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Best brokers for beginners in 2023

eToro Logo
1st place
eToro
Visit broker
Your capital is at risk
Webull Logo
2nd place
Webull
Alpaca Trading Logo
3rd place
Alpaca Trading

How do we recommend the best online brokers for beginners in 2023?

  • We conducted interviews with newcomers who had little to zero trading experience trading.
  • We checked whether brokers offers educational tools, like a demo account or learning material.
  • We opened an account and tested the trading platform with our own money.
  • We looked at how easy and user-friendly it is to open an account for beginners.
  • We checked how easy it is to understand fees for new users.
  • We also checked and compared 102 brokers with a special focus on fees and their trading platform.
Save hours of research!
Our expert team has done all the work for you, and reviewed brokers based on BrokerChooser's unique methodology. Now let's jump straight to the results.


Top online brokers for beginners in the United States in 2023


  1. eToro - the best broker for beginners in 2023. Free stock and ETF trading. Seamless account opening. Social trading.
  2. Webull - Free stock, ETF and options trading. Fast and easy account opening. Great trading platforms.
  3. Alpaca Trading - Great API trading service. Free stock & ETF trading. Fantastic charting tools.
  4. moomoo - Free stocks, ETFs and options. Fast and easy account opening. Quality analytical tools and excellent education.
  5. TD Ameritrade - Low trading fees (free stock and ETF trading). Superb desktop trading platform. Great customer support.
Check out the best brokers in another country

Best brokers for beginners
The essence

eToro is our winner, the best broker for beginners in 2022. It is the best broker available in your country that is best suited for beginner needs. Beginner traders need an easy-to-use mobile trading platform, good educational material and transparent, low fees.

All the other brokers in the top five are considered great choices as well. Pick any of them and take the next step in your investment journey. Let us know what you think in the comments section.



Now let’s look at the key details for the best trading platforms for beginners in 2022 along the most important parameters!

Fees at the best brokers for beginners

eToro Webull Alpaca Trading moomoo TD Ameritrade
US stock $0.0 $0.0 $0.0 $0.0 $0.0
UK stock $0.0 - - - -
Fees score 4.3 stars 4.8 stars 4.8 stars 4.6 stars 4.1 stars

All commissions are for opening a position, holding for a week, and closing.

Non-trading fees at the best brokers for beginners

eToro Webull Alpaca Trading moomoo TD Ameritrade
Account fee No No No No No
Inactivity fee Yes No No No No
Withdrawal fee $5 $0 $0 $0 $0

Platform comparison for best brokers for beginners

eToro Webull Alpaca Trading moomoo TD Ameritrade
Mobile platform score 4.9 stars 5.0 stars 4.2 stars 4.5 stars 4.8 stars
Web platform score 4.4 stars 5.0 stars 3.7 stars - 4.3 stars

Selected scores and data of the top recommended brokers for beginners in 2023

eToro Webull Alpaca Trading moomoo TD Ameritrade
Served countries Globally US, China, and Hong Kong USA only US US, China, Hong Kong, Malaysia, Singapore, Thailand, Taiwan, Canada (through TD Direct Investing)
Minimum deposit $10 $0 $0 $0 $0
Education score 4.8 stars 4.0 stars 5.0 stars 5.0 stars 5.0 stars
Customer service score 4.0 stars 3.3 stars 3.7 stars 5.0 stars 5.0 stars
Deposit and withdrawal score 3.8 stars 1.9 stars 1.8 stars 1.9 stars 2.2 stars

Find my broker

Not sure which broker is best for you? For a tailored recommendation, check out our broker finder tool. You can enter your country and it will narrow down the list of brokers to those that are available where you live. Want more details? Compare brokers with the help of our in-depth comparison tool.

And now, let's see in detail the best online brokers for beginners in 2023 one by one:

eToro Logo

#1 Best broker for beginners
eToro

Recommended for traders interested in social trading (i.e. copying other investors’ trades) and zero commission stock trading

Visit broker
Your capital is at risk

eToro snapshot
Minimum deposit $10
US stock fee $0.0
Demo account Yes
Mobile platform score 4.9 stars
Time to open account 1 day
Inactivity fee Yes
Read review For a detailed analysis of eToro services, check out our review for 2023
Webull Logo

#2 Best broker for beginners
Webull

Recommended for investors and traders looking for zero-commission trading and easy platforms

Visit broker

Webull snapshot
Minimum deposit $0
US stock fee $0.0
Demo account Yes
Mobile platform score 5.0 stars
Time to open account 1 day
Inactivity fee No
Read review For a detailed analysis of Webull services, check out our review for 2023
Alpaca Trading Logo

#3 Best broker for beginners
Alpaca Trading

Recommended for traders interested in algorithmic stock trading

Visit broker

Alpaca Trading snapshot
Minimum deposit $0
US stock fee $0.0
Demo account Yes
Mobile platform score 4.2 stars
Time to open account 1 day
Inactivity fee No
Read review For a detailed analysis of Alpaca Trading services, check out our review for 2023
moomoo Logo

#4 Best broker for beginners
moomoo

Recommended for investors and traders looking for zero-commission trading and focusing on us markets.

Visit broker

moomoo snapshot
Minimum deposit $0
US stock fee $0.0
Demo account Yes
Mobile platform score 4.5 stars
Time to open account 1-3 days
Inactivity fee No
Read review For a detailed analysis of moomoo services, check out our review for 2023
TD Ameritrade Logo

#5 Best broker for beginners
TD Ameritrade

Recommended for investors and traders looking for solid research and a well-equipped desktop trading platform

Visit broker

TD Ameritrade snapshot
Minimum deposit $0
US stock fee $0.0
Demo account Yes
Mobile platform score 4.8 stars
Time to open account 1-3 days
Inactivity fee No
Read review For a detailed analysis of TD Ameritrade services, check out our review for 2023

Best brokers for beginners
What makes a great broker for beginners

Now you know which are the best brokers for beginners. Curious how we assembled this list? Let's go through two points in a bit more detail: whether these brokers are reliable, and what criteria we looked at as we compiled the list.

Are these brokers reliable?

You can be sure none of the brokers in our top list is a scam. They are all regulated by at least one top-tier authority. Some of them are also listed on a stock exchange, and some have a banking background, which all add an extra layer of security.

How did BrokerChooser pick the best brokers for beginners?

Here at BrokerChooser, we test online brokers along nearly 500 criteria, using real accounts and real money. We don't want to overwhelm you, so we'll list only the three most important criteria we used to identify the best brokers for beginners:

3 most important criteria for finding the best brokers for beginners in 2023
1. Fees The overall cost of a typical trade can be 10-15 times higher at one broker than at another. So it pays to take a close look at fees.
2. Mobile trading platform A user-friendly and well-equipped trading platform can significantly increase your comfort with trading.
3. Education Are you unfamiliar with concepts like spread or leverage? Good educational tools can help you understand the basics of trading.

Best brokers for beginners
Glossary

Here is a glossary to help you with some terms in our review:

Inactivity fee: a fee that is charged when a customer has not done any buying or selling on their brokerage account for a specific amount of time determined by the brokerage.

Withdrawal fee: an amount you need to pay when you withdraw money from your trading account to your bank account.

Deposit fee: this is charged when you send money to your trading account at an online broker. The fee may differ depending on the method of transfer (i.e. bank card, bank transfer, e-wallets, etc.).

Regulators: these are official bodies established by governments or other organizations to oversee the functioning and fairness of financial markets, including markets, exchanges and firms. They also oversee that investors are not fooled by scams, and in case of wrongdoing, they try to provide some level of financial and legal backing.

Investor protection: this means that up to a certain limit, you get your money back if the broker goes into bankruptcy or commits fraud.

Non-trading fees: charges not directly related to trading, such as deposit/withdrawal fees or inactivity fees.

Trading fees: these are charged when you trade; for instance, in the form of a commission, spreads, financing rates, margin rates or a conversion fee.

Still sounds confusing? You can dive into our broader glossary explaining all the exotic terms of the financial world. We also have a forex trading glossary dedicated to terms specifically related to forex trading.

Best brokers for beginners
Further reading for beginners

Best brokers for beginners
FAQ

Which broker should I use as a beginner?

Low fees and an excellent mobile platform make a broker great for beginners. Beginners can also benefit greatly if a broker has excellent educational material, and tools, such as a demo account. The best way to start your journey in the world of investing is by learning. We provide a great starting point on our education page, where you can find a lot of useful learning materials. Here we give you some tips on how to start investing. To find the best online broker for your level of expertise and risk-tolerance, use our find my broker tool.

Which broker should I use as a beginner?

Low fees and an excellent mobile platform make a broker great for beginners. Beginners can also benefit greatly if a broker has excellent educational material, and tools, such as a demo account. The best way to start your journey in the world of investing is by learning. We provide a great starting point on our education page, where you can find a lot of useful learning materials. Here we give you some tips on how to start investing. To find the best online broker for your level of expertise and risk-tolerance, use our find my broker tool.

Where should a beginner invest in stocks?

Before you make stock investments, you should draw up a plan, which involves several basic questions you ought to think about, such as what is your objective, how much time do you want to spend investing and what level of risk you want to take. For beginners, one of the best ways to to starting investing in stocks is choosing an index fund or stock mutual funds, which are an easy and low-cost way to tip your toe into the stock market. We put together a guide on how to start investing in stocks, and how to buy shares online. We explicitly guide you through how to invest in stocks. We also give you tips on how much you should invest when you are starting out. You can also browse through our top recommendations for best trading platforms for stocks.

Is trading gambling?

Trading is not gambling, although some poeple might treat it like that, but they will learn quickly that gamblers lose their money. The goal of a trader is to make predictions that will be as accurate as possible to make money, while gamblers can't predict anything, they bet. People who trade for the thrill of it, or because they want to prove something, or can’t accept losing on the market from time to time, and don’t have a plan or consistency, are trading in a gambling style. New online trading apps have recently come under the spotlight for bringing a gambling aspect into trading. The gamification of trading, with easy-to-use online platforms, little education for retail traders and the social pressure of ‘FOMO’ also contribute to a gambling attitude on the market. Serious traders should consider their objectives, their attitudes to risk, and carefully devise an investment strategy when entering a market.

Is trading hard to learn?

Trading is not diffficult to learn if you invest enough time and energy into it. But that is a big if. Plenty of people trade, but the more time you spend studying trading, the more you practice, - as with everything else -, the better results you can expect. Knowing yourself, your attitude to risk-taking, and being patient and disciplined are also crucial factors if you want to be successful. Keep a cool head, don’t look for easy money, commit to studying trading and always have a trading plan. Our aim is to make personal investing as clear and accessible for you, as possible. Our educational page is a good starting point. You can also learn from our expert traders about the difference between investing and trading, and learn here about how to become a trader. You can also learn about different investment strategies from us.

Author of this article

Ádám Nasli

Author of this article

Ádám worked in banking and investment, and holds a professional degree in this field. He is a motivated finance expert, having joined BrokerChooser in 2018. He's also eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible. In his spare time, he loves learning new things, especially data science, algo-trading, programming and trading.

Ádám Nasli

Analyst head

Ádám worked in banking and investment, and holds a professional degree in this field. He is a motivated finance expert, having joined BrokerChooser in 2018. He's also eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible. In his spare time, he loves learning new things, especially data science, algo-trading, programming and trading.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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