15 Low-Cost Investment Platforms for Beginners - Budget and Invest (2024)

Investing your hard-earned money can be an intimidating endeavor for first-time investors. You want to grow your portfolio but are nervous and want someone to help you. Luckily, there are some online tools for beginners like yourself. The following sites are listed as some of the best platforms for first-timers.

1. E-Trade

E-Trade was the first company to have a fully functional online platform, and it is still going strong today. Not only will you get the standard zero commissions on stocks and EFTs, but you will also get website training webinars and training videos to help you grow your portfolio. Zero fees and no minimum account balance are attractive to first-time investors.

2. Moomoo

You’ll feel comfortable trading on Moomoo’s platform due to its beginner-friendly features like options trading, commission-free stock, EFT, and interactive tools to help guide you. These helpful tools include revenue breakdowns and analyst ratings. There are zero fees for trading and a zero-dollar minimum deposit. Plus, Moomoo will give you between 5 and 16 free stocks when you deposit $100 to $1,000.

3. SoFi

Not only does SoFi trade stocks, options, EFTs, and crypto, but they also offer no-cost financial advice and a free robo-advisor. You can invest, borrow, and bank from one platform. It’s like a one-stop shop for all things financial. SoFi offers unlimited free financial advice for all life’s challenges, a service most other companies cannot compete with. In addition, they offer one of the best sign-up bonuses on the market. Get up to $1,000 in stock, depending on your initial deposit, within 30 days of account setup.

4. Ally

Ally offers all the investment opportunities you will need for a first-time trader. The app is very user-friendly and provides a streaming platform full of internet research and market analysis. Fees are competitive with their peers and offer the basic needs for starting your portfolio.

5. Public

Public.com is helping its investors dip their toe in the pool of investing. The public has a zero commission on trade and EFT exchanges, but what users enjoy about the website is the ability to trade alternative assets. You can invest in NFTs, crypto, fine art, and collectibles. Collectibles include anything from sports memorabilia to rare comic books. Public will help you along the way, making your first step into investing as easy as possible.

6. Interactive Brokers

One of the highlights of the Interactive Brokers website is that it offers a simulated trading model for newer investors to practice. Besides that, they have two different platforms to choose from. Their platform, geared for beginners, is GlobalTrader, which offers the simplest way to trade stocks, EFTs, and crypto globally. All that with zero commissions and a zero-dollar minimum deposit.

7. Robinhood

The creators of Robinhood have been on a mission to provide the simplest form of investing they can for clients new to the world of investing. Their app is streamlined for convenience and simplicity. Robinhood has launched some new features, which include 24/5 trading and IRAs with matching contributions. Plus, you will get a free stock once you link your banking information. All of this has kept Robinhood as the top option for beginners.

8. eToro

One of the appeals of eToro is it is a community-based platform with social sharing. You can watch, observe, and interact with other traders as you learn and grow. You can invest in fractional shares for as little as $10. You can also practice with virtual money until you feel comfortable using your own money. All of that with zero commissions and no minimum starting deposit.

9. Acorns

Acorn’s main appeal for new users is that they take your spare change and round up to the dollar. They then take that change and add it to your portfolio. This automated feature is simple and easy. You are saving money without even knowing it. Enjoy a $20 bonus when you sign up and pay the flat fee for the subscription, which will never go up.

10. Cash App

Cash App offers a variety of tools for its beginner investors. Simple charts, graphs, company news updates, and professional support and analysts give their users all the tools they need to succeed. Invest with as little as $1, and start trading stocks and EFTs. Cash App even allows its users to purchase crypto. That’s a great way to start investing safely with little risk.

11. Webull

Webull is offering commission-free stocks, EFTs, and options like many of its other competitors, but what makes it special is the education hub. Take advantage of their teaching portals and social network connecting you with other traders. Webull also has a “Robo Advisor” that allows you to outsource your investing and want a handoff approach. There is also a separate platform for crypto investing for those interested in that type of investing.

12. Fidelity Investments

Fidelity has made a name for itself due to its industry-low fees, 24/7 customer service support, user-friendly app, and wide variety of available investments. They offer educational tools and free portfolio planning. Take advantage of automated and human interaction, plus a $100 bonus when you open an account with as little as $50.

13. Merril Edge

Merril Edge and Bank of America have been under the same umbrella, and their customers rave about their platform and mobile app. The service is competitive in the discount brokerage category. Beginners and expert-level investors benefit from all of the research and educational tools. Suppose you are already a Bank of America customer. In that case, Merril Edge is a no-brainer to get your portfolio off the ground.

14. TD Ameritrade

A well-known and trusted name in financial services, TD Ameritrade, is a safe platform for first-time investors. They offer no account management fees or minimums. You’ll enjoy first-class research tools and updated investment advice regularly. The standard zero commissions on trades and EFTs are also included in the service.

15. Charles Schwab

Charles Schwab is a recognizable name in the investment world, so it is not surprising that entry-level investors prefer their services. Pretty much everything you need, they have. Automated and human advisors are there for your questions and concerns 24 hours a day. They have educational tools and market analytics that are easy to read and understand. New investors can get up to $100 when they join and start trading. You can not go wrong with Charles Schwab.