Best Online Stock Brokers for Beginners of 2022

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.

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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

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

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

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.

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