Best Online Brokerages [2024] Online Brokerages for Beginners

Investing is one of the most efficient ways to grow your wealth and prepare for your future. Right now, 62% of Americans own stock, making this a trusted financial strategy for many people regardless of age, budget, or career. 

But if you’ve never invested before, getting started might be a bit overwhelming. Finding the right online brokerage is a good place to start. With an online brokerage, you can place trades digitally and manage your portfolio from your desktop or mobile device. We’ve rounded up some of the best online brokerages to help you get started. 

What Are Online Brokerages?

A brokerage is a company that helps clients manage stocks and other investment assets, such as ETFs, options, futures, or crypto. They facilitate transactions and provide resources to guide consumers through the investment process. 

Online brokerages allow users to manage their investment portfolios digitally, whether that be through their website or a mobile app. Many consumers find this to be the best way to invest money because it’s convenient and accessible. 

Why Use Online Brokerages?

Online brokerages offer a number of benefits for investors, whether you’re just getting started or have extensive experience building an investment portfolio. 

The biggest benefit is the ability to manage your investment portfolio digitally. There’s no need to have a conversation with a broker every time you want to make changes. Instead, you can make changes on your own. You can also monitor your investment portfolio on the go using your broker’s mobile app. 

On top of that, the best online brokerages have tools and resources available to guide you through the investment process. Features like charts, guides, and even automated tools can help you learn how to invest in stocks. With these tools, you can make informed decisions based on your risk tolerance and financial preferences. 

Online brokerages also make investing accessible to a wide range of people. They usually have lower transaction fees and account minimums when compared to traditional brokerages or financial advisors. Using an online brokerage can help you grow your wealth and save for retirement, even with limited experience or effort. 

Best Online Brokerages for Beginners

There are many different online brokerages to choose from, so you’ll want to review your options to determine what makes the most sense for your financial goals. 

Some standard factors to consider include fees, minimum investment requirements, available asset classes, in-app features, and customer service options. We’ve rounded up some of the best online brokerages for beginners to help you navigate the decision-making process. 

Robinhood 

Fees: No monthly fees or commission fees for most trades. Robinhood Gold starts at $5/month. 

Minimum investment: $0

Investment options: Stocks, ETFs, options, and crypto

Average app ratings

• Google Play: 4.1/5
• Apple App Store: 4.2/5

Robinhood is one of the most popular investment apps on the market, and for good reason. It was one of the first online brokerages that allowed customers to manage their investment portfolios via a mobile app. 

With no commission fees, no account minimums, and the option to trade fractional shares, it’s one of the best online brokerages for investors on a budget. But customer service options are limited, and some of the app’s features require a premium subscription. Read our full Robinhood review to learn more. 

Pros

• Budget-friendly: Lack of fees and account minimums makes it easy to invest small amounts. This includes free crypto trading options. 
• Retirement savings options: With Robinhood, you can open an IRA with a 1% match. 
• User-friendly interface: The app is intuitive and easy to navigate, even if you’re new to investing. 

Cons

• Customer support: While 24/7 support is available via online chat, phone support is available from 7 a.m. to 9 p.m. EST. But negative reviews often mention the difficulty of getting in touch with the customer support team. 

Fierce Finance 

Fees: No account management fees or commission fees for stock trading. Fees of $1.49 for crypto trades of up to $100, or 1.49% for crypto trades over $100. 

Minimum investment: $1

Investment options: Stocks, ETFs, and crypto

Average app ratings

• Apple App Store: 4.4/5

Fierce Finance is a mobile app that combines an online brokerage with banking features so you can manage all your finances in one place. The app has a number of built-in opportunities to maximize your money: for example, you can earn passive income through the app’s stock lending features, or earn interest with a high-yield checking account. Read our Fierce Finance review to learn more. 

Pros

• Convenience: Manage both banking and investing in one place. 
• Earning opportunities: Can earn passive income with high interest rates, stock lending, and cash-back features. 
• Minimal fees: Investing with Fierce Finance is relatively affordable. 
• 24/7 customer support: You can reach the Fierce Finance team anytime via phone, email, or online live chat. 

Cons

• Limited asset classes: Asset classes like options or mutual funds aren’t available. 
• Only available in the US and on iOS: The app is currently only available for iOS users in the United States and doesn’t have an Android version. 
• No web version: Fierce Finance is currently only accessible via mobile app. 

E*Trade 

Fees: $0 per trade for stocks. Some additional fees for other asset classes and transfers. 

Minimum investment: $0

Investment options: Stocks, ETFs, mutual funds, options, bonds, futures

Average app ratings 

• Google Play: 4.7/5
• Apple Store: 4.6/5

E*Trade is a tried-and-true online brokerage with features for investors of all skill levels. This platform has a wide range of account types and asset classes available so you can really customize your investment strategy to suit your financial goals. The platform also has an extensive library of educational content, which makes it one of the best online brokerages for beginners. 

Pros

• Wide range of asset classes: E*Trade offers many different types of investments to help you diversify your portfolio. You can even invest in IPOs when new companies go public. 
• Beginner-friendly: E*Trade’s screening and research tools help beginners find investment options that meet their needs. Beginners can also start with pre-built portfolios. 
• Detailed analysis features: E*Trade’s real-time charts and market analysis help more experienced investors execute complex investment strategies. 

Cons

• No fractional shares: E*Trade doesn’t offer fractional shares, which can make it difficult to invest on a tight budget. 
• Customer service: E*Trade’s customer service is primarily available via phone, and it can take time to get a response. 

Public 

Fees: $0 for stocks and ETFs, up to 1.25% per trade for crypto, $8/month for Public Premium

Minimum investment: $0

Investment options: Stocks, ETFs, bonds, crypto

Average app ratings

• Google Play: 4.1/5
• Apple Store: 4.7/5

Public is one of the best online brokerages for both beginners and experienced traders alike. This platform offers helpful resources to support your investment strategy packaged in a clean, accessible interface. Public is also incorporating AI technology into their app to provide detailed analytics for your portfolio. Read our Public review to learn more. 

Pros

• No deposit and limited fees: Investing with Public is very accessible, as the platform doesn’t charge fees for most transactions, doesn’t require a deposit, and offers fractional shares. 
• AI-powered analytics: Public’s AI-powered investment tools provide detailed insights.
• Wide range of assets: Public goes beyond just stocks. They also have a bond screener, options rebate program, and plenty of crypto and other alternative investments to consider. 
• High-yield savings account: In addition to investing, you can also use Public to save money. 

Cons

• No retirement accounts: Public users are currently limited to individual brokerage accounts. 
• No phone support: Public only offers support via email or online live chat. 
• Some features require Premium: Not all features are available to free users. 

Acorns 

Fees: $3-$12 per month

Minimum investment: $5 to start, $0 once account is open

Investment options: Stocks, bonds, ETFs, some crypto

Average online ratings

• Google Play: 4.7/5
• Apple App Store: 4.7/5

Acorns is one of the best online brokerages for beginner investors who want a simple, straightforward investment strategy. Acorns connects to your debit or credit card and rounds up your transactions, automatically investing the spare change in an investment account or retirement account. Investors can choose from a number of portfolio options, including socially focused options. 

Pros

• Automated investing: The Acorns app automatically transfers small sums of money to your investment account, so you don’t need to make any manual deposits. 
• Recommended portfolios: Acorns has pre-built portfolios, so you won’t need to select stocks from scratch. You can choose from portfolios that reflect your financial goals and interests. 
• Banking features: Acorns offers high-yield checking and savings options as well as cash-back when shopping at certain stores. 

Cons

• High monthly fees: All Acorns accounts charge a monthly fee, which can eat into your returns. 
• Limited customization: You’ll need an Acorns Gold account to create a custom portfolio, rather than choosing from one of Acorns’ pre-built options. 
• No 24/7 support: Customer service is only available from 5 a.m. to 7 p.m. PST, via phone, email, or live chat. 

Charles Schwab 

Fees: $0 for most trades

Minimum investment: $0

Investment options: Stocks, mutual funds, ETFs, options, futures, bonds, crypto, and more

Average online ratings

• Google Play: 2.3/5
• Apple Store: 4.8/5

Charles Schwab is a trusted brokerage that offers a broad selection of financial and investment products. Although Charles Schwab has the advanced features that experienced traders look for, this platform also has plenty of support for beginners. 

Customers can choose from many different account types, including retirement accounts. There are also trading tools available for investors of different skill levels, including the Schwab trading platform and the thinkorswim platform. With so many investment options to choose from, consumers can customize their portfolios to reflect their needs and preferences. 

Pros

• Extensive selection of asset classes: With so many asset classes to choose from, investors can build a truly diverse portfolio aligned with their interests. 
• In-person support: In addition to reliable phone and online support, you can talk to a specialist in person at Charles Schwab branches throughout the country. 
• Research and education: Customers get access to a variety of resources to inform their investment decisions, including a library of articles, podcasts, and videos as well as data-driven reports, insights from specialists, and direct coaching. 

Cons

• Can be overwhelming: If you’re just getting started with investing, you might find Charles Schwab’s extensive offerings a little overwhelming at first. 
• Limited fractional shares: While this platform offers some fractional shares to trade, those options are limited.

Commonly Asked Questions About Best Online Brokerages 

What to Consider When Choosing an Online Brokerage? 

A reliable brokerage account is essential when building your investment portfolio. When selecting an online brokerage, there are a number of important factors to consider, including trading features, fees, accessibility, and reputation. 

First, you’ll want to consider the trading features the brokerage offers. Which asset classes do they support? Do they provide in-depth charting and research tools? Accessibility is also an important consideration, especially if you’re new to investing. The best online brokerages have resources focused on investing for beginners as well as features for more advanced investors. 

On top of that, you’ll need to assess the brokerage’s fees and trading minimums to ensure they’re reasonable. Finally, consider the broker’s reputation and any security measures they have in place to protect customers. 

What Are the Best Online Brokerages for Beginners? 

Many popular online brokerages have features for clients who are new to investing. Here are some of the best online brokerages for beginners: 

• E*Trade
• Robinhood
• Charles Schwab
• Public
• Fierce Finance
• Acorns

How Should I Choose an Online Brokerage? 

To choose an online brokerage, you’ll need to consider your financial situation and investment goals and search for a brokerage that reflects those goals. 

If you’re new to investing, you’ll want to look for a brokerage that provides plenty of support and educational resources. If you’re a more experienced investor, you might prioritize advanced charting features and a wide range of asset classes. 

You’ll also need to consider your brokerage’s fees and account minimum requirements. Many brokerages charge flat account fees or per-transaction fees, so you’ll need to consider how these fees will affect your investment strategy. 

Can I Invest With an Online Brokerage With Little Money? 

Yes, it’s possible to start investing with online brokerages, even when you’re on a tight budget. Look for a brokerage with little to no account minimums as well as the option to invest in fractional shares of popular stocks. 

This will allow you to launch your investment portfolio even with a small sum of money. Before you start investing, learn how to read stock charts, too, so you can make informed decisions.