Best Trading Platforms for Beginners in 2021 Reviewed
- Details
Online trading platforms have empowered many beginner and advanced traders. However, choosing the right online broker or trading platform can be difficult for beginners. As a beginner, you’ll need to learn the terminology, trading tools, order types, strategy, and beware of trading costs.
There are hundreds of trading platforms in the market. Each one of them offers distinctive features. Hence, you can’t call one-fits-all for every trader.
We’ve compiled the guide to help you chose the right trading platform as a beginner.
Factors to Consider in Trading Platforms as a Beginner
Trading professionals consider several factors before choosing a trading platform. These factors include products and markets, commission, research tools, education, customer services, and trading platform features. Beginners also need to evaluate each trading platform against these metrics. However, ease of handling the trading platform and costs remain top factors.Total Trading Costs
A trader’s total cost comprises trading commissions and account management costs. Almost every trading platform offers zero commission these days. It’s important to keep an eye on spreads, margin level, and hidden costs with trading platforms.Platform Compatibility
For beginners, getting started with trading tools can be confusing with no prior experience. Look for an intuitive and clean user interface with easy access to trading tools.Research and Education
Good online trading platforms will always provide comprehensive educational material for beginners. Watch out for the education section including guides, tutorials, and videos.Customer Service
You’ll need customer support at many stages not just as a beginner. Most trading platforms offer 24/7 customer support through email, chat, or call features.Account Types and Minimums
Trading platforms offer different types of accounts for retail, professional, and corporate customers. Also, different minimum account deposit requirements can affect your initial investments.Top Trading Platforms for Beginners
We have considered the aforementioned rating factors when evaluating different online trading platforms. We’ve chosen these trading platforms from a beginner’s perspective that looks for easy navigation and transparent fee structures.TD Ameritrade
TD Ameritrade is one of the best online brokers for beginners. It offers competitive pricing, extensive educational tools, and an excellent trading platform. As you grow and learn with the TD Ameritrade, you’ll find in-depth trading tools for your advanced needs as well. Thus, it’s as good for beginners as it is for professional traders.Trading Costs
TD Ameritrade offers a $0 commission fee structure. Its overall trading costs are competitive as compared to most of the leading online brokers.| Instrument | Fee |
| Stocks, ETFs, and Mutual Funds | $ 0 |
| Options Trading | $ 0.65 |
| OTC Stocks | $ 6.95 |
| Advisor-Assisted | $ 25 |
Trading Platform
Thinkorswim is one of the best trading platforms in the market. Additionally, traders can enjoy classic and TD Ameritrade mobile trading platforms as well.- Thinkorswim comes with desktop, browser, and mobile applications.
- It offers comprehensive trading and research tools including charts, company profiles, earning tools, Options Stats, economic data, social trading, signals, alerts, and market monitor to name a few.
Research and Education
TD Ameritrade offers comprehensive educational material for beginners. You can explore an extensive range of tutorials, videos, guides, podcasts, and webinars to learn about the platform’s features.Account Types and Minimums
TD Ameritrade offers several types of trading accounts for retail and corporate traders.- Standard Account
- Speciality account
- Retirement account
- Managed Portfolios
- Margin Trading
Customer Service
TD Ameritrade offers comprehensive education material. It comes with a wide range of trading and research tools. Its customer support is also impressive with direct call, email, and FAQs to satisfy your queries.Merril Edge
Merril Edge is the trading platform offered by the Bank of America. It comes with a brand tag attached to it. It offers competitive pricing, a quality trading platform, and a range of products for beginners.Trading Costs
Merril Edge offers competitive trading costs if not the best ones in the industry.| Instrument | Fee |
| Stocks, ETFs | $ 0 |
| Options Trading | $ 0.65 |
| Mutual Funds | $ 19.95 |
| Advisor-Assisted | $ 29.95 |
Trading Platform
Merril Edge offers built-in online and mobile trading platforms. The Market Pro comes with an extensive range of trading tools and research features that can benefit beginners. It offers single account access to Merril edge investment and Bank of America accounts to their customers.Research and Education
Merril Edge has a dedicated section for research and educational material. It offers comprehensive guides on investing, trading, products, markets, trading tools, market news, economic data, and trading tips.Account Types and Minimums
Merril Edge offers different account types for investors and traders. These account types include:- Self-directed account minimum – $0
- Guided investing account minimum – $ 1,000
- Guided investing with Advisor account minimum – $ 20,000
- Retirement Accounts
- Education accounts
- Managed portfolios
- Business investor accounts
Customer Service
Merril Edge offers branch support to its customers. Additionally, it offers a 26/7 customer support service through calls, chat, and email options.E*Trade
E*Trade is another established online broker that offers great features such as a $0 commission for beginners. It offers exclusive market research and educational material for beginners as well.Trading Costs
E*Trade offers competitive trading and non-trading costs that are important for beginners in trading.| Instrument | Fee |
| Stocks, ETFs, | $ 0 |
| Options Trading | $ 0.65 |
| Mutual Funds | $ 19.99 |
| Futures | $ 1.50 per contract |
| Advisor-Assisted | $ 25 |
Trading Platform
E*Trade offers a powerful trading platform Power e*trade. It comes with the following key features:- Supports online and mobile versions
- Comprehensive market research tools
- Intraday and historical analysis with charting tools
- Investing tools and screeners
- Intuitive and sleek design
Research and Education
E*Trade is one of the best online trading platforms for its ease of use for beginners. It also has comprehensive educational sections. It has dedicated guides, blogs, and video tutorials for new investors.Account Types and Minimums
E*Trade also offers a variety of account types.- Standard trading and investing brokerage accounts
- Education accounts
- Retirement accounts
- Managed Portfolios
- Business Accounts
Customer Service
E*Trade offers in-house customer services through its branches in various locations. It also offers call, email, and guided support through FAQs.Fidelity
Fidelity offers comprehensive research and educational tools that set them apart from peers for beginners. It also offers transparent trading commissions and other fees. Its trading platform is also user-friendly that comes with a sleek mobile app design as well.Trading Costs
Fidelity offers competitive commissions and non-trading costs overall. Let us briefly review the trading commissions of Fidelity.| Instrument | Fee |
| Stocks and ETFs | $ 0 |
| Options Trading | $ 0.65 |
| Mutual Funds | $ 49.95 |
| Futures | $ 1.50 per contract |
| Advisor-Assisted | $ 19.95 |
Trading Platform
Fidelity offers an advanced online trading platform Active Trader Pro. It also supports mobile apps for easy access. It offers comprehensive research tools, trading tools, historic analysis, charts, signals, and alerts. It has introduced a new voice assistance feature as well. Thus, the Active Trader Pro makes life easier for beginners.Research and Education
Fidelity is one of the best trading platforms for beginners thanks to its comprehensive research and educational tools. Fidelity offers:- A dedicated learning Center
- Market news, economic data, and watchlists
- Quotes and price alert features
- Stock research and screening tools
- Dedicated guides, blogs, videos, and news archive
Account Types and Minimum
Fidelity offers a wide range of trading and investing accounts. Most trading accounts come with no minimum account balance requirements. Some key account types of Fidelity include:- Brokerage accounts
- Retail investing and trading
- Retirement accounts
- Cash management
- Managed Accounts
- Fidelity Charitable account
Customer Service
If the easy-to-use Fidelity trading platform still lets you ask something, it offers dedicated customer support through virtual assistant (live chat), call, and email support.Interactive Brokers
Interactive Brokers suits beginners in trading for many reasons. Its competitive pricing and a wide of products are two key features that favour beginners. It offers access to over 135 international markets and 23 base currencies to choose from.Trading Costs
Let us briefly review the trading costs of IBKR.| Instrument | Fee |
| Stocks and ETFs | $ 0.0005 and $0.0035 |
| Options Trading | $0.15 – $0.65 |
| Mutual Funds | Lessor of $14.95 0r 3% |
| Futures | $0.25 – $0.85 |
| Advisor-Assisted | NA |
Trading Platform
IBRK offers an advanced desktop version of the trading platform; trader workstation. It also supports the online client portal and mobile apps. The trading platform comes with comprehensive research and trading tools.Research and Education
IBKR offers one of the most comprehensive research and educational tools. Here are a few key features of its research and education sections:- IBKR Campus
- Trader’s Academy
- Insights
- Blogs and webinars
- Quizzes and FAQs
- Videos
- Webinars
Account Types and Minimums
IBKR offers a wide range of account types for retail and corporate customers. These account options include:- Individual or joint accounts
- Trading and IRA accounts
- Family Accounts
- Hedge Funds
- Managed Portfolios
