🏛️

Brokers & Exchanges

How to Choose a Stock Broker (2025 Guide)

Compare fees, platforms, market data (Level 2/TotalView), and support. US & Canada checklist with links to official regulator lookups.

Start with safety (regulation & protection)

🇺🇸 United States

FINRA BrokerCheck for brokers

Verify registration and disciplinary history

brokercheck.finra.org

SEC IAPD for advisers

Investment adviser public disclosure

adviserinfo.sec.gov

SIPC membership

Brokerage asset protection (not market losses)

sipc.org

🇨🇦 Canada

CIRO regulation

Confirm firm is regulated by the Canadian Investment Regulatory Organization

ciro.ca

CIPF coverage

Canadian Investor Protection Fund coverage

cipf.ca

Fee structure (all-in cost)

Look beyond headline commission rates—calculate your total annual cost including:

Fee TypeWhat to Look ForRed Flags
Commissions$0 for stocks/ETFs$4.95+ per trade
Options$0.50-0.65 per contract$1+ per contract
Market DataFree Level 1, optional Level 2/TotalViewMandatory expensive data packages
FX Conversion1-2% spread2.5%+ conversion fees
WithdrawalsFree electronic transfers$25+ wire fees, withdrawal limits
InactivityNo fees$25+ monthly maintenance fees

Platform & data

Essential Features

  • • Real-time quotes and charts
  • • Order types: market, limit, stop-loss
  • • Mobile app with full functionality
  • • Portfolio tracking and performance
  • • Research and screening tools
  • • Tax reporting and statements

Advanced Options

  • • Level 2 order book data
  • • Options analytics and chains
  • • API access for automation
  • • Advanced charting with indicators
  • • After-hours trading
  • • International markets

Market Data Note

Level 2 vs TotalView/Depth-of-Book: Level 2 shows best bids/offers by market maker. TotalView and similar "depth" feeds show the complete order book but cost extra ($10-30/month). Understand what you're paying for before subscribing.

nasdaq.com/totalview

Product access

Asset ClassMost BrokersCheck For
Stocks & ETFs✓ StandardFractional shares, DRIP
Options✓ UsuallyApproval levels, spreads
FuturesLimitedSeparate platform/fees
Fixed IncomeBasicCorporate bonds, CDs, Treasury

Service & support

Support Quality Checklist

  • Hours: 24/5 during market hours, weekend access
  • Phone wait times: Under 5 minutes during normal hours
  • Competency: Can handle account, trading, and tax questions
  • Dispute resolution: Clear escalation process
  • Local presence: Branch offices if you prefer in-person
  • Educational resources: Tutorials, webinars, market commentary

Try before you buy

Platform Usability

  • • Order entry speed
  • • Mobile app reliability
  • • Research tool quality

Execution Quality

  • • Fill prices vs market
  • • Order routing speed
  • • Partial fill handling

Data & Reports

  • • Quote accuracy/latency
  • • Statement clarity
  • • Tax form exports

Key Takeaway

Choose safety first (regulator + protection fund), then total cost of ownership, then platform/data that match your strategy. Don't get distracted by flashy features you won't use—focus on reliability and value.

Frequently Asked Questions

How do I verify a US broker?

Search the firm/individual on FINRA BrokerCheck and confirm SIPC membership for brokerage asset protection. For investment advisers, use the SEC IAPD database.

How do I verify a Canadian broker?

Confirm the firm is regulated by CIRO and covered by the Canadian Investor Protection Fund (CIPF).