Best Discount Broker For Beginners – An Overview Of The Top 5 Platforms And What They Offer

Just by doing a search for “the best discount broker for beginners”, you have taken a very important step in your journey. Choosing a broker is one of the most important decisions you can make in the investment world, especially if you are interested in stocks.

Today, most people turn to online discount brokers. The problem with most of these types of services is that they are typically not “full service” and require merchants to do most of the work themselves. What you should be looking for is a brokerage firm that offers beginners educational tools and resources so you can learn for yourself on the go.

Don’t think that the best discount brokers are the ones that offer the cheapest rates. What kinds of services come with those fees? Do you get educational resources? Software? Instruments? Are there various fees that will cost you in the long run? Like an inactivity fee? How is the customer service?

What is the best discount broker for beginners?

Here are some companies you’ll want to start your search for for the best beginner discount broker:

• TD Ameritrade – At this time, many people consider TD Ameritrade the best overall for beginners. However, it will soon be acquired by Charles Schwab, so hopefully its ease of use and excellent tools will continue throughout the acquisition. It has a very easy to use website, numerous monthly webinars, free premium courses, etc.

• E-Trade – This is a popular online broker that caters to both active traders and long-term traders. There are enough useful features that make e-commerce beneficial for beginners too, like a managed portfolio service, which comes with a fee, but it’s worth it.

• Loyalty: $ 0 commissions, a good mobile app, and superior research are combined in one simple platform with this service. It is the best discount broker for beginners who do not have a lot of money to fund a new account. You can invest in mutual funds cheaply and do everything easily with the mobile app.

• IBKR Lite (Interactive Brokers) – The “Lite” option is an easy way for beginners to trade in the US and many other countries. There is commission-free trading on EFT and US publicly traded stocks, there are no inactivity fees to worry about, and no account minimums.

• Zacks Trade: This is probably the best discount broker for beginners interested in active trading. It is useful if you already have some knowledge about intraday trading and foreign stock exchanges. There are many resources and learning materials to help you with your decision making.