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
- E-Trade Financial
- TD Ameritrade
- Ally Invest
- Merrill Edge
Details about Best Online Brokers for Beginners 2023
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.