Starting to Invest in 2024? These Brokers Make It Easy
KEY POINTS
- Some brokers offer features that can be excellent for beginning investors.
- A user-friendly investment platform and extensive educational resources are two big examples.
- Robinhood, SoFi, and Charles Schwab are three great -- but different -- choices that could be great for beginners.
If you're planning to start investing on your own in 2024, congratulations! Investing can be extremely rewarding and help set you on the path to financial freedom.
Before you can start investing, you'll need to set up a brokerage account, and there is no shortage of options. While there isn't a perfect broker for everyone, some are more beginner-friendly than others.
With that in mind, here are some of the features you might want to consider in your first broker, and three that could be especially good choices for new investors.
Top broker features for new investors
Brokers offer a variety of investment options, educational resources, trading platforms, and more. The features most important to you will depend on your investment objectives and level of financial knowledge.
For example, someone who is planning to create a portfolio of mutual funds in a retirement account might be better off with a different broker than someone who wants to occasionally trade stocks in a standard brokerage account.
Here are a few things new investors should keep in mind:
Trading platform: One of the most important things you can look for is a user-friendly way to buy and sell stocks. Some brokers offer simplified app-based trading platforms that allow you to buy your first stock in seconds, while others are a little tougher to navigate.
Educational resources: Here's where it starts to get tricky. Some of the easiest brokerages to use are also light on educational resources. If you want to learn about the different types of retirement accounts, how to trade options, or how capital gains taxes work, you might want to look for a broker with a library of educational resources. Some brokers also offer access to professional stock research reports, while others don't, or they make you pay for the privilege.
Investment choices: If you plan on building a retirement portfolio of mutual funds, you need to make sure your broker offers them, as not all beginner-friendly platforms do. The same can be said if you want to trade stocks and cryptocurrencies in the same account.
This is not an exhaustive list, and there could be other features that matter to you. Here are three examples of brokers that can be excellent choices for new investors.
1. Robinhood
Robinhood is a natural fit for beginners, with an extremely user-friendly app-based trading platform. Robinhood offers standard (taxable) brokerage accounts and IRAs, and even offers a 1% match on IRA contributions.
The platform is fee free, but you can subscribe to the Robinhood Gold premium service, which includes higher interest rates on uninvested cash, a 3% match on IRA contributions, and more. One of the major downsides is that Robinhood doesn't offer mutual funds, but it is one of the only places you can trade options and cryptocurrencies with no fees.
2025 Award Winner
= Best
= Excellent
= Good
= Fair = PoorRobinhood is a simple, low-cost brokerage with a few rare perks. It matches retirement deposits like an employer, the interface is gorgeous, and it's extremely affordable. No matter what or how you trade, Robinhood fees tend to match or beat the competition. It's worth a look.
$0 for stocks, ETFs, and options; up to $5 monthly for Robinhood Gold
$0
On Robinhood's Secure Website.
2. SoFi Active Investing
SoFi® isn't just a broker -- it's a technology-focused banking platform that offers checking and savings accounts, credit cards, a variety of loans, and an investment platform all in one place. SoFi's app and web-based platforms are extremely easy to use, and you can invest in fractional shares through SoFi,³ allowing beginners to put all of their money to work.
SoFi also offers IRAs. One of SoFi's best features for beginners is its extensive library of educational resources designed specifically for beginners.
= Best
= Excellent
= Good
= Fair = PoorThis brokerage is a clear standout for its well-rated mobile app and 1% IRA match.⁸ It also has unique investment offerings like IPOs, options,⁴ and fractional shares.³
$0 for stocks,¹ $0 for options contracts⁴
$0
Get up to $1,000 in stock when you fund a new Active Invest account.⁷
On SoFi Active Investing's Secure Website.
3. Charles Schwab
Charles Schwab doesn't have the most simplistic platform, but it makes up for it in other areas. It offers thousands of mutual funds on a commission-free basis, allows fractional share investing, and offers many different account types.
Just to name a few, if you want to open an UGMA account to invest for a minor, a college savings account, an individual 401(k), or a trust, Schwab is the only one of the three that allows you to do it. Schwab's educational resources and stock research access are the best in the industry, and for investors who want to learn as much as possible, it's definitely worth a look.
= Best
= Excellent
= Good
= Fair = PoorCharles Schwab pioneered the low-cost brokerage model decades ago, and that legacy continues with its lineup of no-commission-fee offerings. The robust lineup of account types, investment vehicles, and high quality app round out the stacked feature set.
$0 stock trades and for OneSource mutual funds
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The bottom line
These are just three examples of brokers that have lots of beginner-friendly qualities. One of them could be a great fit for you, but if you still aren't sure, be sure to check out our full list of our top brokers for beginners to explore even more options.
Our Research Expert
Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina, and has been writing about personal finance since 2011.
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