Fidelity.com was ranked the best overall online brokerage by Money magazine, the publication said Monday. Money said seven of its reporters opened accounts at 24 of the largest Web brokerages to "determine which serves customers best." During the course of two months, the magazine judged the Web brokerages on five sets of criteria, which included customer service, ease of use, products and tools, and cost. The magazine also judged which sites were best equipped to steer different kind of investors. Merrill Lynch Direct was selected the most adept at handling wealthy investors, and Datek Online was ranked first for servicing frequent traders.
Fidelity.com won best overall site for the second straight year, helped by winning top honors in the New Investors and Mainstream Investors categories. Fidelity.com was rewarded for adding new features such as an account aggregation area that allows investors to view their banking, brokerage, credit card and retirement accounts in one location.