Commission-free online stock and ETF trades (exchange-traded funds) are an ordinary feature among today’s discount stock brokers.
But not all brokers are cut from the same cloth.
The best discount brokers not only include zero commission trades but also little to no account fees and the platform tools you need to invest your way.
Which broker is right for you?
We put together a list of the best online discount brokers of 2024 and highlight where they shine brightest, according to our analysis of 18 US brokers.
Driven by value, Fidelity's line of investment options delivers commission-free stocks, ETFs and options trades through a refreshingly modern trading platform.
Fidelity Investments is designed with low costs in mind, built for investors of varying experience levels and infused with beginner-friendly and advanced trading tools and features — things like fractional share trading, an active trader platform and top-tier research tools. You'll also find some of the lowest back-end account fees in the industry, making Fidelity Investments the best overall online discount broker in our book.
Pros
$0 commissions on stocks, options and ETFs
Virtually no account fees
Wide range of investment options
Large selection of top-tier research providers
24/7 customer support
Cons
$25,000 minimum to access a Fidelity financial advisor
The Fidelity Active Trader Pro desktop platform interface looks and feels antiquated
As the investment and trading arm of financial services company and bank SoFi®, you get more than just an investment account as a SoFi member. In addition to trading stocks, options, ETFs and mutual funds and access to a free robo-advisor and no-cost financial advice, SoFi members can round out their finances with the company's diverse assortment of financial products.
Invest, bank, secure a loan, open a credit card or purchase insurance for your car, home or life, all from a single, user-friendly platform. And, being one of the only brokers in the industry that offers unlimited, complimentary access to certified financial planners, a service that can cost you several hundred dollars a session elsewhere, SoFi members can consult a professional ahead of any of life's important financial decisions.
Other winning categories: Best all-in-one financial app
Pros
Access banking and loan products, insurance, brokerage services and other financial products from one platform
Free robo-advisor
Complimentary access to SoFi's certified financial planners
In addition to its zero-commission stock and ETF trades, Public offers something most brokers we review have yet to include in their lineup of investments: alternative assets. While crypto's a common offering nowadays and a few brokers let you invest in precious metals, Public's growing list of alternatives makes it a no-brainer for investors who want to diversify their portfolio beyond traditional investments and do it from a single platform.
Beyond stocks, ETFs and treasuries, Public lets you invest in crypto, NFTs, fine art, royalties and collectibles — things like rare comics, game-worn Air Jordans and one of the earliest copies of Super Mario Bros. for Nintendo NES.
Pros
Commission-free stock and ETF trading
Alternative assets include crypto, fine art and collectibles
Fractional share investing
Live chat support
Cons
Best tools and features are reserved for Public Premium members for $8 a month
Versatile, with an unrivaled selection of asset types, meet Interactive Brokers and its powerful mobile trading platform, IBKR Mobile. Interactive Brokers is a discount broker that punches above its weight class, offering a sweeping range of trading tools that many brokers reserve for their web and desktop trading platforms and a lineup of tradable assets that outpace even the biggest brokers in the space. What's more, Interactive Brokers offers the more beginner-friendly IBKR GlobalTrader and IMPACT mobile trading platforms for those looking for a more simplified investing experience.
Other winning categories: Best brokerage account for day trading, Best for international trading
Pros
Commission-free stock and ETF trades
Three mobile trading platforms, including the versatile IBKR Mobile and the beginner-friendly IBKR GlobalTrader
Robinhood took the concept of discount broker to a whole new level when it launched its commission-free trading platform back in 2014, disrupting and reshaping an industry that, for investors, was largely burdened by a per-trade fee of between $5 and $10. Today, Robinhood still offers commission-free trading, but it's extended this discounted fee structure to include options and crypto.
Buy and sell more than two dozen cryptocurrencies for as little as $1 with no commissions or markups, and access up to $1,000 instantly to trade. With its distinctive, user-friendly platform, Robinhood has lots to offer investors looking to build a portfolio of cryptocurrencies alongside their equity holdings.
Pros
No crypto trading fees
15 supported cryptos
Transfer crypto into and out of your Robinhood Crypto account
24/7 customer support
Assets are held mostly in cold storage
Cons
Limited advanced tools unless you upgrade to Robinhood Gold
Designed primarily for derivatives trading, tastytrade boasts an impressive collection of trading products and some of the best pricing on options and futures contracts in the industry. Stocks and ETFs are commission-free, options have no closing commissions and its trading platforms are powerful, with advanced trading, research and analysis tools, including profit and loss visualizations and a quick roll feature to roll your option position into the future.
Meanwhile, tastytrade offers a comprehensive learning center with video and live demos to help you level up your trading.
Pros
Highly customizable trading platform
Extensive lineup of tradable derivative assets
Competitive options fee structure
Helpful educational resources and live programming
eToro's unique blend of cutting-edge technology and social networking helped popularize social investing and it's fostered a dynamic community of traders and investors within the eToro community. For instance, its CopyTrader lets you leverage the expertise of other eToro users by automatically replicating their crypto trades in your portfolio, and get paid when others copy you. While CopyTrader is currently only available for crypto, it's a defining feature of the platform and one that helps it stand out as the best broker for social investing.
eToro's an accessible discount broker that doesn't skimp on features either. TipRanks-powered analyst ratings and price targets, hedge fund activity, insider transactions and advanced charts, all on an easy-to-use interface. Stocks and ETFs trade commission-free and options are free of both commissions and contract fees — something we don't see often.
One of the most trusted names in finance, an account with J.P. Morgan gives you access to a range of traditional investment options, including stocks, ETFs, options, mutual funds and fixed income, with zero commissions on stocks, ETFs, mutual funds and options trades. It provides access to an extensive selection of mutual funds from top fund families, robust research tools and educational resources and a straightforward user interface that makes research and trading a breeze.
Combine all that with a seamless integration with J.P. Morgan's broader financial services ecosystem and you've got a standout broker for those seeking commission-free fund trading with trusted expertise.
Pros
Commission-free online mutual fund trading
Convenient app and mobile banking integration for existing Chase customers
Automated portfolio management with a level of customization unlike many other robo-advisors, Acorns has redefined how people save and invest their spare change. With its innovative 'round-up' feature, Acorns automatically invests spare change from your everyday purchases, effortlessly growing your portfolio. Its user-friendly app simplifies investing for beginners, while also offering a degree of freedom to investors who want to retain control over their portfolio. And Acorns' flat-fee subscription structure means the cost for portfolio management never changes, with minimal back-end fees and no account minimums.
Whether you're new to investing or simply want to automate portfolio management, Acorns is the go-to discount broker for turning small change into substantial savings.
Pros
Invest your spare change automatically
Automated stock and ETF investing
Multiple investment account options
Customize your portfolio with individual stocks with Acorns Premium
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Methodology: How we choose the best brokerage accounts
Finder’s investments experts review 18 brokers available on the market to narrow down the best discount brokers for trading and investing.
We analyze each platform based on 147 key metrics we collect directly from brokers and assess each provider’s performance based on eight different categories, weighing each metric based on the expertise and insights of Finder’s investment experts. We then score and rank each provider depending on how it performs in each category.
How we weigh the overall rating
Investment options
Trading platforms
Trading costs
Account fees
Account types
Customer support
Mobile app reviews
Features
20%
12%
14%
9%
5%
7%
8%
25%
We update our best picks as products change, disappear or emerge in the market. We also regularly review and revise our selections to ensure our best provider lists reflect the most competitive available.
How do I compare discount brokers?
Fees are only one component you should consider when comparing stock trading accounts. Features, tools, customer support and ratings — like fees — will differ from platform to platform.
Start with what’s important to you in a brokerage account. And this is something you may not figure out until you’ve tried a few different platforms. While striking a balance between costs and function may be necessary, you don’t need to settle for high costs and fees for an enjoyable investing experience.
Here are some considerations when comparing discount brokers:
Fees. Are the fees reasonable and competitive? Are the fees for a feature you don’t plan to use? For instance, a particular broker may charge the highest margin interest rates in the industry. If you have no interest in trading on margin, this won’t matter.
Trading platform. Do you require a trading platform with advanced charting capabilities or does a simple buy and sell function suffice?
Customer support. Quality customer support is always important, and the more options for contacting them, the better. Some prefer to call, while others prefer the convenience of a live chat. You shouldn’t have to jump through hoops to get help, especially when your money is on the line.
Investment options. Stock trading might be enough if you’re only dipping your toes into the markets, but what if you want to expand your portfolio to include ETFs, mutual funds or crypto?
Account types. Does the broker offer more than individual brokerage accounts? Do they offer retirement accounts or an automated investing feature?
Usability. How complicated is it to make a trade? Is the platform intuitive and beginner-friendly?
Research tools and market data. Does the broker offer adequate asset and market data so you can research your investment to your comfort level before investing?
What fees should you look for?
Most discount stock brokers no longer charge commissions for US-listed online stock and trades of exchange-traded funds (ETFs), but some charge fees for cryptocurrency and options trades. Investors should also be aware of some miscellaneous fees. These include:
Inactivity fees. Although rare, some brokers charge a fee if your account remains unused for a specific time.
Custody fees. This fee may be charged when you trade American depository receipts (ADRs), which are securities listed on US exchanges that represent ownership of shares in foreign companies. This is typically a pass-through fee charged by the bank that issues the ADR. The average fee is one to three cents per share and may be charged quarterly or annually.
Account maintenance fees. Another rare fee for brokerage accounts, some brokers assess this fee for your account management and upkeep, which can include issuing statements and providing research tools. For instance, Vanguard charges a $20 annual fee for its brokerage accounts, but it will waive it if customers simply sign up for online statements.
Reorganization fee. You might see this fee as either a mandatory reorganization fee or a voluntary reorganization fee. Brokers may charge a mandatory reorganization fee whenever there is a reverse stock split or mandatory cash merger. They may charge a voluntary reorganization fee if you accept a tender offer for your shares.
Regulatory transaction fee. A fee the Financial Industry Regulatory Authority (FINRA) charges to recover the quarterly fee it pays to the US Securities and Exchange Commission (SEC). This fee is passed to brokers, who in turn pass it to customers. The SEC sets the regulatory transaction fee for 2022 at $22.90 per $1 million, or $0.0000229 per $1. For most retail investors, this translates to typically no more than a fraction of a penny.
Trading activity fee. A fee charged by FINRA to fund its regulatory responsibilities, such as performing examinations, financial monitoring and its policy, rulemaking and enforcement activities. This is another pass-through fee and, like the regulatory transaction fee, typically costs a fraction of a penny.
Account transfer fees. Many brokers use what’s called automated customer account transfer service (ACATs), which allows customers to switch accounts and avoid any tax consequences of selling investments. Many brokers charge between $75 and $100 for outgoing account transfers. Some brokers will cover the outgoing broker’s fee for new customers who transfer their accounts.
Wire transfer fees. A fee charged for an immediate transfer of funds from your brokerage account. Transfers are typically completed in one business day but are subject to a fee for the speediness of the transaction. This fee typically ranges from $0 to $50 per transfer.
Margin interest rate. The interest rate a broker charges for lending money for margin trading. Many brokers use a tiered rate schedule based on the amount of the margin loan.
Compare and find the broker that's right for you
Match your experience level with your trading and investing goals to find the right broker for you.
If you're a
And want to
Consider this
Beginner investor
Do most or all of your trading on your mobile device
The cheapest commission brokerage is Robinhood. It charges no commissions on stocks, ETFs, options or crypto, as well as no contract fees on options.
What is the largest discount broker in the US?
The largest discount broker in the US is Fidelity Investments. Fidelity has over 42 million individual investors and over $11 trillion in assets under management.
Should I use a discount broker?
You should use a discount broker if you want to trade stocks, ETFs, options and other assets with low commissions.
What is the best discount broker for cheap options trading?
Robinhood, SoFi Invest and eToro are some of the best discount brokers for cheap options trading. They charge no commission on options and no options contract fees.
Matt Miczulski is an investments editor at Finder. With over 450 bylines, Matt dissects and reviews brokers and investing platforms to expose perks and pain points, explores investment products and concepts and covers market news, making investing more accessible and helping readers to make informed financial decisions.
Before joining Finder in 2021, Matt covered everything from finance news and banking to debt and travel for FinanceBuzz. His expertise and analysis on investing and other financial topics has been featured on CBS, MSN, Best Company and Consolidated Credit, among others. Matt holds a BA in history from William Paterson University. See full bio
Matt's expertise
Matt has written 192 Finder guides across topics including:
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finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
