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Intro and winners
The best brokers for millennials in 2022 are:
- Webull is the winner. Free stock, ETF and options trading. Fast and easy account opening. Great trading platforms.
- Robinhood came in second. Free US stock and ETF trading. Great mobile and web trading platforms. Fast and fully digital account opening.
- Freetrade rounds out the top three. Free stock and ETF trading. Easy and fast account opening. Great mobile trading platform.
| Broker | Accepts clients from | Overall score | Mobile platform score | Fee score | |
|---|---|---|---|---|---|
| #1 | Webull | US, China, and Hong Kong | 4.7 | 5.0 stars | 4.8 stars |
| #2 | Robinhood | US | 4.3 | 5.0 stars | 4.9 stars |
| #3 | Freetrade | UK | 4.5 | 4.7 stars | 4.7 stars |
What is the perfect broker match for millennials and the younger generation?
Based on our research and customer feedback, we see a clear trend emerging. While fees are as important as for any other client group (no surprise here), millennials by and large place a lot of emphasis on the usability and features of the mobile platform. These factors weighed heavily when drawing up the list of best brokers for millennials.
And now, let's see the best brokers for millennials, one by one, starting with the winner, Webull.
#1 Best brokers for millennials
Webull
Webull is a US-based fintech startup offering zero-fee or discount brokerage services. Founded in 2017, the company is regulated by the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) as well as the Hong Kong Securities and Futures Commission (SFC).
Check out our Webull review tailored to the needs of beginner investors and traders.
Webull is regulated by top-tier financial authorities and provides a maximum of $500,000 in investor protection, including a $250,000 limit for cash under the Securities Investor Protection Corporation's (SIPC) protection scheme, which are all great signs for its safety.
#1 Webull
Mobile trading platform
Webull's mobile app is user-friendly and well-designed. The platform has every feature you may need, including an advanced order panel, price alerts and two-step login.
| Pros | Cons |
|---|---|
| • User-friendly | None |
| • Two-step (safer) login | |
| • Good variety of order types |
#1 Webull
Fees
Webull offers commission-free trading for US-listed stocks, ETFs and options. There is no withdrawal fee for ACH transfers and no inactivity fee. However, wire transfer fees are high.
| Pros | Cons |
|---|---|
| • No commission (for stocks, ETFs, options) | • High wire transfer costs |
| • ACH transfers are free for funding & payout |
| Webull | Robinhood | Freetrade | |
|---|---|---|---|
| US stock | $0.0 | $0.0 | $0.0 |
| UK stock | - | - | $0.0 |
| US stock options | $0.0 | $0.0 | - |
| Webull | Robinhood | Freetrade | |
|---|---|---|---|
| Account fee | No | No | No |
| Inactivity fee | No | No | No |
| Withdrawal fee | $0 | $0 | $0 |
#2 Best brokers for millennials
Robinhood
Robinhood is a US-based, zero-fee discount broker established in 2013. The company is regulated by top-tier financial authorities, such as the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
Besides the brokerage service, Robinhood also introduced Cash Management to help clients earn interest on uninvested funds. Click here for more details on this great and unique service.
BrokerChooser is committed to bringing high transparency and clarity to its customers, including brokers and partners. BrokerChooser's Advertiser Disclosure.
#2 Robinhood
Mobile trading platform
The Robinhood mobile platform is one of the best we've tested. It is safe, well designed and user-friendly.
| Pros | Cons |
|---|---|
| • User-friendly | None |
| • Two-step (safer) login | |
| • Good search function |
#2 Robinhood
Fees
Trading US stocks and ETFs is free at Robinhood. The broker doesn't charge an inactivity or withdrawal fee.
| Pros | Cons |
|---|---|
| • Commission-free US stock and ETF trading | None |
| • No fee for deposit or withdrawal | |
| • Transparent fee structure |
| Webull | Robinhood | Freetrade | |
|---|---|---|---|
| US stock | $0.0 | $0.0 | $0.0 |
| UK stock | - | - | $0.0 |
| US stock options | $0.0 | $0.0 | - |
| Webull | Robinhood | Freetrade | |
|---|---|---|---|
| Account fee | No | No | No |
| Inactivity fee | No | No | No |
| Withdrawal fee | $0 | $0 | $0 |
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#3 Best brokers for millennials
Freetrade
Freetrade is a UK-based fintech startup providing commission-free stock trading, regulated by the UK's Financial Conduct Authority (FCA). The company was founded in 2016.
Freetrade is considered safe because it is regulated by a top-tier regulator, the FCA.
#3 Freetrade
Mobile trading platform
Freetrade has a user-friendly and well-designed mobile trading platform, with an efficient search function. However, there are only two order types and you cannot set price alerts.
| Pros | Cons |
|---|---|
| • User-friendly | • Limited order types |
| • Two-step (safer) login | • No price alerts |
| • Good search function |
#3 Freetrade
Fees
At Freetrade, you can trade stocks and ETFs free of charge. Also, there are no account, inactivity or withdrawal fees. However, there is a high, 0.45% fee for converting your funds to USD.
| Pros | Cons |
|---|---|
| • Free stock and ETF trading | • High currency conversion fee |
| • No inactivity fee | |
| • No withdrawal fee |
| Webull | Robinhood | Freetrade | |
|---|---|---|---|
| US stock | $0.0 | $0.0 | $0.0 |
| UK stock | - | - | $0.0 |
| US stock options | $0.0 | $0.0 | - |
| Webull | Robinhood | Freetrade | |
|---|---|---|---|
| Account fee | No | No | No |
| Inactivity fee | No | No | No |
| Withdrawal fee | $0 | $0 | $0 |
Not sure which broker to choose? For a tailored recommendation, check out our broker finder tool. If you enter the name of your country, it will display only the relevant brokers. Want more details? Compare brokers with our in-depth comparison table.
Best trading platform for millennials in 2022 - Fee comparison included
How did we pick the best brokers for millennials?
We examined 103 quality online brokers by testing them with real accounts. We evaluated their mobile trading platforms (hard to imagine but some brokers still don't have one) as well as their fees. Lastly, we checked the overall score as it incorporates many aspects of the broker's services (such as withdrawals, safety, account opening).
Best trading platform for millennials in 2022 - Fee comparison included
Keep in mind - safety
We recommend only quality brokers, so you can be sure that none of the listed online brokers is a scam. To be on the safe side, we check safety-related criteria, such as regulation, investor protection amount, and the transparency of the broker's financials. All the brokers you find on BrokerChooser are regulated by at least one top-tier financial authority.
However, financial companies can still go bust. Remember the collapse of Lehman Brothers? In such cases, it is important to know what happens with the securities, cash and derivative/leveraged positions in your account.
In the worst case scenario, for example if the broker commits fraud or just simply cannot pay you, you have a last resort – the investor protection scheme of the country where the broker is regulated.
The investor protection amount differs from country to country, it is worth checking it before you open an account.
| Webull | Robinhood | Freetrade | |
|---|---|---|---|
| Investor protection amount | $500,000 (securities up to $500,000, cash up to $250,000) for US customers, and HKD 500,000 for securities and HKD 0 for cash in Hong Kong and China | $500,000 (securities up to $500,000, cash up to $250,000) | £85,000 |
| Country of regulation | USA, Hong Kong | USA | UK |
| Visit broker | Visit broker | Visit broker |
Best trading platform for millennials in 2022 - Fee comparison included
Bottom line
Now that you have seen the details, let's zoom out. Here are the best brokers for millennials in 2022:
| Webull | Robinhood | Freetrade | |
|---|---|---|---|
| Broker intro | US discount broker | US zero-fee discount broker | UK discount broker |
| Overall score | 4.7 | 4.3 | 4.5 |
| Mobile platform score | 5.0 stars | 5.0 stars | 4.7 stars |
| Fees score | 4.8 stars | 4.9 stars | 4.7 stars |
| Visit broker | Visit broker | Visit broker |
We consider all of these brokers a great choice. Pick the winner or any of the runners-up and take the next step in your investment journey. Let us know what you think in the comments section.
Still unsure? Use our broker finder tool to find the best broker for you or learn more about investing your money.
