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14 Best Online Brokers for Free Stock Trading

Kevin VoigtJuly 1, 2020

Many or all of the products featured here are from our partners who compensate us. This may influence 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.

Welcome to the new era for free stock trading.

While stock trading price steadily declined in recent years, only a handful of brokerages offered $0 trades until October 2019, when the race to zero commissions broke into a sprint led by Charles Schwab. Now commission-free trades for stocks, exchange-traded funds and options are the industry standard among top online brokerages.

Here are NerdWallet’s picks for the best brokers for commission-free trading. (Need to back up on this process? See our step-by-step instructions for how to buy stocks.)

Summary of Best Online Brokers for Free Stock Trading

BrokerNerdWallet Rating CommissionsPromotionAccount MinimumLearn More
Interactive Brokers IBKR Lite

Interactive Brokers IBKR Lite

on Interactive Brokers's website

$0

per trade

None

No promotion available at this time

$0

on Interactive Brokers's website

You Invest by J.P.Morgan

You Invest by J.P.Morgan

on You Invest by J.P.Morgan's website

$0

per trade

Up to $725

when you open and fund a You Invest Trade account with qualifying new money

$0

on You Invest by J.P.Morgan's website

TradeStation

TradeStation

on TradeStation's website

$0

per trade

Up to $2,500

cash credit with a qualifying deposit

$0

on TradeStation's website

SoFi Active Investing

SoFi Active Investing

on SoFi Invest's website

$0

per trade

Free

career counseling plus loan discounts with qualifying deposit

$0

on SoFi Invest's website

Ally Invest

Ally Invest

$0

per trade

$50 - $3,500

in cash bonus with qualifying deposit.

$0

Read review
Interactive Brokers IBKR Lite

on Interactive Brokers's website

Interactive Brokers IBKR Lite

Interactive Brokers IBKR Lite

Fees

$0

per trade

Account Minimum

$0

Promotion

None

No promotion available at this time

on Interactive Brokers's website


Promotion

None

No promotion available at this time

Why we like it

Interactive Brokers' IBKR Lite is a strong option for frequent traders: The broker offers international trade capabilities, no stock-trading commission and a quality trading platform.

Pros

  • Large investment selection.

  • Strong research and tools.

  • Over 4,300 no-transaction-fee mutual funds.

  • NerdWallet users who sign up for IBKR Pro get a 0.25 percentage point discount on margin rates.

Cons

  • Website is difficult to navigate.

  • Inactivity fees on IBKR Pro.

Read Full Review
You Invest by J.P.Morgan

on You Invest by J.P.Morgan's website

You Invest by J.P.Morgan

You Invest by J.P.Morgan

Fees

$0

per trade

Account Minimum

$0

Promotion

Up to $725

when you open and fund a You Invest Trade account with qualifying new money

on You Invest by J.P.Morgan's website


Promotion

Up to $725

when you open and fund a You Invest Trade account with qualifying new money

Why we like it

You Invest Trade is a clear-cut investment platform that is great for beginners looking to learn how to buy and sell investments. More advanced investors, however, may find it lacking in terms of available assets, tools and research. INVESTMENT PRODUCTS: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Pros

  • Easy-to-use platform.

  • $0 commissions.

  • App connects all Chase accounts.

  • No account minimum.

Cons

  • Limited tools and research.

  • Portfolio Builder tool requires $2,500 balance.

Read Full Review
TradeStation

on TradeStation's website

TradeStation

TradeStation

Fees

$0

per trade

Account Minimum

$0

Promotion

Up to $2,500

cash credit with a qualifying deposit

on TradeStation's website


Promotion

Up to $2,500

cash credit with a qualifying deposit

Why we like it

TradeStation is a strong choice for active stock, options and futures investors who rely on the broker’s high-octane trading platform, reams of research and sophisticated analytical tools. Trades of up to 10,000 shares are commission-free.

Pros

  • High-quality trading platforms.

  • Comprehensive research.

  • Commission-free stock, ETF and options trades.

  • Advanced tools.

  • Active trader community.

Cons

  • Free trading on advanced platform requires TS Select.

  • No transaction-fee-free mutual funds.

  • Plans and pricing can be confusing.

Read Full Review
SoFi Active Investing

on SoFi Invest's website

SoFi Active Investing

SoFi Active Investing

Fees

$0

per trade

Account Minimum

$0

Promotion

Free

career counseling plus loan discounts with qualifying deposit

on SoFi Invest's website


Promotion

Free

career counseling plus loan discounts with qualifying deposit

Why we like it

SoFi Active Investing's $0 trading commission and $0 account minimum is attractive to new investors, but a lack of investment choices such as mutual funds and bonds is a drawback for those saving for retirement.

Pros

  • Commission-free stock and ETF trades.

  • Cryptocurrency trading.

  • Fractional shares available.

  • No account minimum.

  • Free financial counseling.

Cons

  • Small selection of tradable securities.

  • Limited track record.

Read Full Review

Last updated on July 1, 2020

Methodology

NerdWallet's ratings for brokers and robo-advisors are weighted averages of several categories, including investment selection, customer support, account fees, account minimum, trading costs and more. Our survey of brokers and robo-advisors includes the largest U.S. providers by assets under management, plus notable and/or emerging players in the industry. Factors we consider, depending on the category, include advisory fees, branch access, user-facing technology, customer service and mobile features. The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.