We evaluated over 25+ platforms for fees, tools, and investment options. Here are our top picks for online brokerages.
Zogby is an independent, advertising-supported comparison service. We may receive compensation from the companies whose products appear on this site. This compensation may impact how, where, and in what order products appear. Zogby does not include every financial company or every product available in the marketplace.
Key Takeaways
- 1 All five of our top brokerages offer $0 commissions on stock and ETF trades, so your decision should focus on tools, research, and investment selection.
- 2 Fidelity and Charles Schwab lead the pack for overall value, combining zero-fee trading with robust research tools and retirement planning features.
- 3 Vanguard remains the gold standard for long-term index fund investors, with the lowest expense ratios in the industry thanks to its unique ownership structure.
- 4 Active traders should consider Interactive Brokers for its professional-grade tools, global market access, and the lowest margin rates available.
- 5 Beginners benefit most from platforms like Charles Schwab that offer extensive educational resources, intuitive interfaces, and in-person branch support.
Our Top Picks for Online Brokerages
1. Fidelity
Commission
$0 stocks/ETFs
Account Min
$0
Best For
Long-term investing
Founded in 1946 in Boston, Fidelity manages over $5.9 trillion in discretionary assets and administers $15.1 trillion as of 2024, making it one of the largest financial services firms in the world. Fidelity eliminated trading commissions in October 2019 and was among the first major brokerages to offer fractional shares (called Stocks by the Slice) for over 7,000 U.S. stocks and ETFs. Their proprietary zero-expense-ratio index funds—including FZROX (Total Market) and FZILX (International)—are unique in the industry, charging literally nothing in fund fees. Fidelity also earned J.D. Power's #1 ranking for investor satisfaction among self-directed brokerage firms in 2024.
Pros
- Zero-expense-ratio index funds (FZROX, FZILX) unique to Fidelity
- Fractional shares on 7,000+ stocks via Stocks by the Slice
- Over $15 trillion in assets under administration with 46M+ customer accounts
Cons
- Website's depth of features can overwhelm new investors
- Fractional shares limited to certain eligible securities
2. Charles Schwab
Commission
$0 stocks/ETFs
Account Min
$0
Best For
Full-service
Founded in 1971 by Charles R. Schwab, the firm completed its landmark $26 billion acquisition of TD Ameritrade in 2020, creating a brokerage powerhouse with over $9.92 trillion in total client assets and 38 million active brokerage accounts as of late 2024. Schwab operates over 400 physical branch locations across the U.S.—more than any other discount brokerage—giving investors the option of face-to-face guidance. Their thinkorswim trading platform, inherited from the TD Ameritrade merger, is widely regarded as one of the best desktop trading platforms available, featuring advanced charting with 400+ technical indicators and paper trading capabilities.
Pros
- 400+ physical branches for in-person support—most in the industry
- thinkorswim platform with 400+ technical indicators from TD Ameritrade acquisition
- $9.92 trillion in client assets backing robust infrastructure
Cons
- Schwab Intelligent Portfolios robo-advisor requires $5,000 minimum
- Account migration from TD Ameritrade created temporary service disruptions
3. Vanguard
Commission
$0 stocks/ETFs
Account Min
$0
Best For
Buy & hold
Founded in 1975 by Jack Bogle—the inventor of the index fund—Vanguard manages approximately $10.1 trillion in index assets alone (84% of its total $12 trillion AUM as of 2025). Vanguard's unique mutual ownership structure means the company is literally owned by its fund shareholders, eliminating the conflict between generating profits and keeping costs low. Their flagship S&P 500 fund (VOO) carries an expense ratio of just 0.03%, and their average fund expense ratio of 0.07% is 83% below the industry average. Vanguard's Personal Advisor Services offers hybrid human-robo advice starting at 0.30% annually for investors with $50,000 or more.
Pros
- Investor-owned structure keeps average expense ratios 83% below industry average
- Manages $12 trillion in global assets—second largest asset manager worldwide
- Flagship VOO S&P 500 ETF charges just 0.03% expense ratio
Cons
- Trading platform and website interface lag behind competitors in design
- Not suitable for active traders who need real-time charting and fast execution
4. Robinhood
Commission
$0 stocks/ETFs
Account Min
$0
Best For
Active trading
Founded in 2013 by Stanford roommates Vlad Tenev and Baiju Bhatt, Robinhood went public on NASDAQ in July 2021 and has since grown to 26.8 million funded accounts with $193 billion in assets under custody (Q3 2025). The company generated $2.95 billion in revenue in 2024—a 58% year-over-year increase—demonstrating strong financial health. Robinhood Gold ($5/month) unlocks 4.00%+ APY on uninvested cash, Morningstar research reports, and NASDAQ Level II market data. The platform also introduced 24-hour stock trading on over 900 securities, a feature matched by few competitors, and launched retirement accounts (IRAs) with a 1% match on contributions.
Pros
- 26.8M funded accounts with 24-hour trading on 900+ securities
- Robinhood Gold offers 4%+ APY on cash, Morningstar research, and Level II data
- IRA accounts with 1% employer-style match on contributions—unique in the industry
Cons
- Revenue relies heavily on payment for order flow (PFOF)
- No mutual funds, bonds, or futures trading available
5. Interactive Brokers
Commission
$0 stocks/ETFs
Account Min
$0
Best For
Global markets
Headquartered in Greenwich, Connecticut, Interactive Brokers was founded in 1978 by Thomas Peterffy—a pioneer of electronic trading—and now serves clients in over 200 countries across 36 markets and 28 currencies. IBKR's margin rates start as low as 5.83% (benchmark + 0.75%), making them the lowest in the industry for leveraged trading. Their Trader Workstation (TWS) platform supports over 100 order types and algorithmic trading strategies, while the IBKR GlobalTrader mobile app offers a streamlined experience for casual investors. Over 50% of IBKR's client base resides outside the U.S., reflecting the platform's unmatched global reach and multi-currency capabilities.
Pros
- Access to 150+ markets in 36 countries with 28 currencies
- Industry-lowest margin rates starting at benchmark + 0.75% (5.83%)
- 100+ order types and algo trading via professional-grade Trader Workstation
Cons
- TWS platform has a steep learning curve not suited for beginners
- Customer support response times can be slower than competitors
How to Choose an Online Brokerage
When selecting an online brokerage, consider your investing style, the types of investments you want to make, and the tools and research you need. Most major brokerages now offer $0 commissions on stock and ETF trades, so your decision should focus on other factors.
For long-term investors, look for brokerages with strong retirement account options, low-cost index funds, and comprehensive research tools. Active traders should prioritize platforms with advanced charting, fast execution, and competitive margin rates. Beginners benefit most from educational resources, intuitive interfaces, and responsive customer support.
All investments involve risk, including the possible loss of principal. Past performance does not guarantee future results. Consider your investment objectives and risks carefully before investing. Diversification does not ensure a profit or protect against loss.
Online Brokerages Compared
| Provider | Commission | Account Min | Best For | Rating |
|---|---|---|---|---|
|
Fidelity
Top Pick
|
$0 stocks/ETFs | $0 | Long-term investing |
4.9
|
|
Charles Schwab
|
$0 stocks/ETFs | $0 | Full-service |
4.9
|
|
Vanguard
|
$0 stocks/ETFs | $0 | Buy & hold |
4.8
|
|
Robinhood
|
$0 stocks/ETFs | $0 | Active trading |
4.6
|
|
Interactive Brokers
|
$0 stocks/ETFs | $0 | Global markets |
4.7
|
Our Methodology
Our team spent over 80 hours testing and evaluating 25+ online brokerage platforms, opening accounts, executing trades, and using each platform's research and analysis tools to determine our rankings.
Costs & Fee Structure
30%We evaluated trading commissions, account fees, margin rates, options contract fees, and any hidden charges that affect total cost of investing.
Investment Selection & Tools
25%We compared available investment types (stocks, ETFs, mutual funds, options, crypto), research tools, screeners, and portfolio analysis features.
Platform Experience & Usability
25%We tested web platforms, mobile apps, and desktop trading software for ease of use, speed, reliability, and feature depth across skill levels.
Education & Customer Support
20%We assessed educational resources, learning tools, customer service responsiveness, and availability of in-person support for investors who need it.
Frequently Asked Questions
Sarah Chen
Senior Senior Financial Editor
Sarah Chen is a certified financial planner (CFP®) and senior editor at Zogby with over 12 years of experience covering investing and online brokerage platforms. She holds a degree in Economics from Columbia University and has been published in The Wall Street Journal, Bloomberg, and Forbes. Sarah's work focuses on making complex financial products accessible to everyday consumers.
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Important Investment Disclaimers
- All investing involves risk, including the possible loss of principal. Past performance does not guarantee future results. The value of investments may fluctuate, and investors may receive back less than they invest.
- Securities products and services are offered through the respective broker-dealers and investment advisors listed on this site, not through Zogby. We are an independent comparison service and do not provide investment advice, recommendations, or portfolio management.
- Brokerage accounts are not FDIC insured, are not bank guaranteed, and may lose value. Securities in brokerage accounts are protected by SIPC up to $500,000 (including $250,000 for cash claims).
- Robo-advisor services provide automated investment management based on your risk tolerance and goals. They do not provide comprehensive financial planning, tax advice, or estate planning.
- Cryptocurrency investments are highly speculative and volatile. Digital assets are not legal tender and are not backed by any government. Regulatory oversight of cryptocurrency platforms varies by jurisdiction and is evolving. You could lose your entire investment.
- Tax-advantaged accounts such as IRAs and 401(k)s have annual contribution limits and may impose penalties for early withdrawals before age 59 1/2. Consult a tax advisor for guidance on your specific situation.
- Options trading involves significant risk and is not appropriate for all investors. Options can expire worthless and you could lose your entire investment. Please read the Options Disclosure Document (ODD) before trading options.
The information provided on this page is for general informational and educational purposes only. It is not intended as, and should not be construed as, financial, legal, tax, or investment advice. Always consult with a qualified professional before making any financial decisions.
Editorial Independence
Our recommendations are based on independent research and analysis. While Zogby may receive compensation from some partners listed on this page, our editorial team maintains full independence over our rankings and ratings. Compensation does not influence which products we recommend or how we rate them.