers for U.S. traders and investors.

As the industry evolves, so do we. We research, fact-check and audit data throughout the year to ensure our guides and reviews give readers the most current and pertinent information. Your trust in us, as well as the trust we have earned from the industry as a whole, is of the utmost importance to our mission and our charter as a Certified B Corporation™.

The StockBrokers.com Annual Review: A Short History

Our editorial team produced the StockBrokers.com Annual Review of the top U.S. online brokers in the industry for 14 consecutive years. Each year, we gathered thousands of data points, crafted tens of thousands of words of research, and delivered dozens of awards to the best online brokers. Learn more about StockBrokers.com.

In 2024, we announced the next stage in the evolution of the StockBrokers.com Annual Review: The StockBrokers.com Annual Awards.

Adhering to the same strict standards as our Annual Review, results for the Annual Awards are unbiased and determined by our independent research. Broker Awards are bestowed based on demonstrated excellence in categories considered important to U.S. investors and traders.

Our editorial principles have earned the trust of millions of readers; our data-driven broker reviews and guides were visited by over 1.4 million readers in 2023 alone. Our ratings, rankings, and online broker reviews are more accurate than ever, now that our research and testing methodologies have evolved into a dynamic, year-round process.

Testing devices

StockBrokers.com how we test - testing devices iPhone tablet

All testing is conducted on the devices listed below, using a hardwired, 300 MB Internet connection. Mobile device testing is conducted using an 802.11n wireless WiFi connection; 4G and 5G connections are used when WiFi is not available. Unless noted, all websites and web-based platforms are tested using the latest version of the Google Chrome browser.

Smartphone (Apple): iPhone 12 Pro, iPhone 15 Pro Max with the most current iOS.

Smartphone (Android): Samsung Galaxy S9+, 6.2" 4K Super AMOLED (2960x1440) 64-bit Octa-Core Snapdragon 835 Processor 2.7GHz, 6GB RAM 6.2" with the most current (Android 10) operating system.

Desktop: Dell XPS 8930 desktop with three ASUS 27″ LED Monitors, Intel Core i7-8700 Processor at 3.2 GHz, Nvidia GeForce GTX 1070, and 16 GB RAM. Windows 11 Pro operating system.

Laptop: MacBook Pro 13-inch, Apple M1 8-core processor with built-in graphics, 8 GB RAM, 250 GB SSD storage running MacOS 13.1 Ventura and Dell Vostro 5402 laptop i5 with 8 GB RAM running Windows 11 Pro.

Review Categories, Variables

For the StockBrokers.com 2024 Annual Awards, all U.S. equity brokers we reviewed were assessed on over 200 different variables across eight areas: Commissions & Fees, Investment Options, Platforms & Tools, Research, Mobile Trading, Education, Ease of Use, and Overall.

“Best in Class” awards were presented to brokers across all eight main areas as well as additional categories Beginners, Options Trading, Futures Trading, Active Trading, IRA Accounts, Investor Community, Penny Stock Trading, Banking Services and Customer Service. A “Best in Class” designation means finishing in the top five brokers for that category. See full results for 2024.

Overall Score Calculation

Our seven primary categories are factored in to compile the Overall ranking for each broker. The weightings of each category were as follows: 

  • Ease of Use: 25%
  • Mobile Trading: 25%
  • Commissions & Fees: 20%
  • Investment Options: 10%
  • Research: 10%
  • Platforms & Tools: 5%
  • Education: 5%

Category Scoring Methodology

While most categories are scored using our default method of combining Yes / No points (Variable score) with a 1 - 10 Net Promoter Score (Opinion score), scoring does vary, as shown below.

  • Commissions & Fees - Custom
  • Platforms & Tools - Yes/No with Opinion
  • Research - Yes/No with Opinion
  • Mobile Trading - Yes/No with Opinion
  • Investment Options - Yes/No only
  • Education - Yes/No with Opinion
  • Ease of Use - Opinion only

Each individual category score is also translated into a star rating. Specifically:

  • 95% - 100% = 5 Stars
  • 85% - 94.99% = 4.5 Stars
  • 75% - 84.99% = 4 Stars
  • 65% - 74.99% = 3.5 Stars
  • 55% - 64.99% = 3 Stars
  • 45% - 54.99% = 2.5 Stars
  • 35% - 44.99% = 2 Stars
  • 25% - 34.99% = 1.5 Stars
  • 15% - 24.99% = 1 Stars
  • 5% - 14.99% = 0.5 Stars
  • 0% - 4.99% = 0 Stars

How We Score: Yes/No with Opinion

First, points are awarded for each “Yes” answer. The number of points awarded for each "Yes" varies by variable depending on its significance. Next, the total points earned from “Yes” answers is divided by the total points possible to calculate a final Yes/No score, also known as a Variable score.

Example: Broker XYZ has 49 of 57 features for category Platform and Tools and earns 73 out of a possible 79 total points (remember, points allotted to each individual variable varies). Thus, Broker XYZ earns a Variable score of 92.41% for category Platform and Tools.

Next, the editorial team gives an opinion score to each broker for the category. Opinion scores range from 1 – 10, with one being “very bad” and ten being “very good”. Half points are used, e.g. "9.5", so scoring isn't restricted to just whole numbers. Note: While the editorial team does take into consideration the Variable score, the Opinion score is more focused on the editorial view of how well the broker performs overall as compared to the industry standard and its closest competitors.

Example: Broker XYZ does a great job with its Mobile offering, exceeding the industry standard. Not only are a variety of tools and research available, but they are rich with depth and also easy to use. The editorial team awards Broker XYZ a score of "9" for its Opinion score, which equates to 90%.

Finally, to determine a final percentage score for the category, the Variable score and Opinion score are independently weighted and added together. This score is then also translated to a star rating. Weightings vary by category depending on the complexity of the category, e.g. 70% Variable, 30% Opinion.

Example: Broker XYZ earned a Variable score of 93.33% and a Opinion score of 100%. For category Research, the Variable score is 60% of the total and the Opinion score is 40%. Thus, Broker XYZ earns a final score of 96% for Research, which is calculated as "(0.9333*.6)+(1*.4)". Translated into a star rating, Broker XYZ earns 5 Stars for Research.

Commissions & Fees

First, multiple scenarios are assessed for equity trades, options trades, and margin rates. For example, the cost of placing a 500-share market order or the cost of placing a two-legged one-contract options spread, or the margin rate for a $50,000 balance. Brokers are awarded points depending on how low cost they are relative to their peers.

Next, multiple monthly pricing scenarios are assessed for different investor types. For example, the net monthly cost to place one stock trade (500 shares per), representative of a casual investor, or the monthly cost to place 10 stock trades (500 shares per) and 5 options trades (10 contracts per), representative of an active trader. Brokers are awarded points depending on how low cost they are relative to their peers.

Thereafter, all points are tallied to determine a total Scenarios score. Separately, scoring is then conducted to assess Order Execution quality, which applies an Opinion methodology.

Order execution quality dial comparison

Finally, to determine a final percentage score for the category, the Scenarios score and the Order Execution score are independently weighted and added together. Note: While there is currently no universal metric to assess order execution quality, the significance of execution quality is as important as ever given the reliance on PFOF as a source of revenue for brokers that charge $0 for trades. Read our guide to understanding order execution quality.

This final score is then also translated to a star rating.

Customer Service

For the past nine years, StockBrokers.com has partnered with customer experience research group Confero to conduct phone tests from locations across the United States.

Confero agents used one of 10 unique scenario templates provided by StockBrokers.com (on average, three questions are asked) to assess each broker. To ensure fairness as well as to gather the highest quality data, each agent used a single template to test all brokers.

To score each test, three separate buckets are assessed: 1. Time to connect 2. The ability of each broker representative to professionally (and thoroughly) answer each question and 3. A Net Promoter Score for the overall support experience. Response times are 15% of each test score, representative assessments are 35%, and Net Promoter Scores make up the remaining 50%.

Once all individual test scores were compiled, they were combined to determine an overall score for Customer Service. This final score is then also translated to a star rating.

Awards

StockBrokers.com testing devices mobile apps

Industry Awards

Industry awards are determined based on the measurable, data-driven criteria that decide our Category rankings as well as the opinion scores of our editorial team. These unique awards are designed to showcase the very best in the industry.

Click below to find a breakdown of the individual Industry Awards methodologies for broker awards.

#1 New Tool

Our award for #1 New Tool is partly based on data collected during our testing across all primary categories, with particular attention given to Research, Education, Platforms & Tools, Mobile Trading, and Investment Options. The award for #1 New Tool recognizes a new innovative feature or product experience launched by a broker during the previous calendar year that innovates or elevates either 1) the execution of a user intention; or, 2) the presentation of valuable information.

#1 for High Net Worth Investors

The High Net Worth Investors award recognizes the best broker for self-directed U.S. retail investors with investable assets of $1 million to $10 million. We prioritized the needs of intermediate level, long term oriented investors with portfolios that include a variety of instruments. Key criteria include consolidated reporting, integrated service model, specialist support, high net worth enhancements, financial planning tools and education, ease of use, and design.

#1 Innovation

The innovation award recognizes broker achievement in pushing the industry forward. Our team tests and analyzes new tools, experiences and features that challenge industry standards and unlock new abilities for individual investors.

#1 Overall Client Experience

The Overall Client Experience award recognizes the best user experience for typical U.S. retail investors. Our testing simulates dozens of workflows for investors and traders alike. Key criteria include satisfying user intent, design, customer support, platform responsiveness, convenience, workflow, education, marketing communications, and transparency.

#1 Investor App

The Investor App award recognizes the best mobile app for everyday passive and active long term investors, which we define as Americans who place less than 36 trades each year or approximately three trades each month. Key criteria included portfolio reporting, data provided, tools, research availability, ease of use, design, and responsiveness.

#1 Trader App

The Trader App award recognizes the best mobile app for active, moderately experienced retail U.S. traders. Our ranking is weighted towards customers who place at least 120 trades per year or 10 trades per month. Key criteria included data provided, tools, charting, trading workflow, ease of use, design, and responsiveness.

#1 Desktop Trading Platform

The Desktop Trading Platform award recognizes the best downloadable trading platform ("desktop") app. We prioritized the needs of active, intermediate level U.S. retail traders using a variety of instruments. Key criteria included data provided, tools, charting, trading workflow, ease of use, design, and responsiveness.

#1 Web Trading Platform

The Web Trading Platform award recognizes the best browser-based trading platform. We prioritized the needs of active, intermediate level retail traders using a variety of instruments. Key criteria include data provided, tools, charting, trading workflow, ease of use, design, and responsiveness.

#1 Platform Technology

The Platform Technology award recognizes the trading platform with the most sophisticated and reliable data streams and customizability. We prioritized the needs of active, highly sophisticated retail traders using a variety of instruments. Key criteria included data provided, tools, programming languages, scanners, and reliability.

#1 ESG Investing

Our #1 Environmental, Social, and Governance, or ESG, Investing award, which is heavily informed by the testing in our Research category, highlights the broker that provides the most comprehensive experience for socially responsible investing. We consider the availability of screening tools, third-party ratings, visual data, and other research features that help to identify ESG-related investment opportunities.

#1 Sentiment Investing

The Sentiment Investing award recognizes the broker that provides the most informative sentiment data. Key criteria include number of sentiment sources, quality of presentation, and ability to compare sentiment with historical investment performance.

#1 International Trading

This industry award is primarily based on the reach of a broker’s international offering. Data is collected to determine how many international exchanges each broker allows clients to access for trading. In addition, the trading platforms themselves are assessed using criteria from the Platforms & Tools category.

#1 Client Dashboard

The Client Dashboard award recognizes the best homepage summary for a typical U.S. retail investor. We prioritized relevancy of information, layout, design, consolidated views, and clear labeling of key data.

#1 Professional Trading

The Professional Trading award recognizes the best broker for sophisticated U.S. traders who frequently execute large trades across a variety of financial instruments, such as day traders or those working for a professional institution such as a hedge fund. Key criteria include price, publicly available order execution data, investment options, tools, data, charting, trading workflow, platform reliability and responsiveness.

#1 Order Execution

The Order Execution award recognizes the broker with best stock order execution across a variety of retail-sized orders using publicly available, trailing three-month averages. We focused our evaluation primarily on payment for order flow and each broker’s process for routing orders to achieve price improvement.

#1 Crypto Technology

For this award we look at the full scope of a broker’s cryptocurrency offering, including whether crypto is offered through a third party or the broker offers an in-house solution. Additional features examined include the ability to deposit and withdraw crypto with the broker, availability of crypto wallets, and the ability to stake crypto and earn interest.

#1 Fractional Shares

The Fractional Shares award recognizes the broker offering the best fractional share trading. Key criteria include timeliness of execution, number of issues available, and minimum dollar order size.

#1 Phone Support

This award is based on analysis of data collected by our partner Confero, a customer experience research firm which conducts phone tests from locations throughout the U.S. For our current results, 168 customer service tests were conducted over six weeks. Customer service representatives were asked for assistance or details in several areas of broker services, including account opening, trading tools, apps, rollovers, active trading, and more. Wait times were logged for each individual customer service call.

#1 Desktop Stock Trading Platform

The Desktop Stock Trading Platform award recognizes the best downloadable trading platform ("desktop") app for stock traders. We prioritized the needs of active, intermediate level retail equity traders. Key criteria included data provided, tools, charting, trading workflow, ease of use, design, and responsiveness.

#1 Desktop Options Trading Platform

The Desktop Options Trading Platform award recognizes the best downloadable trading platform ("desktop") app for options traders. We prioritized the needs of active, intermediate level retail options traders. Key criteria included data provided, tools, charting, trading workflow, ease of use, design, and responsiveness.

#1 Desktop Futures Trading Platform

The Desktop Futures Trading Platform award recognizes the best downloadable trading platform ("desktop") app for futures traders. We prioritized the needs of active, intermediate level retail futures and futures options traders. Key criteria included data provided, tools, charting, trading workflow, ease of use, design, and responsiveness.

#1 Fund Research Provider

The Best Fund Research Provider award recognizes the research firm that provides the most comprehensive and insightful data and opinion on mutual funds and exchange traded funds. We prioritized the needs of intermediate level self-directed investors. Key criteria included data provided, quality of opinions, benchmark comparisons, layout, and data labeling.

#1 Charting Technology Provider

The Best Charting Technology Provider award recognizes the firm that provides the best charting experience. We prioritized the needs of intermediate level self-directed retail traders and investors. Key criteria include data provided, labeling, presentation, responsiveness, pattern identification, and ease of use.

#1 Automated Chart Patterns Provider

The Best Automated Chart Patterns Provider award recognizes the firm that provides the best automated chart pattern recognition. We prioritized the needs of intermediate level self-directed retail traders. Key criteria include patterns recognized, customization, documentation, and ease of use.

#1 Paper Trading

The Paper Trading award is given to the broker that offers the best easy-to-use, but feature-rich, trading experience using virtual dollars.

#1 Bond Trading

The Bond Trading award recognizes the broker that provides the best combination of fixed income pricing and access to global fixed income markets.

#1 Bond Research

The Bond Research Award acknowledges the broker that the StockBrokers.com editorial team views as offering the best fixed income research resources at no additional charge to retail investors. Criteria include frequency, types of fixed income products covered, quality of research and market commentary.

View Award Methodologies

Category Awards

Category Winners in the StockBrokers.com Annual Awards are brokers that stand out as the best of the best in our carefully curated Awards Categories. Our Awards Categories have been refined over our eight-year history of Annual Awards and are designed to reflect the features, products, and services that matter most to investors and traders.

Click below to find a breakdown of the individual methodologies for our Category awards.

#1 Overall Broker

Our highest award, this selection is both data- and opinion-driven and recognizes the broker that scored the most total points across all categories: Commissions & Fees, Investment Options, Platforms & Tools, Research, Mobile Trading, Education and Ease of Use. This broker demonstrates the highest level of client service.

Bank Brokerage

This award recognizes the broker that the editorial team believes provides the best value and experience for intermediate-level U.S. retail investors who want to consolidate their financial activities with one company. We take into consideration the breadth of banking services on offer and how well they are integrated with self-directed investing.

Beginners

This opinion-based award recognizes the broker that the editorial team believes provides the best investing experience for novice U.S. investors. Key criteria include educational content, ease of use, product marketing, transparency, products and features, cost, and the client dashboard.

Day Trading

This opinion-based award recognizes the broker that the editorial team believes provides the best value and experience for intermediate level U.S. retail traders using a variety of trading vehicles. Key criteria include features, investment options, cost, layout, trading workflow, platform design, and platform responsiveness.

Penny Stock Trading

This opinion-based award recognizes the broker that the editorial team finds to provide the best value and experience for U.S. retail penny stock investors, which we define as OTC stocks trading for less than $5 per share. The key criteria are the list of stocks available for trading and cost, with some consideration given for overall experience and education.

Customer Service

For customer service testing, StockBrokers.com partners with customer experience research group Confero to conduct phone tests from locations across the United States. Confero agents used one of 10 unique scenario templates provided by StockBrokers.com (on average, three questions are asked) to assess each broker. To ensure fairness as well as to gather the highest quality data, each agent used a single template to test all brokers.

To score each test, three separate buckets are assessed: 1. Time to connect 2. The ability of each broker representative to professionally (and thoroughly) answer each question and 3. A Net Promoter Score for the overall support experience. Response times are 15% of each test score, representative assessments are 35%, and Net Promoter Scores make up the remaining 50%.

Once all individual test scores were compiled, they were combined to determine an overall score for Customer Service. This final score is then also translated to a star rating.

IRA Accounts

This opinion-based award recognizes the broker that the editorial team finds to providethe best value and experience for everyday U.S. retail retirement-focused investors. This award combines features important to other categories, but emphasizes IRA account availability and costs.

Futures Trading

This opinion-based award recognizes the broker that the editorial team believes provides the best value and experience for intermediate level U.S. retail futures traders. Key criteria include features, cost, layout, trading workflow, platform design, and platform responsiveness.

Investor Community

This opinion-based award recognizes the broker that the editorial team believes provides the best investor community experience for U.S. retail investors. Included in analysis are the quality and quantity of user posts and how well they are presented.

Commissions & Fees

With zero-commission trades the norm among U.S. brokerages, we examine various other client costs, such as payment for order flow (PFOF) practices, subscription fees, account maintenance fees, service fees (including subscriptions to premium services), and termination fees.

Investment Options

This data-driven award recognizes the broker that scored the most points for the Investment Options category, which considers availability of instruments such as stocks, bonds, mutual funds, futures, options and cryptocurrency.

Research

This data- and opinion-driven award recognizes the broker that the StockBrokers.com editorial team regards as providing the best research and market commentary experience. Elements considered include quality and quantity of research and ease of use.

Mobile Trading Apps

This data- and opinion-driven award recognizes the broker that scored the most points in our Mobile Trading Apps category. It takes into consideration the availability and quality of watch lists, charting, real-time and streaming quotes, stock alerts, and educational resources, among other variables. We also look for a fluid user experience moving between mobile and desktop platforms, where offered.

Education

This data- and opinion-driven award recognizes the broker that scored the most points for the Education category, which factors in the availability and quality of articles, webinars and videos surrounding various aspects of trading and investing.

Ease of Use

This opinion-driven award recognizes the broker that scored the most points for Ease of Use.

Options Trading

This opinion-based award recognizes the broker that the editorial team believes provides the best value and experience for intermediate level U.S. retail options investors. Key criteria include features, cost, layout, trading workflow, platform design, and platform responsiveness.

Platforms and Tools

This data- and opinion-driven award recognizes the broker that the StockBrokers.com editorial team regards as providing the best suite of platforms and tools for U.S. retail clients.

View Award Methodologies


Read Next



close
navigate_before navigate_next