Heard about some stories on how people were able to make money online? Most of them will tell you something about investing and stocks, if you are pretty new to all of these but wants to start making money online too, here are our top online brokers 2020 you might want to check.
In finding the top online trading platform for beginners, we searched and did out research, reaching out to some newbies on the field. To give you a glimpse of the best online trading platforms in 2020, here they are:
- eToro – we have a detailed etoro review since we placed this on top 1 for the best online broker this 2020. With its free stock and ETF trade, easy account opening, and CopyTrading feature. We’d say it’s best for first time traders and beginners.
- Saxo bank – It’s also a terrific trading platform for brokers, with outstanding research features and a wide product line. No wonder this is in second place.
- Swissquote – With Swissquote, you’ll have easy access to many products and different markets. No penalties for inactivity and they have a great background in the history of trading making them our Top 3 for best brokers for beginners.
- First Trade – Offering free stocks, funds, and optional trading, this is also popular for beginners who want to try out online trading. They have great educational tools for newbies as well.
- Zacks Trade- One of the most popular online trading platforms for beginners too, since they have low fees, awesome stock, and selection for ETF and outstanding customer support.
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So what makes them a good brokers for newbies?
If you are still starting up in online trading, you might find it complex and hard to understand. A good platform for newbies should have a simple platform and they should have a reliable guide and self-help tools for their potential clients. It’s important that they have their “power” tools for newbies like demo accounts, crash courses, webinars, and reliable 24/7 support. Setting up an account should be a breeze and affordable fees is also essential. Now, let’s talk more about the top three online trader platform for beginners on our list, starting with our Etoro review.
eToro
You might have seen advertisements about them on social media or your friend using their platform. But this Israeli fintech company holds an established name in online trading since 2007. They are considered safe and secured since they are regulated by top-caliber financial authorities from the United Kingdom and Australia. They are highly recommended for traders with minimum to zero experience in trading since they have a feature called CopyTrader. The social trading feature will enable a rookie in trading to copy the profile of an expert in the field. This innovative feature makes etoro our number 1 since social trading enables you to replicate the moves of a successful trader without the skills and knowledge requirement.
When it comes to the eToro trading platform, it has a very simple layout and user friendly. It’s well designed and newbie-friendly. Opening an account is also fast and smooth since they have a fully digital setup and requires a low minimum deposit.
What did we like the most?
- They offer free stocks and ETF trading
- The account opening is super easy
- They have a digital wallet
- And Of course the CopyTrader feature.
Something they can improve:
- High charges for forex
- They only have a cryptocurrency
Saxo Bank
Saxo Bank is also one of the tycoon names in trading since 1992 and they provide modern trading, stocks trade, and various investment. They are regulated by the top of the line global financial authorities like the Danish Financial Services Agency and UK Financial conduct authority. They are perfect for investors who are looking into a one of a kind trading platform and reliable research data. In fact, they have the best-rated web trading platform compared to other brokers, it’s clean, clear, and has a safe login.
Saxo Bank has low forex, stock index, mutual funds, and CFDs fee but bonds, ETFs are high. Overall when it comes to charges, they have a transparent fee structure.
What did we like the most?
- Their web-based online platform
- Intensive research data.
- Transparent fee structure
Something they can improve:
- Inactivity fee
- The minimum deposit is high in certain countries
- The slow account verification process
Swissquote
Swissquote is a Swiss bank that’s founded in 1996, they have two main sectors for investments: A Swiss unit for trade, options, and funds and A UK company for forex and CFDs. They are much recommended for investors who value safety since they have a banking license. They are also listed on the Swiss stock exchange and they have a transparent disclosure of their financials. Since they have an established background in the trade industry, they have access to a lot of products and different markets. They don’t have any inactivity fee but they have high trading fees compared to other brokers. Something they can improve on too is their web-based trading platform since the layout is pretty confusing especially for beginners.
What did we like the most?
- Rock-solid background in stocks and trading
- No inactivity fee
- Transparent fee structure
Something they can improve:
- Their web-based platform is not user friendly
- High Trading fees
