Live brokerage accounts were also obtained for most of the platforms we reviewed, which our team of expert writers and editors used to perform hands-on testing in order to lend their qualitative point of view. Many of the brokers we reviewed also gave us live demonstrations of their platforms and services, either at their New York City offices or via video conferencing methods. Our team of researchers gathered 2425 data points and weighted 66 criteria based on data collected during extensive research for each of the 25 companies we reviewed. The proposed rules take aim at payment for order flow (PFOF), the order execution process that many brokerages, including Robinhood, say helps them offer zero-commission trades. This model weighs key factors like trading technology, range of offerings, mobile app usability, research amenities, educational content, portfolio analysis features, customer support, costs, account amenities, and overall trading experience according to their importance. The Financial Industry Regulatory Authority (FINRA) fined Robinhood 1.25M in December 2019 for best execution violations, and in December 2020 the SEC charged the company with misleading its customers, which led to a 65M fine. We then combined this invaluable information with our subject matter expertise to develop the framework for a quantitative ratings model that is at the core of how we compiled our list of the best online broker and trading platform companies. Robinhood’s heavy reliance on PFOF has caused it significant legal headaches. This year, we revamped the review process by conducting an extensive survey of customers that are actively looking to start trading and investing with an online broker. Investopedia is dedicated to providing investors with unbiased, comprehensive reviews and ratings of online brokers.

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