Best Online Brokers and Promotions of 2024

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As the world of online trading continues to expand, the need for reliable and efficient online brokers has become more important than ever.

In this article, we will take a closer look at some of the best online brokers available in the market today, including TD Ameritrade, Robinhood, SoFi Invest, Charles Schwab, Fidelity Investments, E-Trade, Interactive Brokers, Merrill Edge, and Ally Invest.

For advanced traders needing comprehensive tools
For beginners seeking a straightforward mobile platform
For intermediates blending automated and active investing
MMG Rating:
5.0
MMG Rating:
4.5
MMG Rating:
5.0
Fees: $0 | Minimum: $0
Fees: $0 | Minimum: $0
Fees: $0 | Minimum: $0
Description:

TD Ameritrade meets the needs of both active traders and beginner investors with quality trading platforms, $0 commissions on online stock and ETF trades and a large selection of mutual funds.

Description:

Robinhood is best suited for various types of investors, especially those who are new to investing or prefer a user-friendly platform that is commission-free.

Description:

SoFi Invest is one of the best investment apps, especially for beginners in the US. It offers an intuitive trading experience, active or automated investing, and options like cryptocurrencies.

For advanced traders needing comprehensive tools
MMG Rating:
5.0
Fees: $0 | Minimum: $0
Description:

TD Ameritrade meets the needs of both active traders and beginner investors with quality trading platforms, $0 commissions on online stock and ETF trades and a large selection of mutual funds.

For beginners seeking a straightforward mobile platform
MMG Rating:
4.5
Fees: $0 | Minimum: $0
Description:

Robinhood is best suited for various types of investors, especially those who are new to investing or prefer a user-friendly platform that is commission-free.

For intermediates blending automated and active investing
MMG Rating:
5.0
Fees: $0 | Minimum: $0
Description:

SoFi Invest is one of the best investment apps, especially for beginners in the US. It offers an intuitive trading experience, active or automated investing, and options like cryptocurrencies.

You can skip ahead to the online brokerage promotions here.

9 Best Online Brokers for Beginners in 2024

Looking for the best online brokers? Choosing the right brokerage is an important decision for anyone interested in investing in financial markets.

There are many factors to consider when selecting a brokerage, including fees, available investment options, trading platform, customer support, and regulatory compliance.

Consider the fees associated with the brokerage, including commissions, account fees, and trading fees.

Also, evaluate the investment options available, such as stocks, bonds, mutual funds, and exchange-traded funds (ETFs), to ensure that the brokerage provides the assets you wish to invest in.

It is also crucial to assess the trading platform's ease of use and functionality, as well as the customer support offered by the brokerage.

By considering these factors and doing your research, you can choose a brokerage that meets your investment goals and provides a positive experience for you as an investor.

Our comprehensive guide covers the top options, including Charles Schwab, Fidelity Investments, TD Ameritrade, Robinhood, E-Trade, Interactive Brokers, Merrill Edge, and Ally Invest, helping you choose the right one to fit your investment goals and preferences.

1. TD Ameritrade

TD Ameritrade is a popular online broker, offering a wide range of investment products, including stocks, bonds, mutual funds, ETFs, and options.

The company is known for its robust trading platform, thinkorswim, which provides clients with advanced charting and analysis tools.

TD Ameritrade also offers commission-free trading on stocks, ETFs, and options, making it an affordable option for investors.

The company's educational resources are also impressive, with a variety of articles, videos, and webinars available to help clients improve their investing skills.

2. Robinhood

Robinhood is a free stock trading app that offers commission-free trading of stocks, ETFs, options, and cryptocurrency.

Robinhood's straightforward and user-friendly interface is attractive to individuals new to investing. The platform provides an easy entry point for those who want to start with smaller amounts of money.

Robinhood offers the following: 

  • Free stock, options, ETF, and cryptocurrency trades
  • IRAs with a 1% match
  • Trading of 17 cryptocurrencies with no commissions, fees, or markups and markdowns
  • No support for mutual funds, bonds, futures, commodities, or forex

To open an account with Robinhood, you must be at least 18 years old, have a valid Social Security number, and have a U.S. address. If you're new to investing, you can start with a small amount of money you're comfortable losing.

Robinhood offers no fee for bank transfers, but instant withdrawals to a debit card or bank account can incur a 1.5% fee.

Robinhood
4.5

Robinhood has commission-free investing for stocks, options, ETFs, crypto, and tools to help shape your financial future. Sign up and get your first stock worth between $5 and $200, free.

Open Account Robinhood Review

3. SoFi Invest

SoFi offers a range of financial products including student loan refinancing, mortgages, personal loans, credit card, insurance, and banking services.

When it comes to investing, SoFi Invest offers a variety of investment options, including stocks, bonds, fractional shares, ETFs, options, IPOs, crypto trading, retirement accounts, and robo-advising. 

SoFi Invest provides competitively low fees and typically has minimal account requirements, apart from margin accounts. It's an ideal choice for traders keen on commission-free stocks and ETFs, alongside options with no commission.

The platform boasts a diverse range of account options, offering a self-directed brokerage account, a robo-advisor, and various retirement savings accounts, both in active and automatic formats.

Get $25 bonus
SoFi Invest
4.8

SoFi Invest is one of the best investment apps, especially for beginners in the US. It offers an intuitive trading experience, active or automated investing, and options like cryptocurrencies. SoFi Invest offers a variety of investment options, including stocks, bonds, fractional shares, ETFs, options, IPOs, crypto trading, retirement accounts, and robo-advising. 

Open Account

4. Interactive Brokers

Interactive Brokers is a popular choice for advanced traders, offering a wide range of investment products, including stocks, bonds, mutual funds, ETFs, options, futures, and forex.

The company's trading platform is highly advanced, providing clients

with access to sophisticated charting and analysis tools. Interactive Brokers is also known for its low trading fees, making it a cost-effective option for high-volume traders.

While Interactive Brokers may not be the best choice for new investors, the company does offer a variety of educational resources to help clients improve their investing skills.

Interactive Brokers
4.7

Leading online trading solutions for traders, investors and advisors, with direct global access to stocks, options, futures, currencies, bonds and funds.

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5. Charles Schwab

Founded in 1971, Charles Schwab is a well-known and established name in the world of finance.

With over 12 million active accounts and $6.7 trillion in assets, the company has earned a reputation for its high-quality trading platform and excellent customer service.

The company offers a wide range of products, including stocks, bonds, mutual funds, and exchange-traded funds (ETFs).

One of the standout features of Charles Schwab is its commission-free trading, which applies to stocks, ETFs, and options.

The company also offers a low minimum account balance, making it accessible to investors of all levels.

Additionally, Charles Schwab's research tools and educational resources are top-notch, providing clients with the information they need to make informed investment decisions.

6. Fidelity Investments

Fidelity Investments is another well-established name in the world of finance, with over 35 million customer accounts and $10.4 trillion in assets.

The company offers a wide range of investment products, including stocks, bonds, mutual funds, ETFs, and options.

Fidelity also offers a variety of managed account options, including robo-advisors and professionally managed accounts.

Like Charles Schwab, Fidelity offers commission-free trading on stocks, ETFs, and options. The company's educational resources are also excellent, providing clients with access to research and analysis from a team of experts.

Additionally, Fidelity's customer service is highly rated, with support available 24/7.

7. E-Trade

E-Trade is a well-established online broker, offering a wide range of investment products, including stocks, bonds, mutual funds, ETFs, and options.

The company's trading platform is user-friendly and provides clients with access to a variety of research tools and educational resources.

E-Trade also offers commission-free trading on stocks, ETFs, and options, making it an affordable option for investors.

Additionally, the company's mobile app is highly rated, providing clients with access to their accounts on-the-go.

8. Merrill Edge

Merrill Edge is a subsidiary of Bank of America, offering a wide range of investment products, including stocks, bonds, mutual funds, ETFs, and options.

The company's trading platform is user-friendly and provides clients with access to a variety of research tools and educational resources.

Merrill Edge also offers commission-free trading on stocks and ETFs, making it an affordable option for investors.

Additionally, the company's mobile app is highly rated, providing clients with access to their accounts on-the-go.

9. Ally Invest

Ally Invest is a popular online broker, offering a wide range of investment products, including stocks, bonds, mutual funds, ETFs, options, and forex.

The company's trading platform is user-friendly and provides clients with access to a variety of research tools and educational resources.

Ally Invest also offers commission-free trading on stocks, ETFs, and options, making it an affordable option for investors.

Best Stock Broker Promotions

There are several companies out there that will give you free money for signing up when you invest in stocks or are currently offering stock broker promotions:

Acorns App – Automatic Investing – $20 Bonus

Acorns Bonus Link – Acorns can help you invest, save and spend responsibly for just $3 per month. Get a $20 bonus investment when you sign up.

Acorns is one of the most popular micro-investing platforms. Acorns lets you turn your spare change into investments by stacking up your change over time and with the Acorns “round-up” feature. With Acorns, you can invest at your own pace in smart portfolios and maximize your growth and costs $3 per month.

Acorns also provides a checking account which has many of the features of a traditional bank account including, direct deposit, mobile check deposit, a debit card for you or your kids and fee-free withdrawal from over 55,000 Allpoint ATMs around the world.

Sounds like fun? Sign up for Acorns, collect your $20 and double your money by investing. You can also get a registration bonus through here.

Get your $10 bonus

Robinhood – Free Investing App – Free Stock

Robinhood Bonus Link – Get a Free Stock (worth between $5 and $200) after you submit your application.

Robinhood offers free investing for everyone with commission-free investing, plus the tools you need to put your money in motion. Sign up and get your first stock for free worth up to $200.

And more free stock (up to a $200 value) every time one of your friends opens a Robinhood account from your promotional link. That’s up to $1,000 in free stock every year.

If you join through this link, you’ll earn a specified dollar amount and be able to pick your gift stock from a list of 18 of America’s leading companies.

The value of the fractional share may be anywhere between $5.00 and $200 and fluctuates based on market movements.

Get a free stock at Robinhood

More Broker Promotions to Consider

Broker Bonus Terms
Acorns Free $20 bonus Create account and set up recurring investments
Moomoo 16 free stocks Create account and deposit $100
Robinhood 2 free stocks worth $3-100 each Sign up for Robinhood
Webull Get up to 20 free stocks Sign up and deposit a minimum amount
Fundrise $10 worth of shares Sign up and invest at least $10
SoFi Get $25 of your favorite stock Fund account with $10
Coinbase Up to $200 in free crypto Sign up and make first trade
Public Earn 5.1% on your cash Sign up
J.P. Morgan Self-Directed Investing Up to $700 Open and fund an account with qualifying new money by 04/12/2024
Charles Schwab Up to $1,000 $1k+ Deposit
Charles Schwab 500 commission-free trades $100k+ Deposit
Citibank Up to $5,000 $50K + Deposit
E*Trade Get $600 Open account with qualifying deposit
Firstrade $250 transfer fee rebates Account Transfer of $2,500 or more

How Can You Choose the Right Brokerage For You?

Overall, the online brokers listed above offer a wide range of investment products, advanced trading platforms, and excellent customer service.

The best online broker for you will depend on your individual investment goals and preferences. Be sure to compare fees, investment products, and trading platforms before making a decision.

When choosing an online broker, it is important to consider a few key factors.

Fees

First, it is important to consider the fees associated with each broker. Some brokers charge commission fees for trades, while others offer commission-free trading.

Additionally, some brokers may charge account maintenance fees or other hidden fees, so it is important to read the fine print before signing up for an account.

Range of Products

Another important factor to consider is the range of investment products offered by each broker. While all of the brokers listed above offer stocks and ETFs, some also offer a wider range of investment products, such as mutual funds, bonds, and options.

It is important to choose a broker that offers the investment products that align with your individual investment goals and strategies.

Trading Platform

The trading platform offered by each broker is also an important factor to consider. Some brokers offer highly advanced trading platforms with sophisticated charting and analysis tools, while others offer more basic platforms that may be more accessible to new investors.

It is important to choose a trading platform that you feel comfortable using and that provides you with the information you need to make informed investment decisions.

Customer Service

Finally, it is important to consider the level of customer service provided by each broker. A good online broker should provide access to customer support through a variety of channels, such as phone, email, and live chat.

Additionally, the broker should provide educational resources and research tools to help clients improve their investing skills.

Conclusion

In conclusion, the online brokers listed above are all excellent choices for investors looking to trade stocks, ETFs, and other investment products. When choosing an online broker, be sure to consider the fees, investment products, trading platform, and level of customer service offered by each broker.

With the right online broker, you can achieve your investment goals and make informed investment decisions for the future.

How We Picked

My Millennial Guide ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service

Empower
5.0

Take control of your finances with Empower's free personal finance tools. Get access to wealth management services and free financial management tools.

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About the author

Brian Meiggs
Hi, I'm Brian Meiggs! A personal finance expert, entrepreneur, and the founder of My Millennial Guide. My drive is to help others unlock the wealth of freedom and pave the path to financial success. With my bachelor's degree in finance, I help millennials follow the smart money in order to increase their earning potential and start building wealth for the future. I write regularly about side hustles, investing, and general personal finance topics aimed to help anyone earn more, pay off debt, and reach financial freedom. I have been quoted in major publications including Business Insider, Yahoo Finance, NASDAQ, Discover, GoDaddy, BiggerPockets, Fox News, Debt.com, Quick Sprout, Money Geek, MSN Money and many more!