Top 5 best trading platforms for beginners
Online trading platforms are a great way for beginners to invest in the stock market and other financial instruments. If you are looking for the best online trading platform to start investing, your choice will depend on a couple of factors. You will want to think about your investment goals, your level of experience (do you have zero experience in investing or do you have a little bit of experience?), and your preferred type of assets - to start with.
In this article, we will explore some of the best online trading platforms for beginners and explain what makes them a good choice if you’re just starting out.
1. Equity Flow
First off, own platform Equity Flow were built with beginners and pros alike in mind. Our costs are low - we don’t charge deposit fees, our minimum deposit is only $50 and we offer trading at competitive prices and tight spreads. On top of that, our customers praise our support team: with more than 10 years of experience in online trading, we are always there to help you enter the online trading market confidently.
To summarize, there are a number of good options if you are stepping into the world of online trading. Which online trading platform is the best for you depends on several factors, for example your investment goals, your level of experience, and the type of assets you want to invest in. In general, however, TD Ameritrade, E*TRADE, Robinhood, Ally Invest, and Equity Flow can all be excellent choices for beginner investors: most of them offer a comprehensive range of investment options, educational resources, and tools to help you build your portfolio. Most of them charge relatively low fees and require low minimum account balances, so you don’t have to invest and risk a lot of money.
2. E*TRADE
E*TRADE is owned by Morgan Stanley and can be another good choice if you are a beginner investor. It is, again, one of the largest online brokers in the world and it’s used by both beginner and more experienced investors. You can use the platform’s smart trading tools to invest in a wide range of investment options, including stocks, options, futures, and more. The best thing is: even with all these options, the app remains intuitive and easy to use. Aside from that, E*TRADE offers pre-built portfolios and automated portfolio-building tools, which can be a great way to start learning about investing. Finally, the platform has been investing heavily in its education department - which can help you as a beginner tremendously when you’re entering the online trading market.
One of the drawbacks of E*TRADE is the fact that they don’t offer international exchange trading or direct crypto investing, but again - these features are often used by more seasoned investors and not so much by beginners. All in all, a good option for beginners.
3. Robinhood
Robinhood is another popular choice for beginner investors: the app is very easy and simple to use and it offers no-commission trading - which means the platform doesn't charge you for the service of buying or selling shares. Robinhood provides access to stocks, options, ETFs, and cryptocurrency, making it a good choice if you want to build a relatively diverse portfolio. The platform also offers educational resources and news to help beginners stay informed and make informed decisions.
One of the drawbacks of Robinhood is the fact that even though they are working on growing the number of asset types you can invest in, it is still limited. For example, they don’t offer fixed income, mutual funds, foreign exchange, or futures trading. Another con of Robinhood is that they sometimes lack transparency - past decisions like trading restrictions have caused some people to trust the platform less.
4. Ally Invest
Ally Invest is part of the US-based Ally Bank. It can be a good choice for beginner traders because of its low costs and fees and the fact that there’s no minimum balance required. The platform - although some people say it looks a bit dated - is robust and intuitive to use. Aside from that, they offer educational support and good customer support.
One of the drawbacks of using Ally Invest is that there are some inconsistencies between the mobile app, the website, and the web app. For example, fixed-income and mutual funds are not available on all platforms. The design of the primary Ally Invest account page looks older, but it offers some features that are unavailable on the mobile app. This can be a bit confusing, especially if you are a beginner trader.
5. TD Ameritrade
Finally, own platform Equity Flow were built with beginners and pros alike in mind. Our costs are low - we don’t charge deposit fees, our minimum deposit is only $50 and we offer trading at competitive prices and tight spreads. On top of that, our customers praise our support team: with more than 10 years of experience in online trading, we are always there to help you enter the online trading market confidently.
To summarize, there are a number of good options if you are stepping into the world of online trading. Which online trading platform is the best for you depends on several factors, for example your investment goals, your level of experience, and the type of assets you want to invest in. In general, however, TD Ameritrade, E*TRADE, Robinhood, Ally Invest, and Equity Flow can all be excellent choices for beginner investors: most of them offer a comprehensive range of investment options, educational resources, and tools to help you build your portfolio. Most of them charge relatively low fees and require low minimum account balances, so you don’t have to invest and risk a lot of money.
Regardless of which platform you choose, of course, make sure to always do your research, educate yourself, and make informed decisions. Enjoy your (online) trading journey!