Investing on my own!

[DancingWaters]

Looking for a “easy to navigate” investing website/company to just play around with investing on my own?. We have a financial guy who holds our investments. This would just be for fun—-maybe earn a little fun money

 

[davidvel]

We use Schwab. Very easy. Be careful of capital gains tax if you are day trading/flipping outside of a retirement account. This often bites new investors hard.

 

[easyrider]

Investopedia has a stock market simulator that you can try out to get the hang of things. What is or was interesting is you can see what others are doing and make picks off of these portfolios.

Bill

Register for Simulator | Investopedia

auth.investopedia.com

 

[Brett]

I also use Schwab (with some Vanguard funds)

 

[WorldT]

I use both Schwab and Fidelity and I prefer Schwab.
However, if you are going to be primarily using a mobile phone, the Robinhood app has the most user friendly interface I have seen.

 

[Sandi Bo]

Another vote for Schwab. Overall great website, IMO, and their customer support is great (very available for questions (no charge)).

 

[claraj]

I have Schwab as well. I agree that Robinhood has a great mobile interface but I find I don't get the best execution price with them. Something to do with their trades go through another broker. It's been a few years since I've made any trades with them, so I'm not sure if this is still the case.

 

[jp10558]

I strongly recommend avoiding Robinhood. Now that I think everyone gives free trades, it probably doesn't matter, but I've used Fidelity (good and does their own executions IIRC) and TradeKing nee Ally Invest and keep using Ally Invest cause they're also my bank. I don't do enough to look for the execution prices so that doesn't really matter to me, IDK if you'd be doing enough for it to really matter.

 

[WorldT]

I strongly recommend avoiding Robinhood. Now that I think everyone gives free trades, it probably doesn't matter, but I've used Fidelity (good and does their own executions IIRC) and TradeKing nee Ally Invest and keep using Ally Invest cause they're also my bank. I don't do enough to look for the execution prices so that doesn't really matter to me, IDK if you'd be doing enough for it to really matter.

If you do not do a lot of trades, then execution prices wouldn't matter much and Robinhood app will still be preferred for ease of use. If you do the amount of trades I do on Schwab, then you might want to stay away from Robinhood.
It all depends on your frequency of trading.

 

[DancingWaters]

We use Schwab. Very easy. Be careful of capital gains tax if you are day trading/flipping outside of a retirement account. This often bites new investors hard.

I hadn’t thought about the capital gains. Why does that hit hard outside retirement accounts?

 

[SmithOp]

I hadn’t thought about the capital gains. Why does that hit hard outside retirement accounts?

You don't pay tax until you withdraw the funds on retirement accounts.

If you are trading in a brokerage account you may pay tax on cap gains, interest, and dividends every year you are actively trading. Interest and dividends even if you are just holding.

 

[emeryjre]

What is your objective with your foray into the financial markets?

 

[jp10558]

If you do not do a lot of trades, then execution prices wouldn't matter much and Robinhood app will still be preferred for ease of use. If you do the amount of trades I do on Schwab, then you might want to stay away from Robinhood.
It all depends on your frequency of trading.

If you look up the various controversies from 2021 and the fines Robin Hood had to pay, as well as some of the general f**kery that's been talked about and I'm happy to use a broker that has a normal website and doesn't have that in the recent past. YMMV of course, but that's my feeling. Not like I'm an expert though - I just tend to avoid "mobile only meme companies".

 

[davidvel]

I hadn’t thought about the capital gains. Why does that hit hard outside retirement accounts?

In a retirement account, taxes are paid upon withdrawal. In a standard account, gains (or losses) are realized upon sale of a stock.

 

[dioxide45]

In a retirement account, taxes are paid upon withdrawal. In a standard account, gains (or losses) are realized upon sale of a stock.

But in a retirement account, taxes are based on your bracket. In a standard account they would be based on capital gains rates. Which are often lower.

 

[davidvel]

But in a retirement account, taxes are based on your bracket. In a standard account they would be based on capital gains rates. Which are often lower.

Correct. Not sure about the "but."

 

[WaikikiFirst]

In a standard account they would be based on capital gains rates.

Well, I will guess that someone who says they want to "JUST PLAY AROUND" with investing won't have many LONG-TERM gains or losses. LT is what counts unless I am forgetting something about taxes. I long ago set my accounts up so I always have a large LTCG and a much smaller STCLoss. Though 2025's volatility will make that a tough ask, unless I just purposely go around losing money.
For anyone who says they want to "JUST PLAY AROUND" with investing, they should feel happy about having gains on which they have the privilege of paying taxes.
easyrider hit it: use that simulator or (nobody mentioned this?) join an Investing Club

for anyone who is old enough and successful enough to "have a financial guy who holds our investments", the OP is to me. I loved my career as a pro investor because, when DONE RIGHT (not playing around) it is a highly intellectual career (or even hobby, maybe) BUT not as a play-around

 

[DancingWaters]

What is your objective with your foray into the financial markets?

Just for fun.

 

[DancingWaters]

I’ve decided to find something else to do for fun. I don’t need anymore headaches!

 

[iftravel]

Just for fun.

PredictIt is more fun!