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BEST OF

11 Best Brokers for Mutual Funds of June 2024

Our investing team ranks the best brokers for mutual fund investing based on fund choices, cost, services and investment guidance.

Kevin Voigt
By Kevin Voigt 
Edited by Pamela de la Fuente

Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.


The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

Mutual funds are the investing world’s two-for-one: a single investment product with built-in diversification. They are a great tool for long-term investors who want a diversified portfolio composed of a collection of investments, versus a long list of individual stocks or bonds to keep track of.

Right now is a particularly good time to be a mutual fund investor. Many of the once-pricier players have slashed or completely done away with fund investment minimums. Fidelity has gone so far as to cut management fees to the bone, rolling out a few zero-fee index funds. And the number of no-transaction-fee mutual funds — funds you can invest in without paying any commission whatsoever — continues to grow at many providers.

It’s becoming a tight race to the top for discount brokers that serve fund investors. All of the brokers here offer a range of low-cost mutual funds and resources to effectively manage your portfolio. To help narrow the field, here’s NerdWallet’s roundup of the best brokers for mutual fund investors.


Why you can trust NerdWallet's picks: Our writers and editors together have more than 50 years of experience writing about finance, and follow strict guidelines to maintain editorial integrity. We do a deep, independent analysis of dozens of investment firms, sorting through the details to find and evaluate the information investors want when choosing an investing account. To see our full methodology and learn more about our process, read our criteria for evaluating online brokers.

Best Brokers for Mutual Funds

NerdWallet rating 

4.1

/5
J.P. Morgan Self-Directed Investing
Learn more

on J.P. Morgan's website

Fees

$0

per trade

Account minimum

$0

Promotion

Get up to $700

when you open and fund a J.P. Morgan Self-Directed Investing account with qualifying new money.

NerdWallet rating 

4.9

/5
Charles Schwab
Learn more

on Charles Schwab's website

Fees

$0

per online equity trade

Account minimum

$0

Promotion

None

no promotion available at this time

Best Broker for Beginning Investors 2024

NerdWallet rating 

5.0

/5
Fidelity
Learn more

on Fidelity's website

Fees

$0

per trade for online U.S. stocks and ETFs

Account minimum

$0

Promotion

None

no promotion available at this time

Best Online Broker for Advanced Traders 2024

NerdWallet rating 

5.0

/5
Interactive Brokers IBKR Lite
Learn more

on Interactive Brokers' website

Fees

$0

per trade

Account minimum

$0

Promotion

None

no promotion available at this time

NerdWallet rating 

4.2

/5
Vanguard
Learn more

on Vanguard's website

Fees

$0

per trade

Account minimum

$0

Promotion

None

no promotion available at this time

NerdWallet rating 

4.2

/5
SoFi Active Investing
Learn more

on SoFi Invest's website

Fees

$0

per trade

Account minimum

$0

Promotion

Up to $1,000

in free stock for users who sign up via mobile app

Want to compare more options? Here are our other top picks:

Last updated on May 1, 2024

Methodology

NerdWallet’s comprehensive review process evaluates and ranks the largest U.S. brokers by assets under management, along with emerging industry players. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists’ hands-on research, fuel our proprietary assessment process that scores each provider’s performance across more than 20 factors. The final output produces star ratings from poor (one star) to excellent (five stars).

For more details about the categories considered when rating brokers and our process, read our full methodology.

Frequently asked questions