Best Brokerage Account For First Time Investors?

So it’s your first time investing, and you’re looking into which brokerage account is right for you. This article will go over which accounts are right for someone who wants to invest on their own without an investor.

What is a brokerage account? A brokerage account is one where you can place orders for mutual funds, stocks, ETFs etc. through a licensed firm. This gives you the freedom to make independent investment decisions without paying an investor. Definitely check out the Finance page for other saving and investing tips.

Charles Schwab

Charles Schwab earns itself a 5 star rating and there’s many reasons why. I have my account set up with Charles Schwab because they don’t charge foreign transaction fees. As someone who enjoys traveling, this is a big deal for me.

So what does all of this mean? You don’t need any money to deposit to open an account. Whenever you buy or sell stocks you won’t be charged a fee by Charles Schwab. As a beginner investor, no account minimum and zero trade fees are important.

TD Ameritrade

TD Ameritrade is also a great brokerage firm for a first time investor. I know a lot of friends and family with investment accounts through TD Ameritrade.

Charles Schwab actually recently acquired TD Ameritrade, so you can expect similar service. TD Ameritrade is a great firm for first time and experienced investors.

E*Trade

Continuing our list is E*Trade. E*Trade is definitely one of the most popular brokerage firms out there. There are many resources for seasoned traders as well as first time investors.

E*Trade is a good start for first time investors. If you’re looking into opening a retirement account as well, E*Trade offers that.

Fidelity

Just like the other firms on the list, Fidelity makes the cut due to its zero account minimum and zero trade fees.

Fidelity offers a great platform for first time and experienced investors. If you’re looking into a retirement investment account, fidelity can help there too.

Ally

Ally is an all online banking platform. This means there are no brick and mortar places to go and do your banking. As a result, they can offer higher annual interest rates since they are operating at lower costs.

Ally is a great bank for first time investors. The higher annual interest rates are a big draw if you’re even looking for a guaranteed way to grow your savings.