Brokerage Reviews 2024 | Bankrate (2024)

If you're in the market for an online broker, read our reviews to help determine which brokerage account is for you.

FirstradeRating: 4.5 stars out of 54.5Bankrate ScoreFirstrade is a solid brokerage offering that may particularly appeal to options traders because of its commission-free options trades. You’ll also get access to quality research and its mobile app, but mutual fund investors may be disappointed by the small number of no-transaction fee funds available.

TD AmeritradeRating: 4.5 stars out of 54.5Bankrate ScoreTD Ameritrade still offers strong platforms and a range of research for its clients, making it a very solid pick for more advanced traders, even as it is about to merge with Charles Schwab. A wide range of tradable securities and plenty of commission-free mutual funds make this broker interesting for both new and advanced traders, as do the competitive commissions.

WellsTradeRating: 3 stars out of 53.0Bankrate ScoreWellsTrade handles most of the basics well and could be a good fit for existing Wells Fargo customers looking to consolidate accounts in one place. However, active traders should likely look elsewhere for their brokerage needs due to high options costs and a barebones trading platform.

J.P. Morgan Self-Directed InvestingRating: 3 stars out of 53.0Bankrate ScoreJ.P Morgan’s Self-Directed Investing platform is a good fit for existing Chase customers who are looking for a low-cost way to trade stocks, ETFs and mutual funds while getting access to the bank’s easy-to-use mobile app. However, only a few account types are offered and If you’re looking to trade forex, futures or crypto, you’ll need to look elsewhere.

Interactive BrokersRating: 5 stars out of 55.0Bankrate ScoreInteractive Brokers keeps adding new features and improving its offerings year after year, and now has new mobile apps to pair with long-time strengths such as its wide number of tradable securities and access to global markets. Low margin rates, high interest rates on cash balances, and a leading number of no-transaction-fee mutual funds serve to make this broker a top pick.

E*TradeRating: 4.5 stars out of 54.5Bankrate ScoreE-Trade is likely to be a suitable broker choice for many investors who will appreciate its low trading costs, high-quality research and education, and 24/7 access to customer service. However, if you’re starting small and looking to trade fractional shares, you’ll need to find a different option.

Ally InvestRating: 4.5 stars out of 54.5Bankrate ScoreAlly Invest offers a solid brokerage with many of the features that investors have come to love, especially no-commission trades on stocks and ETFs, but it ups the game with low-cost options trades, too. All-hours customer support and an all-encompassing mobile app will make sure you get business done on your terms, though mutual fund investors may be a bit disappointed.

Merrill EdgeRating: 4.5 stars out of 54.5Bankrate ScoreMerrill Edge brings strong research and education to the investing space, offering a solid trading platform for stocks, bonds, options and funds. You’ll likely find some extra things to love here if you’re already a customer of parent Bank of America, with 24/7 phone support and in-branch service potentially making that relationship even more meaningful to clients.

FidelityRating: 5 stars out of 55.0Bankrate ScoreFidelity Investments is back again with another blowout performance in Bankrate’s reviews. This broker seems to do it all right, from low costs to plenty of research to mutual funds to prompt and courteous customer service. And with so much under the Fidelity roof – banking, credit cards and more – you could capably run your financial life here.

Charles SchwabRating: 5 stars out of 55.0Bankrate ScoreCharles Schwab is a great all-around broker, whether you’re just getting started investing or are more advanced, and it can bring the heat on almost anything you’re likely to need. Add on strong customer support, a wide investment selection, no-commission mutual funds, and tons of research, and you have the makings of a five-star broker.

WebullRating: 4.5 stars out of 54.5Bankrate ScoreWebull offers a lot that investors will like such as commission-free trading, fractional shares and a slick mobile app that allows you to trade on the go or keep tabs on your favorite stocks. But only a few account types are offered and you won’t find the level of research that is available through other brokers.

RobinhoodRating: 4 stars out of 54.0Bankrate ScoreRobinhood has taken its game up a notch or two, pairing its traditional no-cost trading with new IRA accounts (and a special bonus match for clients) as well as improvements in customer service, including 24/7 chat. The mobile app remains an attractive place for options traders but is a no-go for those looking for mutual funds or a wide range of account types.

VanguardRating: 3.5 stars out of 53.5Bankrate ScoreVanguard’s brokerage offering can handle the basics well and may be a good fit for long-term fund investors. But more active traders will be disappointed by the basic trading platform and high commissions for options trading.

TradeStationRating: 4 stars out of 54.0Bankrate ScoreTradeStation’s brokerage offering is likely to suit active traders better than it does new investors or those just looking to save for retirement. Customers will get an advanced trading platform with low commissions, but you won’t find fractional shares and the mutual fund offering is limited.

SoFi Active InvestingRating: 4 stars out of 54.0Bankrate ScoreSoFi Active Investing is a low-cost broker that should meet the needs of new investors looking to only trade stocks and ETFs. More experienced investors may be disappointed by the lack of options or mutual fund trading and a limited research offering.

moomooRating: 3.5 stars out of 53.5Bankrate ScoreMoomoo joins a crowded field of discount brokerages with an appeal to individual traders, offering some atypical features, including access to U.S., Hong Kong and Chinese markets. Competitive pricing on stocks, ETFs and options will prove welcome with traders, though others may find the lack of account types, limited available securities and high transfer fees off-putting.

Zacks TradeRating: 3.5 stars out of 53.5Bankrate ScoreZacks Trade is a broker that should appeal to active traders with its advanced trading platform and ample research offering. New investors may be turned off by the high account minimum and fees for mutual fund trades.

LightspeedRating: 3 stars out of 53.0Bankrate ScoreLightspeed is all about active traders who can deliver volume to the broker, and so everything is optimized around making the experience the best for them. That means discounted prices for high-volume trades and multiple high-power trading platforms, but it also means no concern for eliminating the nickel-and-dime costs that other brokers routinely slash.

tastytradeRating: 4 stars out of 54.0Bankrate ScoreTastytrade offers some of the lowest commissions around, whether you’re trading stocks, options or even cryptocurrency – and it actually caps your commissions on the latter two. Traders should find a lot to like here, among the commissions, trading platform and the variety of trading securities on offer, though long-term investors may bemoan the lack of mutual funds.

Axos Self-Directed TradingRating: 3 stars out of 53.0Bankrate Score—

Review methodology

Bankrate evaluates brokers and robo-advisors on factors that matter to individual investors, including commissions, account fees, available securities, trading platforms, research and many more. After weighting these objective measures according to their importance, we then systematically score the brokers and robo-advisors and scale the data to ensure that you are seeing the top options among a field of high-quality companies. Read our full methodology.

Investing basics

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10 low-risk investments Can’t stand losing money? These play-it-safe investments may be a good fit for you.8 min read

5 options trading strategiesEven risk-averse investors can use options to enhance their overall returns.9 min read

What are stocks? How do they work?Stocks allow anyone to own a stake in a company’s performance.5 min read

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Best large-cap ETFs in April 2024
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Brokerage Reviews 2024 | Bankrate (2024)

FAQs

What is the best brokerage for a new investor? ›

The best online stock brokers for beginners:

Charles Schwab.
Fidelity Investments.
Interactive Brokers.
Ally Invest.
E-Trade Financial.
Firstrade.
Firstrade.
Webull.

More items...

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How do you know if a brokerage is legit? ›

A legitimate broker should provide clear and accessible contact information, including a physical address, a working phone number, and a responsive email. Avoid brokers with vague contact details or only a P.O. box, as this could indicate a lack of transparency or legitimacy.

Read On ›

How do I find the best brokerage? ›

Choosing the right online broker requires some due diligence to get the most for your money.

Step 1: Know Your Needs. ...
Step 2: Narrow the Field. ...
Step 3: Figure Out the Fees. ...
Step 4: Test the Broker's Platform. ...
Step 5: How Well Does the Stock Broker Educate Its Clients? ...
Step 6: Ease of Depositing and Withdrawing Funds.

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What is the best stock brokerage house? ›

Best brokerage accounts for online trading compared 2024

Broker	Best for	Account minimum
Fidelity Investments	Overall trading	$0
E-Trade	Mobile app	$0
TD Ameritrade	Investor education	$0
Charles Schwab	Long-term investing	$0

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Should I use Fidelity or Charles Schwab? ›

Overall Appeal. Fidelity and Schwab are both excellent choices. These investment firms offer thousands of funds. There are some nuances, such as Fidelity being better for crypto traders and Schwab being more optimal for futures traders.

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Should I use Vanguard or Fidelity? ›

While Fidelity wins out overall, Vanguard is the best option for retirement savers. Its platform offers tools and education focused specifically on retirement planning.

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What happens to my money if my brokerage goes under? ›

Overview. Typically, when a brokerage firm fails, the Securities Investor Protection Corporation (SIPC) arranges the transfer of the failed brokerage's accounts to a different securities brokerage firm. If the SIPC is unable to arrange the accounts' transfer, the failed firm is liquidated.

Learn More ›

Which is the most trusted broker? ›

Best Forex Brokers for 2024

IG - Best overall broker, most trusted.
Interactive Brokers - Great overall, best for professionals.
Saxo - Best web-based trading platform.
CMC Markets - Excellent overall, best platform technology.
FOREX.com - Excellent all-round offering.
TD Ameritrade - Best desktop platform, U.S. only.

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Mar 30, 2024

Read The Full Story ›

How risky is a brokerage account? ›

They Involve Risk

(FDIC) or National Credit Union Association (NCUA), your money is guaranteed up to $250,000 per person, per financial institution. The SIPC insures member brokerage accounts if your brokerage fails, but it doesn't protect against losses if your investments decline in value.

Learn More Now ›

Which brokerage is safest? ›

Summary: Best Online Brokerage

Company	Forbes Advisor Rating	Learn more CTA below text
Interactive Brokers	4.4	Via InteractiveBrokers' Secure Website
TD Ameritrade	4.4	Read Our Full Review
Fidelity Investments	4.4	Read Our Full Review
Charles Schwab	4.3	Read Our Full Review

1 more row

Apr 1, 2024

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Is there a better brokerage than Schwab? ›

While Fidelity offers far more zero-cost features than Charles Schwab, users should also consider exactly how often they intend to ask for a paper stock certificate or wire transfer. Both platforms offer broker-assisted trading. Fidelity adds $19.95 to any trade for this service, while Charles Schwab charges $25.

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What are the top 3 brokerage firms? ›

Summary of the best online brokers:

Fidelity Investments. Interactive Brokers. Charles Schwab.

Who is the No 1 stock broker in us? ›

The big four brokerage firms in the U.S. are Charles Schwab, Fidelity Investments, E*TRADE, and Vanguard. That's based on the sizes of their customer numbers and assets under management. This list of the top brokerage firms is by no means static.

Get More Info Here ›

What are the top 5 brokerage company? ›

Top 5 Stock Brokers in India:

Zerodha. Established Year: 2010. Headquarter: Bangalore, Karnataka. ...
Upstox (formerly RKSV Securities) Established Year: 2012. Headquarter: Mumbai, Maharashtra. ...
ICICI Direct: Established Year: 2000. ...
Angel Broking. Established Year: 1987. ...
HDFC Securities. Established Year: 2000.

Mar 9, 2024

Is Charles Schwab a good investment company? ›

Schwab's expansive territory, both online and in its more than 400 branches across the country, as well as its commitment to low fees and zero account minimums make it an excellent and accessible choice for beginning investors and retirement savers.

Keep Reading ›

Which broker is best for beginners? ›

TD Ameritrade — BEST ONLINE BROKER FOR BEGINNERS.
Fidelity Investments — Runner Up, Best Online Broker for Beginners.
Charles Schwab — Best Online Broker for Customer Service.
Fidelity — Runner Up, Best Online Broker for Customer Service.
TD Ameritrade — Best Online Broker for Educational Resources.

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Apr 2, 2024

Find Out More ›

What brokerage should I use to start day trading? ›

Summary: Best Online Brokers for Day Trading

Company	Forbes Advisor Rating	Best For
Interactive Brokers	4.6	Best Online Broker For Day Trading
Cobra	4.0	Best Day Trading Platform for Short Selling
Lightspeed Trading	4.0	Best Online Broker for Trade Execution
Cobra	4.0	Best Day Trading Platform for Customer Service

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Apr 1, 2024

Read The Full Story ›

Which trading account is best for beginners? ›

A Quick Look at the Charges of 20 Best Demat Accounts in India for Beginners in 2024

Demat Account Provider	Delivery Charges
Zerodha Demat Account	Free
Aditya Birla Capital Demat Account	₹20 or 0.25% (whichever is lower) per executed order
Upstox Demat Account	2.5% or ₹20 (whichever is lower)

17 more rows

Jan 12, 2024

Get More Info ›

Which trading is best for beginners? ›

Overview: Swing trading is an excellent starting point for beginners. It strikes a balance between the fast-paced day trading and long-term investing.

Know More ›

Brokerage Reviews 2024 | Bankrate (2024)

Review methodology

Investing basics

Latest investing articles

Best mid-cap ETFs in April 2024

Best-performing energy stocks: April 2024

Best-performing tech stocks in April 2024

Best online brokers for ETF investing in April 2024

10 best low-risk investments in April 2024

Best online brokers for mutual funds in April 2024

Best cash management accounts in April 2024

Best small-cap ETFs in April 2024

Best large-cap ETFs in April 2024

Best brokers for buying fractional shares in April 2024

Best cryptocurrency exchanges and trading apps in April 2024

Best forex brokers in April 2024

Best online brokers for buying and selling cryptocurrency in April 2024

Best gold ETFs: Top funds for investing in gold

Best REIT ETFs: Top real estate funds for investors

Best inverse and short ETFs — here’s what to know before buying them

Dividend stocks: What they are and how to invest in them

5 options trading strategies for beginners

What are stocks and how do they work?

What is an ETF? Learn about exchange-traded funds

Related topics

Helpful links

FAQs

What is the best brokerage for a new investor? ›

Is there a better brokerage than Schwab? ›