As the world of online trading continues to expand, the need for reliable and efficient online brokers has become more important than ever.
In this article, we will take a closer look at some of the best online brokers available in the market today, including Charles Schwab, Fidelity Investments, TD Ameritrade, Robinhood, E-Trade, Interactive Brokers, Merrill Edge, and Ally Invest.
You can skip ahead to the online brokerage promotions here.
8 Best Online Brokers for Beginners in 2023
Looking for the best online brokers? Choosing the right brokerage is an important decision for anyone interested in investing in financial markets.
There are many factors to consider when selecting a brokerage, including fees, available investment options, trading platform, customer support, and regulatory compliance.
Consider the fees associated with the brokerage, including commissions, account fees, and trading fees.
Also, evaluate the investment options available, such as stocks, bonds, mutual funds, and exchange-traded funds (ETFs), to ensure that the brokerage provides the assets you wish to invest in.
It is also crucial to assess the trading platform’s ease of use and functionality, as well as the customer support offered by the brokerage.
By considering these factors and doing your research, you can choose a brokerage that meets your investment goals and provides a positive experience for you as an investor.
Our comprehensive guide covers the top options, including Charles Schwab, Fidelity Investments, TD Ameritrade, Robinhood, E-Trade, Interactive Brokers, Merrill Edge, and Ally Invest, helping you choose the right one to fit your investment goals and preferences.
1. TD Ameritrade
TD Ameritrade is a popular online broker, offering a wide range of investment products, including stocks, bonds, mutual funds, ETFs, and options.
The company is known for its robust trading platform, thinkorswim, which provides clients with advanced charting and analysis tools.
TD Ameritrade also offers commission-free trading on stocks, ETFs, and options, making it an affordable option for investors.
The company’s educational resources are also impressive, with a variety of articles, videos, and webinars available to help clients improve their investing skills.
TD Ameritrade
5.0
TD Ameritrade meets the needs of both active traders and beginner investors with quality trading platforms, $0 commissions on online stock and ETF trades and a large selection of mutual funds.
2. Robinhood
Robinhood is a popular free stock trading app, that allows users to buy and sell stocks, ETFs, and options without paying any fees.
The app is easy to use, with a simple and intuitive interface that makes it accessible to new investors.
However, Robinhood has faced criticism for its lack of research tools and educational resources.
The app also experienced significant downtime during the GameStop trading frenzy in early 2021, leading to frustration and anger from users.
Nonetheless, Robinhood remains a popular choice for those looking for commission-free trading.
Robinhood
4.5
Robinhood has commission-free investing for stocks, options, ETFs, crypto, and tools to help shape your financial future. Sign up and get your first stock worth between $5 and $200, free.
3. Interactive Brokers
Interactive Brokers is a popular choice for advanced traders, offering a wide range of investment products, including stocks, bonds, mutual funds, ETFs, options, futures, and forex.
The company’s trading platform is highly advanced, providing clients
with access to sophisticated charting and analysis tools. Interactive Brokers is also known for its low trading fees, making it a cost-effective option for high-volume traders.
While Interactive Brokers may not be the best choice for new investors, the company does offer a variety of educational resources to help clients improve their investing skills.
Interactive Brokers
4.7
Leading online trading solutions for traders, investors and advisors, with direct global access to stocks, options, futures, currencies, bonds and funds.
4. Charles Schwab
Founded in 1971, Charles Schwab is a well-known and established name in the world of finance.
With over 12 million active accounts and $6.7 trillion in assets, the company has earned a reputation for its high-quality trading platform and excellent customer service.
The company offers a wide range of products, including stocks, bonds, mutual funds, and exchange-traded funds (ETFs).
One of the standout features of Charles Schwab is its commission-free trading, which applies to stocks, ETFs, and options.
The company also offers a low minimum account balance, making it accessible to investors of all levels.
Additionally, Charles Schwab’s research tools and educational resources are top-notch, providing clients with the information they need to make informed investment decisions.
5. Fidelity Investments
Fidelity Investments is another well-established name in the world of finance, with over 35 million customer accounts and $10.4 trillion in assets.
The company offers a wide range of investment products, including stocks, bonds, mutual funds, ETFs, and options.
Fidelity also offers a variety of managed account options, including robo-advisors and professionally managed accounts.
Like Charles Schwab, Fidelity offers commission-free trading on stocks, ETFs, and options. The company’s educational resources are also excellent, providing clients with access to research and analysis from a team of experts.
Additionally, Fidelity’s customer service is highly rated, with support available 24/7.
6. E-Trade
E-Trade is a well-established online broker, offering a wide range of investment products, including stocks, bonds, mutual funds, ETFs, and options.
The company’s trading platform is user-friendly and provides clients with access to a variety of research tools and educational resources.
E-Trade also offers commission-free trading on stocks, ETFs, and options, making it an affordable option for investors.
Additionally, the company’s mobile app is highly rated, providing clients with access to their accounts on-the-go.
7. Merrill Edge
Merrill Edge is a subsidiary of Bank of America, offering a wide range of investment products, including stocks, bonds, mutual funds, ETFs, and options.
The company’s trading platform is user-friendly and provides clients with access to a variety of research tools and educational resources.
Merrill Edge also offers commission-free trading on stocks and ETFs, making it an affordable option for investors.
Additionally, the company’s mobile app is highly rated, providing clients with access to their accounts on-the-go.
8. Ally Invest
Ally Invest is a popular online broker, offering a wide range of investment products, including stocks, bonds, mutual funds, ETFs, options, and forex.
The company’s trading platform is user-friendly and provides clients with access to a variety of research tools and educational resources.
Ally Invest also offers commission-free trading on stocks, ETFs, and options, making it an affordable option for investors.
There are several companies out there that will give you free money for signing up when you invest in stocks or are currently offering stock broker promotions:
1. Axos – Investing – $250 Bonus
Axos Promo Link – Open an Axos Invest account, fund it with $2,000, make your first two trades, and earn $250 within 10 days.
With consumers self-directing their stock buying now more than ever, several large banks are looking to adapt and offer these services.
Given this, Axos is enhancing its investment platform: Axos Self-Directed. With this service, users can enjoy commission-free trades.
It competes with Chase, Charles Schwab, Fidelity, and TD Ameritrade, as well as online brokerages such as Robinhood.
Once your account is open, you’ve got 60 days to deposit as little as $2,000 and you must complete at least two trades.
The $250 bonus will be deposited into your account within 10 days following the 90-day waiting period.
2. Acorns App – Automatic Investing – $10 Bonus
Acorns Bonus Link – Acorns can help you invest, save and spend responsibly for just $3 per month. Get a $10 bonus investment when you sign up.
Acorns is one of the most popular micro-investing platforms. Acorns lets you turn your spare change into investments by stacking up your change over time and with the Acorns “round-up” feature. With Acorns, you can invest at your own pace in smart portfolios and maximize your growth and costs $3 per month.
Acorns also provides a checking account which has many of the features of a traditional bank account including, direct deposit, mobile check deposit, a debit card for you or your kids and fee-free withdrawal from over 55,000 Allpoint ATMs around the world.
Sounds like fun? Sign up for Acorns, collect your $10 and double your money by investing. You can also get a registration bonus through here.
3. Robinhood – Free Investing App – Free Stock
Robinhood Bonus Link – Get a Free Stock (worth between $5 and $200) after you submit your application.
Robinhood offers free investing for everyone with commission-free investing, plus the tools you need to put your money in motion. Sign up and get your first stock for free worth up to $200.
And more free stock (up to a $200 value) every time one of your friends opens a Robinhood account from your promotional link. That’s up to $1,000 in free stock every year.
If you join through this link, you’ll earn a specified dollar amount and be able to pick your gift stock from a list of 18 of America’s leading companies.
The value of the fractional share may be anywhere between $5.00 and $200 and fluctuates based on market movements.
4. Titan Invest – Robo Advisor – $10 Bonus
Titan Bonus Link – This investing app lets you invest like a hedge fund and you can get $10 deposited into your account after investing $100.
Titan is one of the best robo advisers that offer a hedge-fund-like experience without investing in a hedge fund. Right now, you can sign up and get $10 deposited into your account after you investing at least $100.
This app focuses on giving you more control over your investments. You can choose from a wide range of investments including stocks, bonds, and ETFs. You can also set up automatic investing so that your money is invested smartly, by experts, for you.
Sign up and get $10 deposited into your account after you invest through this link.
More Broker Promotions to Consider
| Broker | Bonus | Terms | Expiration |
|---|---|---|---|
| Acorns | Free $20 Bonus | Create account and set up recurring investments | None |
| Betterment | Up to 12 Months Managed Free | $500K+ Deposit | None |
| Charles Schwab | Up To $1,000 | $1k+ Deposit | None |
| Charles Schwab | 500 Commission-Free Trades | $100k+ Deposit | None |
| ChoiceTrade | $5 base rate plus $0.15 per contact | No Minimum initial deposit | None |
| Coinbase | Up to $400 in free crypto | Use Coinbase Learn | None |
| Citibank | Up to $5,000 | $50K + Deposit | 12/31/2021 |
| E*Trade | Get $600 | Open account with qualifying deposit | None |
| Firstrade | $200 Transfer fee rebates | Account Transfer of $2,500 or more | None |
| Fundrise | $25 in Shares | $10 Minimum | None |
| Future Advisor | Free Service Sign Up | Many services are free to use. Premium service management fee is 0.50% | None |
| Groundfloor | $20 Toward First Investment | $10 Deposit | None |
| Public | $20 + Up to $500 | Fund w/ $10 for 30 days | None |
| MooMoo | Up to $3,350 | $100 Deposit | None |
| Personal Capital | $20 Referral bonus | Use the referral invitation link | None |
| Robinhood | Free Share of Stock for New Users (Up to $225) | No Minimum | None |
| SogoTrade | 100 Free Trades & $100 Transfer Fee Reimbursement | $500+ Deposit for free trades. Transfer $10K+ for $100 Reimbursement. | None |
| SoFi Invest | $1,000 in free stocks | $1,000 Deposit | None |
| Tastyworks | 100 Shares Worth $1-$6 | $2,000 Deposit | 09/30/2021 |
| TD Ameritrade | $0 Commissions | N/A | None |
| TD Ameritrade IRA | $0 Commissions | N/A | None |
| TradeStation Crypto | $10 in BTC | Sign up | None |
| UNest | Matching Bonus with $25 initial deposit ($25 bonus) | $25 Deposit | None |
| Wealthfront | Get $25 bonus | Use the referral invitation link | None |
| Webull | Up to $1,600 | $100 Deposit | None |
| Yieldstreet | $50-$500 Bonus | $1K-$10K Deposit | None Listed |
| Zacks Trade | Low Margin Rates | $2,000 Deposit | None |
How Can You Choose the Right Brokerage For You?
Overall, the online brokers listed above offer a wide range of investment products, advanced trading platforms, and excellent customer service.
The best online broker for you will depend on your individual investment goals and preferences. Be sure to compare fees, investment products, and trading platforms before making a decision.
When choosing an online broker, it is important to consider a few key factors.
Fees
First, it is important to consider the fees associated with each broker. Some brokers charge commission fees for trades, while others offer commission-free trading.
Additionally, some brokers may charge account maintenance fees or other hidden fees, so it is important to read the fine print before signing up for an account.
Range of Products
Another important factor to consider is the range of investment products offered by each broker. While all of the brokers listed above offer stocks and ETFs, some also offer a wider range of investment products, such as mutual funds, bonds, and options.
It is important to choose a broker that offers the investment products that align with your individual investment goals and strategies.
Trading Platform
The trading platform offered by each broker is also an important factor to consider. Some brokers offer highly advanced trading platforms with sophisticated charting and analysis tools, while others offer more basic platforms that may be more accessible to new investors.
It is important to choose a trading platform that you feel comfortable using and that provides you with the information you need to make informed investment decisions.
Customer Service
Finally, it is important to consider the level of customer service provided by each broker. A good online broker should provide access to customer support through a variety of channels, such as phone, email, and live chat.
Additionally, the broker should provide educational resources and research tools to help clients improve their investing skills.
Conclusion
In conclusion, the online brokers listed above are all excellent choices for investors looking to trade stocks, ETFs, and other investment products. When choosing an online broker, be sure to consider the fees, investment products, trading platform, and level of customer service offered by each broker.
With the right online broker, you can achieve your investment goals and make informed investment decisions for the future.
How We Picked
My Millennial Guide ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service