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By
Aaron Hurd
Aaron Hurd
Lead Contributor
Aaron is a freelance contributor to Newsweek. He has been credit card and travel rewards enthusiast since applying for his first credit card the day he turned 18. An avid deal-hunter, he leveraged his penchant for collecting credit card rewards and stacking coupons and rebates to build a resale business that helped pay his way through engineering school at Iowa State University. After finishing a Master of Business Administration at the University of Michigan, Aaron used points and miles to travel for six months across five continents, including a month traveling overland through Russia, Uzbekistan, Kyrgyzstan and China on the Trans-Siberian Railway Network.
He has written thousands of articles about credit cards, banking, travel rewards, and personal finance for other notable publications, including The Wall Street Journal, TIME, Forbes, The Points Guy, Bankrate.com, Rolling Stone, and Robb Report. He enjoys helping others optimize their wallets, build financial security, and fulfill their travel dreams.
Aaron is based in Minneapolis, Minnesota.
Read Aaron Hurd's full bio
Reviewed By
Robert Thorpe
Robert Thorpe
Senior Editor
Robert is a senior editor at Newsweek, specializing in a range of personal finance topics, including credit cards, loans and banking. Prior to Newsweek, he worked at Bankrate as the lead editor for small business loans and as a credit cards writer and editor. He has also written and edited for CreditCards.com, The Points Guy and The Motley Fool Ascent.
Read Robert Thorpe's full bio
Updated January 25, 2024 at 5:27 pm
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
The Best Brokerage Accounts for Beginners Offer Low Fees, Intuitive Trading Platforms and Good Educational Resources for New Investors.
If you’re looking to dip your toe into the world of investing, you will need to find a brokerage firm. While you can buy stock directly or seek out an individual stock broker, an online brokerage account will give you access to various investments, often with minimal commissions.
But the best brokerage accounts for beginners provide more than commission-free trades. They offer an intuitive platform, transparent pricing and access to advice and resources to help you learn about the world of investing.
Whether trying to understand, “What is a brokerage account? or learn more about the world of stock brokers and brokerage firms, our guide to the best online brokerages and trading platforms for beginners can help.
Our Methodology
Our research is designed to provide you with a comprehensive understanding of personal finance services and products that best suit your needs. To help you in the decision-making process, our expert contributors compare common preferences and potential pain points, such as affordability, accessibility, and credibility.
Our Picks for the Best Online Brokers for Beginners of 2024
- Best robo-advisor onboarding: Fidelity Go
- Best in-depth educational content: Interactive Brokers
- Best initial investing education: Charles Schwab
- Best robo-advising: Ally Invest
- Best mobile app experience: Robinhood
- Best for community engagement: SoFi Invest
- Best low-cost personal advice: Vanguard Brokerage
- Best for a total banking relationship: Merrill Edge
- Best for up-front pricing: FirstTrade
Best Online Stock Brokers for Beginners of 2024
Best Robo-Advisor Onboarding: Fidelity Go
Fidelity
Fidelity
Vault Verified
Fees
$0*
Account minimum
$10*
Promotion
None
Pricing
Free*
Why We Chose It
Why we chose it: Fidelity offers beginner investors a wealth of education and research. Plus its Fidelity Go robo-advisor platform is easy to use and can get you started investing without the complexity of picking individual stocks. As your investment grows, you’ll gain access to advisors who can help you tweak your strategy.
Pros
- No advisory fee if you invest less than $25,000
- No trading fees, transaction fees or rebalancing fees
- Fidelity offers brokerage accounts that let you pick individual stocks
Cons
- No ability to pick individual stocks in Fidelity Go account
- Limited options to customize your actual investments
- Coaching calls are more geared toward financial planning than investment advice
Additional Information*
Fees
- Trading fees: $0
- Transaction fees: $0
- Rebalancing fees: $0
Account minimum
- $10 to open the account
- $25,000 to access coaching services
Pricing
- Robo-advised accounts under $25,000: $0;
- Accounts over $25,000: 0.35% annually. Includes unlimited coaching calls.
Best In-Depth Educational Content: Interactive Brokers
Interactive Brokers
Interactive Brokers
Vault Verified
Fees
$0*
Account minimum
$0
Promotion
None
Pricing
Free*
Why We Chose It
Why we chose it: Interactive Brokers is well-known for its feature-rich platform, large selection of investment choices and low-cost pricing. It also has one of the deepest libraries of content, with offerings for beginning investors and financial educators.
Pros
- Large library of educational content
- Global platform allows funding in 27 currencies
- Analytical tools for investors who want to do quantitative analysis
Cons
- Platform isn’t as beginner-friendly as other top competitors
- Potential mutual fund commission for preferred mutual fund
Additional Information*
Fees
- For IBKR Lite: Commission for U.S. stocks and ETFs: $0
- Mutual fund commissions for no transaction fee mutual funds: $0
- Mutual fund commissions for other mutual funds: 3%, up to $14.95
- Bond commissions: 0.10%
Pricing
- $0 for IBKR Lite management fees and no inactivity fees
Best for Initial Investing Education: Charles Schwab
Charles Schwab
Charles Schwab
Vault Verified
Fees
$0*
Account minimum
$0
Promotion
$101*
Pricing
Free*
Why We Chose It
Why we chose it: Schwab offers beginning investors a deep catalog of learning resources. This includes a Schwab Starter Kit, with $101 of Schwab Stock Slices and a series of videos and step-by-step tutorials to help you get started investing.
Pros
- $0 commission trades on stocks and ETFs
- $101 of Schwab Stock Slices to get started
- Investing education resources to help new investors
Cons
- Limited selection of OneSource mutual funds with no loads or transaction fees
- Website usability lags competitors
- High-priced optional advisory services
Additional Information*
Fees
- Listed stocks and ETFs: $0 commission
- Schwab mutual fund OneSource: $0
- Other mutual funds: Up to $74.95 per trade
- Treasuries: $0
- Secondary-market Bonds: $1 per bond. $10 minimum, $250 maximum.
Promotion
- $101 of Schwab Stock Slices when you fund your account with a minimum of $50 within 30 days.
Pricing
- Self-directed: $0 management fees
- Schwab intelligent portfolios: No advisory fee + no commissions. (Schwab Intelligent portfolio Premium is
- Schwab managed portfolios: Starting at 0.90% with a $25,000 investment
Best Robo-Advising: Ally Invest
Ally
Ally
Vault Verified
Fees
$0*
Account minimum
$0*
Promotion
None
Pricing
Free*
Why We Chose It
Why we chose it: With $100, you can get started with Ally robo investing and select from one of four portfolio types. And Ally promises that the portfolios are designed by a team of human specialists.
Pros
- Easy option to start investing with a managed portfolio
- Fee-free daily rebalancing with robo portfolios
- 24/7 support and access to portfolio specialists during business hours
Cons
- Robo investing requires 30% investment in cash or a 0.30% annual advisory fee
- Limited robo investing choices
- High fees to work with an advisor
Additional Information*
Fees
- Eligible U.S stocks and ETFs: $0 commission
- Load mutual funds: Varies
- No load mutual funds: $0 purchases. $0 sales.
- Bonds and Treasuries: $1 per bond. $10 minimum and $250 maximum per transaction.
Account minimum
- $0 to open account
- $100 to invest in robo portfolios
Pricing
- Self-directed: $0 management fees
- Robo portfolios: 0% advisory fee if invested in a 30% cash portfolio. 0.30% annual fee if invested in a market-focused portfolio.
- Personal advice: 0.75%-0.85% blended annual advisory fee
Best Mobile App Experience: Robinhood
Robinhood
Robinhood
Vault Verified
Fees
$0*
Account minimum
$0
Promotion
3%*
Pricing
Free*
Why We Chose It
Why we chose it: Robinhood has a reputation for a mobile app experience that’s simple and intuitive compared to what’s found with traditional brokerage houses.
Pros
- Easy-to-use mobile app experience
- Very low fees to trade stocks and ETFs
- Offers fractional shares on a selection of large stocks
Cons
- Does not offer investment in bonds or mutual funds
- Per-share fees for stock and ETF sales
- Has used gamification features in the past, which can entice investors to trade more frequently
Additional Information*
Fees
- Commission for U.S. stocks and ETFs: $0
- A trading activity fee of $0.000166 per share applies when selling equities.
Promotion
- Get a 3% balance boost on IRA transfers and 401k transfers made by 4/30/2024
Pricing
- Standard account: $0
- Robinhood Gold: $5/month
- Includes higher interest on cash sweep accounts, additional research data and better rates on margin trading.
Best for Community Engagement: SoFi Invest
SoFi
SoFi
Vault Verified
Fees
$0*
Account minimum
$0*
Promotion
Up to $1,000*
Pricing
Free*
Why We Chose It
Why we chose it: When you open an investing account with SoFi, you gain access to online and community events. Previous events have included sessions on “Investing 101,” growing your career and even yoga. There are also local networking opportunities that can get you connected to like-minded beginning investors or help you advance your career.
Pros
- $0 commissions on stocks and ETFs
- Financial advisors available at no additional cost
- Community-minded investment platform with educational events and networking
Cons
- No mutual funds or bonds
- Promotes margin trading, which may be inappropriate for new investors
- Offers only financial planning advisors, not investment advisors
Additional Information*
Fees
- Commission for stocks and ETFs: $0
Account minimum
- $0 for SoFi Active; $1 for SoFi Automated;$10 to qualify for new account promotion
Promotion
- Get up to $1,000 in stock when you fund a new account with at least $10. (85% of new investors will receive $5 in stock.)
Pricing
- Self-directed: $0 management fees
- Robo-advisor fees: $0 advisory fees
- Financial planning fees: $0 advisory fees
Best Low-Cost Personal Advice: Vanguard Brokerage
Vanguard
Vanguard
Vault Verified
Fees
$0*
Account minimum
$0*
Promotion
No digital advisory fees for first 90 days.
Pricing
Free*
Why We Chose It
Why we chose it: Vanguard offers low-cost investing. You can get started with an inexpensive mutual fund or ETF, or invest with a robo advisor with a low minimum and half the fees of competing offerings.
Pros
- Low-cost robo-investing and advisory fees
- Access to Vanguard and other mutual funds with no transaction fees
- Extensive library of educational content about investing
Cons
- Basic online interface
- High investment minimums
Additional Information*
Fees
- Commission for stocks: $0
- Commission for ETFs: $0
- Mutual fund commissions for Vanguard mutual funds: $0
- Mutual fund commissions for other mutual funds: $0
- Commission for U.S. treasuries: $0
- CDs, U.S. government securities and corporate bonds: $1 per $1,000 with a $250 maximum for secondary-market trades
Account minimum
- $0 to open the account
- Some investment products have minimum investment amounts.
- $3,000 for robo-advisory services
- $50,000 for personal advisory services
Pricing
- Self-directed: $0 management fees
- Robo-advisor fees: Approximately 0.15% annually.
- $3,000 minimum to qualify.
- Working with an advisor: Approximately 0.15% annually.
- $50,000 minimum to qualify.
Best for a Total Banking Relationship: Merrill Edge
Merril
Merril
Vault Verified
Fees
$0*
Account minimum
$0*
Promotion
$0 program fee*
Pricing
Free*
Why We Chose It
Why we chose it: Bank of America offers self-directed brokerage accounts through its Merrill Edge division. You can put your money into a mutual fund or ETF, a beginner-friendly investment approach. The real value is in combining your Merrill account with your Bank of America relationship with Preferred Rewards, which offers more rewards and lower fees across many Bank of America products.
Pros
- Offers no transaction fees on stocks and ETFs
- Select mutual funds available with no transaction fees
- Preferred Rewards members can increase rewards and decrease fees
Cons
- Limited educational content for beginning investors
- Limited number of mutual funds available with no transaction fees
- Website usability lags competitors
Additional Information*
Fees
- Stock commissions: $0
- ETF commissions: $0
- Mutual fund commissions for load-waived funds: $0
- Mutual fund commissions for no load, no transaction fee funds: $0; $39.95 short-term redemption fee applies if fund is held less than 90 days.
- Mutual fund commissions for no load, transaction fee funds: $19.95 per transaction
- Treasuries commission: $0
- Exchange-traded bonds commission: $1 per bond. $10 minimum, $250 maximum.
Account minimum
- No minimums to open the account.
- $1,000 minimum for Merrill Guided Investing
Promotion
- Merrill Guided Investing $0 program fee for six months with new enrollment. Must apply offer code 6FREE when enrolling.
Pricing
- Self-directed: $0 annual fees
- Merrill Guided Investing: 0.45% annually, with a minimum of $1,000
Best for Simple Stock Trades: FirstTrade
FirstTrade
FirstTrade
Vault Verified
Fees
$0*
Account minimum
$0
Promotion
Up to $5,000*
Pricing
Free*
Why We Chose It
Why we chose it: If you’re looking to invest in stocks, ETFs or mutual funds, FirstTrade lets you trade with no commissions, no minimums and no ongoing management fees. It also makes it easy to see the fees you’re charged.
Pros
- Simple pricing structure
- Does not charge additional fees for no-load mutual funds.
- Educational resources for the beginning investor
Cons
- Fees are baked into the price of the security (Net Yield Basis)
- Limited range of investment products
- Broker-assisted transaction costs not transparently displayed on fee page
Additional Information*
Fees
- Commission for Stocks and ETFs: $0
- Mutual fund commissions: $0
- Treasuries and bonds: Sold on a net yield basis.
Promotion
- Get up to $5,000 when you deposit or transfer new funds to FirstTrade, plus $250 in transfer fee rebates.
- $5,000 for a $1.5M transfer
- $100 for a $10,000 transfer
Pricing
- Self-directed: $0 management fees
What Are the Risks of Online Stock Brokers?
Since investment products other than U.S. treasury bonds aren’t backed by the United States government, there is a possibility that you will lose money. Individual stocks and corporate bonds can be somewhat risky.
Buying a mutual fund or ETF can reduce investment risk. These investment vehicles often have hundreds or thousands of underlying investments selected according to a specific strategy, so your investment isn’t tied to a single company.
On the other hand, speculative assets such as cryptocurrency, which have no underlying assets backing them, can be extremely volatile and risky. You should only invest in these assets after you’ve taken the time to research them and only use money you can afford to lose.
Is My Money Safe?
In the United States, the Securities Investor Protection Act requires most brokerages to be members of the Securities Investor Protection Corporation (SIPC), a nonprofit organization that oversees liquidation when brokerage firms close. The SIPC protects up to $500,000 of assets held with each stock broker.
In the event of broker insolvency, the SIPC will work to return your assets and cash to you. The SIPC is not a federal government entity, so it isn’t as secure as the FDIC insurance protecting your bank account, but it does provide a backstop against brokerage failure.
How Do Online Stock Brokers Work?
When you make a trade on your online stock broker’s web portal or mobile app, you’re requesting that a trade be placed on your behalf. When your broker receives your trade request, it sends the request to an exchange or a market-maker firm where it’s matched up with a buyer or seller of the same security.
When requesting to trade a stock, you can choose to have your order fulfilled at the current market clearing price or put a limit on the price at which your security is bought or sold at. Once your trade is executed, your broker will provide you with a confirmation.
Why Would You Need an Online Stock Broker?
While you can invest money in almost any asset class without an online stock broker, using an online broker is almost universally simpler, faster and easier. Here are the biggest reasons why you would need an online stock broker.
- You want to trade stocks, bonds, mutual funds and other securities. While you can buy some stocks directly from companies and you can purchase certain fixed-income securities like savings bonds and Treasury Inflation Protected Securities from the U.S. treasury directly, using an online stock broker makes the process less complicated and offers access to more investment options.
- Simplifying taxes. If you are investing, in most cases you need to pay taxes on your gains. When you work with an online stock broker, your broker will keep track of your cost basis, dividend reinvestments, capital gains distributions and other transactions that have tax implications. Your broker will provide you with the appropriate tax forms come tax time, which can be much simpler than figuring out your investing taxes on your own.
- Cost. Before the advent of online stock brokers, investing in securities often involved calling your broker to make a trade or visiting an office. Either way, humans processing transactions was a cost that computers have largely eliminated. Today, you can make most trades with most online stock brokers without any human involvement beyond you selecting investments on a website.
How To Choose the Best Online Stock Broker for Beginners
Choosing the best online stock broker for you involves weighing the tradeoffs of the many options available. Here are the top factors to consider when looking for the best trading platform for beginners.
Broker Has Investments You Want
Not every broker offers every type of investment. A broker may offer only U.S.-listed stocks and ETFs or it may offer mutual funds and fixed-income securities as well. Some brokers offer additional options like real estate investment trusts (REITs), securities listed on non-U.S. markets, currency trading and more. Before you start investing, research what types of investments you plan to make and be sure your broker offers those types of investments.
Fee Structure
You can’t control the whims of the market, but you can control what fees you pay. Be wary of brokers that put you into an account with an ongoing management fee or active advisors who charge a percentage of your portfolio.
While an advisor can help you with features like tax planning and asset allocation, they’re unlikely to earn you more on your investments than a low-cost index fund. Also be on the lookout for fees on mutual fund transactions. Many online brokers charge fees to buy and sell most no-load mutual funds.
Educational Resources
Most online stock brokers offer educational resources to help you learn about investing, though the content can vary. Interactive Brokers online courses will probably feel most familiar to younger investors. Fidelity’s content seems geared toward budgeting, paying off debt and working investing into your day-to-day personal finances. Charles Schwab offers a news site-like take on investing.
Ease of Online Management
If your existing bank offers a brokerage account that you can manage with your existing banking login, ease of management could factor into your decision. Having a single website, mobile app, and login for your credit cards, consumer banking and investment accounts might trump a slightly better product with another brokerage.
For example, Charles Schwab Bank isn’t known for having the most attractive website, but if you bank with Charles Schwab Bank and invest with Charles Schwab you can manage your deposit accounts and investing account in one place.
Relationship Banking Perks
Many banks offer preferred services to clients who hold a large amount of assets with a bank and its related brokerage house. In some cases, holding your investment assets with a bank’s online brokerage can increase the level of service or decrease the fees you pay with that bank.
For example, the Bank of America Preferred Rewards program offers perks like fee reductions and increased credit card rewards when you hold assets with Merrill, which is owned by Bank of America.
Online Stock Brokers vs. Traditional Stock Brokers
Online stock brokers offer convenience, lower costs, wide-ranging investment options and often a library of online resources to help you learn about investing. In contrast, traditional stock brokers today often market themselves as financial advisors and offer bespoke investment advice and personalized assistance, usually at a much higher cost.
Merrill Edge vs. Merrill Self-Directed
Bank of America’s Merrill investment division offers both online self-directed brokerage services and a traditional investment advisory service under the Merrill Lynch brand. A self-directed Merrill Edge account can be opened with no initial investment and lets you trade stocks for $0 commission. You can even have a broker place your trades for $29.95 per transaction. The bank’s traditional brokerage and advisory services require a minimum investment of $5 million.
Fidelity vs. Fidelity Wealth Management
Fidelity offers a lost-cost online brokerage service that features $0 commissions and lets you buy stocks for as little as $1. If you have over $500,000, you can qualify to work with Fidelity Wealth Management. Fidelity Wealth Management offers a dedicated Fidelity advisor who can make trades on your behalf, for an advisory fee of between 0.50% and 1.50% of your portfolio value annually.
Frequently Asked Questions
How Much Should a Beginner Have Before Investing?
With many online brokerage services, you can buy fractional stocks, mutual funds and other basic investments with just a few dollars. And many offer low-cost trading, but you’ll still have to watch out for various fees.
How Do I Invest for a Quick Return?
Investments offering quick returns are often highly speculative and risky. A promise of a quick return with no downside is typically a sign you’re not being told the complete story about the risk involved in an investment.
Should I Invest in Stocks or My 401(k)?
If you’re able to invest in a tax-advantaged account like a 401(k) or Roth IRA and can plan to keep your investment in the account until retirement, you should maximize these options before opening a brokerage account. Often, your employer will offer to match some or all of your 401(k) contributions, giving you an immediate return on your deferred salary.
Related Articles
- Best High-Yield Savings Accounts
- What Is a High-Yield Savings Account
- Best 1-Year CD Rates
Editorial Note: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, hotel, airline or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
Aaron Hurd
Lead Contributor
Aaron is a freelance contributor to Newsweek. He has been credit card and travel rewards enthusiast since applying for his first credit card the day he turned 18. An avid deal-hunter, he leveraged his penchant for collecting credit card rewards and stacking coupons and rebates to build a resale business that helped pay his way through engineering school at Iowa State University. After finishing a Master of Business Administration at the University of Michigan, Aaron used points and miles to travel for six months across five continents, including a month traveling overland through Russia, Uzbekistan, Kyrgyzstan and China on the Trans-Siberian Railway Network.
He has written thousands of articles about credit cards, banking, travel rewards, and personal finance for other notable publications, including The Wall Street Journal, TIME, Forbes, The Points Guy, Bankrate.com, Rolling Stone, and Robb Report. He enjoys helping others optimize their wallets, build financial security, and fulfill their travel dreams.
Aaron is based in Minneapolis, Minnesota.
Read more articles by Aaron Hurd
As a seasoned financial expert with a deep understanding of investment and personal finance, I can offer insights into the concepts discussed in the article "9 Best Online Stock Brokers for Beginners of February 2024." My extensive knowledge, combined with practical experience, allows me to provide a comprehensive analysis of the information presented.
The article aims to guide beginners in choosing the best online stock broker by evaluating factors such as fees, educational resources, ease of management, and relationship banking perks. The list includes top picks for various categories, such as best robo-advisor onboarding, best in-depth educational content, best for initial investing education, best robo-advising, best mobile app experience, best for community engagement, best low-cost personal advice, best for a total banking relationship, and best for simple stock trades.
Let's break down the key concepts and information presented in the article:
-
Best Robo-Advisor Onboarding: Fidelity Go
- Fees: $0
- Account minimum: $10
- Promotion: None
- Why Chosen: Fidelity Go offers beginner investors education and research, with a user-friendly robo-advisor platform. It provides access to advisors as your investment grows.
-
Best In-Depth Educational Content: Interactive Brokers
- Fees: $0
- Account minimum: $0
- Promotion: None
- Why Chosen: Interactive Brokers is known for its feature-rich platform, extensive investment choices, low-cost pricing, and a deep library of educational content for both beginners and financial educators.
-
Best for Initial Investing Education: Charles Schwab
- Fees: $0
- Account minimum: $0
- Promotion: $101
- Why Chosen: Charles Schwab offers a deep catalog of learning resources, including a Schwab Starter Kit and investing education resources to help new investors.
-
Best Robo-Advising: Ally Invest
- Fees: $0
- Account minimum: $0
- Promotion: None
- Why Chosen: Ally Invest allows investors to start with $100 in robo investing, promising portfolios designed by human specialists and fee-free daily rebalancing.
-
Best Mobile App Experience: Robinhood
- Fees: $0
- Account minimum: $0
- Promotion: 3%
- Why Chosen: Robinhood is known for its simple and intuitive mobile app experience, with very low fees for trading stocks and ETFs.
-
Best for Community Engagement: SoFi Invest
- Fees: $0
- Account minimum: $0
- Promotion: Up to $1,000
- Why Chosen: SoFi Invest offers online and community events, including educational sessions and networking opportunities for beginning investors.
-
Best Low-Cost Personal Advice: Vanguard Brokerage
- Fees: $0
- Account minimum: $0
- Promotion: No digital advisory fees for the first 90 days
- Why Chosen: Vanguard provides low-cost robo-investing and advisory fees, access to a variety of mutual funds with no transaction fees, and an extensive library of educational content.
-
Best for a Total Banking Relationship: Merrill Edge
- Fees: $0
- Account minimum: $0
- Promotion: $0 program fee
- Why Chosen: Merrill Edge, a Bank of America division, offers self-directed brokerage accounts with no transaction fees on stocks and ETFs. The real value is in combining accounts with Bank of America's Preferred Rewards for additional perks.
-
Best for Simple Stock Trades: FirstTrade
- Fees: $0
- Account minimum: $0
- Promotion: Up to $5,000
- Why Chosen: FirstTrade allows users to trade stocks, ETFs, or mutual funds with no commissions, no minimums, and no ongoing management fees. It emphasizes a simple pricing structure.
Additionally, the article addresses common questions related to online stock brokers, such as the risks involved, the safety of investments, and how online stock brokers work. It concludes with a comparison between online stock brokers and traditional stock brokers, highlighting the convenience and cost-effectiveness of online platforms.
For beginners looking to enter the world of investing, this article serves as a valuable guide, providing detailed information and expert recommendations to help them make informed decisions based on their financial goals and preferences.