Knowing where to begin your investment journey might be challenging: what to invest in, how to invest in stocks, and which stock trading or investing platforms novices should use to avoid being overwhelmed?
Many stock trading organizations now give novices free and straightforward entry to the stock market, thanks to the growth of FinTech services.
This list includes the best stock trading software and tools for novices. While commissions aren’t essential to us, we want to focus on providing the best overall user experience possible, which aligns with the site’s core purpose of long-term wealth creation.
This generally means investing in low-cost index funds that you intend to hold for an extended period.
The best stock trading apps for beginners are mentioned here, ready for you to download and use to trade stocks and ETFs. The best stock trading app for beginners and the best stock app to begin investing with are featured.
6 Best Stock Trading Platforms
Here we’ve compiled a list of the top stock trading platform for beginners:
eToro – Overall Best Stock Trading Platform for Beginners in 2022
Webull – Most Popular Stock Trading Platform for Beginners
Robinhood – Best Commission-Free Stock Trading Platform for Beginners
SoFi – Best User-Friendly Platform for Beginners
E*TRADE – Best Choice for Long-Term Investments
Acorns – Best Investment App to Improve Financial IQ
eToro – Overall Best Stock Trading Platform for Beginners in 2022
eToro is the overall best stock trading platform in the market right now. This popular trading platform gives you access to a wide variety of stocks from both the US and international markets. When you buy stocks on eToro you’ll be doing so on a zero-commission basis. This covers everything from the best oil stocks to the most undervalued stocks.
While many online platforms now offer 0% commission stocks on US-listed markets, we were unable to find another broker that also offers this on foreign equities. As a result, eToro is an excellent choice if you want to trade equities across several marketplaces at a reasonable cost. You may, for example, buy oil stocks with no commissions and no deposit costs.
Furthermore, eToro allows for partial ownership starting at $10 each trade. This will be appealing if you want to trade equities such as Google or Amazon, which need a minimum investment of thousands of dollars per share. eToro provides hundreds of commission-free ETFs in addition to equities. You may also purchase cryptocurrencies here for as little as $10 per trading position.
Webull – Most Popular Stock Trading Platform for Beginners
In 2018, Webull entered the stock trading market, vying with Robinhood for market share. This stock trading platform offers commission-free stock trading as well as ETF, option, and cryptocurrency trades.
You can trade from your smartphone, tablet, or laptop, just like with other investment apps.
Webull gets money from other activities you conduct, including as Payment for Order Flow (PFOF), margin loans, interest on funds, and service fees for their Nasdaq TotalView Level 2 Advances quotes subscription, thus it doesn’t charge commissions on trades.
Webull also gives you access to a number of advanced tools for in-depth trading analysis. Because of these low-cost or free features, the stock trading app is certainly one of the best stock research and analysis applications for doing technical analysis.
If these account features seem appealing, you’ll be relieved to find that your Webull stock trading app and brokerage account have no account minimum that you must fulfill or maintain. Finally, Webull frequently conducts deals that offer free stocks to de-risk your sign-up.
Robinhood – Best Commission-Free Stock Trading Platform for Beginners
Robinhood became the first commission-free stock trading app by lowering trading fees to $0.01. Others in the industry had no choice but to follow to keep their relevance with retail investors.
Similarly, in recent years, various new stock trading mobile apps have appeared, such as Robinhood, and several are featured on this list.
Commission-free stock trading, ETF transactions, options trading, and penny stock investment are all available on the site. Mutual funds are not allowed on Robinhood’s mobile app or desktop trading platforms.
The stock trading software from Robinhood offers a simple and user-friendly layout. Because it is not unduly complex, many individuals have found it helpful in organizing deals.
Robinhood brokerage accounts have no account minimums.
The Securities Investor Protection Corporation insures all Robinhood brokerage accounts (SIPC).
SoFi – Best User-Friendly Platform for Beginners
SoFi Invest is a stock market platform that allows you to trade stocks, ETFs, and cryptocurrencies.
The well-known personal finance firm has just expanded into the investment world, allowing free trading on stocks, ETFs, cryptos, and other assets. SoFi does not offer options or mutual fund trading.
You may either trade actively or allow the service’s automated investment skills to be a robo-advisor for you.
Consequently, this stock market app may be a fantastic place to put your investment accounts because you’ll have options for investing money.
The firm aims to help consumers who want to better their financial situation while still using other personal finance products, including refinancing student loans, money management, credit cards, and more.
E*TRADE – Best Choice for Long-Term Investments
E*TRADE is another another well-known platform in the United States. E*TRADE’s retirement accounts, which include a variety of IRAs, are extremely popular. This is perfect for those of you looking to invest in the stock market as part of a long-term retirement plan.
E*TRADE’s costs are likewise affordable, with 0 percent commission investing available on all of the platform’s US-listed securities. E*TRADE does not allow fractional shares, unlike eToro, Webull, and Interactive Brokers, which we previously reviewed.
As a result, investing in expensive stocks like Amazon will need a hefty capital outlay. You will not be required to make a minimum deposit or pay any deposit or withdrawal fees when you create a normal self-directed trading plan. E*TRADE, on the other hand, falls short of providing access to global stock markets.
Acorns: Best Investment App to Improve Financial IQ
Acorns is a savings and investment platform for minors and young people who wish to start investing with a little amount of money.
Over time, these regular contributions and rounded-up deposits from your purchases will add up to a larger portfolio. As a result, the company is known as Acorns: it starts little, like an acorn, but eventually grows into a massive oak tree.
There is no account minimum because most Acorns portfolios start with small sums.
Users of the Robo-advisor micro-investing app pay a monthly fee to obtain financial guidance through the Robo-advisor feature. However, it does not charge trading commissions when it invests on your behalf.
Instead, you’ll be charged an account fee based on the subscription plan you select for your account.
Currently, there are two subscription options: Acorns Personal ($3) and Acorns Family ($5).
These memberships provide a variety of goods that are well-suited to the goals of young people, such as investing early and carefully managing your money.
The service undoubtedly ranks as one of the best money apps for kids due to its all-in-one platform (Acorns Family).
How To Choose The Best Trading App
If you’re still having doubts, here are some features of good trading apps:
- Speed
Trading apps are intended to assist you in your trading. It makes no difference if you choose intraday trading or another type of trading; the program must be quick. Trading software that slows you down is a waste of time. As a result, the best trading program must have absolutely fast performance.
- Simple Interface
Trading programs or software must be able to let you execute very complicated trades while retaining a user-friendly interface. You’ll need access to a user-friendly trading application to be able to navigate through it without difficulties. You may miss out on some amazing trading opportunities if the app’s interface is tough to use.
- Obtaining Real-Time Market Data is the third step.
You’ll need access to market data if you’re trading on a Demat account. The ability to obtain market data is a feature that may make or break your trading strategy. Market data includes prices, market volumes, and ask/bid quotations, to name a few.
- Personalization
Trading apps must be adaptable to customization. You should ensure that the trading program you’re about to use allows you to customize it whatever you want and that you may examine the charts anytime you want.
- Trading Notifications and Alerts
For trading applications, notifications and alerts are essential features. Without constant messages and alerts, keeping track of market moves would be difficult. To keep on top of the most essential happenings in the trade business, you’ll need notifications and alerts.
Conclusion
The best stock trading platforms now allow you to trade in US-listed shares without paying a commission or acquiring an entire share.
However, we determined that the best stock trading site for 2022 is eToro, which also offers commission-free investment in international stock markets.
With its fractional trading tool, this top-rated platform requires only a $10 stock investment, and there are no fees for USD deposits or withdrawals.
