Best Discount Brokers for Beginners: Top 5 Platforms and Overview of What They Offer

By simply searching 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 crucial decisions you can make in the world of investing – 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 not usually “full service” and merchants need to do most of the work themselves. What you need to find is a brokerage firm that provides beginners with tools and educational resources so you can learn for yourself as you move forward.

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

What is the best discount broker for beginners?

Here are some companies you might want to start your search for the best discount broker for beginners:

• TD Ameritrade – Many people now consider TD Ameritrade to be the best for beginners. However, it will soon be acquired by Charles Schwab, so hopefully it will continue through ease of use and acquisition of excellent equipment. It has a very user friendly 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-trade beneficial even for beginners, such as a managed portfolio service, which comes with a fee, but is worth it.

• Loyalty – $ 0 commission, a great mobile app and the best research combined in one simple platform with this service. It is an excellent discount broker for beginners who do not have much money to fund a new account. You can invest less money in mutual funds and do everything easily with the mobile app.

• IBKR Lite (Interactive Brokers) – The “Lite” option is a hassle-free way for beginners to trade in the US and many other countries. There is commission-free trading on EFTs and US exchange-listed stocks. There is no inactivity fee to worry about, or any account minimum.

• Zax Trade – This is probably the best discount broker for beginners interested in active trading. It helps if you already have a little knowledge in day trading and foreign stock exchanges. There are plenty of resources and learning materials to help you make your decision.

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