11 Best Brokerage Accounts for Stock Trading of December 2023
In our analysis, 11 online brokers stood out as the best brokerage accounts to trade stocks, due to their low fees, strong trading platforms and quality customer support.
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ALSO CONSIDER: Best brokerage account promotions || Brokerage accounts with high interest rates || Best brokers for free trading || Best investing apps
Most investors trade stocks (and other investments) through an online broker. To help you find the best brokerage accounts for you, we've evaluated brokerage firms and investment companies on the services that matter most to different types of stock traders.
For active traders, we've included below online brokers with no commissions and robust mobile trading platforms and desktop trading capabilities. For people venturing into investing for the first time, we've included the best online brokers for educational resources (including webinars, video tutorials and in-person seminars) and on-call chat or phone support.
On these measures, the brokerage firms below earned their place on our list of the best online brokers for stock trading. Read on to see our picks, alongside links to our investing team's in-depth reviews on each broker.
Summary: Best brokerage accounts for online stock trading
Fidelity Investments.
Webull.
J.P. Morgan Self-Directed Investing.
Robinhood.
Charles Schwab.
Interactive Brokers.
Ally Invest.
Firstrade.
E*TRADE.
Merrill Edge.
SoFi Active Investing.
ALSO CONSIDER: Best brokerage account promotions || Brokerage accounts with high interest rates || Best brokers for free trading || Best investing apps
Most investors trade stocks (and other investments) through an online broker. To help you find the best brokerage accounts for you, we've evaluated brokerage firms and investment companies on the services that matter most to different types of stock traders.
For active traders, we've included below online brokers with no commissions and robust mobile trading platforms and desktop trading capabilities. For people venturing into investing for the first time, we've included the best online brokers for educational resources (including webinars, video tutorials and in-person seminars) and on-call chat or phone support.
On these measures, the brokerage firms below earned their place on our list of the best online brokers for stock trading. Read on to see our picks, alongside links to our investing team's in-depth reviews on each broker.
Summary: Best brokerage accounts for online stock trading
Fidelity Investments.
Webull.
J.P. Morgan Self-Directed Investing.
Robinhood.
Charles Schwab.
Interactive Brokers.
Ally Invest.
Firstrade.
E*TRADE.
Merrill Edge.
SoFi Active Investing.
Investing can help outpace inflation — which is especially important when inflation is high.
Best Brokerage Accounts for Stock Trading
| Broker | NerdWallet rating | Fees | Account minimum | Promotion | Learn more |
|---|---|---|---|---|---|
 Robinhood Learn more on Robinhood's website | $0 per trade | $0 | 1 Free Stock after linking your bank account (stock value range $5.00-$200) | Learn more on Robinhood's website | |
 Interactive Brokers IBKR Lite Learn more on Interactive Brokers' website | $0 per trade | $0 | None no promotion available at this time | Learn more on Interactive Brokers' website | |
 E*TRADE Learn more on E*TRADE's website | $0 per trade. Other fees apply. | $0 | Get up to $600 or more when you open and fund an E*TRADE account | Learn more on E*TRADE's website | |
 J.P. Morgan Self-Directed Investing Learn more on J.P. Morgan's website | $0 per trade | $0 | Get up to $700 when you open and fund a J.P. Morgan Self-Directed Investing account with qualifying new money. | Learn more on J.P. Morgan's website | |
 Fidelity Learn more on Fidelity's website | $0 per trade for online U.S. stocks and ETFs | $0 | None no promotion available at this time | Learn more on Fidelity's website |
$0
per trade
$0
None
no promotion available at this time
Pros
Large investment selection.
Strong research and tools.
Over 19,000 no-transaction-fee mutual funds.
High order execution quality.
Cons
High minimum to earn interest on uninvested cash.
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.
$0
per trade. Other fees apply.
$0
Get up to $600 or more
when you open and fund an E*TRADE account
Pros
Easy-to-use tools.
Excellent customer support.
Advanced mobile app.
Commission-free stock, options, mutual fund and ETF trades.
Cons
Website can be difficult to navigate.
Low interest rate on uninvested cash.
Why We Like It
E*TRADE has long been one of the most popular online brokers. The company's $0 commissions and strong trading platforms appeal to active traders, while beginner investors benefit from a large library of educational resources.
$0
per trade for online U.S. stocks and ETFs
$0
None
no promotion available at this time
Pros
Commission-free stock, ETF and options trades.
Large selection of research providers.
Strong customer service.
Expense-ratio-free index funds.
Highly rated mobile app.
High interest rate on uninvested cash.
Cons
Relatively high broker-assisted trade fee.
Why We Like It
Fidelity offers $0 trading commissions, a selection of more than 3,300 no-transaction-fee mutual funds and top-notch research tools and trading platform. Its zero-fee index funds and strong customer service reputation are just icing on the cake.
$0
per trade
$0
None
no promotion available at this time
Pros
Four trading platforms with no minimum or fees.
Above-average mobile app.
Extensive research.
Large fund selection.
Commission-free stock, options and ETF trades.
Cons
Low interest rate on uninvested cash.
Why We Like It
Charles Schwab has earned its strong reputation: The broker offers high-quality customer service, four free trading platforms, a wide selection of no-transaction-fee mutual funds and $0 commissions for stocks, ETFs and options.
$0
per trade
$0
Get up to 12 free fractional shares (valued up to $3,000)
when you open and fund an account with Webull.
Pros
Low costs.
Easy-to-use platform.
Advanced tools.
Access to cryptocurrency.
High interest rate on uninvested cash.
High order execution quality.
Cons
No mutual funds.
Thin educational support.
Why We Like It
Webull will appeal to the mobile-first generation of casual investors with its slick interface for desktop and mobile apps, but the brokerage also delivers an impressive array of tools for active traders. However, its relatively weak educational content may leave true beginners in the lurch, and it lacks access to a few common asset classes.
$0
per trade
$0
$5 to $1,000
in free stock for users who sign up via mobile app
Pros
Commission-free stock and ETF trades.
Cryptocurrency trading.
Fractional shares available.
Free financial counseling.
Cons
Small selection of tradable securities.
No mutual funds.
Low interest rate on uninvested cash.
Why We Like It
SoFi Active Investing's $0 trading commission and $1 account minimum are attractive to new investors, but a lack of investment choices such as mutual funds and bonds is a drawback for those saving for retirement.
$0
per trade (on eligible US securities)
$0
None
no promotion available at this time
Pros
Commission-free trades on eligible U.S. stocks, options and ETFs.
No account minimum.
Strong web-based platform.
Cons
No fractional shares.
Limited third-party research providers.
Why We Like It
Ally Invest’s robust trading platform and lineup of free research, charting, data and analytical tools make it a good choice for active traders. But it’s also appropriate for beginning investors who will appreciate that there is no account minimum and no annual fees.
Want to compare more options? Here are our other top picks:
Which brokerage account is best?
That depends on your goals. If you're looking for a broker through which to invest your savings for the long-term, you may want to prioritize a broker with good financial planning tools, or one that offers retirement accounts.
If you're looking to do a lot of day trading, you may want to consider order execution quality in choosing the best brokerage account for you — some brokers use the payment for order flow (PFOF) business model, which can result in trades being executed slower or at worse prices than non-PFOF brokerages.
Or, if you're just looking for an all-around good broker, you may just want to compare them according to more basic factors like trading costs and investment selection.
How much money do I need to start?
Not much. Note that many of the brokers above have no account minimums for both taxable brokerage accounts and IRAs. Once you open an account, all it takes to get started is enough money to cover the cost of a single share of a stock and the trading commission, if charged.
Need more guidance? Read our article on how to buy stocks for step-by-step instructions on placing that first trade.
Should I just choose the cheapest broker?
Trading costs definitely matter to active and high-volume traders, but many brokers offer commission-free trades of stocks and ETFs. A few have also eliminated fees for options contracts. Other factors — access to a range of investments or training tools — may be more valuable than saving a few bucks when you purchase shares.
How can I diversify with little money?
One easy way is to invest in exchange-traded funds. ETFs are essentially mutual funds that are bought and sold just like individual stocks on a stock market exchange. Like mutual funds, each ETF contains a basket of stocks (sometimes hundreds) that adhere to particular criteria (e.g., shares of companies that are part of a stock market index like the S&P 500). Unlike mutual funds, which can have high investment minimums, investors can purchase as little as one share of an ETF at a time.
Is my money insured at brokerage firms?
Your money is indeed insured, but only against the unlikely event a brokerage firm or investment company goes under. A broker’s SIPC coverage (Securities Investor Protection Corporation) doesn't cover any loss in value of your investments.
What type of brokerage account should I choose?
Your account choices boil down to a taxable brokerage account versus tax-favored retirement account, such as an IRA. Our guide to brokerage accounts goes into more detail about what’s involved in setting up a taxable account. Opening an IRA involves choosing which type, such as a Roth IRA, traditional IRA or SEP IRA. If you're new to this, we’ve got you covered in our guide to IRAs.
How quickly can I start trading?
After you’ve opened the account, you’ll need to initiate a deposit or funds transfer to the brokerage firm, which can take anywhere from a few days to a week. Once that is complete, it’s off to the investing races! And by that we mean taking a thoughtful and disciplined approach to investing your money for the long-term.
How do I choose the best brokerage account for me?
Some key criteria to consider when evaluating any investment company are how much money you have, what type of assets you intend to buy, your trading style and technical needs, how frequently you plan to transact and how much service you need. Our post about how to choose the best broker for you can help you sort through the features brokerage firms offer and rank your priorities.
Last updated on November 1, 2023
Methodology
NerdWallet’s comprehensive review process evaluates and ranks the largest U.S. brokerage firms 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.
To recap our selections...
