Investing in IPOs: Best Brokers That Offer IPO Access
To invest in a company's IPO, you'll need a brokerage account. The below brokers offer some form of IPO access to retail investors.
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The initial public offering market cooled substantially in recent years, with market volatility, uncertainty around rate cuts and flowing private capital keeping a cap on IPOs. However, according to IPO analytics firm Renaissance Capital, the fundamentals look to be in place for a more active year for IPOs in 2025. Indeed, AI startup CoreWeave's IPO brought some excitement to the market in early April, popping over 40% by its third day of trading.
How do you invest in an IPO?
IPOs have historically been accessible only to select investors — generally, institutions, company insiders or investors who meet certain trade or investment requirements. But in recent years, brokerage firms have started bringing IPOs to their platforms, offering regular retail investors unprecedented access.
Prior to the offering, the company will set a price range and an IPO date. The brokers below offer some level of access to IPO shares before they're widely available to the general public — if you don’t already have a brokerage account, you will need to open one. Keep in mind that some brokers may have additional requirements, including a mandatory investor assessment, trade minimums or account minimums.
As far as the process: Generally speaking, you'll make a request for the number of shares you'd like to purchase. Most brokers warn that you may not be allocated the number of shares you request; in fact, in some high-demand scenarios, you may not be allocated any shares at all. It's wise to be realistic about the number of shares you'd like to purchase, and do your research beforehand to ensure the stock is a good long-term fit for your portfolio.
Investing in IPOs: Best Brokers That Offer IPO Access
| Broker | NerdWallet rating | Fees | Account minimum | Promotion | Learn more |
|---|---|---|---|---|---|
4.4/5 | $0 per trade | $0 | Get up to $3,000 in stock when you open & fund a new Active Invest account. Valid from 9/15/25-9/30/25. | Learn moreon partner's site on SoFi Invest®'s website | |
4.1/5 | $0 per trade | $500 | Get $150 when you open and fund a new TradeStation account. Offer Code: NERDAGMV | Learn moreon partner's site on TradeStation's website | |
5.0/5 | $0 per trade for online U.S. stocks and ETFs | $0 | None no promotion available at this time | Learn moreon partner's site on Fidelity's website | |
5.0/5 | $0 per trade | $0 | 2% match (up to $1M), plus a 8.1% APY when you open and fund an account with Webull Premium. | Learn moreon partner's site on Webull's website | |
4.3/5 | $0 per trade. Other fees apply. | $0 | Get up to $1,000 when you open and fund an E*TRADE brokerage account. Terms apply. | Learn moreon partner's site on E*TRADE's website |
Learn moreon partner's siteon SoFi Invest®'s websiteNerdWallet rating4.4/5Learn moreon partner's siteon SoFi Invest®'s websiteFees
$0
per trade
Account minimum
$0
Promotion
Get up to $3,000 in stock
when you open & fund a new Active Invest account. Valid from 9/15/25-9/30/25.
Our Take
ProsNo commissions on stock, options and ETF trades
IPO access.
ConsLow interest rate on uninvested cash.
Why We Like ItSoFi Active Investing's $0 trading commission, fractional shares and $0 account minimum are attractive to new investors. More advanced investors will appreciate the company's wide mutual fund selection and IPO access.
Learn moreon partner's siteon TradeStation's websiteNerdWallet rating4.1/5Learn moreon partner's siteon TradeStation's websiteFees
$0
per trade
Account minimum
$500
Promotion
Get $150
when you open and fund a new TradeStation account. Offer Code: NERDAGMV
Our Take
ProsCommission-free stock, options and ETF trades.
High-quality trading platforms.
Comprehensive research.
Advanced tools.
Active trader community.
ConsNo transaction-fee-free mutual funds.
High account fees.
Low interest rate on uninvested cash.
Why We Like ItTradeStation is a strong choice for active stock, options and futures investors who rely on high-octane trading platforms, reams of research and sophisticated analytical tools. Trades are commission-free.
Learn moreon partner's siteon Fidelity's websiteNerdWallet rating5.0/5Learn moreon partner's siteon Fidelity's websiteFees
$0
per trade for online U.S. stocks and ETFs
Account minimum
$0
Promotion
None
no promotion available at this time
Our Take
ProsCommission-free stock, options and ETF online US trades.
Large selection of research providers.
Strong customer service.
Expense-ratio-free index funds.
Highly rated mobile app.
High interest rate on uninvested cash.
ConsRelatively high broker-assisted trade fee.
Why We Like ItFidelity is one of the largest and most well-established brokerages, and it shows. Fidelity charges no trading commissions, offers an extensive set of no-fee, no-minimum index funds. It also stands out for its top-notch research tools, a renowned trading platform and very strong customer service.
Learn moreon partner's siteon Webull's websiteNerdWallet rating5.0/5Learn moreon partner's siteon Webull's websiteFees
$0
per trade
Account minimum
$0
Promotion
2% match (up to $1M), plus a 8.1% APY
when you open and fund an account with Webull Premium.
Our Take
ProsCommission-free stock, options and ETF trades.
Easy-to-use platform.
Advanced tools.
High interest rate on uninvested cash.
High order execution quality.
ConsNo mutual funds.
Separate app required to trade crypto.
Why We Like ItWebull will appeal to the mobile-first generation of casual investors with its slick interface for desktop and mobile apps. The brokerage also delivers an impressive array of tools for active traders and a wide investment selection, including stocks (plus fractional shares), options, ETFs, crypto, commodities and futures. However, it lacks access to mutual funds.
Learn moreon partner's siteon E*TRADE's websiteNerdWallet rating4.3/5Learn moreon partner's siteon E*TRADE's websiteFees
$0
per trade. Other fees apply.
Account minimum
$0
Promotion
Get up to $1,000
when you open and fund an E*TRADE brokerage account. Terms apply.
Our Take
ProsCommission-free stock, options and ETF trades.
Easy-to-use tools.
Strong customer support.
Volume discount on options contract fees.
ConsWebsite can be difficult to navigate.
Low interest rate on uninvested cash.
No fractional shares.
Why We Like ItE*TRADE from Morgan Stanley has long been one of the most popular online brokers. The company's $0 commissions and strong trading platforms appeal to active traders, while intermediate investors benefit from a large library of educational resources.
Learn moreon partner's siteon Robinhood's websiteNerdWallet rating4.5/5Learn moreon partner's siteon Robinhood's websiteFees
$0
on trades of stocks, ETFs and their options. Other fees may apply.
Account minimum
$0
Promotion
1 Free Stock
after linking your bank account (stock value range $5.00-$200)
Our Take
ProsTrades of stocks, ETFs and their options are commission free. Other fees may apply.
Streamlined interface.
Cryptocurrency trading.
IRA with 1% match (3% for Gold members).
High interest rate on uninvested cash.
ConsNo mutual funds.
Little third-party research.
Why We Like ItAt Robinhood, trades of stocks, ETFs and their options are commission free, as are cryptocurrency trades. (Other fees may apply, including on index options.) Robinhood Gold offers a high interest rate on uninvested cash and low margin rates. The company does not offer mutual funds or individual bonds.
Learn moreon partner's siteon Public's websiteNerdWallet rating4.6/5Learn moreon partner's siteon Public's websiteFees
$0
Account minimum
$0
Promotion
Earn a 1% uncapped match
when you transfer your investment portfolio to Public.
Our Take
ProsCommission-free stock, options and ETF trades.
Rebates for trading options.
Easy-to-use signup and trading interface.
High interest rate on uninvested cash.
ConsNo mutual funds.
Lack of tools (e.g. customizable investment screeners).
Why We Like ItPublic provides free stock and ETF trades, pays you to trade options, and gives traders access to crypto and bonds, as well as a high-yield cash account. The platform will appeal to traders looking for a low-cost options broker and access to many types of assets.
Learn moreon partner's siteon Charles Schwab's websiteNerdWallet rating4.8/5Learn moreon partner's siteon Charles Schwab's websiteFees
$0
per online equity trade
Account minimum
$0
Promotion
None
no promotion available at this time
Our Take
ProsCommission-free stock, options and ETF trades.
Large selection of no-transaction-fee mutual funds.
Strong retirement planning tools.
ConsLow interest rate on uninvested cash.
High fee for transaction-fee funds.
Why We Like ItCharles Schwab is one of the best overall IRA providers, with high-quality customer service, no account minimum and low fees. The company offers a large selection of no-transaction-fee funds, gives users access to extensive research and charges no commission for stock, options and ETF trades.
- NerdWallet rating4.7/5
Fees
$0
Account minimum
$0
Promotion
Earn 8.1% APY
on your uninvested cash for 3 months + up to 60 Free Stocks with qualified deposits. Terms & Conditions apply.
Our Take
ProsCommission-free stock, ETF and options trades.
No contract fee on equity options.
Popular, easy-to-use app.
High yield on uninvested cash.
Low margin rates.
ConsNo mutual funds or bonds.
Lower than average execution quality.
Why We Like ItMoomoo offers free stock and option trades in an easy-to-use trading platform that charges low margin rates. It's not built for passive retirement investors — IRAs aren't supported, nor are mutual funds — but there's a lot to like about Moomoo for more active traders.
What if you miss out on investing in an IPO?
You can still purchase shares of the stock on the open market following the IPO. In fact, this is a common scenario — for most investors, investing in an IPO means buying the stock once it begins trading, not before. That means the price you pay will reflect the demand for the stock on the day you purchase it, and that price could differ — sometimes dramatically — from the offering price.
Once the stock is public, the mechanics of purchasing shares are pretty straightforward. Here’s a brief guide on how to buy stocks, including information on how to navigate your broker’s website and place an order. All of the brokers on this list are good choices for stock trading, in addition to the IPO access they provide.
Last updated on September 15, 2025
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