11 Best Brokerage Accounts and Online Trading Platforms for 2024
Written by
Jacob Wade
Edited by
Melanie Grafil
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Everyone wants to invest with the best broker, but how do you decide which brokers qualify for that title? GOBankingRates identified the best brokerages and online trading platforms to help you choose the right one for you.
11 Best Brokerage Accounts at a Glance
Here’s a table so you can quickly compare the best online brokerages’ fees and minimums:
| Brokerage | Fees | Account Minimum |
|---|---|---|
| E-Trade | -Stock and ETF: $0 -Options: $0.65; $0.50 if over 30 trades each quarter -Futures: $1.50 |
$0 |
| Charles Schwab | -Stock and ETF: $0 -Options: $0.65 -Futures: $2.25 |
$0 |
| Fidelity | -Stock and ETF: $0 -Options: $0.65 |
$0 |
| Interactive Brokers | -Stock and ETF: $0 -Options: $0.65 -Futures: $0.85 |
$0 |
| Ally Invest | -Stock and ETF: $0 -Options: $0.50 per contract |
$0 |
| Merrill Edge | -Stock and ETF: $0 -Options: $0.65 |
$0 |
| Firstrade | -Stock and ETF: $0 -Options: $0 |
$0 |
| TradeStation | -Stock and ETF: $0 -Options: $0.60 -Futures: $1.40 |
$0 |
| SoFi | -Stock and ETF: $0 -Options: $0 |
$0 |
| Tastytrade | -Stock and ETF: $0 -Options: $1 contract fee -Futures: $1.25 |
$0 |
| Robinhood | -Stock and ETF: $0 -Options: $0 -Cryptocurrency: $0 |
$0 |
An In-Depth Look at the Best Online Brokerages
Overall, most of these firms have excellent trading capabilities, service and low costs. Many also run promotions offering free trades, cash bonuses or discounted products and services. Keep reading to learn details on each.
1. E-Trade
E-Trade was one of the pioneers of online trading, and it scores high across all reviewed categories, making it a top online broker for 2024.
Why it was chosen: At E-Trade, you can buy or sell stocks, bonds, options, futures, exchange-traded funds and mutual funds, and you can open regular brokerage, retirement, managed or college-oriented accounts. There’s no minimum for brokerage accounts and equity trades are free. E-Trade offers a wide range of tools and research for seasoned traders and no commissions on stock and ETF trades.
Pros:
- Extensive account options and trading capabilities
- User-friendly online and mobile interfaces
- Access to financial advisors and other products beyond online trading
Cons:
- No access to crypto trading
- Margin rates are high vs. competitors
Costs and fees:
- Stocks and ETFs: $0
- Options: $0.65; $0.50 if over 30 trades each quarter
- Futures: $1.50
Account minimum: $0
To learn more about E-Trade, visit its website.
2. Charles Schwab
Charles Schwab is a large online broker that has acquired TD Ameritrade and integrated its world-class trading platform, thinkorswim.
Why it was chosen: Charles Schwab boasts $0 stock and ETF trades — as well as no account minimums. There are multiple trading platforms available for beginners and advanced traders. The thinkorswim trading platform is well-designed with a myriad of tools for advanced traders, and most of these tools are baked into the thinkorswim mobile app as well.
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Pros:
- Multiple trading platforms for varying levels of experience
- No account minimums
- Extensive network of branches across America
- Low-fee access to thousands of mutual funds
Cons:
- Fee for an outbound full account transfer
- No crypto trading available
Costs and fees:
- Stocks and ETFs: $0
- Options: $0.65
- Futures: $2.25
Account minimum: $0
To learn more about Charles Schwab, visit its website.
3. Fidelity
Fidelity has been a household name for its line of mutual funds, but the firm is also one of the best overall online brokers in the business.
Why it was chosen: Fidelity offers everything for investors — from retirement accounts to mutual funds to options trading and access to a wide range of financial services. But for traders, Fidelity offers access to Active Trader Pro, a professional trading platform with built-in research and analysis tools. While Fidelity doesn’t offer an Active Trader Pro mobile app, the standard Fidelity app has some great charting features and tools for managing trades on the go.
Pros:
- No account fees or minimums
- Fantastic trading and research tools
- Limited trading fees
Cons:
- Fees for add-on services, like account management, can get high
- No futures trading available
Costs and fees: Stocks and ETF: $0 per trade; Options: $0.65
Account minimum: $0
To learn more about Fidelity, visit its website.
4. Interactive Brokers
Interactive Brokers has always been known for its advanced trading platform for experienced traders, but you don’t have to be an expert to use it.
Why it was chosen: Interactive Brokers’ commissions are as low as $0 with the IBKR Lite account. Interactive Brokers also offers an advanced IBKR Pro account and advanced charting and planning options. Traders will enjoy some of the industry’s lowest fees on options and futures trades — as well as rock-bottom crypto trading prices. IBKR offers some of the lowest margin rates around, too.
Pros:
- Advanced trading platform well-suited for experienced traders
- Very low/no commission costs
- Excellent research tools
Cons:
- May overwhelm beginner stock traders
- Inactivity fee may apply for certain IBKR Broker accounts
Costs and fees:
- Stocks and ETFs: $0
- Options: $0.65
- Futures: $0.85
Account minimum: $0
To learn more about Interactive Brokers, visit its website.
5. Ally Invest
Ally Invest offers a self-directed trading platform with an intuitive design and access to a wide range of trading tools.
Why it was chosen: Ally Bank has extended its service to offer investment accounts — including a self-directed trading account, robo-advisor and wealth management. Its self-directed trading account may not be the best platform for professional traders but casual traders will have more than enough charting and analysis tools to enjoy a seamless trading experience. As with most other brokers, Ally offers commission-free stock and ETF trades, as well as low options contract pricing — at $0.50 per contract.
Pros:
- No commissions on stock, ETF and options trades
- No account minimums
- Well-designed charting tools
Cons:
- $4.95 trade fee for anything under $2 per share
- No futures trading
Costs and fees:
- Stocks and ETFs: $0
- Options: $0.50
Account minimum: $0
To learn more about Ally Invest, visit its website.
6. Merrill Edge
Merrill Edge is the online brokerage side of venerable Merrill Lynch, now a Bank of America company.
Why it was chosen: Merrill Edge is the self-directed investing platform with no account minimums and no commissions for stocks, ETFs and options trades. Research and investing insights are available on both the web app and mobile app — a boon for advanced traders who monitor trades on the go. Since Merrill is owned by Bank of America, Member FDIC, you can also earn Preferred Rewards through your linked Merrill Edge account if your account balances remain over $20,000.
Pros:
- Backing of two of America’s most prestigious financial firms — Merrill Lynch and Bank of America
- Detailed stock trading tools and charts
- High-quality research
Cons:
- No cryptocurrency or other advanced investment options, such as forex
Costs and fees:
- Stocks and ETFs: $0
- Options: $0.65
Account minimum: $0
To learn more about Merrill Edge, visit its website.
7. Firstrade
Firstrade isn’t as large as some of the other firms on the list, but its top-notch features and benefits make it a solid contender for being one of the best brokerage accounts.
Why it was chosen: There are no account minimums at Firstrade, along with no commission on most trades. Featuring both a user-friendly website and a mobile app, Firstrade lets customers buy and sell stocks, options, fixed-income securities, ETFs and over 11,000 mutual funds for no charge. The firm also provides research from noted industry experts like Morningstar.
Pros:
- Commission-free trading for most assets
- Access to high-grade research
- Slick mobile app interface
Cons:
- No professional management or robo-advisor options
Costs and fees:
- Stocks and ETFs: $0
- Options: $0
Account minimum: $0
To learn more about Firstrade, visit its website.
8. TradeStation
TradeStation was originally designed for professional traders, but its platform is now open for novice investors as well.
Why it was chosen: TradeStation offers an advanced trading platform with free stock and ETF trades and lost-cost options and futures trading. TradeStation’s trading tools and market research sweeten the deal. The online broker also provides many educational services. Whether you’re a rookie or advanced investor, the company provides content that can help you master your investing skills.
Pros:
- Advanced mobile and online trading tools for active investors
- Free trading of stocks and ETFs
- Free market research and insights
Cons:
- No commission-free mutual fund trading
- Inactivity fee may be assessed
Costs and fees:
- Stocks and ETFs: $0
- Options: $0.60
- Futures: $1.40
Account minimum: $0
To learn more about TradeStation, visit its website.
9. SoFi
SoFi is an online bank that offers multiple ways to invest, including self-directed accounts and a robo-advisory service.
Why it was chosen: SoFi offers a simple-to-use trading platform with no commissions on stock and ETF trades. You can also dabble in funds that include alternative assets, such as pre-IPO investing, commodities, private credit and more. In addition to a trading account, you’ll have access to SoFi financial planners, career coaches and other member perks.
Pros:
- No commissions on stock and ETF trades
- No account minimums
- Fractional shares available
Cons:
- Can’t trade crypto
- No futures trading
- Basic charting
Costs and fees:
- Stocks and ETFs: $0
- Options: $0
Account minimum: $0
To learn more about SoFi, visit its website.
10. Tastytrade
Tastytrade is a well-designed advanced trading broker that specializes in options and futures trading.
Why it was chosen: Tastytrade has been around since 2017. Its founders developed the top-rated Charles Schwab trading platform thinkorswim first then sold it off and launched tastytrade. It quietly became a favorite of active traders — with an emphasis on options trading design. Advanced traders will love the flexibility and layout of tastytrade, as well as the proprietary live video feeds of traders. It might be a steep learning curve for some but is one of the best options trading platforms around.
Pros:
- Free stock and ETF trade
- Low-cost options and futures trading available
- Advanced web and mobile platforms
- Live trader video fees
Cons:
- Might overwhelm new traders
- Lacking in some basic educational content
Costs and fees:
- Stocks and ETFs: $0
- Options: $1 for each contract
- Futures: $1.25
Account minimum: $0
To learn more about tastytrade, visit its website.
11. Robinhood
Robinhood democratized trading in 2014 by providing the first commission-free mobile alternative to Wall Street brokerage accounts.
Why it was chosen: Robinhood customers can trade stocks, ETFs, options and cryptocurrency commission free. The app’s 24 Hour Market allows investors to trade a collection of popular stocks and ETFs 24 hours a day, five days a week. Margin accounts and an IRA with a match of up to 3% are also available. Extensive educational material and analysis from Sherwood News brings novice investors up to speed.
Pros:
- Commission-free stock, ETF, option and cryptocurrency trading
- Advanced charts
- Pays interest on idle cash with Gold account
Cons:
- No mutual funds, futures or forex trading
- Must request a call for phone support
Costs and fees:
- $0 for stocks, ETFs, options and cryptocurrency
Account minimum: $0
To learn more about Robinhood, visit its website.
How the Best Online Brokerages Were Picked
GOBankingRates determined the best brokerage accounts by analyzing 23 of the largest and up-and-coming online brokers, using the following criteria:
- Cost to trade equities, such as stocks and ETFs
- Cost to trade options
- Number of account types available including basic brokerage account, retirement account, managed or guided account and college education investing account
- Number of different investment vehicles available, including stocks, futures, options, ETFs, mutual funds, bonds and, if available, cryptocurrency, which was counted as an additional point rather than as a point against brokers
- Opening minimum investment requirement
- Available promotional offers
- Access to a financial advisor
- 24/7 phone customer service
- Live chat with a human representative
- Mobile app availability
- Educational resources, such as webinars, blogs and courses that teach investing and trading
- Research and tools, such as multiple trading platforms, in-depth market analysis, and screener tools for stocks, ETFs and bonds
Each broker was scored based on these individual categories, which were then summed up for a final score. Available promotional offers, 24/7 phone customer service, live chat and mobile availability were weighted by a quarter while all other categories were weighted in full.
Tips for Choosing the Best Online Brokerage
Now that you have a list of the best brokerage accounts and online trading platforms, you’re armed with information to choose the right one for you. The final step is to match your investment needs and experience with the services and capabilities of each individual broker. For example, frequent traders might gravitate toward a broker with extensive research capabilities, advanced trading programs and low or no commissions. But a novice investor might need an online broker that provides access to financial advisors and educational tools, excellent customer service and professional management capabilities.
Never assume that any broker — even one on the top 11 list — has all the features you’ll need. For example, some firms might allow cryptocurrency trades, whereas many do not. A firm might offer free IRAs, charge for those accounts or not even offer them. Do a thorough review of both the costs of using a particular broker and the benefits before making your choice.
Daria Uhlig, John Csiszar and Andrew DePietro contributed to the reporting for this article.
FAQ
Here are the answers to some of the most frequently asked questions about brokerage accounts.- What is an online broker?
- An online broker provides its services through either a web-based or mobile interface.
- How much money do you need to invest with an online broker?
- Account minimums can vary from $0 to $10,000 or more. Most of the best online brokers have $0 account minimums, though you might need at least $5 to place a trade.
- Do online brokers have hidden fees due to low commissions?
- Most online brokerages are low-cost, but some charge higher fees for additional services. For example, many firms charge fees for transferring out or closing an account or for other banking services, such as sending wire transfers.
- What is a robo-advisor?
- A robo-advisor is an automated portfolio management program that allocates your funds according to your chosen investment objectives and risk tolerance. Funds are typically spread across a number of broad segments of the market using ETFs and are rebalanced regularly.
- Which is the best brokerage account?
- The best brokerage account depends on your needs, like trading frequency, investment types and user experience. Some of the top brokerage accounts to consider are E-Trade, Charles Schwab and Fidelity.
- What brokerage do most millionaires use?
- Many millionaires use brokerages that offer a wide range of personalized services and advanced trading platforms. Firms like Charles Schwab and Fidelity are popular among high-net-worth individuals.
- Is it safe to keep more than $500,000 in a brokerage account?
- It is safe to keep more than $500,000 in a brokerage account as long as the brokerage is a member of the Securities Investor Protection Corporation, which protects your account up to $500,000.
Data is accurate as of Aug. 9, 2024, and is subject to change.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
GOBankingRates is a personal finance and consumer interest rate website and an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of GOBankingRates, which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.
GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances.
