Best Online Brokers for Beginners

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SoFi Active Invest

Offer

Get a 1% IRA Match on contributions & rollovers. Terms apply.*

Get up to 1,000 in stock when you open & fund a new Active Invest account.**

Account minimum

$0

Commission Fees

$0²

on stocks & ETFs

On SoFi's Secure Website^[1]

Get a 1% IRA Match on contributions & rollovers. Terms apply.*

Get up to 1,000 in stock when you open & fund a new Active Invest account.**

$0

$0²

on stocks & ETFs

Disclosures

^[1]INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE

^[2]Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees.

*Offer Disclosures

Terms and conditions apply*. For 401k rollovers, existing SoFi IRA members must complete 401k rollovers via this link For SoFi members without a SoFi IRA, a SoFi IRA must first be opened, and 401k rollover must be completed utilizing Capitalize via this link. SoFi and Capitalize will charge no additional fees to process a 401(k) rollover to a SoFi IRA. SoFi is not liable for any costs incurred from the existing 401k provider for rollover. Please check with your 401k provider for any fees or costs associated with the rollover. For IRA contributions, only deposits made via ACH and cash transfer from SoFi Bank accounts are eligible for the match. Click here for SoFi’s 1% Match terms and conditions.are eligible for the match. Click here for SoFi’s 1% Match terms and conditions.

**Probability of Member receiving $1,000 is a probability of 0.026%; If you don’t make a selection in 45 days, you’ll no longer qualify for the promo. Customer must fund their account with a minimum of $50.00 to qualify. Probability percentage is subject to decrease.

Compare the Best Trading Platforms for Beginners

Online Brokerage	Forbes Advisor Rating (out of 5)	Investment Offerings	Educational Resources	24/7 Customer Support	Learn More
Firstrade	5.0	Stocks, mutual funds, ETFs, options	Web guides, articles, webinars, videos	No	Learn More Via Firstrade's Website
Charles Schwab	4.9	Stocks, mutual funds, ETFs, bonds, options, futures, forex	Articles, trading demos, podcasts, videos, live events	Yes	Learn More Read Our Review
Webull	4.8	Stocks, mutual funds, ETFs, options, futures	Web guides, articles, videos	No	Learn More Via Webull's Website
Fidelity	4.8	Stocks, mutual funds, bonds, ETFs, options	Web guides, articles, webinars, classes, live events	Yes	Learn More Read Our Review
Interactive Brokers	4.7	Stocks, mutual funds, ETFs, bonds, options, futures	Courses in multiple languages, trading lab, webinars, podcasts, newsletters, articles	No	Learn More Read Our Review
E-Trade	4.7	Stocks, mutual funds, bonds, ETFs, options, futures	Articles, classes, webinars, videos, live events	Yes	Learn More Read Our Review
Robinhood	4.6	Stocks, ETFs, options	Web guides, articles, newsletters	Yes	Learn More Via Robinhood's Secure Website

Best Brokers for Beginners

Firstrade

Best Online Brokers for Beginners Overall

Firstrade

Account minimum

$0

Fee

$0

(stocks, ETFs, options, mutual funds)

Fractional shares

Yes

Via Firstrade's Website

$0

(stocks, ETFs, options, mutual funds)

Yes

Editor’s Take

Firstrade is our top pick for the best online brokerage firm for beginners because of its range of investment products, low-cost trading and educational resources.

Why We Like It

There’s a lot to like about Firstrade as an online trading account for beginners. There’s no minimum fee to open a Firstrade account, so you can start investing with just a few dollars. When it comes to what you can invest in, you have plenty to choose from, including fractional or whole shares in stocks, exchange-traded funds, mutual funds, and options.

We also like the fact that you won’t be bogged down with fees: Firstrade doesn’t charge commissions or fees on most of its asset types. This includes no options contract fees, which is rare among top brokers. For fees that you might face, they tend to be lower than those of other brokers.

As for Firstrade’s mobile app, it’s available on both iOS and Android and features a trading platform that’s intuitive and easy for beginner investors to adopt. You can view historical charts and company news, track price changes, set up screeners, access stock analysis and get AI-powered research.

Another standout Firstrade offering is its educational material. You can access a library of articles covering common investment topics, a selection of beginner guides on different asset types and regular webinars that explore trading strategies as well as market discussion. If you need to reach customer service, you can do so via phone or email.

What We Don’t Like

We deducted points from Firstrade for its lack of certain features, including a trade simulator and human or robo-advisory services. If you’re hoping to practice trading with a simulator or get assistance from an advisor as you begin investing, you’re better off looking elsewhere.

Additionally, though Firstrade delivers market insights via third-party firms, it doesn’t provide in-house research. It also doesn’t support forex or futures trading. And though you’ll be able to access customer support through several channels, you won’t be able to use web chat to reach a representative.

Who It’s Best For

Firstrade is best for first-time investors who want to pay low fees across a range of securities and don’t need access to advisory services or paper trading.

Pros & Cons

Solid range of investment products
Helpful educational resources
No commissions and few fees

No trade simulator
No forex or futures trading
No advisory services

Charles Schwab

Best for User-Friendly Platform

Charles Schwab

Account minimum

$0

Fee

$0

(listed stocks, ETFs, options, some mutual funds, new-issue bonds)

Fractional shares

Yes

Read Our Review

$0

(listed stocks, ETFs, options, some mutual funds, new-issue bonds)

Yes

Editor's Take

Charles Schwab is a great choice for both early-stage investors and seasoned ones. Its user-friendly platform allows you to navigate seamlessly from your portfolio to relevant tax forms. New investors will also appreciate the expansive library of educational content.

Why We Like It

Charles Schwab makes it easy to get started on your investing journey. There are no minimum deposit requirements, and you can access a wide range of products commission-free, such as stocks, ETFs and mutual funds. You can also buy fractional shares of S&P 500 companies for as little as $5.

Schwab’s “New to Investing” section sets it apart from the pack. The website is loaded with investment research and market insights. You’ll have access to a vast library of information about investing basics, market commentary and trading demos.

It’s also a full-service broker with advisory services. Its offerings range from robo-advisor Schwab Intelligent Portfolios (minimum of $5,000) to personalized management with Schwab Wealth Advisory (minimum of $500,000). For questions, there’s 24/7 phone support and in-person help at Schwab branches.

What We Don’t Like

Schwab doesn’t offer email support.

Who It’s Best For

Charles Schwab is best for beginner investors who want a wealth of research, educational materials and access to advisory services.

Pros & Cons

A strong library of educational content and tools
Access to different types of advisory services
Nearly 400 branches for in-person customer service

No direct cryptocurrency investing
$25 for broker-assisted trades
Low interest rate on uninvested cash

Webull

Best for Social Community

Webull

Account minimum

$0

Fee

$0

(stocks, ETFs, options listed on U.S. exchanges)

Fractional shares

Yes

Via Webull's Website

$0

(stocks, ETFs, options listed on U.S. exchanges)

Yes

Editor’s Take

Founded in 2017, Webull launched as an all-in-one platform for self-directed investors.

Why We Like It

Beginners will appreciate Webull’s user-friendly platform, offering charting and custom trading tools.

Similar to other discount brokerages, there are no account minimums or commission fees for trading stocks and ETFs, and you can buy fractional shares.

The most striking feature of Webull is its in-app community presence where you can learn from other investors and share investing ideas. Another feature we like is Webull’s sweep account—it offers a competitive rate on your unused cash. But that comes with a caveat, as you’ll need to “enroll to earn interest on unvested cash.”

What We Don’t Like

Webull doesn’t offer financial advice. You also need to have at least $25,000 in your account to access unlimited day trading. But that might not be a deal-breaker if you are looking for a discount brokerage with commission-free trades and advanced screens.

Who It’s Best For

Webull is best if you’re a beginner who wants an in-app investing community and to learn from other investors.

Pros & Cons

In-app investor community
Access to extended trading hours
The PaperTrade Stimulator is helpful for practice trades

Lack of in-house research
No financial advisory services
No futures, bonds or mutual funds

Fidelity

Best for Long-Term Investing for Beginners

Fidelity

Account minimum

$0

Fee

$0

(U.S. stocks, ETFs, options)

Fractional shares

Yes

Read Our Review

$0

(U.S. stocks, ETFs, options)

Yes

Editor's Take

Fidelity is a strong choice if you’re coming into the world of investing with a “set it and forget it” focus. You won’t pay commissions for trading U.S. stocks, exchange-traded funds or options. If you’re starting with a small amount of money, Fidelity lets you invest in fractional shares with as little as $1. This feature makes it easy to build a diversified stock portfolio over time.

Why We Like It

Fidelity offers a wide variety of investment options beyond stocks and ETFs, including mutual funds, bonds and more—so you can be even more diversified.

Fidelity’s Learning Center is a great kickoff point for novice investors, with its beginner-friendly guides, articles and videos. We also really like Fidelity’s full suite of advisory products. At the entry-level, there’s robo-advisory Fidelity Go ($10 to start investing), which features funds with no expense ratios. On the upper end of the spectrum is its high-end financial advisory services with Fidelity Wealth Management, which starts at $500,000 in eligible Fidelity accounts.

Fidelity is a good one-stop shop to level up as your investment portfolio expands.

What We Don’t Like

Unlike some competitors, Fidelity doesn’t offer paper trading. If you go with this platform, expect to conduct most of your transactions on the desktop version since the mobile app isn’t as user-friendly as Webull or Robinhood.

Who It’s Best For

Fidelity is best if you’re looking for a full-service brokerage with a long-term approach.

Pros & Cons

Reputation as a low-cost brokerage
Vast educational materials
Range of advisory services

No built-in investor forums
Mobile app isn’t the most user-friendly
No paper trading

Interactive Brokers (IBKR)

Best for Educational Resources for Beginners

Interactive Brokers (IBKR)

Account minimum

$0

Fee

$0

(U.S. stocks and ETFs)

Fractional shares

Yes

Read Our Review

$0

(U.S. stocks and ETFs)

Yes

Editor’s Take

If you’re ready to dive deeper into more advanced trading, Interactive Brokers (IBKR) is a great platform—without the high costs. IBKR allows trading in 170-plus global markets and has over 4.6 million user accounts.

Why We Like It

IBKR has the most expansive selection of investment offerings on our list, letting you trade stocks, ETFs, mutual funds, bonds, options, futures, cryptocurrency and more. IBKR also has some of the lowest margin rates.

One of the best parts for beginners is the IBKR Campus. It provides courses in multiple languages through its Traders’ Academy as well as webinars, podcasts and extensive news insights.

What We Don’t Like

Some of IBKR’s platforms are more designed for investing pros than beginners. You might also find the IBRK interface overwhelming at first, too.

If you’re starting with a smaller portfolio, you won’t earn as much in their sweep account compared to other brokers on this list. Interest is not paid on the first $10,000 of uninvested cash.

Who It’s Best For

IBKR is best for beginner investors who want to roll up their sleeves and learn, with the accessibility of tools that support advanced trading.

Pros & Cons

Extensive investment offerings
Alternative asset investing like cryptocurrency and international trading
Low margin rates

Might be confusing for new investors
Trader Workstation is not intuitive
No 24/7 support

E*TRADE

Best for Commission-Free Mutual Funds

E*TRADE from Morgan Stanley

Account minimum

$0

Fee

$0

(U.S.-listed stocks, ETFs, mutual funds and options)

Fractional shares

No

Read Our Review

$0

(U.S.-listed stocks, ETFs, mutual funds and options)

No

Editor's Take

Now part of Morgan Stanley, E*TRADE made history as the first online trading platform—and it’s still a major player. You get commission-free trades on U.S.-listed stocks, mutual funds, options and ETFs, making it a solid choice if you’re just getting started and want a platform with a strong reputation.

Why We Like It

As a beginner, you’ll appreciate E*TRADE’s clean, user-friendly platform that’s easy to navigate whether you’re on your phone or computer. You can trade a variety of assets from mutual funds, stocks, bonds and options to ETFs.

What sets E*TRADE apart is its rich library of educational content. From step-by-step articles and short videos to live webinars and in-person events, you’ll find plenty of resources to help you understand how investing works and how to make smarter moves with your money.

What We Don’t Like

E*TRADE doesn’t offer fractional shares for stocks. So you’ll need to buy full shares of stock—something to consider if you’re starting with a smaller balance. It also doesn’t let you invest directly in crypto, and the interest on uninvested cash is lower than some other brokers offer.

Who It’s Best For

If you’re a beginner who has saved up enough money and wants a brokerage with easy-to-use tools and serious research, this might be a suitable platform for you.

Pros & Cons

Tons of educational content
Paper trading is available
More than 5,000 mutual funds

No fractional shares for stocks
Low APY on uninvested cash
No crypto trading other than bitcoin futures

Robinhood

Best for Casual Investors

Robinhood

Account minimum

$0

Fee

$0

(stocks, ETFs, options)

Fractional shares

Yes

Via Robinhood's Secure Website

$0

(stocks, ETFs, options)

Yes

Editor's Take

Since its founding over a decade ago, Robinhood has been on a mission to “empower a new generation of investors” through user-friendly educational resources and investing tools.

Why We Like It

If you’re looking for an investing platform built with beginners in mind, Robinhood could be a solid option. Its interface is beginner-friendly, and you can select from preset layouts or customize them to fit your needs. Plus, Robinhood’s suite of learning content is easy to digest.

You also have the option to subscribe to Robinhood Gold. That premium account offers extra perks such as an impressive interest rate for your uninvested cash, higher instant deposit limits and more in-depth insights. You’ll also earn 3% cash back with the Robinhood Gold credit card.

What We Don’t Like

Robinhood loses points for its less-than-stellar set of offerings. You won’t be able to invest in mutual funds, bonds, futures or international equities. Robinhood also doesn’t offer advisory or robo-advisor services.

To earn any interest on idle cash, you’ll have to open a Robinhood Gold account, which comes with a monthly fee. At other brokerages, you can earn interest with a free cash management account.

Robinhood has also come under fire for the ease with which it offers margin trading to beginners and its gamification of investing.

Who It’s Best For

Robinhood is best for beginner investors who want to keep it casual with an easy-to-use platform.

Pros & Cons

User-friendly trading platform
Access to Robinhood Gold
A library of content to learn about investing basics

No mutual funds, forex, international stocks or futures
Cash management account requires a subscription
No in-house research

Most Popular is calculated from the number of times each affiliate product was selected by Forbes users over a six month time period.

Methodology

We analyzed more than 20 online trading accounts for beginners, evaluating over 50 data points for each firm. The online brokerages that earned a spot on our list excelled across several key categories, including: asset offerings, trading costs, account minimums and fees, notable features, advisory services, insurance, customer support, educational tools, research resources, security, margin interest rates, cash interest and portfolio analysis.

Our team verified the data by conducting thorough online research and directly contacting companies to confirm or fill in any missing details. Data points were assessed on a scale from 0.00 to 1.00. The highest raw score was adjusted to correspond to a 5-star rating as the maximum possible score.

Here’s a closer look at how we scored the best online brokerages for beginners. Each decision factor encompasses multiple data points.

Scoring for the Best Online Brokerage Firms for Beginners

Decision Factor	Scoring Weight	Details
Trading costs	18%	This category evaluates a range of fees, from commission-free trading and over-the-counter stock fees to brokerage-assisted commissions.
Fees and account minimums	10%	Fees and account minimums include charges like inactivity fees, account closure fees and transfer account fees, to name a few.
Investment offerings	9%	This category refers to the types of investment assets available (e.g., bonds, stocks, mutual funds, ETFs, futures and more.
Features	8%	We analyzed the bells and whistles of a platform, such as alerts, portfolio builder stimulators, idea generators and more.
Customer service	8%	We examined the types of customer support available (24/7 support, phone support, etc.).
Education and research	6%	The education category weighs a brokerage’s education offerings, such as webinars, in-house research and third-party research.
Advisory services	6%	This category factors in whether the brokerage platform offers robo or traditional advisory services and CMA accounts.
New customer bonus	6%	Often, bonuses are available to new customers. This category measures that metric.
Insurance	5%	Insurance for a brokerage can refer to whether it’s FDIC or SIPC-protected, as well as whether additional asset protection is available.
Margin rate and interest on idle cash	4%	This category compares whether the brokerage offers competitive margin rates.

How To Pick the Right Online Brokerage Account for Beginners

As a beginner investor, you’ll want to do some research to make sure a brokerage works for you. Consider factors like:

What educational resources are available
What types of investments are supported
The fees and commissions you can expect to pay
Whether there’s a minimum you have to deposit to get started
How accessible customer service is
Reviews about the platform and if it’s easy to use
If there are advisory services available

Pro Tip

How To Open a Brokerage Account

You can open an account online once you decide on your preferred beginner brokerage account. Usually, the process involves these steps:

Click on the “Sign Up” or “Open an Account” button on the website, choose which account you want to open and fill in the information requested. This usually includes your name and contact information.
Fill out an application, which will likely require you to verify your identity, home address and contact information. You may also need to provide your Social Security number.
Follow the instructions to deposit funds into your account to start investing.

Common Fees and Online Brokerage Charges

Though the best online brokers charge low fees, you’ll likely be responsible for covering certain costs as you invest. Here are the most common types of fees you can expect:

Commission Rates for Trades

You might be charged a trade commission when you trade a stock, ETF or other security. Though many brokers, including those listed on this page, offer no-commission trades, you might still be responsible for a contract fee. For example, you may be able to trade options without a base commission, but you’ll be charged a fee—often around $0.60—per options contract. If you’re an active trader, you’ll want to consider these rates.

Withdrawal and Transfer Fees

An online broker may charge you to transfer money into your account or to withdraw your funds. Consider potential transfer fees and whether you would have to sell your investments (and pay fees and taxes) to withdraw your money.

Fees for Account Management or Inactivity

The best online brokerages usually don’t charge a monthly account management fee. Some, however, charge an inactivity fee.

Frequently Asked Questions (FAQs)

How much money do I need to open a brokerage account?

The best online investment brokers for beginners have no minimum deposit requirements, so you can get started with just a few dollars. Because fractional shares let you buy part of a share in a company, they’re accessible to investors who are starting out with minimal funds. Keep in mind, however, that other types of investments may have higher minimums.

Which brokers have the best support for beginners?

Based on our analysis of over 20 online brokers, Charles Schwab, Firstrade, Fidelity and Webull have some of the best resources and support for beginner investors.

How do I check an online brokerage’s reputation?

All the brokerages listed on this page are reputable, but if you’re wondering whether you can trust a certain broker, try to find out the following information:

Is the brokerage a Financial Industry Regulatory Authority member?
Is the brokerage registered with the U.S. Securities and Exchange Commission?
Does the brokerage have insurance coverage through the Securities Investor Protection Corp.?
Does the broker take appropriate security measures to protect customers?
Do the broker’s apps have high ratings on the Apple App Store and Google Play?

What is paper trading?

Paper trading is simulated trading, letting you practice the ins and outs of trading without any risk. There’s no real money involved, so you can become familiar with the process before you invest any real funds.