Rankings -- Software-based Brokers

I studied 14 software-based brokers and 15 web-based brokers.  Full details available in the March 5, 2007 issue of Barron’s.  I hope to publish extended notes on each offering throughout the week. 

There is so much behind each item in this list (see the details on how the rankings were generated, published here last Saturday in “How To Be an Award-Winning Online Broker") that I feel a focus on the totals is very misleading.  Still, that’s where the attention seems to go, so here’s the list: 

The point totals are weighted for software-based brokers, as detailed in the “How To” article above.

1.  Thinkorswim—4 1/2 stars, 35.8 points
2.  Interactive Brokers—4 1/2 stars, 35.1 points
3.  MB Trading—4 1/2 stars, 35.6 points
4.  TradeStation Securities—4 stars, 33.5 points
5.  Fidelity Active Trader Pro—4 stars, 31.2 points
6.  ChoiceTrade—4 stars, 31 points
7.  CyberTrader—4 stars, 30.5 points
8.  E*Trade Pro—4 stars, 29.7 points
9.  Terra Nova Financial—3 1/2 stars, 29.2 points
10. Lightspeed Professional Trading—3 1/2 stars, 28.5 points
11. ScottradeELITE—3 1/2 stars, 28.1 points
12. Fimat Preferred Trade—3 1/2 stars, 28 points
13. MasterTrader.com—3 1/2 stars, 27.5 points
14. SogoElite—2 1/2 stars, 21.3 points

If I do a straight sum for these brokers, using the same point scheme as I used for the web-based brokers, the top five brokers overall would be software-based.  Six of the bottom seven are web-based.  The flexible, customizable, streaming tools are happening via software these days. 

Posted by on 03/03 at 04:00 AM

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