What is the BEST online broker site for newbies?

Discussion in 'Online Brokers' started by LuckyGirl08, Sep 22, 2014.

  1. remnant

    remnant Well-Known Member

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    The best brokers for newbies should have an easy to use site or platform. They should also have a robust offerring of educational content and access to virtual trading practice in order to hone the art of trading. All these qualities are embodied in TD Ameritrade and Charles Schwab. The latter often waiver its account minimum of $1,000 for investors who agree to auto deposits of $100 a month.
     
  2. baudwalk

    baudwalk Senior Investor

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    FWIW, I was a Schwab customer for something around 20 years or so. Near retirement, our local bank changed hands and we opted to move to Schwab Bank to complement the brokerage and IRA accounts. The idea was to make everything portable in the event we were to move or travel extensively. One would think the bank and brokerage under one corporate roof would make things easier, but it was akin to separation of church and state. Two sets of customer reps, a nuisance to move money, confusing statements each month... the list goes on. We switched to Fidelity ~4 years ago. It is much better as a one-stop shop, one call to one rep takes care of everything (except one instance when an ATM shorted us on money dispensed and one call to the credit card issuer was required to report the event), my tax person finds the statements easier to handle, and the one phone/tablet app does brokerage tranactions, research and bill paying. The one give up were the Schwab in-office seminars at the local storefront, but Fidelity has a ton of online training materials and live webinars. Both are backed up by customer telephone reps who can handle Q&A. Fidelity, like Schwab, has brick-and-mortar storefronts for ease of initial account setups, financial planners, et al; we lIke handling paper work on a face-to-face basis rather than by mail. Obviously the choice of brokers is dependant upon the needs and wants of the would-be customer, but for us we couldn't be happier with leaving Schwab. (We continue to keep a small checking account at a local bank to deposit occasional checks and piggy bank change, and autopay a safe deposit box fee.) For those concerned about the amount of the brokerage transaction fee, Schwab is $8.95 and Fidelity is $7.95 per trade. HTH. YMMV.
     
  3. changed

    changed New Member

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    Thank you ! :)

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  4. longtermbull

    longtermbull Administrator Staff Member

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    Quick tip - when you find a good online broker dont keep jumping around to others just for the sake of a few $s. I prefer a reliable service over a cheap service - remember, a delay in trading could cost you a lot of money!
     

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