Best Trading Platforms for Beginners – Start Investing Now
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Stock trading has never been easier, thanks to trading apps that give you the best of both, desktop and web platforms. Many of these platforms offer free stock trades, no account fees, and even bonus shares. If you’re just starting out and want to trade stocks with little to no cost, take a look at our list of the best trading platforms.
In this article
- Commission free stock trading.
- No account minimum.
- Trade stocks, options, ETFs, and more.
- First stock free.
Best trading platform for beginners
- Best for complete investing needs: Fidelity
- Best for extensive research: Charles Schwab
- Best for beginners: Robinhood
- Best for pre-built portfolios: E*Trade
- Best for active traders: Thinkorswim
- Best for low-cost investment: Vanguard
- Best for hands-on investors: Ally Invest
- Best for existing Bank of America customers: Merril Edge
- Best for day traders: Webull
- Best for alternative investments: Public
- Best for fractional share investing: Stash
Compare the best trading platforms
Trading Platform | Description | Best For | Account minimum | Trading commission | Customer service options |
Fidelity Investment offers a wide range of investment products for all types of investors. | Managing all of your finances | $ 0 | $ 0 | In-person, phone, video, chat, email | |
The financial services company offers a complete suite of banking and investment services. | Educational resources | $ 0 | $ 0 | In-person, phone, online | |
Known for low-cost investing, Robinhood’s user-friendly interface is ideal for beginners. | Beginners | $ 1 | $ 0 | Call-back, email | |
E*Trade makes investment, trading and retirement planning easy with no minimum balance requirement. | Prebuilt portfolios | $ 0 | $ 0 | In-person, phone, mail, fax, email, chat | |
Owned by Charles Schwab, thinkorswim is ideal for beginner and advanced traders. | Active traders | $ 0 | $ 0 | In-person, phone, social media | |
Vanguard offers mutual funds and ETFs that help investors reach financial goals. | Low-cost funds | $ 0 | $ 0 | Phone, email | |
Known for self-directed trading and automated investing, Ally Invest has an intuitive trading platform. | Setting financial goals | $ 0 | $ 0 | Phone, email, chat | |
Merrill Edge offers a wide range of investment products for long-term investors. | Bank of America customers | $ 0 | $ 0 | In-person, phone, email, chat | |
Webull offers low-cost trading of stocks, ETFs, futures, options, margins and fixed income. | Day traders | $ 0 | $ 0 | Phone, email | |
Public is an alternative investment platform that offers investment in crypto and luxury goods in addition to stocks. | Alternative investments | $ 0 | $ 0 | Email, live chat | |
Stash Invest offers robo investing, micro investing and fractional share investments. | Automatic investing | $ 1 | $ 0 | Phone, email |
Best for complete investing needs: Fidelity
Pros & cons
Pros
- Robust research and screeners.
- Low-cost investment options.
- Multiple stock trading tools.
- Multiple investment options.
- Zero-commission trades.
Cons
- Futures and cryptocurrency unavailable.
- High broker-assisted trade fee.
- Platform could be overwhelming for beginners.
Account Minimum: $0
Trading Commissions: $0
Fidelity Investment offers a complete suite of investment products for both, beginners and advanced investors. The company’s footprint is spread across multiple nations. It offers low cost investment options, with a variety of account types to choose from. Besides the traditional brokerage, it also has a robo-advisor and offers investment advisory services.
With a multitude of stock trading tools and a low barrier to entry, Fidelity remains a top choice of investors. The trading platform is available on the web, desktop and mobile app. Fidelity also has a massive library of educational resources and a powerful desktop platform known as Active Trader Pro.
Visit Fidelity Investments Or read JoyWallet’s Review of Fidelity Investments.
Best for extensive research: Charles Schwab
Pros & cons
Pros
- Solid analytics and investment tools.
- Offers a variety of accounts.
- 24*7 customer service availability.
Cons
- Beginners could get overwhelmed with the amount of information.
- Intelligent portfolios require an investment of $5,000.
- Separate interface for futures trading.
Account Minimum: $0
Trading Commissions: $0
Charles Schwab offers commission-free stock, options, ETFs, and more than 4,000 no-transaction-fee mutual funds. It also has thematic investing with more than 40 themes, such as artificial intelligence and renewable energy. Its robo-advisor can take your investing preferences and start you on your path to investing, and you can take it from there if you want through its many tools and educational resources.
Schwab’s educational materials are some of the best in the business. Among them are screeners to help customers take active control of their portfolios. Independent research from Morningstar, as is real-time charting to compare stocks in more than 100 criteria, is available.
Visit Charles Schwab
Or read JoyWallet’s Review of Charles Schwab.
Best for beginners: Robinhood
Pros & cons
Pros
- User-friendly platform.
- Offers cryptocurrency.
- Simplifies investing.
- No commission on trades.
Cons
- Does not offer retirement savings account.
- Limited research and analysis tools.
- Some features are restricted to Gold subscribers.
Account Minimum: $1
Trading Commissions: $0
Robinhood was built for beginning investors to give everyone easy access to the financial market.
It starts that process by giving new customers a free fractional share in a stock or ETF. This is less than a full share valued at $5 to $200, is illiquid outside of Robinhood, and isn’t transferable. The site is easy to use for new investors and experienced ones.
Robinhood also offers cryptocurrency trading and free options investing. A basic account is free and doesn’t require paying trading fees. However, Robinhood does pass along fees that it’s charged by regulatory agencies. For equity sells, it charges a trading activity fee of $0.000145 per share; for options shares, the cost is $0.002. per share. No fee is charged for trading 50 shares or less.
Customers can’t call Robinhood directly for assistance, but they can request a call back through the mobile app or computer. You’ll be notified when they’re next in line for a callback. Questions can also be answered via email.
Visit Robinhood
Or read JoyWallet’s Review of Robinhood.
Best for pre-built portfolios: E*TRADE
Pros & cons
Pros
- User-friendly mobile app.
- Wide range of investment assets.
- Robo-advisor platform.
Cons
- Has options fee.
- Minimum deposits are required for certain accounts.
- To use the robo-advisor, you need to start with $500.
Account Minimum: $0
Trading Commissions: $0
E*TRADE is another online brokerage that has merged. It joined Morgan Stanley in October 2020, and its brokerage service is now formally called E*TRADE from Morgan Stanley. All E*TRADE bank accounts are now held at Morgan Stanley. If you trade through E*TRADE, it will remain a separate account, and you shouldn’t see any major differences.
An E*TRADE brokerage account offers a range of investment accounts. You can buy stocks, options, futures, ETFs, mutual funds, bonds, CDs, robo-advisor portfolios, and retirement accounts such as IRAs.
It makes it easy to start investing through prebuilt portfolios as a robo-advisor. The portfolios are made up of leading mutual funds or ETFs with strategies it says are conservative, moderate, aggressive, and income-generating. You can also customize your portfolio with the funds you choose.
The site doesn’t charge commission fees for trading stocks, ETFs, or more than 4,400 mutual funds. A contract fee of $0.65 is charged for less than 30 options trades and $0.50 for 30 or more. It doesn't charge for U.S. Treasury auctions or U.S. Treasury secondary trades online. For other online secondary trades, it charges $1 per bond. Broker-assisted trades cost an extra $25 commission.
Visit E*Trade
Or read JoyWallet’s Review of E*Trade.
Best for active traders: Thinkorswim
Pros & cons
Pros
- Ideal for day traders.
- Suitable for any browser.
- Fast and accurate analytical tools.
- Useful learning center with detailed guides.
Cons
- Can be overwhelming for a beginner.
- May not suit investors who buy and hold for the long-term.
Account Minimum: $0
Trading Commissions: $0
Thinkorswim is the upgraded trading platform at Charles Schwab that’s ideal for investors trading multiple times per week. The trading platform says it’s meant for the “trading-obsessed” and continuously improves based on user feedback.
Its services include the ability to trade equities and derivatives, trading tools to test strategies and execute complex trades, and live stream news. No commissions are charged for online stock, ETF, and options trades. It also offers mutual funds, futures trading, Forex, bonds, and CDs.
Best for low-cost investment: Vanguard
Pros & cons
Pros
- Low cost funds.
- Wide variety of securities available.
- No fees.
- Offers fractional shares.
Cons
- Can be overwhelming for a beginner.
- Does not offer adequate analytic tools.
- The minimums for Retirement Funds can be quite high.
- Does not offer cryptocurrency.
Account Minimum: $0
Trading Commissions: $0
Vanguard is well known for its over 400 low-cost funds, and many investors primarily use it for retirement planning. Vanguard pioneered the index fund to track mutual funds based on the performance of a group of diverse arrays of funds in one index.
Index funds are a common investment strategy for long-term investors, such as in retirement accounts. But Vanguard’s platform can also be used for other trades, including stocks, bonds, ETFs, mutual funds, and options trades. Vanguard is a leader in low-cost expense ratios, commissions, and other investment fees. This allows customers to keep more of their investment returns.
Visit Vanguard
Or read JoyWallet’s Review of Vanguard.
Best for hands-on investors: Ally Invest
Pros & cons
Pros
- Plenty of investment options.
- User-friendly interface.
- No fee on trades.
Cons
- Online-only.
- Does not offer cryptocurrencies.
- Does not offer virtual trading.
Account Minimum: $0
Trading Commissions: $0
Ally Invest started as a low-cost brokerage in 2005. It offers self-directed trading of stocks and ETFs without commissions or account minimums. It also has a robo-advisor service to help investors meet their goals with managed portfolios after a minimum deposit of $100.
The managed portfolio plan through Ally Invest, it asks users what goals they’re working toward. The options include retirement, a major purchase, generating income, and building wealth. Your time horizon for any goals you list will also be required, such as five years or less or up to 21 years or longer. Your current personal finances are also factored in, as is the amount of risk you’re comfortable with in your investment strategy.
Ally Invest has a robust amount of educational materials. Its Youtube channel has a stock play of the day with real-time analysis of stock moves and market trends. Customers can access online articles, blog posts, and other resources to learn about investment strategies and market trends.
Best for existing Bank of America customers: Merrill Edge
Pros & cons
Pros
- $0 trading fees.
- Guided trading feature.
- No minimum investment required.
- Supports several account types including retirement accounts.
Cons
- Only suitable for Bank of America customers.
- Does not offer cryptocurrency or futures.
Account Minimum: $0
Trading Commissions: $0
Merrill Edge was launched in 2010 after the merger of Merrill Lynch with Bank of America’s online investing business. One of the best benefits of Merrill Edge is its integration with Bank of America. Bank customers can view bank and investment accounts with one login and transfer money seamlessly. Merrill Edge customers with a Bank of America account can join Merrill’s Preferred Rewards program, which has benefits such as higher rate savings accounts, discounted loan rates, and lower mortgage origination fees.
If you want to take a hands-on approach to investing and want to choose your investments actively, then Merrill Edge is a good choice. Its self-directed plan doesn’t require a minimum investment and doesn’t charge for stock, ETF, and options trades, though some fees may apply to option contracts.
Best for day traders: Webull
Pros & cons
Pros
- Zero-commission trades.
- Offers free stock.
- Allows crypto investment.
- Solid analytics.
Cons
- Does not offer bonds, mutual funds or futures.
- Does not offer fractional shares.
Account Minimum: $0
Trading Commissions: $0
Webull offers beginning investors retirement accounts and equity trading as a brokerage account. Still, its main focus seems to be on day traders and other active investors with its extended trading hours, in-depth analysis tools, and real-time data.
Fractional shares are also offered on Webull, which can appeal to new investors and get them interested in the daily ups and downs of the stock market. That’s not bad, and it could entice beginners to become active day traders. It also allows users to invest in cryptocurrency. Webull charges $0 commission on stock, ETF, and options trades, like many other interactive brokers, and that may be enough to get you started as a Webull customer.
Another interesting benefit to beginners is the “paper trading” feature at Webull. Without putting any money up, users can virtually practice executing various investment strategies to learn how the financial markets work.
Visit Webull
Or read JoyWallet’s Review of Webull.
One place for all your investing
Options Trading
- Get up to a $0.18 rebate
- No commission or per-contract fees
High-yield cash
- Earn 5.1% APY*
- No fees. No subscription required.
Bonds
- 6% Yield or more
- Explore thousands of bonds yielding 6%+
Best for alternative investments: Public
Pros & cons
Pros
- Commission free trades.
- Fractional ownership of shares.
- Diverse range of assets to choose from.
- Social features.
Cons
- No retirement accounts.
- Alternative assets carry high risk.
- Does not allow withdrawal of crypto to a private wallet.
Account Minimum: $0
Trading Commissions: $0
Public is an ideal platform for investors looking to diversify their portfolio with alternative investments. It uses advanced tools and AI-powered insights to help make the right choice. Public offers stocks, options, bonds, crypto, ETFs, royalties, and treasuries.
Ideal for those new to the stock market, Public also offers fractional ownership of alternative assets to the platform. It allows users to see where others are putting their money and have discussions with different people. Public has zero commissions, no account minimum and no fees on trades. It allows access to the brokerage account through Apple iOS or Android through the Public app.
Visit Public
Or read JoyWallet’s Review of Public.
Best for fractional share investing: Stash
Pros & cons
Pros
- Offers fractional share investing.
- Monthly fees start from $3.
- Automated investing.
- Offers cryptocurrency.
Cons
- Requires a monthly subscription.
- Premium plan not suitable for beginner investors.
Account Minimum: $1
Trading Commissions: $0
Stash offers a complete suite of financial services at a cost. It has a subscription plan ranging from $3 a month for beginners and a premium plan at $9 a month. Its user-friendly investment app offers fractional share investing, automated rebalancing and smart portfolios. The earnings you make on your investment is automatically reinvested.
Stash offers stocks, ETFs, crypto and retirement accounts. It also offers custodial accounts for upto two children. Stash comes with extensive budgeting and banking features. However, investors looking for a free platform might not enjoy using Stash.
Visit Stash
Or read JoyWallet’s Review of Stash.
One place for all your investing
Options Trading
- Get up to a $0.18 rebate
- No commission or per-contract fees
High-yield cash
- Earn 5.1% APY*
- No fees. No subscription required.
Bonds
- 6% Yield or more
- Explore thousands of bonds yielding 6%+
What is a trading account?
A trading account is a financial account used by investors to buy and sell securities like stocks, bonds, and commodities on financial markets. It is primarily designed for active trading, allowing individuals to make frequent transactions to capitalize on short-term price movements. Unlike long-term investment accounts, trading accounts are ideal for day traders or investors who regularly monitor and execute trades. These accounts typically connect to a brokerage, and may offer features like margin trading, access to research tools, and real-time market data for informed decision-making.
How to pick the right trading platform?
Choosing the right trading platform is crucial to your trading experience, and it starts with finding one that’s easy to use. A platform with an intuitive interface will make it simpler to navigate, whether you're a beginner or an experienced trader. You don’t want to struggle with a complex layout, especially when quick decisions are important. Look for a platform that makes executing trades, checking your portfolio, and finding information straightforward.
Another key factor is the cost. Platforms have different fee structures, with some offering commission-free trades and others charging per transaction. In addition to trading fees, watch for hidden costs like withdrawal or inactivity fees. If you're planning on making a lot of trades, even small fees can add up over time, so choose a platform that fits within your budget while offering good value.
The tools and research provided by a platform can also be a game-changer. If you’re someone who likes to dive deep into market analysis, make sure the platform offers advanced charting, real-time data, and access to research reports. These features can help you make more informed decisions and spot opportunities.
Finally, consider the platform’s variety of investment options and whether it offers a good mobile app if you prefer to trade on the go. A platform that offers a wide range of securities—stocks, ETFs, options, and even crypto—will give you more flexibility in building your portfolio.
FAQs
Can I lose money in a brokerage account?
Yes. Bad investments and losses aren’t insured. Your cash and securities in a brokerage account, however, are protected by the Securities Investor Protection Corporation, or SIPC, but only if the brokerage goes out of business or assets are missing from your account. SIPC coverage is limited to $500,000, which includes a $250,000 limit for cash.
Should I pick a brokerage based on customer service?
That’s a personal call, but beginning investors may want a service with the best customer service around. That may include a physical office you can walk into and get in-person help if you need it, or you may be comfortable with an online-only service. If you have a question, you should be able to get it answered quickly. All of the services we reviewed have 24/7 customer service by phone and email, though Vanguard has limited phone hours on weekdays.
Is trading really free?
Yes, but only for stocks and ETFs, exchange-traded funds. Many of the companies also offer free trading of options, but a contract fee is often added. Look carefully at a brokerage’s list of fees, which can include an annual fee, monthly fee, management fee, and other account fees. Some fees from regulatory agencies may be passed on to customers.
- Commission free stock trading.
- No account minimum.
- Trade stocks, options, ETFs, and more.
- First stock free.
The bottom line
The era of walking into a broker’s office and buying stocks through a broker you meet in person is long over. Many trading platforms make commission-free trading easy to buy and sell stocks online, and some offer in-person help if you need advice on how to run your account. That doesn’t mean they’ll give you stock tips or free expert advice on managing your portfolio. Such help may come with a fee or at least keeping a large portfolio with the brokerage. But for starting investors, low-cost or no-cost online brokerages can make it a lot easier.
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Writer
Aaron Crowe is a freelance journalist who specializes in personal finance writing and editing. He has worked at newspapers, where he won a Pulitzer Prize, and has written for numerous online publications. These include AOL, US News & World Report, WiseBread, Bankrate, AARP, and many websites focusing on housing, credit and insurance. He lives in California with his wife and daughter.
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