When you’re just getting started on your investment journey, it can be easy to get overwhelmed with the number of different tools out there. This is mainly because there are so many different tools to choose from and they all seem to do very similar things. However, we believe that there is one app, in particular, that is best for beginners.
Let’s take a look at which stock trading site is best for beginners and why.
Robinhood is a stock trading app and website that allows their users to buy and sell stocks, ETFs, cryptocurrency, and options. As far as which cryptocurrencies you can buy, they offer Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic, and Litecoin.
Robinhood’s is a particularly good app for beginners because their entire mission is focused around “democratizing finance for all”. They believe that everyone should have access to the financial markets and designed their app with the everyday person in mind.
Here are a few ways that they did that.
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Easy to get started
It’s incredibly easy to get started on Robinhood and can be done in just a few clicks of a button. All you need to do is verify your identity and then before you know it you will be up and running. Additionally, Robinhood does not charge you a minimum deposit to get started, which is something that prohibits a lot of people from investing. You can get started with as little as $5.
They were also the first brokerage to let people trade stocks without paying a commission. However, this feature was quickly adapted by most other brokerages.
Simple user interface
Most user’s favorite part of using Robinhood is how simple their user interface is. They do this by putting a history of your investment returns right on the home screen as well as a list of all your different holdings or stock watchlists. This way you can see exactly how much money you’re making or losing right when you log in.
If you want to search for an asset then you can either use their search bar or just scan through different categories that Robinhood has already built. This includes categories like “Most Popular”, “Daily Movers”, “ETFs”, etc.
As far as taxes and other account information, Robinhood partners with TurboTax so that all of that is taken care of for you.
Robinhood snacks and education
The final reason why Robinhood is great for beginners is because they go above and beyond to provide all types of financial education. Their two resources for educating users are Robinhood Snacks and Robinhood Learn.
Snacks is their newsletter that will send you daily updates about what’s going on in the markets and the economy in general. Robinhood Learn is where new users can go to learn everything that you would need to know about investing, stocks, or the stock market.
We hope that you’ve found this article valuable when it comes to learning which stock trading site is best for beginners. If you are interested in learning more, please subscribe below to get alerted of new articles as we write them!