Macy’s stock has been climbing recently, helped by better-than-expected earnings and optimistic forecasts. As shopping habits change, Macy’s has been focusing on its online presence and loyalty programs, which have caught the attention of investors again.
Knowing how to execute trades efficiently and cost-effectively matters if you want to get your foot in the investing door. That’s where beginner-friendly online brokers come into play.
How Online Brokerages Work for Beginners
At its core, an online brokerage is the digital intermediary between you and the stock market. Instead of calling a traditional broker to place a trade, you log into a platform or app, search for the stock you want, like Macy’s, and place an order with a few taps.
The brokerage then routes that order to the appropriate exchange and executes it, usually within seconds. Most modern platforms have made this process straightforward. Behind the scenes, the broker handles all the complexities of market access, regulatory compliance and transaction processing.
For beginners, this means you don’t need to understand the mechanics of Wall Street to get started. With commission-free trades and low or no account minimums, you can begin investing with a few dollars and get access to the same markets as professionals. If you’re a beginner investor, here are some solid options:
- SoFi Active Invest: With SoFi Active Invest, new investors enjoy zero-commission trading across stocks, exchange-traded funds (ETFs) and options, paired with no minimum deposit. It also has an intuitive interface, making SoFi a compelling choice for those looking to invest in Macy’s or other stocks.
- Firstrade: Firstrade sets itself apart by eliminating key fees for entry-level traders. You get commission-free trades for ETFs and options with no per-contract charge on options trades.
- Charles Schwab: Charles Schwab stands as a well-rounded veteran in the brokerage world. It offers commission-free trade on stocks, ETFs and options, along with multiple robust trading platforms. Beginner investors benefit not only from these resources but also from strong customer support and educational offerings.
| Online Brokerage | Forbes Advisor Rating (out of 5) | Best For | Investment Offerings | Educational Resources | Customer Support Channels; 24/7 Support? | Learn More |
|---|---|---|---|---|---|---|
   | Best for Low-Cost Trading | Stocks, mutual funds, ETFs, options | Web guides, articles, webinars, videos | Phone, email; No | ||
| | Best for User-Friendly Platform | Stocks, mutual funds, ETFs, bonds, options, futures, forex | Articles, trading demos, podcasts, videos, live events | Phone, web chat; Yes | Read Forbes’ Review | |
| | Best for Social Community | Stocks, mutual funds, ETFs, options, futures | Web guides, articles, videos | Phone, email; No | Via Webull’s Website | |
| | Best for Long-Term Investing for Beginners | Stocks, mutual funds, bonds, ETFs, options | Web guides, articles, webinars, classes, live events | Phone, web chat; Yes | Read Forbes’ Review | |
 | Best for Exploring Advanced Tools | Stocks, mutual funds, ETFs, bonds, options, futures | Courses in multiple languages, trading lab, webinars, podcasts, newsletters, articles | Phone, email, chat; No | Read Forbes’ Review | |
| | Best for Commission-Free Mutual Funds | Stocks, mutual funds, bonds, ETFs, options, futures | Articles, classes, webinars, videos, live events | Phone, chat; Yes | Read Forbes’ Review | |
| | Best for Casual Investors | Stocks, ETFs, options | Web guides, articles, newsletters | Phone, email, chat; Yes | Via Robinhood’s Secure Website |
Bottom Line
With Macy’s stock rising, now could be a good time for beginners to jump in. Picking the right broker makes the whole process easier and less stressful.
Whether snapping up Macy’s shares to start a new portfolio or slowly adding them through ETFs or other strategies, having a broker that fits how you like to invest can make a big difference.
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