The 10 best online brokerages for September 2024
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Ivana Pino is a personal finance expert who is passionate about creating inclusive financial content that reaches a wide range of readers from all types of backgrounds. She graduated from the S.I. Newhouse School of Public Communications at Syracuse University with a degree in Digital Journalism.
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Cassie is the business and banking editor at Fortune Recommends. She obtained her degree from Northern Kentucky University and is a certified SCRUM master. Prior to joining the team at Fortune Recommends, Cassie was a deputy editor at Forbes Advisor and a Central Operations Project Manager at Fit Small Business.
Whether you’re a seasoned investor or just hoping to get your feet wet, there are many online brokerages that can cater to your needs and help you buy, trade, and sell various asset types.
The Fortune RecommendsTM editorial team reviewed more than 20 different online brokerages and came up with a list of our top 10 picks. To develop our ranking, we considered factors such as the minimum amount required to open an account, stock trading fees, educational resources, margin trading accounts, and customer service options.
Financial institution | Minimum amount to open | Trading fee | Learn more |
---|---|---|---|
Featured partner Interactive Brokers | $0 | $0 | View offer at Interactive Brokers |
TradeStation | $0 | $0 | Learn more |
TD Ameritrade | $0 | $0 | Learn more |
Fidelity | $0 | $0 | Learn more |
Charles Schwab | $0 | $0 | Learn more |
E*Trade | $0 | $0 | Learn more |
Tastytrade | $0 | $0 | Learn more |
Merrill Edge | $0 | $0 | Learn more |
Firstrade | $0 | $0 | Learn more |
Vanguard | $0 | $0 | Learn more |
Featured partner Interactive Brokers | View offer at Interactive Brokers |
---|---|
Minimum amount to open | $0 |
Trading fee | $0 |
TradeStation | Learn more |
Minimum amount to open | $0 |
Trading fee | $0 |
TD Ameritrade | Learn more |
Minimum amount to open | $0 |
Trading fee | $0 |
Fidelity | Learn more |
Minimum amount to open | $0 |
Trading fee | $0 |
Charles Schwab | Learn more |
Minimum amount to open | $0 |
Trading fee | $0 |
E*Trade | Learn more |
Minimum amount to open | $0 |
Trading fee | $0 |
Tastytrade | Learn more |
Minimum amount to open | $0 |
Trading fee | $0 |
Merrill Edge | Learn more |
Minimum amount to open | $0 |
Trading fee | $0 |
Firstrade | Learn more |
Minimum amount to open | $0 |
Trading fee | $0 |
Vanguard | Learn more |
Minimum amount to open | $0 |
Trading fee | $0 |
The 10 best online brokerages
Here is our list of the best online brokerages, according to Fortune RecommendsTM editors. Note: Minimum deposit requirements, fees, and other numbers in our list are up to date as of April 30, 2024, and are subject to change.
Interactive Brokers
Minimum to open an account | $0 |
Services available | Stocks, options, futures, mutual funds, fixed income, Roth IRAs, and more |
Knowledge base available | Yes |
![](https://content.fortune.com/wp-content/uploads/2024/02/Interactive-brokers.webp?w=1440&q=75)
TradeStation
Minimum to open an account | $0 |
Trading fee | $0 |
![](https://fortune.com/img-assets/wp-content/uploads/2024/04/TradeStation_logo-1.png?w=1440&q=75)
TD Ameritrade
Minimum to open an account | $0 |
Trading fee | $0 |
![](https://fortune.com/img-assets/wp-content/uploads/2024/04/TD_Ameritrade_logo.png?w=1440&q=75)
Fidelity
Minimum to open an account | $0 |
Trading fee | $0 |
![](https://fortune.com/img-assets/wp-content/uploads/2024/04/Fidelity_logo.png?w=1440&q=75)
Charles Schwab
Minimum to open an account | $0 |
Trading fee | $0 |
![](https://fortune.com/img-assets/wp-content/uploads/2024/04/Charles_Schwab_logo.png?w=1440&q=75)
E*Trade
Minimum to open an account | $0 |
Trading fee | $0 |
![](https://fortune.com/img-assets/wp-content/uploads/2024/04/ETrade_logo.png?w=1440&q=75)
Tastytrade
Minimum to open an account | $0 |
Trading fee | $0 |
![](https://fortune.com/img-assets/wp-content/uploads/2024/04/Tastytrade_logo.png?w=1440&q=75)
Merill Edge
Minimum to open an account | $0 |
Trading fee | $0 |
![](https://fortune.com/img-assets/wp-content/uploads/2024/04/Merrill_Edge_logo.png?w=1440&q=75)
Firstrade
Minimum to open an account | $0 |
Trading fee | $0 |
![](https://fortune.com/img-assets/wp-content/uploads/2024/04/Firstrade_logo-1.png?w=1440&q=75)
Vanguard
Minimum to open an account | $0 |
Trading fee | $0 |
![](https://fortune.com/img-assets/wp-content/uploads/2024/04/Vanguard_logo.png?w=1440&q=75)
What to know about online brokerages
If you’re considering opening a brokerage account at an online brokerage, we’ll walk you through what you should know beforehand.
What is an online brokerage?
An online brokerage is an online trading platform that offers brokerage accounts where investors can deposit money and use those funds to buy and sell various types of assets. Online brokerages all have different requirements for opening accounts, fee structures, and educational resources available to customers, which can make choosing the right account a challenge.
Brokerages can offer access to a number of different investments, including:
- Stocks
- Bonds
- Mutual funds
- ETFs
- Commodities
- Options
- Cryptocurrency
How do you choose an online brokerage?
When comparing your options, you’ll want to pay close attention to a few key points if you hope to narrow down your list of potential brokerages.
- Consider fee structures and account minimums: Many accounts will have a minimum amount required to open an account. For newbie investors, free accounts may be more appealing. Additionally, brokerages charge different fees for trading actions that will vary across asset classes. Take a look at the commission fees for the assets you plan to trade to determine if a brokerage is a good fit for you and your investment needs.
- Poke around mobile and online platforms. If you plan to do most of your trading via mobile app or desktop, it’s worth your while to look into the features that those platforms offer and what their capabilities are. Check out user reviews to spot any red flags that could make for a less-than-stellar trading experience.
- Keep an eye out for introductory bonuses. Introductory offers shouldn’t be the most important selling point, as you’ll want to select a brokerage account that meets your needs long-term. However, it doesn’t hurt to scope out what various brokerages are offering for opening an account with them and how that might help kick-start your investing journey.
- Determine if educational resources are important to you. For experienced investors, educational tools and webinars may seem unnecessary, but brushing up on your knowledge about what’s happening in the market and how to best use your brokerage account. Ask each brokerage what kinds of educational resources may be available to you should you have any questions or want to learn more about how to become a smarter investor.
Our methodology
The Fortune RecommendsTM team compared more than 20 online brokerages with a wide range of account minimums, product offerings, customer support avenues, and more. For our best online brokerages, we ranked each brokerage based on the following categories and weighted each category as set forth in the percentages below:
We think that the best online brokerages offer low account minimums and fees, a large number of product offerings, educational resources and tools, margin trading, and multiple customer service options.
The fees, product offerings, and account minimums for each online brokerage are subject to fluctuation, which could impact how much you pay to open and maintain an account with each brokerage. Each of the brokerages on this list is a registered broker-dealer, backed by the Securities Investor Protection Corporation (SIPC) which protects customers if their brokerage firm fails.
Frequently asked questions
What is an online brokerage?
An online brokerage provides investment services and facilitates the trading and selling of various investment assets via mobile and/or digital platforms as opposed to a brick-and-mortar location.
Are online brokerages safe?
While online brokerages are not backed by the Federal Deposit Insurance Corporation (FDIC), many are insured by the Securities Investor Protection Corporation (SIPC), which protects investors in the event that a brokerage fails.
How should you choose an online brokerage?
When comparing online brokerages, it’s important to learn more about the various investment accounts offered, potential service or trading fees they charge, and the educational material and resources available to you to help you make more informed decisions about how to invest your money. You should also carefully review each brokerage's online and mobile platforms for usability and inquire about customer service options should you need to speak with a representative regarding your account.
About the contributors
EDITORIAL DISCLOSURE: The advice, opinions, or rankings contained in this article are solely those of the Fortune Recommends™ editorial team. This content has not been reviewed or endorsed by any of our affiliate partners or other third parties.