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Written by: Adam N. Updated: Dec 2022
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Things to consider

There are many aspects to assessing a broker’s services in general, maybe even too many to list. Below, we’ll focus on the most important criteria that should be taken into account when determining whether a broker is good for beginners.

A beginner-friendly broker should have:

  • an excellent web and mobile trading platform
  • low fees
  • great educational tools
  • good customer service
  • an easy account opening process
  • low minimum deposit

Legitimacy is also very important, but since we recommend only legit brokers regulated by top-tier financial authorities, this is one thing you don’t have to worry about.

More and more people are looking to become a player on financial markets either as traders or investors. However, when researching the basics, it can be easy to feel overwhelmed by the sheer amount of information available online.

This is where BrokerChooser offers a helping hand. The reason is simple: choosing the right service, especially when you are taking your first steps in trading, is highly important.

In this article we’ll check whether Interactive Investor is the right choice for a starting trader.

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Is Interactive Investor good for beginners
Is Interactive Investor good for beginners?

Based on our scoring methodology, Interactive Investor is a broker that we can recommend for beginners.

Let's take a look at its services one by one, following the criteria we set above, to get the whole picture.

  • 💻 When it comes to its web platform, Interactive Investor might suit the needs of beginners: User-friendly. Clear fee report. Two-step (safer) login. Overall, this platform may be an optimal choice for beginners.
  • 📱 Sadly, Interactive Investor's mobile platform is not its strongest side, but there are a few positive aspects to it: User-friendly. Good search function. Touch/Face ID login. On the other hand, there are some things that could be improved: No two-step (safer) login. No price alerts.
  • 🕖 An account opening process is great when it is seamless from the get-go. Interactive Investor does an excellent job in this area: Fast. Fully digital. No minimum deposit.
  • 📚 Interactive Investor's education materials are a great place to start: Demo account. Trading platform tutorial. Educational videos. This makes Interactive Investor's material worthy reading.
  • 📞 Phone support. Relevant answers. However, there is some room for improvement in Interactive Investor's customer service: No live chat. No 24/7 support. Slow email support.
  • 💰 Low minimum deposits and low-cost transactions are attractive for new traders. Interactive Investor's deposit and withdrawal processes have some good things to offer: Credit/Debit card available. No deposit fee. Free withdrawal in GBP or EUR.

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Is Interactive Investor good for beginners
Overview of Interactive Investor's services

Let’s take an overall look at how Interactive Investor compares to its peers when it comes to platforms, fees, account opening and education tools. Our scores are on a scale of 1.0 to 5.0, from worst to best.

Interactive Investor services vs. similar brokers
Interactive Investor AJ Bell Youinvest Hargreaves Lansdown
Web platform score 4.3 stars 3.7 stars 3.7 stars
Mobile platform score 3.8 stars 4.2 stars 3.9 stars
Fees Low Average Average
Account opening score 5.0 stars 5.0 stars 4.6 stars
Education score 5.0 stars 3.5 stars 3.5 stars
Customer service score 2.8 stars 5.0 stars 4.5 stars
Deposit and withdrawal score 4.3 stars 3.8 stars 3.8 stars

If you wish to read more about Interactive Investor, click 'Visit Broker' to go to the broker's website. We also have a detailed review of the broker that you can read by clicking on the 'More' button.

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Is Interactive Investor good for beginners
Is Interactive Investor legit?

We hear more and more stories each day about clients who lost their money to scammers from Telegram or through unregulated services. BrokerChooser only features brokers that have top-tier financial regulators. As such, Interactive Investor is a legit and trusted broker.

If you’d like to know more, check out our deeper dive into Interactive Investor's legitimacy.

Is Interactive Investor good for beginners
Where can I find more information?

If Interactive Investor is not the right broker for you, go ahead and check out our picks for Best Brokers for Beginners in 2023 for some alternatives.

Also, if you feel that some things weren’t clear when it comes to the brokerage world, no worries. We have lots of content to cover your questions. You can find our articles in the Education section of our site.

For example, if you want to know how to buy shares online and how the whole process works, there’s an article about that. If you’d like to learn more about investing in stocks or what short selling is, we have articles about these topics too.

We have also written a few materials that focus on recent events in the news, like what a short squeeze is.

We hope you found all of the information above useful. If you have any questions, we’d love to hear from you, just write to us at [email protected]. See you there!

Author of this article

Adam Nasli

Author of this article

Adam is a motivated finance expert. He joined BrokerChooser in 2018 and has since tested almost all 100+ brokers covered by BrokerChooser. Adam holds a professional degree from CEU and he helps teach finance and programming courses at his alma mater. Previously he worked in the banking sector, including at Citi Bank. He loves researching the financial industry, managing his long-term investments, and trading with algorithms.

Adam Nasli

Analyst Head

Adam is a motivated finance expert. He joined BrokerChooser in 2018 and has since tested almost all 100+ brokers covered by BrokerChooser. Adam holds a professional degree from CEU and he helps teach finance and programming courses at his alma mater. Previously he worked in the banking sector, including at Citi Bank. He loves researching the financial industry, managing his long-term investments, and trading with algorithms.

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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