Intro and winners
Find below the best brokers for beginners available in Malawi, updated for 2023:
- eToro - the best broker for beginners in Malawi in 2023. Free stock and ETF trading. Seamless account opening. Social trading.
- Freetrade - Free stock and ETF trading. Easy and fast account opening. Great mobile trading platform.
- Webull - Free stock, ETF and options trading. Fast and easy account opening. Great trading platforms.
- moomoo - Commission-free stock and ETF trading. Fast and easy account opening. Quality analytical tools and excellent education services.
- Trading 212 - Real stocks and ETFs are commission-free. Quick and easy account opening. Great trading platforms.
- Alpaca Trading - Great API trading service. Free stock & ETF trading. Fantastic charting tools.
- nextmarkets - Commission free real stocks and ETFs. Quick and easy account opening. Great email and phone support.
- TD Ameritrade - Low trading fees (free stock and ETF trading). Superb desktop trading platform. Great customer support.
- Merrill Edge - Low trading fees. Easy and seamless account opening. Strong parent company.
- EasyEquities - Low trading fees and non-trading fees. Excellent educational materials. Easy and fully digital account opening.
Best brokers for beginners
Overview of the best brokers for beginners
While many online brokers suitable for beginners offer an excellent service, the ones in our toplist go the extra mile.
| Broker | Minimum deposit | Time to open account |
|---|---|---|
| eToro | $10 For Israeli clients, the minimum first-time deposit is $10,000. For residents of Australia and the US, it is $50, while for residents of Russia, China, Hong Kong, Taiwan and Macau, it is $500. | 1 day |
| Freetrade | $0 No minimum deposit | 1 day |
| Webull | $0 No minimum deposit for cash accounts, but there is a $2,000 minimum for margin accounts | 1 day |
| moomoo | $0 There is no minimum deposit | 1-3 days |
| Trading 212 | $0 No minimum deposit | 1 day |
| Alpaca Trading | $0 $0 for retail account, $30,000 for business accounts | 1 day |
| nextmarkets | $0 There is no minimum deposit | 1 day |
| TD Ameritrade | $0 $0 for US non-margin accounts, $2,000 for US margin accounts, and clients in Malaysia and Singapore are recommended to start with $3,500. | 1-3 days |
| Merrill Edge | $0 No minimum deposit | 1 day |
| EasyEquities | $0 There is no minimum deposit | >3 days |
Popularity of the best brokers for beginners in Malawi
Interested in what others think? Here's how many people chose these brokers at BrokerChooser in the last 6 months.
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Best brokers for beginners
Fees at the best brokers for beginners
| Broker | US stock | UK stock |
|---|---|---|
| eToro | $0.0 Free stock and ETF trading | $0.0 Free stock and ETF trading, except for clients from Australia, where a 0.09% spread cost per transaction applies |
| Freetrade | $0.0 Commission-free | $0.0 Zero commission |
| Webull | $0.0 $0 per trade plus regulatory and exchange fees | - Not available |
| moomoo | $0.0 $0 per trade | - Not available |
| Trading 212 | $0.0 Commission-free | $0.0 Commission-free |
| Alpaca Trading | $0.0 Commission-free stock trading | - Not available |
| nextmarkets | $0.0 Commission-free stock trading for orders above €250 | - Not available |
| TD Ameritrade | $0.0 Free stock and ETF trading | - Not available |
| Merrill Edge | $0.0 Commission-free stock and ETF trading | - Not available |
| EasyEquities | $5.0 0.25% per transaction | - Not available |
Best brokers for beginners
Non-trading fees at the best brokers for beginners
Non-trading fees are charges that are not directly related to a trade and typically include the account maintenance fee, deposit/withdrawal fees and the inactivity fee.
| Broker | Account fee | Inactivity fee |
|---|---|---|
| eToro | No account fee | $10 per month after one year inactivity. Inactivity means that you don't log in to your account |
| Freetrade | No account fee on general investment account, £3 monthly fee for ISA accounts, and 9.99 monthly fee for Freetrade Plus accounts | No inactivity fee |
| Webull | No account fee | No inactivity fee |
| moomoo | No account fee for US stocks, but HK$ 15 per order for Hong Kong stocks | No inactivity fee |
| Trading 212 | No account fee | No inactivity fee |
| Alpaca Trading | No account fee | No inactivity fee |
| nextmarkets | No account fee. | No inactivity fee |
| TD Ameritrade | No account fee | No inactivity fee |
| Merrill Edge | No account fee | No inactivity fee |
| EasyEquities | No account fee | No inactivity fee |
And now, let's see in detail the best online brokers for beginners in 2023 one by one.
#1 Best broker for beginners
eToro
Recommended for traders interested in social trading (i.e. copying other investors’ trades) and zero-commission stock trading
| 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 |
#2 Best broker for beginners
Freetrade
Recommended for long-term investors on the hunt for low fees and focusing on the uk and us markets
| Freetrade snapshot | |
|---|---|
| Minimum deposit | $0 |
| US stock fee | $0.0 |
| Demo account | No |
| Mobile platform score | 4.7 stars |
| Time to open account | 1 day |
| Inactivity fee | No |
| Read review | For a detailed analysis of Freetrade services, check out our review for 2023 |
#3 Best broker for beginners
Webull
Recommended for investors and traders looking for zero-commission trading and easy platforms
| 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 |
#4 Best broker for beginners
moomoo
Recommended for investors and traders looking for zero-commission trading and focusing on us markets.
| 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 |
#5 Best broker for beginners
Trading 212
Recommended for equity investors and cfd traders looking for easy-to-use trading platforms
| Trading 212 snapshot | |
|---|---|
| Minimum deposit | $0 |
| US stock fee | $0.0 |
| Demo account | Yes |
| Mobile platform score | 4.9 stars |
| Time to open account | 1 day |
| Inactivity fee | No |
| Read review | For a detailed analysis of Trading 212 services, check out our review for 2023 |
#6 Best broker for beginners
Alpaca Trading
Recommended for traders interested in algorithmic stock trading
| 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 |
#7 Best broker for beginners
nextmarkets
Recommended for traders and investors looking for low fees
| nextmarkets snapshot | |
|---|---|
| Minimum deposit | $0 |
| US stock fee | $0.0 |
| Demo account | Yes |
| Mobile platform score | 4.8 stars |
| Time to open account | 1 day |
| Inactivity fee | No |
| Read review | For a detailed analysis of nextmarkets services, check out our review for 2023 |
#8 Best broker for beginners
TD Ameritrade
Recommended for investors and traders looking for solid research and a well-equipped desktop trading platform
| 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 |
#9 Best broker for beginners
Merrill Edge
Recommended for investors and traders looking for low fees, quick account opening and simple platforms
| Merrill Edge snapshot | |
|---|---|
| Minimum deposit | $0 |
| US stock fee | $0.0 |
| Demo account | No |
| Mobile platform score | 4.8 stars |
| Time to open account | 1 day |
| Inactivity fee | No |
| Read review | For a detailed analysis of Merrill Edge services, check out our review for 2023 |
#10 Best broker for beginners
EasyEquities
Recommended for long-term investors focusing on stocks and etfs
| EasyEquities snapshot | |
|---|---|
| Minimum deposit | $0 |
| US stock fee | $5.0 |
| Demo account | Yes |
| Mobile platform score | 4.3 stars |
| Time to open account | >3 days |
| Inactivity fee | No |
| Read review | For a detailed analysis of EasyEquities services, check out our review for 2023 |
Best brokers for beginners
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Best brokers for beginners
How did BrokerChooser select the best online brokers for beginners in Malawi?
- 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.
Our expert team has done all the work for you, and reviewed brokers based on BrokerChooser's unique methodology.
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.
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.
Want to learn more?
Check out these articles written by our broker and trading experts:
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.
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