What a brokerage is, and what it is not
A brokerage is the licensed firm that holds your account and routes your orders to the market. Most beginners should start with a regulated US broker that offers stocks and ETFs. Some names below are not brokers at all, so the first job is knowing which kind of product you are looking at.
What actually differs
- Products: stocks and ETFs only, or also options, futures, crypto or event contracts.
- Costs: commissions, options contract fees, spreads, margin interest and account fees. Read the broker's current fee page, not a review from last year.
- Tools: charts, option chains, order types, alerts. A beginner needs clear order entry more than 100 indicators.
- Access: mobile app, desktop platform, extended-hours trading, fractional shares.
- Support and safety: how quickly you can reach a person, and whether the firm is regulated and covered by account protection. Check the SIPC and FINRA status yourself.
Robinhood
What you get: you should receive a reward for opening an account with MarketsOnDeck's Robinhood referral link. Check Robinhood's current offer for details; limitations apply.
Robinhood is a mobile-first broker built around simple order entry. It is a reasonable place to place a first trade, and it is where MarketsOnDeck trades. Check Robinhood's current fee, options and account-feature pages before you fund an account, because they change.
Charles Schwab
What you get: you should receive a reward for opening a Schwab account with MarketsOnDeck's referral link. Check Schwab's current offer and deposit requirements for details.
Schwab is a large, long-established broker with full-service tools and in-person support options. It tends to suit people who want research and a desktop platform.
Public.com
What you get: you should receive a reward for opening a Public account with MarketsOnDeck's referral link. Check its current offer for details.
Public is a brokerage app for stocks, ETFs and options with a social, community-style feed. Check its current fees and account features before you fund an account.
Webull
What you get: you should receive a reward for opening a Webull account with MarketsOnDeck's referral link. Webull runs promotions that change, so check its current offer for details.
Webull is a brokerage with charting tools and its own learning center, which makes it a reasonable place to practice before you size up. Check its current fees and account features before you fund an account.
Kalshi and Polymarket
What you get: you should receive a reward for signing up to Polymarket US or Kalshi with MarketsOnDeck's referral links. Check each program's current offer for details before depositing.
Kalshi and Polymarket US are prediction markets, not stock brokers. You trade event contracts that pay out based on whether something happens. They are a different product with different risk and their own rules, and they will not replace a brokerage account for stocks and options. Read each platform's rules and eligibility before you deposit.
Phemex
Phemex is a crypto exchange. It is not a stock broker, and crypto derivatives carry high risk of loss. Availability and rules depend on where you live, so confirm you are eligible before you sign up.
A simple way to choose
- Decide what you want to trade first: stocks and ETFs, options, event contracts or crypto.
- Open the broker's fee page and read the real costs for that product.
- Place one small trade or paper trade to see whether the app makes sense to you.
- Start small. A broker that is easy to use matters less than a position size you can survive.