Simply saving money isn't enough to build wealth. Having a strong savings account with sufficient funds for emergencies is smart money management. But suppose you want to put your money to work for you. In that case, you need to leverage the power that comes with compounding, which is reinvesting earnings or dividends from that investment. There's a certain level of risk and reward involved.
For beginners, the process can seem overwhelming. The best online investment software and sites help demystify investing. They also help you build a strong foundation while teaching you about investing and helping to create a solid portfolio. Are you ready to get started? Consider one or more of these five options, each geared toward those new to investing and more experienced investors alike.
No trading fees, no account minimums, and a robust library of educational resources make Merrill Edge stand out in the crowd. Additionally, it offers excellent customer support, with 24/7 availability via email, phone, chat, and in-person appointments. In addition to the website, you can also use the app for everything from checking your portfolio to transferring funds to making trades. You'll get personalized insights that tell you how your investments are performing and what moves you should make moving forward. When you want or need some help, you have access to more than 3,5000 advisors across the country.
With free management, free career counseling, and the ability to connect beginners with certified financial planners, SoFi Investing is particularly helpful for beginners. There's no management fee nor account minimums. This online stock trading, automated investing, and advisory site is designed to be easy to use. When you get started, you'll have a choice of 10 different portfolios using a large selection of exchange-traded funds (ETFs). It's ideal for those just starting out, young investors, those looking for low-cost investing, and investors who want hands-off options.
Do you thrive with hands-on learning? Fidelity might be the best online investment site for you. Its educational resources are arguably among the best available. It features an Online Learning Center where you can get education and information about your specific interests. You can also get support from a 24/7 customer support network via email, chat, phone, or in-person at one of more than 200 branches. Fidelity also has no account minimums and no trading fees for online trades of United States ETFs and stocks. You'll have access to robo advising, index funds, mutual funds, fractional shares, and more.
Great customer service, 30 branches for in-person assistance, and tons of educational resources earn E*Trade a spot on the list of the best online investment software and sites. This investing app works well for experienced investors, but it’s particularly helpful for beginners. It features market insights and a variety of prebuilt investment portfolios to make getting started fast and simple. Other features include broker-assisted trading, retirement planning, and automated investing. E*Trade offers a guide specifically for those new to investing and zero commissions on trades or transaction fees on more than 4,500 mutual funds.
Although Interactive Brokers lacks physical locations, it has superior educational resources, including guided learning that's perfect for beginners. IBKR Campus includes an academy with many different courses designed to help you learn to make informed decisions about your investments. It also features webinars, insights, and a podcast. Interactive Brokers allows you to choose from multiple platforms that cater to everyone from beginners to expert investors. Additionally, there's no account minimum and no trading fees, making it an attractive low-cost investing option.