The Best Online Brokers for Beginners in 2024
Here’s our list of regulated and trusted brokers for beginners, tested with real money.
Fidelity Investment
Beginner score: ⭐4.8/5
TD Ameritrade
Beginner score: ⭐4.8/5
Robinhood
Beginner score: ⭐4.5/5
E*TRADE
Beginner score: ⭐4.5/5
Interactive Brokers
Beginner score: ⭐4.5/5
Saxo
Beginner score: ⭐4.4/5
eToro
Beginner score: ⭐4.2/5
Merrill Edge
Beginner score: ⭐4.0/5
Charles SCHWAB
Beginner score: ⭐4.0/5
FIRSTTRADE
Beginner score: ⭐4.0/5
An Overview of the Best Online Brokers for Beginners in 2024
Here, you can find out more about the features of our Best Online Brokers for Beginners.
| Broker | Minimum deposit | Credit/debit card | Demo account | Time to open an account |
|---|---|---|---|---|
| Fidelity Investments | $0 | ❌ | ✔️ | 1-3 days |
| TD Ameritrade | $0 | Only debit cards | ✔️ | 1-3 days |
| Robinhood | $0 | Only debit cards | ❌ | 1 day |
| E*TRADE | $0 | ❌ | ❌ | 1-3 days |
| Interactive Brokers | $0 | ✔️ | ✔️ | 1-3 days |
| Saxo | $0 | ✔️ | ✔️ | 1 day |
| eToro | $50 | ✔️ | ✔️ | 1 day |
| Merrill Edge | $0 | ❌ | ❌ | 1 day |
| Charles Schwab | $0 | ❌ | ✔️ | 1 day |
| Firstrade | $0 | ❌ | ❌ | 1-3 days |
Trading Fees at the Best Online Brokers for Beginners
| Broker | US stock | UK stock | German stock |
|---|---|---|---|
| Fidelity Investments | $0 | $11.30 | $20.50 |
| TD Ameritrade | $0 | NA | NA |
| Robinhood | $0 | NA | NA |
| E*TRADE | $0 | NA | NA |
| Interactive Brokers | $1.0 | $3.8 | $3.2 |
| Saxo | $1.6 | $3.8 | $3.2 |
| eToro | $0 | $0 | $0 |
| Merrill Edge | $0 | NA | NA |
| Charles Schwab | $0 | NA | NA |
| Firstrade | $0 | NA | NA |
Non-trading fees at the Top Online Brokers for Beginners
Non-trading fees refer to fees or charges that are not directly related to a given trade. This usually includes account maintenance, deposit and withdrawal fees, and inactivity fees. You can learn about the Best Online Brokers for Beginners’ non-trading fees in the table below.
| Broker | Account fee | Deposit fee | Withdrawal fee | Inactivity fee |
|---|---|---|---|---|
| Fidelity Investments | ❌ | $0 | $0 | ❌ |
| TD Ameritrade | ❌ | $0 | $0 | ❌ |
| Robinhood | ❌ | $0 | $0 | ❌ |
| E*TRADE | ❌ | $0 | $0 | ❌ |
| Interactive Brokers | ❌ | $0 | $0 | ❌ |
| Saxo | ❌ | $0 | $0 | ❌ |
| eToro | ❌ | $0 | $5 | Yes |
| Merrill Edge | ❌ | $0 | $0 | ❌ |
| Charles Schwab | ❌ | $0 | $0 | ❌ |
| Firstrade | ❌ | $0 | $0 | ❌ |
Can I Trust These Online Brokers for Beginners?
Can I trust these online brokers for beginners? The answer to this question depends on the regulation of the brokers, the protections available to investors, and the impeccable track record of the brokers. This information is given below.
| Broker | Year of Establishment | Top-tier regulators | Investor protection | Involved in scandal |
|---|---|---|---|---|
| Fidelity Investments | 1946 | SEC in the US | $500k (including $250k for claims for cash) to the US, £85k to the UK, and a minimum €20k to EU countries | No |
| TD Ameritrade | 1974 | SEC, CFTC in the US, SFC in Hong Kong, and MAS in Singapore | $500k (including $250k for claims for cash) to the US, £85k to the UK, and a minimum €20k to EU countries | No |
| Robinhood | 2013 | SEC and FINRA in the US, FCA in the UK | $500k (including $250k for claims for cash) to the US, £85k to the UK, and a minimum €20k to EU countries | No |
| E*TRADE | 1982 | SEC and FINRA in the US | $500k (including $250k for claims for cash) to the US | No |
| Interactive Brokers | 1978 | FCA in the UK, SEC in the US, and ASIC in Australia | $500k (up to $250k on cash) to US clients. | No |
| Saxo | 1992 | FSA in Denmark, FCA in the UK, FINMA in Switzerland, and ASIC in Australia | €100k for cash and €20k for securities to most EU clients; £85k to UK clients; CHF 100k to Swiss clients; HKD 500k to securities at Honk Kong entity; no protection to clients from Singapore, Japan, and Australia | NO |
| eToro | 2007 | CySec in Cyprus and FCA in the UK | £85,000 for UK residents, €20,000 for EU residents, no protection for Australian residents | No |
| Merrill Edge | 2010 | FCA in the UK, SEC, FINRA in the US, BaFIN in Germany, and ASIC in Australia | $500k (including $250k for claims for cash) to the US | No |
| Charles Schwab | 1971 | SEC and FINRA in the US/UK, SFC in the Hong Kong, and MAS Singapore | $500k (including $250k for claims for cash) to the US | No |
| Firstrade | 1985 | SEC and FINRA in the US | $500k (including $250k for claims for cash) to the US | No |
The Best Online Brokers for Beginners Snapshot
| Mobile app score | 4.2 |
| Minimum deposit | $0 |
| Trading Platforms | Fidelity.com and Active Trader Pro |
| Demo account | ✔️ |
| Customer services | 24/7 Customer support via Phone, Live chat, and Email |
| Mobile app score | 4.5 |
| Minimum deposit | $0 |
| Trading Platforms | Thinkorswim (desktop, web, mobile) plus Schwab.com and Schwab Mobile |
| Demo account | ✔️ |
| Customer services | 24/7 Customer support via Phone, Live chat, and Email |
| Mobile app score | 4.3 |
| Minimum deposit | $0 |
| Trading Platforms | Robinhood’s mobile and web platforms |
| Demo account | ❌ |
| Customer services | 24/7 chat support |
| Mobile app score | 4.2 |
| Minimum deposit | $0 |
| Trading Platforms | Power E*TRADE web |
| Demo account | ❌ |
| Customer services | 24/7 Customer support via Live chat and phone |
| Mobile app score | 4.8 |
| Minimum deposit | $0 |
| Trading Platforms | IBKR Desktop, IBKR Trader Workstation (TWS), IBKR Mobile,IBKR GlobalTrader, IBKR Client Portal |
| Demo account | ✔️ |
| Customer services | 24-hour phone and chat service Monday to Friday. Chat service from 1:00 p.m. to 7:00 p.m. Eastern time on Sundays. |
| Mobile app score | 4.5 |
| Minimum deposit | $0 |
| Trading Platforms | SaxoInvestor, SaxoTraderGO, SaxoTraderPRO |
| Demo account | ✔️ |
| Customer services | 24/5 Customer support via Phone and Email |
| Mobile app score | 4.2 |
| Minimum deposit | $50 |
| Trading Platforms | Mobile and web platform |
| Demo account | ✔️ |
| Customer services | Email and ticket support; chat and phone support available for eToro Club members only. |
| Mobile app score | 4.0 |
| Minimum deposit | $0 |
| Trading Platforms | Merrill Edge MarketPro® |
| Demo account | ❌ |
| Customer services | 24/7 phone, chat, email, with in-person appointments available during Bank of America branch open hours. |
| Mobile app score | 4.5 |
| Minimum deposit | $0 |
| Trading Platforms | TD Ameritrade’s Thinkorswim, mobile trading app, and browser platforms |
| Demo account | ✔️ |
| Customer services | 24/7 Customer support via Phone, Live chat, and Email |
| Mobile app score | 4.0 |
| Minimum deposit | $0 |
| Trading Platforms | Desktop platform, Options Wizard and Firstrade Navigator |
| Demo account | ❌ |
| Customer services | 24/5 Customer support via Phone, Live chat, and Email |
Methodology
To choose the Best Online Brokers for Beginners, we thoroughly check, verify, and compare the elements that we consider to be the most important to consider when choosing an excellent broker. This includes the benefits, drawbacks, and overall grades determined by our research. Our goal is to help you find the ideal broker for your investor needs. You can read more about our methodology by visiting this page.
