I just realized I have never posted anything about another platform I use, Loyal3. It is great in that you can buy and sell stocks for free. You can set up scheduled buys for some dollar cost averaging as well as make one-time purchases. You can also participate in any IPOs that they offer. This is a huge advantage over other platforms I have used. It lets retail investors get the same pricing everyone else does on a new IPO.
There are some disadvantages. The first is that your orders are not real-time, they are batched twice (I think) daily. So, if you’re a day trader you should probably not use them. The second is that they do not offer the ability to purchase any stock you desire. Here is the current list of stocks you can buy. Lastly, they do not automatically reinvest dividends for all the dividend-paying stocks. It’s really sort of half of a disadvantage, since there are some stocks that do receive dividend reinvestment and for the ones that do not, the dividends are held as cash in your account to be withdrawn or used for your next purchase.
I was able to replace some of the stocks that I have in a couple of DRIPs that charged commissions to Loyal3 and I am always looking for the opportunity to do that! I have tried to get multiple friends and family members on the Loyal3 platform because they can “set it and forget it” with some monthly amount and it’s a great way to slowly build wealth.