Best investment sites for beginners (All Time)

Investing can seem daunting, especially for beginners. The potential risks and complicated financial terminology can make it challenging to know where to start. Fortunately, there are online brokers available that can help make the process more manageable.

When searching for the best online broker for beginners, we assessed 9 different brokers. The focus was on finding brokers with intuitive platforms and ample educational resources to guide new investors through the process.

The user-friendliness of each platform was evaluated side-by-side, with a strong emphasis on the quality of the research and educational materials available. Having access to reliable resources is crucial for new investors who are just starting to learn about investing and trading.

Another important consideration was the availability of help resources. It’s essential for new investors to have access to dependable, friendly, and informative customer service to help them navigate any issues or concerns that may arise. Forbes Advisor thoroughly tested the support at each of the brokers via phone, live chat, and email to ensure that their recommended brokers for beginners offer reliable and accessible support.

Finally, we made sure that the recommended brokers for beginners offer $0 commissions, competitive fees, and low minimum account balances. This ensures that new investors can start investing without worrying about high fees or significant upfront costs.

Overall, for new investors, choosing the right online broker can make all the difference. By selecting a broker with an intuitive platform, ample educational resources, and reliable customer support, beginners can take their first steps into investing with greater confidence and ease.

The best online stock brokers for beginners:

Fidelity Investments
Charles Schwab
Interactive Brokers
Robinhood
E-Trade Financial
TD Ameritrade
Webull
Ally Invest
Merrill Edge

Details about Best Online Brokers for Beginners 2023

Fidelity Investments

Trading Commissions: $0

for stocks, ETFs, options

Account Minimum: $0

Fidelity Investments is a popular online broker that offers a variety of investment options for customers. In our testing, we found several pros and cons to using Fidelity Investments as an online broker.

One of the significant advantages of using Fidelity Investments is the short wait time for calls to be answered. Customers don’t want to spend a lot of time on hold waiting for customer service, and Fidelity’s quick response times make it easy to get the help you need promptly. Furthermore, we found the customer service representatives to be knowledgeable and helpful, which is critical for customers who need guidance and support with their investments.

Another advantage of using Fidelity Investments is its extensive branch network. For customers who prefer in-person support, Fidelity’s branch network provides a convenient option for assistance. This network can be especially helpful for customers who are just starting and need more personalized guidance.

However, we did encounter some cons in our testing of Fidelity Investments. For example, chat support is not available 24/7, which can be inconvenient for customers who need assistance outside of regular business hours. Additionally, we found the method for accessing live chat support to be somewhat unintuitive, which can make it more challenging for customers to get the help they need quickly.

Finally, unlike some of its competitors, Fidelity Investments does not offer voice commands with its chatbot virtual assistant. This feature can be a time-saver for customers who prefer to use voice commands instead of typing out responses.

Overall, Fidelity Investments has several pros and cons as an online broker. While it offers knowledgeable customer service representatives, short wait times for calls, and an extensive branch network, it also has some limitations in its chat support and virtual assistant capabilities. Customers should consider these factors when choosing an online broker that best meets their needs.

TD Ameritrade

Trading Commissions: $0

for stocks, ETFs, options

Account Minimum: $0

TD Ameritrade is a popular online broker that provides a range of investment options for customers. In our testing, we identified several pros and cons to using TD Ameritrade as an online broker.

One of the significant advantages of using TD Ameritrade is that both the web-based platform and thinkorswim platform are easy to use, with an intuitive layout. This is especially beneficial for beginners who may feel overwhelmed by complex trading interfaces. Additionally, the thinkorswim platform is packed with features to help beginners, making it a valuable tool for those who want to learn more about investing.

Another advantage of using TD Ameritrade is its extensive branch network, which provides in-person support for customers who prefer that option. Having the option of speaking with an advisor in person can be especially helpful for customers who are just starting and may need more personalized guidance.

However, there are also some cons to using TD Ameritrade. For example, it does not offer fractional share trading, which may be a disadvantage for customers who prefer to invest smaller amounts. Additionally, TD Ameritrade lacks longer-form evergreen video and written content, which can be limiting for customers who want to learn more about investing.

Lastly, the client portal can feel a little cluttered in places, which may make it more challenging for customers to navigate and find the information they need quickly.

Overall, TD Ameritrade has several pros and cons as an online broker. While it offers easy-to-use platforms, an extensive branch network, and a packed thinkorswim platform, it lacks fractional share trading and longer-form evergreen video and written content. Additionally, the client portal can be a bit cluttered. Customers should consider these factors when selecting an online broker that best meets their investment needs.

Charles Schwab

Trading Commissions: $0

for stocks, ETFs, options

Account Minimum: $0

Pros & Cons

Excellent 24/7 phone support.
Text chat with live operators available 24/7.
Extensive branch office network.

Unlike some other platforms, users must navigate a menu before reaching a rep by phone.
The platform’s message center is not optimized for general inquiries.
Does not offer paper trading.

E*TRADE

Trading Commissions: $0

for stocks, ETFs, options

Account Minimum: $0

ETRADE is a popular online broker that provides a range of investment options for customers. In our testing, we identified several pros and cons to using ETRADE as an online broker.

One of the significant advantages of using E*TRADE is its intuitive platform, which is easy to use for beginners. The user-friendly interface makes it easy to navigate and find the information you need quickly. Additionally, the investing tools are readily available and well-designed, providing customers with valuable resources to help them make informed investment decisions.

E*TRADE also offers weekly educational webcasts on trading, which can be especially helpful for customers who want to learn more about investing. These webcasts provide valuable insights and tips to help customers make more informed decisions.

However, there are also some cons to using E*TRADE. For example, the customer service resources could be better. While customer service representatives are available, the response times can be slow, which can be frustrating for customers who need assistance quickly.

Additionally, E*TRADE does not offer fractional share trading, which may be a disadvantage for customers who prefer to invest smaller amounts. Lastly, there is no trade journal option to log trades, which can make it more challenging for customers to keep track of their investments and progress.

Overall, E*TRADE has several pros and cons as an online broker. While it offers an intuitive platform, investing tools, and educational webcasts, it lacks in customer service resources, fractional share trading, and a trade journal option. Customers should consider these factors when selecting an online broker that best meets their investment needs.

Robinhood

Trading Commissions: $0

for stocks, ETFs, options

Account Minimum: $0

Robinhood is a popular online broker that has gained significant attention in recent years for its easy-to-use interface, fractional share trading, and unique marketing strategies. In our testing, we identified several pros and cons to using Robinhood as an online broker.

One of the significant advantages of using Robinhood is its attractive, intuitive interface, which is easy to navigate. The user-friendly design makes it easy for customers to find the information they need quickly. Additionally, Robinhood offers a fun, informative newsletter and podcast, providing customers with valuable insights and tips to help them make informed investment decisions.

Robinhood also offers fractional share trading, allowing customers to invest smaller amounts, which can be a significant advantage for beginners who want to start small. However, there are also some cons to using Robinhood.

For example, Robinhood was fined by regulators in 2019 for not following “best execution” practices. This raised concerns about the company’s practices and reliability. Additionally, Robinhood’s free research materials are limited compared to other online brokers, which may be a disadvantage for customers who rely heavily on research.

Finally, Robinhood lacks phone customer service, which can be frustrating for customers who need assistance quickly. While the company does offer email and chat support, the absence of phone customer service may be a disadvantage for some customers.

In conclusion, Robinhood has several pros and cons as an online broker. While it offers an attractive, intuitive interface, fractional share trading, and a fun newsletter and podcast, it has faced regulatory fines, limited research materials, and lacks phone customer service. Customers should consider these factors when selecting an online broker that best meets their investment needs.