[ad_1] The post 13 Best Brokers for Beginners appeared first on Millennial Money. When you’re just starting out with investing, the stock market can seem like an intimidating place. Especially nowadays, when there are so many options online it’s hard to figure out the best brokers for beginners. What’s the best and safest way to start investing? Fortunately, there are a ton of platforms out there that can help you get in the game. With a focus on low fees, ease of use, and educational resources, I’ve compiled a list of the best brokers available for beginners. But before we jump into it, let’s quickly review exactly what a stockbroker is. What Is a Stockbroker? Traditionally, stockbrokers were individuals you would hire to make market trades on your behalf. This practice was costly and time-consuming and gave you little control over your own portfolio. The good news is that, in the digital age, you have plenty of other options at your disposal. Individual stockbrokers are still out there. But you also have the flexibility to make online trades in seconds through digital firms, apps, and even fully automated platforms. With so many options, it’s easier than ever to start investing. Building up a foundation of investment knowledge is crucial to your long-term financial growth, and you can get started without breaking the bank. 13 Best Brokers for Beginners To get started on your journey to financial freedom, here are the thirteen best brokers for beginners to check out. 🏆 E*TRADE: Best Overall Broker for Beginners SoFi Invest: Best Fintech Robinhood: Best App Ally Invest: Best for Automated Investing Webull: Best Sign-Up Bonus Acorns: Best Robo-Advisor TD Ameritrade: Best Educational Resources Fidelity Investments: Best Customer Support Charles Schwab: Best In-person Support Merrill Edge: Best for BoA Customers Vanguard: Best for Retirement InteractiveBrokers: Best for Forex Zacks Trade: Best Under the Radar 1. 🏆 E*TRADE: Best Overall Broker for Beginners Key Details Account fees: No commission on U.S. stock/ETF trades; $0.50 to $1.50 per trade on options, bonds, and futures. Account minimum: $0 Top features: Excellent mobile app, educational resources With commission-free trading and a user-friendly platform, E*TRADE has been one of the most popular online brokers for a long time. You can access your brokerage account from either the website or the mobile app, where you can make trades, access your funds, and set goals with intuitive investing tools. For beginners, E*TRADE stands out because of its sheer volume of educational materials. The platform is set up for traders of all levels, and you can take advantage of videos, articles, and classes to help get you up to speed. When you’re ready to jump in, you’ll be covered with real-time updates and commentary on the market. E*TRADE comes with access to free independent market research plus stock screeners that will help you narrow down your investment options. 2. SoFi Invest: Best Fintech Key Details Account fees: No commission on stock, ETF, or options trades; up to 1.25% fee on cryptocurrency trades Account minimum: $0 Top features: IPO investing, fractional share trading, automated investing Social Finance, Inc. — known as SoFi — is an online personal finance company that offers loans, deposit accounts, and of course, online brokerage accounts. SoFi has two main options for how to manage your account: active investing or automated investing. Active traders manage their own accounts with zero-commission stock trading and investment advice from SoFi’s investor community. With automated investing, you can put your portfolio on autopilot by setting a goal and letting SoFi automatically rebalance your investments over time. One of SoFi’s newer features is the ability to invest in initial public offerings (IPOs). If you have an active account, you can get in at the ground floor of a newly public company, and there’s no minimum balance required to qualify. SoFi All-in-one investing that’s easy to use. Start Investing with SoFi 3. Robinhood: Best App Key Details Account fees: No commission on stock, ETD, options trades; $5 per month for Robinhood Gold Account minimum: $0 Top features: Fractional share trading, excellent mobile app, crypto trading Founded in 2015, Robinhood is a relative newcomer on this list but has quickly turned into one of the best trading platforms in the United States. The mobile-based broker comes with no trading commissions, the option to purchase fractional shares, and IPO access. Robinhood’s mobile platform is built around the idea of making investing accessible to anyone, meaning it’s a great option for beginners. The app is sleek and user-friendly and serves as a welcoming entry point to the world of investing with expert analysis and educational resources at the ready. Since you can build a portfolio with as little as $1 to start, Robinhood is a great option if you don’t have a lot of cash to seed your account with. Not to worry: Robinhood even offers a free stock sign-up bonus to get you started. Robinhood With Robinhood, you can start investing without any transaction fees. Start Investing Today 4. Ally Invest: Best for Automated Investing Key Details Account fees: No commission on stock, ETF, or options trades; $0.50 per option contract Account minimum: $100 for robo-advisory, $0 for self-directed trading Top features: Excellent mobile app, seamless integration with Ally bank accounts Ally is arguably the best-known online-only bank, but it also operates as a full-service broker through Ally Invest. Like any digital financial product worth its weight, one of the main benefits of Ally is its seamless performance across all of your devices. Whether you’re on your desktop, smartphone, or tablet, you can quickly move between your accounts and execute trades. When you sign up for Ally Invest, you’ll have two options. You can opt for Self-Directed Trading, which comes with plenty of research tools geared toward DIY investors. The other option is to open a Managed Portfolio, which will put your investment goals in the hands of a robo-advisor. Managed Portfolios don’t have any advisory fees or annual charges, but you’ll need a minimum of
