We compared the top online brokers for new investors — Fidelity, Schwab, Webull, SoFi, and Wealthfront — across fees, account minimums, educational tools, and beginner-friendly features. Fidelity is our top pick for its $0 minimums, zero commissions, and deep research resources, but each broker shines for a different type of beginner.
If you're new to investing, the sheer number of brokerages can feel overwhelming. The good news: the industry has shifted hard toward beginners. Zero-commission trades, no account minimums, and free educational tools are now the norm. We looked at the top contenders to find which ones actually deliver for someone opening their first account.
Here's what we found.
| Broker | Best For | Commissions | Minimum | Key Feature |
|---|---|---|---|---|
| Fidelity | Overall beginner | $0 | $0 | Deep research & customer service |
| Schwab | Learning & education | $0 | $0 | Paper trading & research |
| Webull | App & tools | $0 | $0 | Advanced charting + simulator |
| SoFi | Guided investing | $0 | $0 | Access to financial advisors |
| Wealthfront | Hands-off / automated | $0 | $500 | Robo-advisor portfolio management |
Fidelity consistently ranks as the most beginner-friendly broker for good reason. There are no account minimums and $0 commissions on stocks, ETFs, and options.1 But what really sets Fidelity apart is its customer service and educational resources — it may be the most investor-friendly broker out there, with remarkable customer support and deep research materials.1
You also get fractional shares (so you can buy a slice of a high-priced stock), a clean mobile app, and a cash management account that works like a checking account. For someone starting from zero, it's hard to beat.
Schwab is another heavy hitter with $0 minimums and $0 commissions.1 Where it stands out is education. Schwab offers paper trading (practice with fake money), extensive in-person and online workshops, and some of the best research reports in the industry.
If you want to learn before you risk real money, Schwab's tools are excellent. Their StreetSmart Edge platform gives you professional-grade analysis without the professional-grade price tag.
Webull targets the tech-savvy beginner who wants a powerful app without paying for it. $0 commissions, no minimum, and a mobile platform that rivals desktop-grade charting tools.1
The standout feature is the stock simulator — you can practice trading with virtual money using real-time market data. Webull also offers extended-hours trading and a surprisingly deep set of technical indicators for a free app. It's less about hand-holding and more about giving you the tools to figure it out yourself.
SoFi is unique among the picks here because it combines a brokerage with access to certified financial planners — a rare perk for beginners who want a human to talk to.1 You get $0 commissions and no minimums, plus fractional shares and the ability to invest in IPOs.
SoFi also bundles banking, loans, and credit cards into one app, which makes it a natural choice if you already use their ecosystem. The guided investing experience is designed for people who know they should invest but aren't sure where to start.
Not everyone wants to pick stocks. If you'd rather set your money and forget it, Wealthfront's robo-advisor is the best option for beginners.1 It automatically builds and rebalances a diversified portfolio based on your risk tolerance and goals.
The trade-off: Wealthfront requires a $500 minimum, and you don't get to choose individual stocks. But for the truly hands-off investor, the automated tax-loss harvesting and goal-based planning make it a compelling choice.
| Feature | Fidelity | Schwab | Webull | SoFi | Wealthfront |
|---|---|---|---|---|---|
| Commissions | $0 | $0 | $0 | $0 | $0 |
| Account Minimum | $0 | $0 | $0 | $0 | $500 |
| Fractional Shares | Yes | Yes | No | Yes | No |
| Paper Trading | No | Yes | Yes | No | No |
| Human Advisors | Yes | Yes | No | Yes | No |
| Best For | Overall | Learning | Tools | Guidance | Automation |
The biggest decision a beginner faces is whether to go DIY (do-it-yourself) or use a robo-advisor.
DIY brokers (Fidelity, Schwab, Webull) give you full control. You pick the stocks and ETFs, you decide when to buy and sell. The upside: no management fees, and you learn by doing. The downside: you might make emotional decisions and buy high / sell low.
Robo-advisors (Wealthfront, and SoFi's automated option) handle everything. You answer a questionnaire, deposit money, and the algorithm manages it. The upside: disciplined, diversified, low-effort. The downside: you pay a small fee (typically 0.25%), and you don't learn much about investing.
For most beginners, a hybrid approach works: start with a robo-advisor for the bulk of your savings, and open a DIY account with a small amount to learn the ropes.
Are you saving for retirement (IRA), a house (taxable brokerage), or just learning? Each account type has different rules and tax treatments.
All picks here except Wealthfront have $0 minimums, so you can start with as little as $5 or $10.
Fractional shares let you buy a piece of an expensive stock (like Amazon or Google) for as little as $1. Fidelity, Schwab, and SoFi all offer this.
All major brokers are SIPC-insured up to $500,000. This protects your securities if the broker fails — it's not the same as FDIC insurance, but it's an important safety net.
Use paper trading (Schwab, Webull) to practice without risk. Most brokers also offer free demo accounts.
For the absolute beginner, Fidelity is the safest bet: no barriers to entry, excellent support, and all the tools you need to grow. If you want to learn actively, Schwab or Webull are better choices. If you want a human to guide you, go with SoFi. And if you want to truly set and forget, Wealthfront is the answer.
The important thing is to start. Even $10 a week into a diversified ETF will teach you more than reading a hundred articles.
Disclosure: AskBuy may earn a commission if you open an account through links on this page. This does not affect our recommendations — we only recommend brokers we've vetted and believe in.
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