If you've never traded stocks before, doing so can feel overwhelming and, once upon a time, it probably was. But these days, thanks to online investment sites, taking part in the stock market is easier than ever. For many of them, all you have to do is sign up for an account, deposit some money, and start buying stocks. There may be a few extra steps in some cases, and you might want to read up on how to make good investments, but thanks to these 10 best online investment sites for beginners, the world of trading is at your fingertips.
1. Robinhood
Robinhood is all the rage these days, and it's attracting investors of all ages, of all incomes, and from all walks of life. The app and website are easy to use and understand — you don't need any sort of finance knowledge at all. It's built for the beginner. You can trade stocks, including fractionalized shares, options, exchange-traded funds (ETFs), and cryptocurrency, and you can do things like create watch lists and set up price alerts. Trades are commission-free, and you don't have to deposit a minimum balance.
2. E-Trade
E-Trade has been around for a while and is set up so that you can choose the web or app platform that best suits your level of experience. So, if you're a beginner, there's a platform that's easy to understand and navigate, but even the ones for more advanced investors are easy to understand. It also offers simulated stock trading so that you can practice before you execute. One reason many investors like E-Trade is that it offers a lot of information that can help you make sound financial decisions based on your goals.
3. Vanguard
If you're a beginner investor who is looking to make long-term investments, particularly for retirement, Vanguard is the place for you. The site's mutual funds, index funds, and ETFs are said to be low-cost and have an automated portfolio management system. While it's not the best site for active daily trading, you will find a wealth of information that will help you better understand all the ins and outs of the market. Most transactions are free or inexpensive as well.
4. Webull
Webull is another site that is filled to the brim with information. It offers beginner and intermediate investors courses so you can learn the ropes. Its website is also easy to use, although it does offer some advanced trading tools that most beginners won't want to work early on. The site is also low-cost and offers extended-hours trading. If you're looking for an online investment site that will help you grow and become more experienced, stick with this one.
5. Fidelity
Fidelity is an online investment site that appeals to everyone, from beginners to advanced traders. One of the best things about it is that they provide you with various stock analyses from different resources, so you can do some research before you invest. You'll also find a variety of courses and seminars to help you learn more about investing. There are no account fees, and trades are commission-free. The Fidelity app is also customizable, which is something most users enjoy.
6. TD Ameritrade
TD Ameritrade offers web, desktop, and mobile trading, and each platform has its unique features that appeal to different types of investors. The company has recently created a big social media presence to attract young or beginner investors. Like some of the others, you can get a good education when you use TD Ameritrade, thanks to the many tools and resources provided that will help you understand the basics of trading. It also offers paper trading so you can practice if you like. Finally, many users say the TD Ameritrade mobile app is one of the most well-designed options on the market.
7. Ally Invest
Ally Invest is designed with beginning investors in mind. There's no minimum balance requirement and no commission fees on most American stocks, EFTs, and options. The company offers numerous interesting resources so you can learn the fundamentals, and the website is very easy to use. You can participate in a robo portfolio or take part in self-directed trading. Ally is especially handy if you're already an Ally Bank member as you can move money around easily, and the company is known for having excellent customer service.
8. Charles Schwab
Charles Schwab has been around for a while, so both beginners and advanced investors can find a great investment home here. From mutual funds to features that help with research, you'll find plenty of variety. The company also provides you with educational information for beginners. The desktop platform and mobile app are both well-designed and user-friendly, and Charles Schwab offers some notable bonuses for certain users and types of deposits. It's also known for offering excellent customer service, including 24/7 chat and phone help.
9. SoFi Active Investing
SoFi Active Investing is aimed more at younger investors, many of whom are beginners, so that's how this company made the list. There are no commissions or minimum account deposits or balances, and you'll get free counseling with every account. SoFi also offers career advice and holds events to help you with the job market. In addition to that, it has a great selection of educational materials, and you can interact with other investors social media-style to gain even more knowledge and share info.
10. Merrill Edge
Merrill Edge, which is owned by Bank of America, is another option. Using Merrill Edge means when you need help, you can visit a Bank of America branch and talk to someone in person much of the time. There's no minimum requirement to start investing, although you'll receive a cash bonus if you deposit a certain amount. Stocks, EFTs, and options do not require a commission fee, although trading is self-directed. However, if you decide you don't want to manage your investments, Merrill Edge offers a different platform for that. The company also provides numerous educational resources for new investors and offers several great features, like a portfolio analysis tool and pop-ups that help you make sense of what you're doing.
