The ready-made portfolios of the modern online investment platforms are making them easy for beginners to use. However, several beginners are confused when it comes to choosing investment platforms. Beginners will wish to start with a cheap trading platform as they are in their initial investment phase and do not want to take so much risk. The platform must work well for beginners when it comes to buying and selling stocks.
Here are the top investment platforms that are best suited for beginners and do not charge high fees.
Nutmeg was the early adopter of Robo-advisors and now, it has emerged to be one of the largest platforms offering the latest investment portfolios on their mobile apps. Nutmeg allows beginners to open a pension, stocks, and shares ISA, a general investment account, or even a bank account. There are three different types of portfolios to choose from. The fixed-allocation portfolios are the cheapest and the investment assets mix remains the same as that planned at the outset. The fully managed portfolios of Nutmeg are also a good option if you can pay some more. Online brokers will be tracking your portfolio and will buy and sell stocks for you. To achieve your goals, they will also make necessary adjustments to your investment portfolio mix. The platform has also set some socially responsible portfolios at an average total cost of 1.09%. The site is very easy to use and makes use of graphs to display potential losses and returns.
If you are looking for a simple investment portfolio of low cost from an economical entry point, Evestor can be a good option. It provides three investment portfolios for beginners to choose from. The total cost is 0.49%, which is one of the lowest prices in the market. The investments can be in a pension, a general investment trading account, or stocks and shares ISA. The platform does not ask for any additional charges. Beginners can start with even £1 as there is no account minimum.
Vanguard is the best option for people looking for an economical way to start investing. Vanguard is a big name in the American fund management group and is also known to be an online brokerage offering great discounts at the best value even if you are investing in a brokerage account or a stocks and shares ISA. The LifeStrategy portfolios of Vanguard allow you to invest at even 0.41% a year. As no extensive education resources are available on the platform, you will need some basic knowledge to use the platform.
HSBC is a world-popular platform and it is a good option for investors who are looking for a famous platform for investing. HSBC provides five risk levels starting from cautious and ending with adventurous. The total annual costs of HSBC start at 0.45%. You can buy and sell investments at £100 or a regular monthly payment can also be set at £50 straight from your bank account. And, this is one of the lowest costs put forward by the banks.