Best Online Stock Brokers for Beginners of 2020

When you’re a beginner investor, the right brokerage account can be so much more than simply a platform for placing trades. It can help you build a solid investing foundation — functioning as a teacher, advisor and investment analyst — and serve as a lifelong portfolio co-pilot as your skills and strategy mature.

You may Like: Best Financial Advisors of 2020 in USA

Merrill Edge

Pros

  • Robust third-party research.
  • Integrated with Bank of America.

Cons

Advanced traders may find fewer securities on offer.

E*TRADE

Pros

  • Easy-to-use tools.
  • Large investment selection.
  • Excellent customer support.
  • Access to extensive research.
  • Advanced mobile app.
  • Commission-free stock, options and ETF trades.

Cons

  • Website can be difficult to navigate.

TD Ameritrade

[adinserter block=”1″]

Pros

  • Commission-free stock, ETF and options trades.
  • Free research.
  • High-quality trading platforms.
  • No account minimum.
  • Good customer support.
  • Large investment selection.

Cons

  • Costly broker-assisted trades.

SoFi Active Investing

Pros

  • Commission-free stock and ETF trades.
  • Cryptocurrency trading.
  • Fractional shares available.
  • No account minimum.
  • Free financial counseling.

Cons

  • Small selection of tradable securities.
  • Limited track record.

Interactive Brokers

Pros

  • Large investment selection.
  • Strong research and tools.
  • Over 4,300 no-transaction-fee mutual funds.
  • NerdWallet users who sign up for IBKR Pro get a 0.25 percentage point discount on margin rates.

Cons

  • Website is difficult to navigate.
  • Inactivity fees on IBKR Pro.

Firstrade

Pros

  • Commission-free stock, ETF and options trades.
  • $0 contract fee on options trades.
  • All mutual funds are commission-free.
  • Chinese language options.

Cons

  • No 24/7 customer support.

Chase You Invest Trade

Pros

  • Easy-to-use platform.
  • $0 commissions.
  • App connects all Chase accounts.
  • No account minimum.

Cons

  • Limited tools and research.
  • Portfolio Builder tool requires $2,500 balance.

Ally Invest

[adinserter block=”2″]

Pros

  • Commission-free trades on eligible U.S. stocks, options and ETFs.
  • No account minimum.
  • Strong web-based platform.
  • Robust research and tools.

Cons

  • No no-transaction-fee mutual funds.
  • No branches.

Vanguard

Pros

  • Large mutual fund selection.
  • Commission-free stock, options and ETF trades.
  • Leader in low-cost funds.
  • Helpful customer support.

Cons

  • Basic trading platform only.
  • Limited research and data.

Charles Schwab

Pros

  • Two platforms with no minimum or fees.
  • Above-average mobile app.
  • Extensive research.
  • Large fund selection.
  • Commission-free stock, options and ETF trades.

Cons

  • Low default cash sweep rate.

Fidelity Investments

[adinserter block=”3″] [asimbooklinks] [adinserter block=”4″]

Pros

  • Commission-free stock, ETF and options trades.
  • Large selection of research providers.
  • Strong customer service.
  • Expense-ratio-free index funds.

Cons

  • Relatively high broker-assisted trade fee.

Leave a Reply

Your email address will not be published. Required fields are marked *