Top Five Investment Platforms for Beginners
Investment platforms are becoming increasingly popular among investors of all kinds, offering an online gateway into the stock market. These platforms host Individual Savings Accounts (Isas) and Self-Invested Personal Pensions (Sipps), allowing investors to fill them with stocks, funds, and ETFs to grow their money over time. The investments in Isas and Sipps are shielded from taxation, and if these allowances are used up, a general investment account can be accessed for further investing. However, capital gains and income tax will apply outside of these tax wrappers.
Here are the top five investment platforms for beginners:
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Wealthify: Offers zero management fees for 12 months for Times Money Mentor readers. Wealthify is known for its easy-to-use app and allows investing with as little as £1.
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InvestEngine: Offers up to £50 as a welcome bonus for new customers. It provides access to over 600 ETFs with no trading fees on ETFs.
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Dodl: Known for its low platform fee of 0.15% per year, Dodl is a hassle-free investing platform with a simple app.
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Fidelity: One of the largest investment providers globally, Fidelity offers access to mainstream investment funds and a trading platform for shares, bonds, and other assets.
- eToro: Offers a free online course for new investors and provides $100,000 in a virtual portfolio for practice trading.
These platforms cater to different investment styles and risk appetites, making them suitable for beginners looking to start their investment journey. Additionally, there are honorable mentions like Tillit, Moneyfarm, Vanguard, and Nutmeg, each offering unique features and benefits for investors.
When choosing an investment platform, factors to consider include the platform’s mobile app, costs, range of investments, tax-free wrappers, and more. It’s essential to invest sensibly by taking a long-term view, investing in a pension, assessing risk appetite, and setting clear investment goals.
Overall, investment platforms provide a convenient and accessible way for individuals to enter the world of investing and grow their wealth over time.
