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The best online brokerages for beginners


Charles Schwab Logo

 Summary List PlacementBest brokerages for beginners (2020):

Best for most: Charles Schwab

Runner-up: SoFi

Best for retirement: Fidelity

Best for active trading: TD Ameritrade

Best for no commissions: Webull

Best for robo-advising: Betterment

Best for banking-brokerage combo: Ally Invest

The best online brokerages for beginners offer low or no fees, an intuitive interface, and a variety of account types to serve your needs. To make our selections, we considered pricing and fees, investment options, account types, investment platforms, investment research, and education resources.

Table of Contents: Masthead StickyBest for most: Charles Schwab

Editor’s rating
4.9 out of 5

Fees

Trade fees: $0 for stocks and ETFs

Account fees: None

Robo-adviser fee: $0

Account minimum
None

Consider it if…
You want a wide range of account types; easy-to-use apps and web interface

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Why Charles Schwab made our list:

Charles Schwab is our choice for best overall brokerage for beginners because it offers something for investors with virtually any investment need. Not only does it give you the ability to manage all of your banking and investments with one login, but its investment tools are also designed in a way that they can grow with you as you learn more and level up your investing style.

For investors who want to manage everything themselves, you can choose self-directed traditional brokerage and retirement accounts where you pick all of your investments with no commissions for stock or ETF trades. These accounts have no fees and no minimum balance requirements. Schwab also offers a robo-adviser, Schwab Intelligent Portfolios, that can manage all of your investments for you for no added charge.

Schwab is best for investors who want every potential investment need covered at a very low cost. Whatever your needs are in the future, odds are Schwab will have a solution that works for you.

Best overall runner-up: SoFi

Editor’s rating
4.8 out of 5

Fees

Trade fees: $0 for stocks and ETFs

Account fees: None

Robo-adviser fee: $0

Account minimum
None

Consider it if…
You want a beginner-friendly investment app

Open Account

Why SoFi made our list:

SoFi is best for investors looking for a simple and straightforward investing experience. It has a slimmer lineup of accounts than some bigger competitors, but it covers the most common needs for managing your investments. It also offers a great bank account, lending products, and other financial tools to help you get an understanding of your investments.

SoFi offers active investing accounts and managed robo-adviser accounts with no recurring fees and a $1 minimum to get started. Those include both taxable investment accounts and IRA or Roth IRA retirement accounts. The only big downside of these accounts is that you can only trade stocks and ETFs. There are no mutual funds available through SoFi. Stock and ETF trades are commission-free. SoFi offers automated investing for $0.

While it doesn’t have quite as robust an offering, SoFi comes with several very valuable perks at no extra …read more

Source:: Business Insider

      

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