Best brokers for beginners in 2022 – Fee comparison included

To find the best online brokers for beginners in 2022, we went ahead and did the research for you. We conducted interviews with newbies who had no trading experience. We tested 102 brokers, of which 5 made it to the top. And now, without further ado…

The best online brokers for beginners in 2022 are:

  1. Freetrade – the best broker for beginners in 2022. Free stock and ETF trading. Easy and fast account opening. Great mobile trading platform.
  2. eToro is our runner-up. Free stock and ETF trading. Seamless account opening. Social trading.
  3. Trading 212 placed third. Real stocks and ETFs are commission-free. Quick and easy account opening. Great trading platforms.
  4. Passfolio is at number four. Free US stock and ETF trading. Great mobile platform. Fast and fully digital account opening.
  5. TD Ameritrade just made it to the list in fifth place. Low trading fees (free stock and ETF trading). Superb desktop trading platform. Great customer support.
Best brokers for beginners in 2022
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5

What makes a great broker for beginners? Two things above all: low fees and an excellent mobile trading platform. The service should fit your needs and make everything easy. It should also offer great educational tools, like a demo account or learning material.

All that is easy to list, but hard to figure out. That’s why we are testing brokers based on nearly 500 criteria, using real accounts and real money.

Not sure which broker is best for you? For a tailored recommendation, check out our broker finder tool. You can enter your country and it will narrow down the list of brokers to those that are available where you live. Want more details? Compare brokers with the help of our in-depth comparison tool.

And now, let’s see the best online brokers for beginners in 2022 one by one, starting with the winner, Freetrade.

#1 Best broker for beginners

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.

#1 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.

ProsCons
• User-friendly•Limited order types
•  Two-step (safer) login• No price alerts
 Good search function 

Best brokers for beginners – Freetrade trading platform

Freetrade trading platforms
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5
#1 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.

ProsCons
• Free stock and ETF trading•High currency conversion fee
• No inactivity fee 
No withdrawal fee 
Freetrade fees
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5

All commissions are for opening a position, holding for a week, and closing.

Freetrade non-trading fees
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5
#1 Freetrade

Education

Freetrade has useful and quality educational articles and a great community on its own blog. On the other hand, there are no educational videos or webinars.

ProsCons
•  Invest HUB blog• No educational videos 
• Educational content in a newsletter No webinars
No withdrawal fee 

Best brokers for beginners – Freetrade education

#2 Best broker for beginners

eToro

eToro is a well-known Israeli fintech company and a social trading broker, established in 2007.

Check out our eToro review tailored to the needs of beginner investors and traders.

eToro serves UK clients through a unit regulated by the Financial Conduct Authority (FCA) and Australians through an Australian Securities and Investment Commission (ASIC)-regulated entity. All other customers are served by a Cypriot unit that is regulated by the Cyprus Securities and Exchange Commission (CySEC).

eToro is not listed on any stock exchange, does not disclose its annual report on its website and does not have a bank parent.

Being regulated by the top-tier FCA and ASIC is a good sign for eToro’s safety.

HEADS UP: Minimum deposit based on residency and account activation – Be sure to check the minimum deposit that is required to activate your account. After uploading your documents, a deposit is also needed in order to make trades. The amount of the deposit required is based on your residency, and ranges from $10 to $10,000. More details are available in the review’s Account opening section.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

78% of retail CFD accounts lose money

#2 eToro

Mobile trading platform

eToro’s mobile platform is well-designed, intuitive and considered safe thanks to the two-step and biometric login functions.

ProsCons
•Two-step (safer) login•None
• Good search function 
Touch/Face ID login 

Best brokers for beginners – eToro trading platform

eToro trading platforms
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5

78% of retail CFD accounts lose money

#2 eToro

Fees

eToro offers free stock and ETF trading, while forex and CFD fees are low. On the negative side, non-trading fees are high, including a $5 withdrawal fee.

ProsCons
• Low trading fees• Inactivity fee
• Free stock and ETF trading $5 withdrawal fee
Low forex and CFD fees 
eToro fees
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5

All commissions are for opening a position, holding for a week, and closing.

eToro non-trading fees
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5

78% of retail CFD accounts lose money

#2 eToro

Education

eToro has various educational tools available in different formats, but the overall quality is mediocre.

ProsCons
• Demo account•  Overall quality could be better
•Trading platform tutorial 
 Educational videos 

Best brokers for beginners – eToro education

78% of retail CFD accounts lose money

#3 Best broker for beginners

Trading 212

Trading 212 is onboarding clients without a waiting list from the EEA region only. Customers from other eligible countries can join Trading 212’s waiting list, but it may take a while until onboarding restrictions are lifted and the waiting list is scrapped.

Trading 212 is a global CFD broker, but clients can also trade stocks and ETFs free of charge. The company was founded in 2004 and is now headquartered in London. Trading 212 is regulated by the UK Financial Conduct Authority (FCA), the Cypriot Cyprus Securities and Exchange Commission (CySEC), and the Bulgarian Financial Supervision Commission (FSC).

Check out our Trading 212 review tailored to the needs of beginner investors and traders.

Trading 212 is considered safe as it is regulated by the top-tier FCA.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

68% of retail CFD accounts lose money

#3 Trading 212

Mobile trading platform

Trading 212’s mobile trading platform is user-friendly and well designed, with great search, alert and order functions.

ProsCons
• User-friendly• None
•Good search function 
 Price alerts 

Best brokers for beginners – Trading 212 trading platform

Trading 212 trading platforms
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5

68% of retail CFD accounts lose money

#3 Trading 212

Fees

Trading 212 offers commission-free stock and ETF trading, and there are also no fees for deposit, withdrawal or inactivity. However, fees for forex trading are high.

ProsCons
• Free stock and ETF trading• High forex fees
•No withdrawal and inactivity fee High financing rate
  
Trading 212 fees
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5

All commissions are for opening a position, holding for a week, and closing.

Trading 212 non-trading fees
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5

68% of retail CFD accounts lose money

#3 Trading 212

Education

Trading 212 offers text and video tutorials on how to use the trading platforms and about the basics of trading, a great feature for beginners. The only thing we missed was webinars.

ProsCons
•  Demo account•  No webinars
• Trading platform tutorial 
 Educational videos 

Best brokers for beginners – Trading 212 education

68% of retail CFD accounts lose money

#4 Best broker for beginners

Passfolio

Passfolio, a global zero-commission stockbroker, is a young and ambitious brokerage founded in 2018. It is regulated by the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). In addition to the top-tier regulation, clients also enjoy investor protection under the SIPC policy of Passfolio’s clearing firm for up to an additional $30 million (with a cash sub-limit of $900,000 per account), subject to an aggregate limit of $150 million.

There is a distinct focus on Brazilian customers at Passfolio, as evidenced by the fact that a good portion of the content it offers is available in Portuguese. 

Passfolio is considered safe because it is regulated by top-tier authorities and offers extra protection to investors. 

HEADS UP: As of July 2022, Passfolio changed its clearing broker and stopped accepting customers from most countries. This is a major development as previously the broker accepted clients from more than 170 countries worldwide. Supported countries at the broker are: Brazil, Colombia, Mexico, Nigeria, and the US. Residents of unsupported countries cannot open an account at Passfolio and those with an account need to sell all their assets by the end of July 2022. Starting from August 1, 2022 the broker charges a $100 monthly fee for users located in unsupported countries. 

#4 Passfolio

Mobile trading platform

Passfolio’s mobile platform boasts a clear-cut design and its search functions are also solid. What’s missing is a wider selection of order types.

ProsCons
•  User-friendly• Limited order types
•Two-step (safer) login 
Good search function 

Best brokers for beginners – Passfolio trading platform

Passfolio trading platforms
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5
#4 Passfolio

Fees

Passfolio has attractive fees, as trading in all assets except for cryptos is free of charge above a trade value of $5. On the other hand, most withdrawal options carry a fee.

ProsCons
•  Free stock and ETF trading above $5•  Withdrawal fees
• No account opening and maintenance fees High margin rates for stock trading
  
Passfolio fees
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5

All commissions are for opening a position, holding for a week, and closing.

Passfolio non-trading fees
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5
#4 Passfolio

Education

Passfolio’s education services are limited and not varied. There are some high-quality educational articles and a YouTube channel with market updates in Portuguese.

ProsCons
• Quality educational texts• No demo account
  No trading platform tutorial videos
  

Best brokers for beginners – Passfolio education

#5 Best broker for beginners

TD Ameritrade

If you are an experienced trader looking for solid research and a well-equipped desktop trading platform, we definitely recommend TD Ameritrade.

Founded in 1975, TD is one of the biggest US-based stockbrokers and is regulated by top-tier authorities like the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) and the Commodity Futures Trading Commission (CFTC).

This online broker is considered safe as it has a long track record, is listed on a stock exchange, has a banking background, discloses its financials and is overseen by top-tier regulators.

#5 TD Ameritrade

Mobile trading platform

The TD Ameritrade mobile app is great. It is user-friendly and well-designed.

ProsCons
• User-friendly• None
 Two-step (safer) login 
 Good variety of order types 

Best brokers for beginners – TD Ameritrade trading platform

TD Ameritrade trading platforms
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5
#5 TD Ameritrade

Fees

TD Ameritrade offers free stock and ETF trading, while forex, bond and options fees are also low. On the other hand, it charges high fees for futures.

ProsCons
• Low trading fees•  High fund fees
Low non-trading fees 
Free stocks and ETFs 
TD Ameritrade fees
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5

All commissions are for opening a position, holding for a week, and closing.

TD Ameritrade non-trading fees
 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5
#5 TD Ameritrade

Education

TD Ameritrade offers great educational materials such as webcasts and articles, and its excellent thinkorswim desktop platform has a demo account.

ProsCons
• Demo account• None
Trading platform tutorial 
• Educational videos 

Best brokers for beginners – TD Ameritrade education

Best brokers for beginners

What makes a great broker for beginners

Now you know which are the best brokers for beginners. Curious how we assembled this list? Let’s go through two points in a bit more detail: whether these brokers are reliable, and what criteria we looked at as we compiled the list.

Are these brokers reliable?

You can be sure none of them is a scam. They are all regulated by at least one top-tier authority. Some of them are also listed on an exchange, and some have a banking background.

How did BrokerChooser pick the best brokers for beginners?

Here at BrokerChooser, we test online brokers according to almost 500 criteria, using real accounts and real money. We don’t want to overwhelm you, so here are just the three most important criteria we used to identify the best brokers for beginners:

3 most important criteria for finding the best brokers for beginners in 2022

Interactive Brokers Interactive Brokers is a US discount broker. It is listed on a stock exchange and regulated by several authorities, including top-tier ones like the FCA and the SEC. Visit broker
Alpaca Trading Alpaca Securities LLC is US-based broker providing commission-free API stock trading. The company is regulated by the top-tier SEC and FINRA: Visit broker
TradeStation Global TradeStation Global is an introducing broker of Interactive Brokers. This practically means that assets and cash are held with Interactive Brokers, but services like fees and customer support are provided by TradeStation Global. TradeStation Global is regulated by the top-tier UK FCA. Visit broker
Zacks Trade Zacks Trade is a US discount broker that also allows international clients to open an account. Zacks Trade is a division of LBMZ Securities, which is regulated by SEC and FINRA. Customers are protected by the SIPC scheme, up to $500,000 (including a $250,000 limit for cash). Visit broker
Saxo Bank Saxo Bank is a Danish investment bank. It is regulated by several financial authorities globally, including the top-tier UK FCA. Visit broker
Best brokers for beginners

Start your learning

If you are a beginner, the best way to launch your investment journey is by learning. Don’t know where to start? Check out our education page, where you can find a lot of useful learning materials.

Learn about the pros and cons of investing your money on your own, or about the difference between trading and investing. You can also take a look at this article on account opening if you want to learn how to open a trading account.

For beginner buy-and-hold investors, we recommend reading our how to buy shares and how to buy ETFs articles.

For beginners who want to learn to trade, we can offer even more. A former professional trader explains how to become a trader. Many beginner traders start with forex trading. If you don’t know anything about this topic, start with our forex primer article.

Cryptos are a hot topic, but also super risky. We explored the issue and presented the different ways of investing in Bitcoin. Highly recommended if you are considering cryptos.

When you become more experienced and are considering trading futures options, you should definitely check out our article on the topic.

Best brokers for beginners

Bottom Line

You saw the details, now let’s zoom out. Here are once again the best brokers for beginners in 2022:

Best brokers for beginners in 2022

 Saxo BankFusion MarketsCMC MarketsInteractive BrokersCapital.com
EURUSD spread0.80.00.70.10.6
GBPUSD spread1.30.20.90.31.3
AUDUSD spread0.80.00.70.10.6
EURCHF spread1.40.62.50.42.2
EURGBP spread1.40.31.10.21.5

Freetrade is our winner, the best broker for beginners in 2022. Free stock and ETF trading. Easy and fast account opening. Great mobile trading platform.

All the other brokers in the top five are considered great choices as well. Pick any of them 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 to find the best broker for you, or learn more about investing your money.

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