The trend of commission-free online trading platforms makes investing more accessible to more people, especially as account minimums disappear.
It’s important to understand that when an online broker offers commission-free trading, it really just means they don’t charge their own fee for helping execute the trade. There might still be other fees involved. Remember, too, that exchange-traded funds (ETFs) and mutual funds come with expense ratios, and those fees are still charged even if there isn’t a commission for buying or selling the fund.
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As with any investment, it’s vital to know what you’re getting into, understand the terms and ensure you’re prepared for potential losses. If you’re looking for a commission-free online broker for your investment needs, here are 10 that don’t charge trading fees:
| Commission-Free Broker | U.S. News & World Report Rating | U.S. News & World Report Review |
| Robinhood | 4.3 out of 5 | Read Robinhood Review |
| Charles Schwab | 4.8 out of 5 | Read Charles Schwab Review |
| Fidelity | 4.8 out of 5 | Read Fidelity Review |
| Merrill Edge | 4.5 out of 5 | Read Merrill Edge Review |
| Ally Invest | 4.5 out of 5 | Read Ally Invest Review |
| E-Trade | 4.3 out of 5 | Read E-Trade Review |
| Webull | 3.8 out of 5 | Read Webull Review |
| Public | 4.1 out of 5 | Read Public Review |
| Vanguard | 3.9 out of 5 | Read Vanguard Review |
| TradeStation | 4.3 out of 5 | Read TradeStation Review |
Robinhood
When Robinhood first launched its service, offering the ability to trade stocks and ETFs without commissions, it made a bit of a splash. The company ended up leading the way, and other more established discount brokers have followed suit.
Robinhood is well known for making it easy to trade stocks. It even has 24/7 support to help you out of any binds day or night. You can trade U.S.-listed stocks, ETFs, options and over-the-counter securities for zero commissions — even after hours on weekdays. There’s also a robo-advisor strategy available for as low as a 0.25% annual management fee. You’ll need to invest at least $50 to get started, and accounts with less than $500 are invested solely in ETFs. More than $500 provides access to ETFs and individual stocks.
Robinhood doesn’t have as many research tools available as some of the other online discount brokers, but for those who are looking for a great mobile app and an easy way to trade, it’s a solid choice.
Read U.S. News & World Report’s review.
Charles Schwab
Known as the pioneer discount broker with over 50 years under its belt, Charles Schwab Corp.’s (ticker: SCHW) free trading applies to ETFs, stocks, fractional shares and Schwab mutual funds. Options trades also have no commission, but there is a 65-cent fee per contract. There is no account minimum for self-directed accounts, so opening an account and funding it is relatively easy. Schwab also offers several research tools and educational materials. On top of that, the broker has an automated investing platform, Intelligent Portfolios, for those interested in a robo-advisor product, although you’ll need at least $5,000 to get started. But once you do start, there’s no commissions or advisory fee for the service, which is an impressive deal. Read U.S. News & World Report’s review.
Fidelity
You may think of Fidelity Investments mainly in terms of retirement account management. That’s certainly the company’s bread and butter, but Fidelity also has its own discount online trading platform that doesn’t require an account minimum. There are no fees for maintaining the account, nor for if and when you decide to close your account. On top of that, you can trade U.S. stocks, ETFs and options without paying commissions, although a 65-cent-per-contract fee applies to options. All of the firm’s proprietary mutual funds also trade for free along with many non-Fidelity mutual funds.
Because it’s Fidelity, it’s no surprise there are many investment education and research tools you can use to help make informed investing decisions. These include free research reports from more than 20 independent analysts.
Read U.S. News & World Report’s review.
Merrill Edge
For Bank of America Corp. (BAC) customers, the natural choice for a commission-free broker may be Merrill Edge. The Bank of America subsidiary allows you to link your bank account with your Merrill Edge brokerage account so you can view and manage everything from one platform. The platform also offers commission-free trading online for stocks and ETFs in its self-directed brokerage accounts to complement a fairly robust suite of research tools. Options also trade free, but come with the familiar 65-cent-per-contract fee.
With no account minimum for self-directed accounts, it’s easy to get started. (There’s a $1,000 minimum to use Merrill Guided Investing, which combines tech and human expertise.) New clients who open an individual retirement account or cash management account can even qualify for a $600 sign-up bonus.
Read U.S. News & World Report’s review.
Ally Invest
Ally Financial Inc. (ALLY) originally started as an online bank, offering high-yield accounts. Now, it also offers investment services. Ally Invest will let you open an account with no minimums (unless you want margin, which requires a $2,000 initial deposit). You can also trade stocks, options, ETFs and no-load mutual funds without worrying about trading commissions. There is a 50-cent-per-contract fee for options trades, though.
It also has some solid investment education resources and offers access to screeners, charts and analyses, including TipRanks Smart Score for stocks, to help you make informed decisions. Or, if you prefer a more hands-off approach, you can use the broker’s robo-advisor option with no management fees and a low $100 account minimum. It does keep 30% of your portfolio in cash, however. For a lower cash reserve, you’d need to pay 0.3% per year for a robo-advisor account that keeps only 2% in cash.
Read U.S. News & World Report’s review.
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E-Trade
How many remember the E-Trade baby and those clever commercials? Well, E-Trade has gone from being one of the more expensive brokers in the past to offering zero commissions on U.S.-listed stocks, ETFs, mutual funds and options. There is the typical 65-cents-per-contract fee for options, but you can get that reduced to 50 cents per contract if you make at least 30 trades per quarter.
There is no account minimum requirement, so that creates a situation where it can make sense to get started. E-Trade also offers a few different platforms and charting options to better analyze the data and choose investments that are most likely to help meet your goals.
Read U.S. News & World Report’s review.
Webull
A newer addition to the online brokerage industry, Webull has proven itself to be a great option for commission-free trading. With no fees to trade stocks or ETFs or account minimums, it’s an easy choice for beginning investors. Options may incur a 50-cent-per-contract fee. The broker’s slick mobile trading platform will particularly appeal to investors who like to trade on the go.
As an added bonus, the company has a section on its website dedicated to its offers and promotions. For example, you could earn up to $175 for new account transfers. It also provides charting tools and a customizable layout, making it a great choice for active traders as well as newbies.
Read U.S. News & World Report’s review.
Public
Another newer online broker on the block is Public. And unlike others on this list, Public cut its teeth on free trading. It was founded in 2019, as a commission-free fractional investing platform. It has since expanded to include stocks, ETFs, Treasurys, crypto and alternative asset classes. However, you can’t trade mutual funds on the platform. Stocks, ETFs and options are commission-free, although index options incur a 50-cent-per-contract fee (35 cents per contract for premium members).
Premium membership requires a $8-per-month subscription fee, but is free if your account balance is at least $50,000. Unlike most other brokers, Public does not charge contract fees for stock and ETF options trades. So if it’s free options trading you’re after, this could be the platform for you. Just make sure you stay active on the platform or keep at least $70 in your account to avoid the $3.99 monthly inactivity fee.
Read U.S. News & World Report’s review.
Vanguard
Known for low-cost investing, Vanguard’s large fund selection makes it a great option for long-term investors. As of January 2020, the broker also offers commission-free trading online for stocks, ETFs and many mutual funds. Options may also trade free, but with a $1 per-contract fee. You may incur a $25 account service fee if you don’t opt into e-delivery of account documents. And once you go Vanguard, you may not want to go elsewhere because they’ll charge you a $100 processing fee to close your account and transfer your assets.
The company still caters more to buy-and-hold investors by not providing a lot of tools or calculators for short-term trading. The platform does provide digital advice in both purely robo form through its Digital Advisor and a hybrid form with Vanguard Personal Advisor. You’ll need at least $100 to use Digital Advisor and $50,000 for Vanguard Personal Advisor.
Read U.S. News & World Report’s review.
TradeStation
Originally, TradeStation was best known for its access to futures trading and penny stocks, but the broker offers much more. You can trade stocks, ETFs and stock options with no commissions, although there is a 60-cent-per-contract fee on options. You can even trade futures without incurring commissions, but per-contract fees range from 50 cents to $1.50 per side. There is no account minimum to get started, and you get access to web, desktop and mobile app trading.
One thing to be aware of, however, is that there can be a steeper learning curve with this platform than many others. TradeStation was originally aimed at advanced traders and it shows. This can be a great commission-free broker for day traders, however.
Read U.S. News & World Report’s review.
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10 Brokers That Offer Commission-Free Trading originally appeared on usnews.com
Update 07/07/25: This story was previously published at an earlier date and has been updated with new information.
