Best Brokers For Beginners
The best brokers for beginners provide a secure trading environment where new investors can speculate on popular markets, such as stocks, forex and crypto. To find the top online brokers for new traders, our experts took into account:
- The minimum deposit
- The education for beginners
- The accessibility of a demo account
- The quality of the trading platform & app
- The safety measures and regulatory oversight
- The availability of customer support to assist new traders
Best Brokers For Beginners
We have tested and compared over 480 online brokers and these 5 are the best for new traders:
- eToro USA - eToro is a social investing platform that offers stocks, ETFs, options, and crypto. The broker is well-known for its user-friendly community-centred platform and competitive fees. With FINRA and SIPC oversight and millions of users across the world, this brand is highly respected. eToro securities trading is offered by eToro USA Securities, Inc.
- OANDA US - OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available, alongside flexible contract sizes and automated trade executions.
- Webull - Webull is a US-regulated trading app that offers stocks, options, forex, cryptos, ETFs, fractional shares and more. The firm is authorized by the SEC and FINRA with a strong trust rating. Low fees, no minimum investment and generous bonuses have made the discount broker popular with online investors.
- IG Group - IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
- Scope Markets - Scope Markets offers day trading and investing in multiple spot and CFD instruments. The group of brokers is regulated in several locations, including Belize, Kenya and South Africa. Users get competitive trading conditions, a range of payment methods, strong support and can get started in a few straightforward steps.
Top 3 Broker Comparison
| eToro USA | OANDA US | Webull | |
|---|---|---|---|
| Minimum Deposit | $10 | $0 | $0 |
| Minimum Trade | $10 | 0.01 Lots | 0.01 Lots |
| Demo Account | Yes | Yes | Yes |
| Educational Resources | Yes | Yes | Yes |
| Copy Trading | Yes | No | No |
| Instruments | Stocks, Options, ETFs, Crypto | Forex, Crypto | Stocks, ETFs, options, cryptos, forex, ADRs, fractional shares, OTCs |
| Visit | Visit | Visit | Visit |
#1 - eToro USA
eToro is a social investing platform that offers stocks, ETFs, options, and crypto. The broker is well-known for its user-friendly community-centred platform and competitive fees. With FINRA and SIPC oversight and millions of users across the world, this brand is highly respected. eToro securities trading is offered by eToro USA Securities, Inc.
"eToro is a top pick for users looking for social investing and copy trading. With a low deposit, zero commissions and an intuitive platform, the broker will meet the needs of newer traders."
- DayTrading Review Team
- Instruments: Stocks, Options, ETFs, Crypto
- Regulator: SEC, FINRA
- Platforms: Own
- Min. Deposit: $10
- Min. Trade: $10
eToro USA Minimum Deposit
The minimum deposit at eToro USA is $10.
Stocks Trading
Trade popular US stocks and ETFs with zero commissions while fractional shares and options are also available. The eToro Academy and excellent market research are also huge bonuses for newer investors.
Crypto Trading
eToro US leads the way in cryptocurrency trading. 1% fee for buying or selling crypto added to the spread (from 0.75% for BTC), with their own wallet service and the largest number of cryptos to trade in the market. eToro copy trading is only for cryptos. Crypto asset investing is highly volatile and unregulated. No consumer protection. Tax on profits may apply.
Pros
- A free demo account means new users and prospective traders can try the broker risk-free
- The $10 minimum deposit and straightforward account opening process means beginners can get started quickly
- eToro USA Securities is a trustworthy, SEC-regulated broker that is a member of FINRA and SIPC
Cons
- No MetaTrader 4 platform integration
- Narrower range of instruments than some competitors
#2 - OANDA US
OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available, alongside flexible contract sizes and automated trade executions.
"We recommend OANDA for US traders seeking a user-friendly platform with premium market research and a straightforward joining process. OANDA is a particularly good pick if you want a heavily regulated broker with a secure trading environment."
- DayTrading Review Team
- Instruments: Forex, Crypto
- Regulator: NFA, CFTC
- Platforms: MT4, TradingView, AutoChartist
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:50
OANDA US Minimum Deposit
The minimum deposit at OANDA US is $0.
Forex Trading
OANDA offers 68 forex pairs, more than many alternatives. The broker's in-house platform also offers impressive execution speeds and a suite of advanced charting and analysis tools.
Crypto Trading
Speculate on the world's biggest cryptos by market cap. Commissions are lower than many peers starting at 0.25%. Clients can spot trade cryptocurrencies on Paxos's itBit exchange through the OANDA platform via OANDA’s partnership with Paxos. Users can trade digital currencies in a few taps through the iOS and Android mobile app.
Pros
- Feature-rich app with 50 indicators, 11 drawing tools and 9 charting styles
- Reliable, trustworthy and secure brand with authorization from tier-one regulators
- US clients accepted
Cons
- Customer support not available on the weekend
#3 - Webull
Webull is a US-regulated trading app that offers stocks, options, forex, cryptos, ETFs, fractional shares and more. The firm is authorized by the SEC and FINRA with a strong trust rating. Low fees, no minimum investment and generous bonuses have made the discount broker popular with online investors.
"Webull is best for traders looking to buy and sell stocks on a user-friendly app with zero commissions."
- DayTrading Review Team
- Instruments: Stocks, ETFs, options, cryptos, forex, ADRs, fractional shares, OTCs
- Regulator: SEC, FINRA
- Platforms: Own
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:4
Webull Minimum Deposit
The minimum deposit at Webull is $0.
Forex Trading
Webull offers a modest collection of 17 currencies, including majors like EUR/USD. Forex can be traded on the feature-rich investing app with real-time quotes and low spreads.
Stocks Trading
Webull offers a fantastic list of 2000+ US stocks, fractional shares, options, ETFs, OTC, and ADRs. There is no commission on stocks, ETFs, and options. Full extended trading hours is available while custom screeners and watchlists aid the decision making process.
Crypto Trading
Webull offers trading on popular cryptos like Bitcoin against the US Dollar. With 35+ tokens and premium analysis tools, traders can review market trends and identify opportunities in a few taps.
Pros
- Easy-to-use investment platform and mobile app
- Promotions with free stocks
- Fractional shares
Cons
- Sometimes sudden changes in trading conditions
- Day trading is limited for customers with less than $25,000 deposited
- High deposit and withdrawal wire fees for non-US residents
#4 - IG Group
IG is an award-winning broker that has an excellent reputation globally. The brand-US offers spread betting, CFD and forex trading across a comprehensive suite of markets. IG is also multi-regulated, provides a great trading app and has 50 years experience.
"IG offers a superb all-round package. Beginners will appreciate the user-friendly web platform and secure trading environment while established investors will rate the 17,000+ markets and top-tier market research."
- DayTrading Review Team
- Instruments: CFDs, Forex, Stocks, Indices, Commodities, ETFs, Futures, Options, Crypto, Spread Betting
- Regulator: FCA, ASIC, NFA, CFTC, DFSA, BaFin, MAS, FSCA
- Platforms: MT4, AutoChartist, TradingCentral
- Min. Deposit: $0
- Min. Trade: 0.01 Lots
- Leverage: 1:30 (Retail), 1:250 (Pro)
IG Group Minimum Deposit
The minimum deposit at IG Group is $0.
CFD Trading
IG offers an impressive suite of 17,000+ CFD instruments. Negative balance protection ensures accounts cannot drop below zero while custom price alerts and the IG Academy enhance the trading experience.
Forex Trading
IG offers currency trading on its award-winning web platform and mobile app. Comprehensive charts and forex analysis tools are also available through ProRealTime.
Stocks Trading
IG offers 13,000+ shares, with more listed firms than most competitors. Fees are low with no commission on US stocks. Extended hours trading is also available alongside ultra-fast execution speeds of 0.014 seconds.
Crypto Trading
11 popular cryptos are available, plus two crypto crosses. A crypto index is also offered, following the value of the top 10 digital currencies by market cap. All cryptos are available via CFDs.
Pros
- Opening an account takes less than 5 minutes
- Share dealing and ISAs are available for longer term investing
- Users have access to a comprehensive range of charts, market news, client sentiment data, and analysis tools
Cons
- Inactivity charge
- No copy trading platform
#5 - Scope Markets
Scope Markets offers day trading and investing in multiple spot and CFD instruments. The group of brokers is regulated in several locations, including Belize, Kenya and South Africa. Users get competitive trading conditions, a range of payment methods, strong support and can get started in a few straightforward steps.
"Scope Markets will appeal to traders seeking highly leveraged CFDs and spot investment products on the powerful MetaTrader 5 platform. The Scope Markets Group stands out for its range of trading tools and educational materials."
- DayTrading Review Team
- Instruments: Forex, Stocks, Commodities etc.
- Regulator: CMA, FSC, FSCA
- Platforms: MT4, MT5
- Min. Deposit: $50
- Min. Trade: 0.01 lots
- Leverage: 1:2000 (location dependent)
Scope Markets Minimum Deposit
The minimum deposit at Scope Markets is $50.
CFD Trading
Scope Markets clients can trade CFDs on a good selection of asset classes including forex, precious metals, energies, indices and global shares. The award-winning broker also offers a decent suite of educational materials and a YouTube channel to support aspiring traders.
Forex Trading
Scope Markets offers MT5 trading for a range of major, minor and exotic currency pairs with high leverage and a low starting deposit. Multilingual 24/5 support is also available to support forex traders.
Stocks Trading
Scope Markets offers stock trading on popular markets, alongside cash and futures indices. Clients can speculate on major stocks from US, EU, Australia, and more with competitive fees and reliable trading software.
Crypto Trading
Go long or short on popular cryptos like Bitcoin, Ethereum and Ripple with leveraged CFDs and competitive spreads. Depending on the jurisdiction, different regulations apply. CFDs on cryptocurrencies are not offered in all jurisdictions.
Pros
- Available in English, Spanish, Russian, Vietnamese & Chinese etc.
- Multilingual, 24/5 customer support
- Regular market news, updates and webinars
Cons
- Regulatory scrutiny varies between countries
- Limited trading instruments
What To Look For In A Beginner-Friendly Broker
Online trading is a crowded market, and with so many firms to choose from, finding the best broker can be challenging, especially for new traders.
Fortunately, our experts have compared hundreds and concluded that the top brokers for beginners are overseen by trusted regulators, allow registration with low minimum deposits, support user-friendly platforms, provide excellent educational resources, and have responsive customer service.
We explain our testing methodology in detail below.
Minimum Deposit
We view a low minimum deposit as a requirement when recommending the best brokerage accounts and apps for beginners.
The minimum amount required to open an account can be anywhere from nothing to thousands of dollars. However, the top brokers for new investors offer low or even no minimum deposit. We consider anything below $100 accessible for beginners.
This ensures that rookie investors can start trading and building experience on live markets without risking too much money.
It also allows new traders to try out different brokers without the hassle and expense of transferring large sums between them.
Educational Resources
New investors need guidance to learn trading terminology, techniques and strategies, so only brokers with a good range of educational resources make our list of best brokers for beginners.
We favor brokerages that provide a range of content in different forms – videos, webinars, downloadable guides – since these cater to beginners with different learning styles.
We also like brokers that have a depth of educational content, and not just the basics, as this will ensure investors can continue to develop as they progress.
Regulatory Oversight
The best online brokers for beginners are authorized by respected regulatory bodies.
Some of the most trusted regulators are the UK Financial Conduct Authority (FCA), the Australian Securities & Investments Commission (ASIC), the US Securities & Exchange Commission (SEC) and National Futures Association (NFA), and the Cyprus Securities & Exchange Commission (CySEC).
Good regulators require safeguards such as negative balance protection, limits on leverage trading, and restrictions on bonuses.
While some offshore and even unregulated brokers may advertise the same protections, the lack of strong regulatory oversight raises doubts about how well safeguards are implemented, so we advise aspiring traders to look for top-tier-regulated firms.
Customer Support
Inexperienced traders may need more help to understand trading concepts, fund their accounts or start with a new platform.
The best brokerage sites for new investors offer reliable and responsive support during market hours and beyond. Some firms even offer 24/7 customer support.
We especially rate brokers with knowledgeable staff available on live chat since this lets traders reach help without needing to call a hotline.
Multilingual support is another useful service that we rate for global traders, who may be more comfortable using their native language to ask for help.
Trading Platforms
The best investment brokers for beginners offer intuitive platforms that are easy to navigate yet powerful enough to grow into as your trading skills develop.
As well as testing the usability of a broker’s proprietary software or popular third-party platforms like MetaTrader 4 (MT4), we look for any additional tools that can support newer investors.
These include copy trading, whereby hands off investors can mirror the strategies of experienced traders and demo accounts, so users can practise strategies risk-free, without needing to invest personal capital.
Markets
Choosing a market to trade online comes down to your interests, how much time you can spend trading and what you can afford.
Popular assets for new investors include stocks, forex, commodities, and crypto. Importantly, we consider the breadth and depth of investment offerings, as wider market coverage allows newer traders to build a diverse portfolio.
The best online stock brokers for beginners also offer fractional shares, as these allow newbies with limited funds to speculate on their favorite companies in the US, UK, Europe, Canada, Australia, Singapore, and beyond.
We also recommend that beginners make use of educational resources to build a solid understanding of key financial markets before investing personal capital.
Fees
We prefer brokers with lower pricing and discounts for all traders, but especially newer investors.
Fees will eat away at profits, especially when trading with the small amounts of capital usually available to beginners.
As well as comparing minimum and average spreads plus any commission fees, we also consider non-trading costs. These can come in the form of fees for funding your brokerage account and withdrawing money, leaving your account inactive, and other non-trading activities.
Together, this allows us to paint a complete picture of the costs you can expect when you open an account and start trading.
FAQ
Which Is The Best Online Broker For Beginners?
Our experts have compiled a list of the best online brokers for beginners. We took into account the level of regulatory oversight and safety measures, the size of the minimum deposit, the availability of a free demo account, the usability of the platform, and the access to high-quality educational materials.
What Is The Best Trading Platform For New Traders?
The globally recognized MetaTrader 4 and MetaTrader 5 platforms are good choices for new traders. They feature intuitive, customizable interfaces and a range of charting and analysis tools.
The best brokers for beginners often support at least one of these platforms and provide user guides and tutorials to help new investors get to grips with them.
What Can I Trade At Online Brokers?
Stocks are a good choice for newer traders as they are widely available from online brokers, and most people are familiar with a range of different companies even if they haven’t followed their financial performance. Stock trading can also work for both longer-term investors and short-term day traders.
Indices are somewhat similar to shares, although you are speculating on the performance of a group of stocks, rather than just one business. We like indices as an instrument for beginners since they are usually less volatile than individual stocks, reducing the risk of speculating on them.
Forex is another popular choice for those starting on their investing journey. The best brokerage companies for beginners provide a good selection of majors, minors and exotics. Typically, major pairs like EUR/USD and GBP/USD tend to offer more price stability, making them a good choice for rookie investors.
Cryptocurrency, although highly volatile, is an interesting asset for some young investors. The allure of making extravagant profits in a short time during crypto bull runs has brought many new heads into investing. Consequently, many beginners are involved in crypto markets even though this is one of the riskiest asset classes to trade.