Brokerage Reviews 2024 | Bankrate (2024)

If you're in the market for an online broker, read our reviews to help determine which brokerage account is for you.

FirstradeRating: 4.5 stars out of 54.5Bankrate ScoreFirstrade is a solid brokerage offering that may particularly appeal to options traders because of its commission-free options trades. You’ll also get access to quality research and its mobile app, but mutual fund investors may be disappointed by the small number of no-transaction fee funds available.

TD AmeritradeRating: 4.5 stars out of 54.5Bankrate ScoreTD Ameritrade still offers strong platforms and a range of research for its clients, making it a very solid pick for more advanced traders, even as it is about to merge with Charles Schwab. A wide range of tradable securities and plenty of commission-free mutual funds make this broker interesting for both new and advanced traders, as do the competitive commissions.

WellsTradeRating: 3 stars out of 53.0Bankrate ScoreWellsTrade handles most of the basics well and could be a good fit for existing Wells Fargo customers looking to consolidate accounts in one place. However, active traders should likely look elsewhere for their brokerage needs due to high options costs and a barebones trading platform.

J.P. Morgan Self-Directed InvestingRating: 3 stars out of 53.0Bankrate ScoreJ.P Morgan’s Self-Directed Investing platform is a good fit for existing Chase customers who are looking for a low-cost way to trade stocks, ETFs and mutual funds while getting access to the bank’s easy-to-use mobile app. However, only a few account types are offered and If you’re looking to trade forex, futures or crypto, you’ll need to look elsewhere.

Interactive BrokersRating: 5 stars out of 55.0Bankrate ScoreInteractive Brokers keeps adding new features and improving its offerings year after year, and now has new mobile apps to pair with long-time strengths such as its wide number of tradable securities and access to global markets. Low margin rates, high interest rates on cash balances, and a leading number of no-transaction-fee mutual funds serve to make this broker a top pick.

E*TradeRating: 4.5 stars out of 54.5Bankrate ScoreE-Trade is likely to be a suitable broker choice for many investors who will appreciate its low trading costs, high-quality research and education, and 24/7 access to customer service. However, if you’re starting small and looking to trade fractional shares, you’ll need to find a different option.

Ally InvestRating: 4.5 stars out of 54.5Bankrate ScoreAlly Invest offers a solid brokerage with many of the features that investors have come to love, especially no-commission trades on stocks and ETFs, but it ups the game with low-cost options trades, too. All-hours customer support and an all-encompassing mobile app will make sure you get business done on your terms, though mutual fund investors may be a bit disappointed.

Merrill EdgeRating: 4.5 stars out of 54.5Bankrate ScoreMerrill Edge brings strong research and education to the investing space, offering a solid trading platform for stocks, bonds, options and funds. You’ll likely find some extra things to love here if you’re already a customer of parent Bank of America, with 24/7 phone support and in-branch service potentially making that relationship even more meaningful to clients.

FidelityRating: 5 stars out of 55.0Bankrate ScoreFidelity Investments is back again with another blowout performance in Bankrate’s reviews. This broker seems to do it all right, from low costs to plenty of research to mutual funds to prompt and courteous customer service. And with so much under the Fidelity roof – banking, credit cards and more – you could capably run your financial life here.

Charles SchwabRating: 5 stars out of 55.0Bankrate ScoreCharles Schwab is a great all-around broker, whether you’re just getting started investing or are more advanced, and it can bring the heat on almost anything you’re likely to need. Add on strong customer support, a wide investment selection, no-commission mutual funds, and tons of research, and you have the makings of a five-star broker.

WebullRating: 4.5 stars out of 54.5Bankrate ScoreWebull offers a lot that investors will like such as commission-free trading, fractional shares and a slick mobile app that allows you to trade on the go or keep tabs on your favorite stocks. But only a few account types are offered and you won’t find the level of research that is available through other brokers.

RobinhoodRating: 4 stars out of 54.0Bankrate ScoreRobinhood has taken its game up a notch or two, pairing its traditional no-cost trading with new IRA accounts (and a special bonus match for clients) as well as improvements in customer service, including 24/7 chat. The mobile app remains an attractive place for options traders but is a no-go for those looking for mutual funds or a wide range of account types.

VanguardRating: 3.5 stars out of 53.5Bankrate ScoreVanguard’s brokerage offering can handle the basics well and may be a good fit for long-term fund investors. But more active traders will be disappointed by the basic trading platform and high commissions for options trading.

TradeStationRating: 4 stars out of 54.0Bankrate ScoreTradeStation’s brokerage offering is likely to suit active traders better than it does new investors or those just looking to save for retirement. Customers will get an advanced trading platform with low commissions, but you won’t find fractional shares and the mutual fund offering is limited.

SoFi Active InvestingRating: 4 stars out of 54.0Bankrate ScoreSoFi Active Investing is a low-cost broker that should meet the needs of new investors looking to only trade stocks and ETFs. More experienced investors may be disappointed by the lack of options or mutual fund trading and a limited research offering.

moomooRating: 3.5 stars out of 53.5Bankrate ScoreMoomoo joins a crowded field of discount brokerages with an appeal to individual traders, offering some atypical features, including access to U.S., Hong Kong and Chinese markets. Competitive pricing on stocks, ETFs and options will prove welcome with traders, though others may find the lack of account types, limited available securities and high transfer fees off-putting.

Zacks TradeRating: 3.5 stars out of 53.5Bankrate ScoreZacks Trade is a broker that should appeal to active traders with its advanced trading platform and ample research offering. New investors may be turned off by the high account minimum and fees for mutual fund trades.

LightspeedRating: 3 stars out of 53.0Bankrate ScoreLightspeed is all about active traders who can deliver volume to the broker, and so everything is optimized around making the experience the best for them. That means discounted prices for high-volume trades and multiple high-power trading platforms, but it also means no concern for eliminating the nickel-and-dime costs that other brokers routinely slash.

tastytradeRating: 4 stars out of 54.0Bankrate ScoreTastytrade offers some of the lowest commissions around, whether you’re trading stocks, options or even cryptocurrency – and it actually caps your commissions on the latter two. Traders should find a lot to like here, among the commissions, trading platform and the variety of trading securities on offer, though long-term investors may bemoan the lack of mutual funds.

Axos Self-Directed TradingRating: 3 stars out of 53.0Bankrate Score—

Review methodology

Bankrate evaluates brokers and robo-advisors on factors that matter to individual investors, including commissions, account fees, available securities, trading platforms, research and many more. After weighting these objective measures according to their importance, we then systematically score the brokers and robo-advisors and scale the data to ensure that you are seeing the top options among a field of high-quality companies. Read our full methodology.

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Brokerage Reviews 2024 | Bankrate (2024)

FAQs

What is the best brokerage for a new investor? ›

TD Ameritrade — BEST ONLINE BROKER FOR BEGINNERS.
Fidelity Investments — Runner Up, Best Online Broker for Beginners.
Charles Schwab — Best Online Broker for Customer Service.
Fidelity — Runner Up, Best Online Broker for Customer Service.
TD Ameritrade — Best Online Broker for Educational Resources.

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4 days ago

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How do you know if a brokerage is legit? ›

A legitimate broker should provide clear and accessible contact information, including a physical address, a working phone number, and a responsive email. Avoid brokers with vague contact details or only a P.O. box, as this could indicate a lack of transparency or legitimacy.

Learn More Now ›

How do I find the best brokerage? ›

Choosing the right online broker requires some due diligence to get the most for your money.

Step 1: Know Your Needs. ...
Step 2: Narrow the Field. ...
Step 3: Figure Out the Fees. ...
Step 4: Test the Broker's Platform. ...
Step 5: How Well Does the Stock Broker Educate Its Clients? ...
Step 6: Ease of Depositing and Withdrawing Funds.

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What is the best stock brokerage house? ›

The best online brokers for stocks in May 2024:

Charles Schwab.
Fidelity Investments.
Robinhood.
E-Trade.
Interactive Brokers.
Merrill Edge.
Ally Invest.
Tastytrade.

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What brokerage do most millionaires use? ›

Best Brokers for High Net Worth Individuals

Charles Schwab - Best for high net worth investors.
Merrill Edge - Best rewards program.
Fidelity - Best overall online broker.
Interactive Brokers - Great overall, best for professionals.
E*TRADE - Best web-based platform.

Mar 28, 2024

Should I use Fidelity or Charles Schwab? ›

Most investors would do fine with either broker when it comes to the trading experience, costs, research tools, customer service, and security standards. The choice may come down to the asset classes each broker supports: Only Schwab offers futures trading, and only Fidelity supports forex (16 currencies).

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What not to tell a broker? ›

Here are the 7 most important things to not tell your realtor when selling.

What you think your home is worth. ...
Your need to sell quickly. ...
Plans for upgrades before selling. ...
Non-mandatory legal information about your property. ...
You're okay with an inflated history of dual agency. ...
Your lowest acceptable selling price.

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Apr 12, 2024

What happens to my money if my brokerage goes under? ›

However, should your firm cease operations, don't panic: In virtually all cases, customer assets are safe and typically are transferred in an orderly fashion to another registered brokerage firm. Multiple layers of protection safeguard investor assets.

Get More Info Here ›

Which broker is most reliable? ›

Best Overall - Zerodha

Zerodha, a top discount broker, excels in trading and demat account services. Positive reviews, a user-friendly interface, affordable fees, diverse investment options, and useful features like technical indicators and advanced charting tools make it the best choice overall.

Read On ›

Which brokerage is safest? ›

Fidelity Investments. Our ratings take into account the range of fees, features and tools offered by each online broker platform. Ratings are determined solely by our editorial team. Fidelity is our pick for best overall online broker.

Keep Reading ›

What are the top 5 brokerage company? ›

The most popular stock brokers in the full-service category include ICICI Direct, Sharekhan, HDFC Securities, Sharekhan, Angel One and Axis Bank. The most famous stock brokers in discount broker category include Zerodha, 5paisa and upstox.

Keep Reading ›

Which is the most trusted broker? ›

Best Forex Brokers for 2024

IG - Best overall broker, most trusted.
Interactive Brokers - Great overall, best for professionals.
Saxo - Best web-based trading platform.
CMC Markets - Excellent overall, best platform technology.
FOREX.com - Excellent all-round offering.

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Mar 30, 2024

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Who is the No 1 stock broker in us? ›

While there are many brokerage houses in the U.S., the largest are Charles Schwab, Fidelity, E*TRADE, and Vanguard. These are huge asset managers with millions of customers investing assets totaling billions or trillions of dollars. Charles Schwab.

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What stock broker does Warren Buffett use? ›

So who is John Freund? For someone that's Warren Buffett's broker, he's got a pretty low online presence -- spare video interviews on being: Buffett's broker. (When asked how he managed to become the broker to the legendary Buffett, Freund answers humbly: "By luck.")

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How safe is Charles Schwab? ›

All of the deposits at Schwab Bank are protected by FDIC insurance. That includes all of our investor checking accounts and savings accounts and CDs.

What is the best broker for beginners? ›

The best online stock brokers for beginners:

Charles Schwab.
Fidelity Investments.
Interactive Brokers.
Ally Invest.
E-Trade Financial.
Firstrade.
Firstrade.
Webull.

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What brokerage should I use to start day trading? ›

Interactive Brokers (IBKR) remains firmly entrenched as our overall pick as Best Online Broker for Day Trading because it offers among the widest ranges of assets available to trade while charging some of the lowest commissions and margin rates in the industry.

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Which stock is best for new investors? ›

List of 5 Best Stocks for New Investors/Beginners in India 2024

List of 5 Best Stocks for Beginners.
Reliance Industries: ...
GAIL (India) Ltd. ...
Mahindra and Mahindra: ...
Tata Consultancy Services (TCS): ...
Bajaj Finserv Ltd.

Mar 23, 2024

Know More ›

Brokerage Reviews 2024 | Bankrate (2024)

Review methodology

Investing basics

Latest investing articles

Should you use retirement savings to pay off debt?

Rebalancing your portfolio: What that means and how often to do it

What are Fortune 500 companies?

What is the long-term capital gains tax?

Liquid assets vs. fixed assets: What’s the difference?

How to write off worthless stock and get a tax break

What is investment income?

9 of the world’s most valuable coins

Trillion-dollar companies: 5 most valuable tech giants

What is a covered call options strategy?

Open an IRA before the tax deadline to save on taxes

What is wealth management and do you need it?

What is fixed income investing? Consider these pros and cons

What is the Consumer Price Index (CPI) and why is it useful?

Do I need a financial advisor? When you should consider getting one

Best online brokers for buying and selling cryptocurrency in March 2024

Common stock vs. preferred stock: What’s the difference?

Pros and cons of hiring a financial advisor

7 proven strategies to identify potential breakout stocks and boost your investment portfolio

Related topics

Helpful links

FAQs

What is the best brokerage for a new investor? ›

What are the top 5 brokerage company? ›