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Delivery, Exercise and Corporate Actions

POLICIES AND INSTRUCTIONS

Options Exercise

To exercise an option is to implement the right under which the holder of an option is entitled to buy (Call option) or sell (Put option) the underlying security. Options are exercised through the Option Exercise window (accessible from the Trade menu in the trading platform).

Please note: Both option exercises and lapses are irrevocable.

To avoid deliveries in expiring option and future option contracts, customers must roll forward or close out positions prior to the close of the last trading day.

Option Exercise & Option Lapse Requests (whether received through an Option Exercise window or by a ticket sent via Account Management/Message Center 1 ) may be submitted as follows:

Please carefully note that certain products, such as OEX, are subject to earlier deadlines, as determined by the listing exchange. Exercise requests for all such products should be submitted well in advance of the exchange deadline, in order to ensure timely notification to the exchange by the broker.

Expiration Exercise and Activity Notice

The broker does not support option exercises, assignments, deliveries or other effects of settlement that the broker determines may result in undue risk or operational risks/concerns. To protect against these scenarios as expiration nears, the broker will simulate the effect of expiration assuming plausible underlying price scenarios and evaluating the exposure of each account after settlement. Accounts determined to violate the broker's margin requirement due to the projected effect of settlement may be subject to a series of protective actions on the part of broker, including: liquidation of expiring positions on the last trade date; lapsing (non-exercise) of long in-the-money options; immediate liquidation of underlying positions subject to delivery on/after the option last trade date; liquidation of positions necessary to resolve a post-expiration margin deficit; and restricting the account to closing transactions.

In the event that you are holding a call spread (long and short calls in the same underlying) prior to an ex-dividend date in the underlying, and if you have not liquidated the spread or exercised the long call(s), IB reserves the right to: i) exercise some or all of the long call(s); and/or ii) liquidate (i.e., close out) some or all of the spreads -- if IB, in its sole discretion, anticipates that: a) the short call(s) is (are) likely to be assigned; and b) your account would not have sufficient equity to satisfy the liability to pay the dividend or to satisfy margin requirements generally. In the event that IB exercises the long call(s) in this scenario and you are not assigned on the short call(s), you could suffer losses. Likewise, if IB liquidates some or all of your spread position you may suffer losses or incur an investment result that was not your objective. In order to avoid this scenario, you should carefully review your option positions and your account equity prior to any ex-dividend date of the underlying and you should manage your risk and your account accordingly.

For more detailed information, and examples, of delivery restrictions, please click here .

Expiration Option Exercise Instructions

Use the Option Exercise window to either: (i) exercise an option prior to expiration, or (ii) deliver "contrary intentions" to the clearinghouse for the options held; e.g., The Options Clearing Corporation ("OCC") for options traded on U.S. options exchanges. You must also use the TWS Option Exercise window to instruct the clearinghouse to exercise an option contrary to the clearinghouse's accepted policy on an options Expiration day (e.g., Expiration Friday for US options). If you do not use the TWS Option Exercise window to manually manipulate options, the clearinghouse will handle the exercise automatically in the manner described below:

OCC ( United States)

Cdcc ( canada), ecc ( germany, switzerland), lch ( united kingdom), cnet ( belgium, france, germany, netherlands), seoch ( hong kong), disclosures.

• "Contrary intentions" are handled on a best efforts basis.
• In the event that an option exercise cannot be submitted via the trading platform, an option exercise request with all pertinent details (including option symbol, account number and exact quantity), should be created in a ticket via the Account Management window. In the Account Management window, click on "Inquiry/Problem Ticket". The ticket should include the words "Option Exercise Request" in the subject line. Please provide a contact number and clearly state in your ticket why the Option Exercise window was not available for use.

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Commissions

COMMISSIONS

Minimize Your Costs to Maximize Your Returns 1

Low commissions on products across 150 global markets No added spreads, ticket charges, platform fees, or account minimums.

Commissions below are for U.S. markets. Click each product for full global commissions.

Stocks/etfs.

USD 0.0005 to 0.0035 per share

USD 0 on No Transaction Fee ETFs

USD 0.005 per share

USD 0.15 to 0.65 per contract

USD 0.65 per contract

USD 0.25 to 0.85 per contract

USD 0.85 per contract

Fixed: US-Future and Future Options

Spot Currencies

0.08 to 0.20 basis points × Trade Value per order

Tight spreads as narrow as 1/10 PIP

10 basis points × Face Value per order

Mutual Funds

3% x Trade Value up to $14.95 per transaction

USD 0 on No Transaction Fee Funds

View commission details for more information on transaction fees, minimums and maximums.

Disclosures

• Lower investment costs will increase your overall return on investment, but lower costs do not guarantee that your investment will be profitable.
• 1 basis point=0.0001.
• IBKR may change these rates at any time in its sole discretion. Commission rates may also vary by program or arrangement. Restrictions apply. The published rates are for direct clients of IBKR. Clients introduced through another broker or managed by an advisor may pay additional commissions set by their introducing broker or advisor. Clients should contact their introducing broker or advisor about the rates that will apply to their account.

If you are an institution, click below to learn more about our offerings for RIAs, Hedge Funds, Compliance Officers and more.

Commissions Stocks

COMMISSIONS

Stocks and ETFs

Minimize Your Costs to Maximize Your Returns*. Low commissions with no added spreads, ticket charges, platform fees, or account minimums.

Stocks, ETFs, Warrants

United States

United states - third party fees, regulatory fees.

SEC Transaction Fee: USD 0.000008 * Value of Aggregate Sales

FINRA Trading Activity Fee: USD 0.000166 * Quantity Sold 5

Exchange Fees

Clearing fees.

NSCC, DTC Fees: USD 0.00020 per share 6

Pass Through Fees

NYSE Pass Through Fees: Commissions * 0.000175

FINRA Pass Through Fees: Commissions * 0.00056 5

Commission Free ETFs

No Transaction Fee ETFs

Alternate Exchange Commissions

API Direct Routed Orders, DARK, IBKRATS, and ALGOS

United States - Examples

Fixed examples:.

100 Shares @ USD 25 Share Price = USD 1.00 1,000 Shares @ USD 25 Share Price = USD 5.00 1,000 Shares @ USD 0.25 Share Price = USD 2.50

Tiered Examples

• CAD Denominated
• USD Denominated

Canada - Third Party Fees

All not listed below: CAD 0.00017 per share/capped at CAD 2.00 per order

VENTURE: CAD 0.00010 per share/capped at CAD 2.00 per order

SEC Transaction Fee: CAD 0.00011 per share/capped at CAD 3.30 per trade (not per order)

Fixed Example:

100 Shares @ CAD 25 Share Price = CAD 1.00

Mexico - Example

700 Shares @ MXN 100 Share Price = MXN 70.00

Disclosures

• 300,000 shares at USD 0.0035
• 200,000 shares at USD 0.002
• IBKR Lite provides commission-free trades in US exchange-listed stocks and ETFs. For trades in non-exchange-listed US stocks (e.g. Pink sheet and OTCBB), ETFs, warrants, and other non-qualifying products, and recurring investment instructions, IBKR Lite accounts are subject to Fixed Pricing. IBKR Lite is available to US residents with the following account types: Individual, Joint, IRA and Trusts when the beneficiary and trustee are natural persons. In addition, US financial advisors can offer IBKR Lite to their clients.
• Trades resulting from OnClose, OnOpen, or outside regular trading hours ("Outside-RTH") US listed stock orders, or US listed stock orders executed at a price under $1.00 ("Sub-Dollar" orders) are commission-free for IBKR Lite clients so long as the total monthly volume of shares executed via any combination of Open auction, Close auction, Outside-RTH, or Sub-Dollar order(s) does not exceed 10% of an account's monthly US stock trading volume (excluding trades subject to Fixed Pricing[2]), otherwise your account will be charged the lesser of (i) USD 0.005 per share or (ii) 1% of trade value for such trades. In addition, IBKR Lite clients will be charged the lesser of (i) USD 0.005 per share or (ii) 1% of trade value for all trades executed during Overnight Trading Hours. Market orders placed prior to regular trading hours will be treated as Market OnOpen orders and count towards the threshold.
• Plus the applicable exchange, ECN and/or specialist fees based on execution venue.
• Maximum USD 8.30 per trade. In the case of partial executions, each execution is considered one trade.
• Maximum 0.5% of trade value.
• Orders where the commission cap is applied do not count towards the monthly volume tiers.
• In the event the calculated maximum per order is less than the minimum per order, the maximum per order will be assessed. For example, a purchase to buy 10 shares of a $0.20 stock will be charged $0.02 (10 shares x 0.005/share = 0.05 commission, minimum 1.00 per Order, capped at 10 shares x 0.20 x 1% = 0.02).
• For orders that are immediately executed against an existing bid or offer on the exchange's order book, an exchange liquidity removing fee will be added. See the Tiered North America section for details of the exchange fees.
• For TSX USD denominated stocks only.
• Commissions apply to all order types.
• Tiered commissions will be capped at 0.5% of trade value
• When using IB SmartRouting SM , clients should be aware that IB may route the order to an exchange with a better quoted price but with substantially higher fees. In particular, clients should understand the ECN charges for removing liquidity when sending marketable orders for low priced stocks (under USD 2.50).
• In the Tiered (i.e., commission plus external venue fees/rebates) commission structure, clients may or may not be eligible to receive direct credit for rebates paid for certain types of orders executed at various market centers. For example, IB may receive enhanced rebate payments as a result of exceeding volume thresholds on particular markets, but typically will not directly pass these enhancements to customers. Likewise, IB does not pass to customers all of the rebates IB may receive for orders in pink sheet or OTCBB stocks. In certain circumstances, IBKR may receive discounts with respect to third party fees, including exchange and/or clearing fees, that may not pass-through to clients.
• Please note that directed API orders cannot use the Tiered fee structure. SmartRouted API orders can use either the Tiered or Fixed structure.
• VAT, also referred to as consumption tax , goods and services tax , where applicable, will be separately applied for eligible services.
• Modified orders will be treated as the cancellation and replacement of an existing order with a new order. On certain exchanges, this may have the effect of subjecting modified orders to commission minimums as if they were new orders. For example, if an order for 200 shares is submitted and 100 shares execute, then you modify the order and another 100 shares execute, a commission minimum would be applied to both 100 share orders. Orders that persist overnight will be considered a new order for the purposes of determining order minimums.
• If IBKR receives a rebate payment for a pink sheet or OTCBB execution, this rebate is not passed to the client.
• A minimum commission of USD 0.01 per trade is assessed to non-recurring fractional share trades.
• IBKR may change these rates at any time in its sole discretion. Commission rates may also vary by program or arrangement. Restrictions apply. The published rates are for direct clients of IBKR. Clients introduced through another broker or managed by an advisor may pay additional commissions set by their introducing broker or advisor. Clients should contact their introducing broker or advisor about the rates that will apply to their account.

* Lower investment costs will increase your overall return on investment, but lower costs do not guarantee that your investment will be profitable.

Advisor Client Fees

Professional Advisors can charge fees to their clients for services rendered using one of the methods described below.

Select Fee Administration from the Home Dashboard.

Regardless of the method chosen, you determine the fees at the time of your client’s registration. You can modify them at any time, but your clients must acknowledge any fee increase with their signature.

In addition to the fees specified, IBKR will charge our regular commissions to the client.

Note: If your client elects to use one of these automatic billing options, IBKR will calculate the amount of your fee and hold it during your billing period. This helps you collect fees owed to you if an account that terminates before paying.

Last updated on Apr. 24, 2024

Options / North America

Your total US options commissions include IB fees, that are tiered based on volume, plus exchange fees.

• All order types, exchange and regulatory fees included.
• Commissions are not charged for US exercise and assignment.
• Volume breaks are applied based on monthly cumulative trade volume summed across all options contracts at the time of the trade. Contract volumes for advisor, separate trading limit, and broker accounts are summed across all accounts for the purpose of determining volume breaks. These fees are applied on a marginal basis for a given calendar month. If for example, you execute 12,000 US contracts in a month, your execution costs would be: 10,000 contracts at $0.75 2,000 contracts at $0.50
• Negative numbers are rebates.
• Because of Reg (3) NMS regulations, we may not fill at an inferior price so exchange fees will not be part of our order routing decision except in cases where exchange quotes are equal.

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Interactive Brokers vs TD Ameritrade 2024

Written by StockBrokers.com

Is Interactive Brokers better than TD Ameritrade? After testing 18 of the best online brokers , our analysis finds that Interactive Brokers (93.5%) is better than TD Ameritrade (N/A). Interactive Brokers is a go-to choice for professionals because of its institutional-grade desktop trading platform, high-quality trade executions and rock-bottom margin rates.

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Interactive Brokers vs TD Ameritrade Comparison

Comparing brokers side by side is no easy task. We spend hundreds of hours each year testing the platforms, mobile apps, trading tools and general ease of use among online brokerages, as well as comparing commissions and fees, to find the best online broker .

Though many U.S. brokers offer basic trading features, such as an app, charting tools, stock research and educational content, the depth of those features can vary widely. Let's compare Interactive Brokers vs TD Ameritrade.

Is Interactive Brokers or TD Ameritrade better for beginners?

In stock trading, the more you know, the better you’ll do. Taking advantage of resources like articles, webinars, videos and interactive elements is a great way to shorten the learning curve. In our analysis, we examine the availability of several different types of educational materials.

For 2024, our review finds that Interactive Brokers offers more comprehensive new investor education for beginning investors than TD Ameritrade. Both Interactive Brokers and TD Ameritrade offer Paper Trading, Videos, Education (Stocks), Education (ETFs), Education (Options), Education (Mutual Funds), Education (Bonds) and Education (Retirement).

What about Interactive Brokers vs TD Ameritrade pricing?

Interactive Brokers and TD Ameritrade charge the same amount for regular stock trades, $0.00. Interactive Brokers and TD Ameritrade both charge $0.65 per option contract. For futures , TD Ameritrade charges $2.25 per contract and Interactive Brokers charges $0.85 per contract. For a deeper dive, see our best brokers for free stock trading or options trading guides.

Does Interactive Brokers or TD Ameritrade offer a wider range of investment options?

Looking at a full range of investment options, including order types and international trading, our research has found that Interactive Brokers offers a more comprehensive offering than TD Ameritrade. Interactive Brokers ranks #1 out of 18 brokers for our Investment Options category, while TD Ameritrade ranks #N/A.

Interactive Brokers offers investors access to Stock Trading, Fractional Shares, Options Trading, OTC Stocks, Mutual Funds, Futures Trading and Forex Trading, while TD Ameritrade offers investors access to Stock Trading, Options Trading, OTC Stocks, Mutual Funds, Futures Trading, Forex Trading and Advisor Services. Looking at Mutual Funds, TD Ameritrade trails Interactive Brokers in its offering of no transaction fee (NTF) mutual funds, with Interactive Brokers offering 4782 and TD Ameritrade offering 3610.

Do Interactive Brokers and TD Ameritrade offer cryptocurrency?

In our analysis of top U.S. brokerages, we research whether each broker offers the ability to trade cash cryptocurrency , such as bitcoin and ethereum. Though crypto has risen steadily in popularity, availability still varies from broker to broker. Our review finds that Interactive Brokers offers crypto trading, while TD Ameritrade does not.

Which trading platform is better: Interactive Brokers or TD Ameritrade?

To compare the day trading platforms of Interactive Brokers and TD Ameritrade, we focused on trading tools and functionality across both web and desktop-based platforms. Popular day trading platform tools include streaming real-time quotes, stock alerts, trading hotkeys, direct market routing, streaming time and sales, customizable watch lists, backtesting, and fully functional charting packages, among many others. For day trading, Interactive Brokers offers a better experience.

Does Interactive Brokers or TD Ameritrade offer a better stock trading app?

After testing 25 features across the stock trading apps of Interactive Brokers and TD Ameritrade, we found Interactive Brokers to be better overall. The best stock market apps are easy to use, have excellent design, and deliver a fully featured online trading experience. Interactive Brokers ranks #1 out of 18 brokers, while TD Ameritrade ranks #N/A.

Interactive Brokers Trading App Gallery

TD Ameritrade Trading App Gallery

Which broker is better for researching stocks?

For research, Interactive Brokers offers superior market research than TD Ameritrade. Interactive Brokers ranks #2 and TD Ameritrade ranks #N/A.

Over the years, we've found that the best brokers provide rich market commentary, a variety of third-party research reports, and thorough quote screens that are not just easy to navigate, but that also include a comprehensive selection of fundamental data. Robust stock, ETFs, and mutual fund screeners are also must-haves for trade idea generation.

How do Interactive Brokers and TD Ameritrade compare in terms of minimum deposit required?

Interactive Brokers requires a minimum deposit of $0.00, while TD Ameritrade requires a minimum deposit of $0.00. From our testing, we found that SoFi is the only broker that requires a minimum deposit.

Which broker offers better margin rates for accounts under $25,000?

Interactive Brokers charges 7.83% for accounts under $25,000 while TD Ameritrade charges a margin rate of 14.75%. The industry average of the 18 brokers we track is 9%.

Does Interactive Brokers offer fractional shares? Does TD Ameritrade?

While Interactive Brokers offers fractional shares, TD Ameritrade does not. Our research has found that 48% of brokers offer fractional shares investing. Fractional shares allow traders to buy a part of a whole share of stock. For example, if Amazon is trading at $1,000, you could buy half a share for $500.

Can you trade penny stocks with Interactive Brokers or TD Ameritrade?

Both Interactive Brokers and TD Ameritrade allow you to trade penny stocks. Interactive Brokers charges $0.00 per trade while TD Ameritrade charges $6.95. Penny stocks are companies whose shares trade for under $5 and are listed over the counter (OTC). For brokers that do offer penny stock trades , the average commission is $3.

Does either broker offer banking?

Online banking can be a benefit for investors, and some brokerages do provide banking services to customers. Debit Cards are offered by Interactive Brokers, while TD Ameritrade offers Checking Accounts, Debit Cards and Credit Cards. Neither have Savings Accounts and Mortgage Loans.

Which broker offers stronger customer service?

StockBrokers.com partners with customer experience research group Confero to conduct phone tests from locations across the United States to thoroughly evaluate the quality and speed of brokerage customer service. (Read more about How We Test .) Here are the results of our current testing.

Interactive Brokers was rated 12th out of 13 brokers, with an overall score of 7.7 out of 10.

TD Ameritrade was rated 1st out of 14 brokers, with an overall score of 9.3 out of 10.

Is Interactive Brokers good?

Interactive Brokers is a go-to choice for professionals because of its institutional-grade desktop trading platform, high-quality trade executions and rock-bottom margin rates.

In the 2024 StockBrokers.com Annual Awards, Interactive Brokers was rated No. 1 for Platforms & Tools, Mobile Trading Apps, Investment Options, Day Trading, Bond Trading, ESG Investing, Fractional Shares, International Trading, Order Execution, Platform Technology, Professional Trading, and Sentiment Investing. It also placed among Best in Class for Commissions & Fees, Research, Education, Beginners, Futures Trading, IRA Accounts, Options Trading, High Net Worth Investors, and Overall.

Is TD Ameritrade good?

TD Ameritrade delivers $0 trades, fantastic trading platforms, excellent market research, industry-leading education for beginners and reliable customer service, making it one of our top overall brokers in 2023. Note, however, that TD Ameritrade was acquired in 2020 by Charles Schwab and TD Ameritrade client accounts are currently being migrated in batches to Schwab , which has retained the standout thinkorswim platform.

In the 2023 StockBrokers.com Annual Review, TD Ameritrade was rated No. 1 for Platforms & Tools, Mobile Trading Apps, Ease of Use, Beginners, and Customer Service. It also ranked among Best in Class for Commissions & Fees, Research, Investment Options, Education, Active Trading and Overall. TD Ameritrade also won two StockBrokers.com Industry Awards: No. 1 for Phone Support and Trader App.

Interactive Brokers vs TD Ameritrade Winner

Overall winner: Interactive Brokers

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• Costs and Fees Starts at 0.55% (Fee rates decrease at higher asset levels) 
• Windhaven® Strategies 19
• Costs and Fees Starts at 0.95% (Fee rates decrease at higher asset levels) 
• ThomasPartners® Strategies 19
• Schwab Personalized Indexing™ 22
• Costs and Fees Starts at 0.40% (Fee rates decrease at higher asset levels)

The Schwab Satisfaction Guarantee

We believe every investor deserves to work with a firm they can count on. At Schwab, our commitment to your satisfaction is backed by a guarantee. If for any reason you’re not completely satisfied, we’ll refund your eligible fee or commission and work with you to make things right.**

Common Questions

There is no minimum investment needed to open a brokerage account.

There are no fees to open and maintain a Schwab account.

Online listed stock and ETF trades at Schwab are commission-free. 1 Online options trades are $0.65 per contract. 3 Service charges apply for automated phone trades ($5) and broker-assisted trades ($25) for stocks, ETFs, and Options. Futures trades are $2.25 per contract 8 for both online and broker-assisted trades. Thousands of mutual funds through Schwab Mutual Fund OneSource 4 are transaction-free for both online and automated phone trades, and a $25 service charge applies to broker-assisted trades. Non-Schwab Mutual Fund OneSource trades are up to $74.95 per purchase and $0 per redemption for online and automated phone trades. Schwab's short-term redemption fee of $49.95 will be charged on redemption of funds purchased through Schwab's Mutual Fund OneSource service [and certain other funds with no transaction fee] and held for 90 days or less. Schwab reserves the right to exempt certain funds from this fee, including Schwab Funds ® , which may charge a separate redemption fee, and funds that accommodate short-term trading. Funds are also subject to management fees and expenses.

We believe every investor deserves to work with a firm they can count on. At Schwab, our commitment to your satisfaction is backed by a guarantee. If for any reason you're not completely satisfied, we'll refund your eligible fee or commission and work with you to make things right. ** You won't find that kind of promise everywhere—but you will find it here.

No, as long as you place the trade yourself, you do not have to pay the "broker-assisted trade" fee.

Schwab Bank offers unlimited ATM fee rebates for cash withdrawals using the Schwab Bank Visa ® Platinum card. Schwab Bank does not charge foreign exchange transaction fees for purchases made from your Schwab Bank Investor Checking Account with your Schwab Bank debit card. 21  Learn more

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10 Best Brokerage Accounts and Online Trading Platforms for 2024

E veryone wants to invest with the best broker, but how do you decide which brokers qualify for that title? GOBankingRates identified the best brokerages and online trading platforms to help you choose the right one for you.

Trending Now: 6 Unusual Ways To Make Extra Money (That Actually Work)

10 Best Brokerage Accounts at a Glance

Here’s a table so you can quickly compare the best online brokerages’ fees and minimums:

In-Depth Look at the Best Online Brokerages

Overall, most of these firms have excellent trading capabilities, service and low costs. Many also run promotions offering free trades, cash bonuses or discounted products and services. Keep reading to learn details on each.

E-Trade was one of the pioneers of online trading , and it scores high across all reviewed categories, making it a top online broker for 2024.

Why we chose it: At E-Trade, you can buy or sell stocks, bonds, options, futures, exchange-traded funds and mutual funds, and you can open regular brokerage, retirement, managed or college-oriented accounts. There’s no minimum for brokerage accounts and equity trades are free. E-Trade offers a wide range of tools and research for seasoned traders and no commissions on stock and ETF trades.

• Extensive account options and trading capabilities
• User-friendly online and mobile interfaces
• Access to financial advisors and other products beyond online trading
• No access to crypto trading
• Margin rates are high vs. competitors

Costs and fees: Stock & ETF: $0; Options: $0.65; Futures: $1.50

Account minimum:

To learn more about E-Trade, visit its website .

Charles Schwab

Charles Schwab is a large online broker that has acquired TD Ameritrade and integrated its world-class trading platform, thinkorswim.

Why we chose it: Charles Schwab boasts $0 stock and ETF trades — as well as no account minimums. There are multiple trading platforms available for beginners and advanced traders. The thinkorswim trading platform is well-designed with a myriad of tools for advanced traders and most of these tools are baked into the thinkorswim mobile app as well.

• Multiple trading platforms for varying levels of experience
• No account minimums
• Extensive network of branches across America
• Low-fee access to thousands of mutual funds as well
• There’s a fee for an outbound full account transfer
• No crypto trading available

Costs and fees: Stock & ETF: $0; Options: $0.65; Futures: $2.25

Account minimum: $0

To learn more about Charles Schwab, visit its website .

Fidelity has been a household name for its line of mutual funds , but the firm is also one of the best overall online brokers in the business.

Why we chose it: Fidelity offers everything for investors — from retirement accounts to mutual funds to options trading and access to a wide range of financial services. But for traders, Fidelity offers access to Active Trader Pro, a professional trading platform with built-in research and analysis tools. While Fidelity doesn’t offer an Active Trader Pro mobile app, the standard Fidelity app has some great charting features and tools for managing trades on the go.

• No account fees or minimums
• Fantastic trading and research tools
• Limited trading fees
• Fees for add-on services, like account management, can get high
• No futures trading available

Costs and fees: Stock & ETF: $0; Options: $0.65

Account minimum: None

To learn more about Fidelity, visit its website .

Interactive Brokers

Interactive Brokers has always been known for its advanced trading platform for experienced traders, but you don’t have to be an expert to use it.

Why we chose it: Interactive Brokers’ commissions are as low as $0 with the IBKR Lite account. Interactive Brokers also offers an advanced IBKR Pro account and advanced charting and planning options. Traders will enjoy some of the industry’s lowest fees on options and futures trades — as well as rock-bottom crypto trading prices. IBKR offers some of the lowest margin rates around, too.

• Advanced trading platform well-suited for experienced traders
• Very low/no commission costs
• Excellent research tools
• May overwhelm beginner stock traders
• Inactivity fee may apply for IBKR Pro users

Costs and fees: Stock & ETF: $0; Options: $0.65; Futures: $0.85

To learn more about Interactive Brokers, visit its website .

Ally Invest

Ally Invest offers a self-directed trading platform with an intuitive design and access to a wide range of trading tools.

Why we chose it: Ally Bank has extended its service to offer investment accounts — including a self-directed trading account, robo-advisor and wealth management. Its self-directed trading account may not be the best platform for professional traders but casual traders will have more than enough charting and analysis tools to enjoy a seamless trading experience. As with most other brokers, Ally offers commission-free stock and ETF trades, as well as low options contract pricing — at $0.50 per contract.

• No commissions on stock and ETF trades
• Well-designed charting tools
• $4.95 trade fee for anything under $2 per share
• No futures trading 

Costs and fees: Stock & ETF: $0; Options: $0.50

To learn more about Ally Invest, visit its website .

Merrill Edge

Merrill Edge is the online brokerage side of venerable Merrill Lynch, now a Bank of America company.

Why we chose it : Merrill Edge is the self-directed investing platform with no account minimums and no commissions for stocks, ETFs and options trades. Research and investing insights are available on both the web app and mobile app — a boon for advanced traders that monitor trades on the go. Since Merrill is owned by Bank of America , Member FDIC, you can also earn Preferred Rewards through your linked Merrill Edge account if your account balances remain over $20,000.

• Backing of two of America’s most prestigious financial firms — Merrill Lynch and Bank of America
• Detailed stock trading tools and charts
• High-quality research
• No cryptocurrency or other advanced investment options, such as forex

To learn more about Merrill Edge, visit its website .

Firstrade isn’t as large as some of the other firms on the list, but its top-notch features and benefits make it a solid contender for being one of the best brokerage accounts.

Why we chose it: There are no account minimums at Firstrade, along with no commission on most trades. Featuring both a user-friendly website and a mobile app, Firstrade lets customers buy and sell stocks, options, fixed-income securities, ETFs and over 11,000 mutual funds for no charge. The firm also provides research from noted industry experts like Morningstar.

• Commission-free trading for most assets
• Access to high-grade research
• Slick mobile app interface
• No professional management or robo-advisor options

Costs and fees: Stock & ETF: $0; Options: $0

To learn more about Firstrade, visit its website .

TradeStation

TradeStation was originally designed for professional traders, but its platform is now open for novice investors as well.

Why we chose it: TradeStation offers an advanced trading platform with free stock and ETF trades and lost-cost options and futures trading. TradeStation’s trading tools and market research sweeten the deal. The online broker also provides many educational services. Whether you’re a rookie or advanced investor, the company provides content that can help you master your investing skills.

• Advanced mobile and online trading tools for active investors
• Free trading of stocks and ETFs
• Free market research and insights
• No commission-free mutual fund trading
• Inactivity fee may be assessed

Costs and fees: Stock & ETF: $0; Options: $0.60; Futures: $1.50

To learn more about TradeStation, visit its website .

SoFi is an online bank that offers multiple ways to invest, including self-directed accounts and a robo-advisory service.

Why we chose it: SoFi offers a simple-to-use trading platform with no commissions on stock and ETF trades. You can also dabble in alternative assets, such as pre-IPO investing, commodities, private credit and more. In addition to a trading account, you’ll have access to SoFi financial planners, career coaches and other member perks.

• Fractional shares available
• Can no longer trade crypto
• No futures trading
• Basic charting

To learn more about SoFi, visit its website .

Tastytrade is a well-designed advanced trading broker that specializes in options and futures trading.

Why we chose it: Tastytrade has been around since 2017. Its founders developed the top-rated Charles Schwab trading platform thinkorswim first then sold it off and launched tastytrade. It quietly became a favorite of active traders — with an emphasis on options trading design. Advanced traders will love the flexibility and layout of tastytrade, as well as the proprietary live video feeds of traders. It might be a steep learning curve for some but is one of the best options trading platforms around.

• Free stock and ETF trade
• Low-cost options and futures trading available
• Advanced web and mobile platforms
• Live trader video fees
• Might overwhelm new traders
• Lacking in some basic educational content

Costs and fees: Stock & ETF: $0; Options: $1 to $2.50; Futures: $1.25

To learn more about tastytrade, visit its website .

How We Picked the Best Online Brokerages

GOBankingRates determined the best brokerage accounts by analyzing 23 of the largest and up-and-coming online brokers, using the following criteria:

• Cost to trade equities, such as stocks and ETFs
• Cost to trade options
• Number of account types available including basic brokerage account, retirement account, managed or guided account and college education investing account
• Number of different investment vehicles available, including stocks, futures, options, ETFs, mutual funds, bonds and, if available, cryptocurrency, which was counted as an additional point rather than as a point against brokers
• Opening minimum investment requirement
• Available promotional offers
• Access to a financial advisor
• 24/7 phone customer service
• Live chat with a human representative
• Mobile app availability
• Educational resources, such as webinars, blogs and courses that teach investing and trading
• Research and tools, such as multiple trading platforms, in-depth market analysis, and screener tools for stocks, ETFs and bonds

Each broker was scored based on these individual categories, which were then summed up for a final score. Available promotional offers, 24/7 phone customer service, live chat and mobile availability were weighted by a quarter while all other categories were weighted in full.

Tips for Choosing the Best Online Brokerage

Now that you have a list of the best brokerage accounts and online trading platforms, you’re armed with information to choose the right one for you. The final step is to match your investment needs and experience with the services and capabilities of each individual broker. For example, frequent traders might gravitate toward a broker with extensive research capabilities, advanced trading programs and low or no commissions. But a novice investor might need an online broker that provides access to financial advisors and educational tools, excellent customer service and professional management capabilities.

Never assume that any broker — even one on the top 10 list — has all the features you’ll need. For example, some firms might allow cryptocurrency trades, whereas many do not. A firm might offer free IRAs, charge for those accounts or not even offer them. Do a thorough review of both the costs of using a particular broker and the benefits before making your choice.

• An online broker provides its services through either a web-based or mobile interface.
• Account minimums can vary from $0 to $10,000 or more. Most of the best online brokers have $0 account minimums -- though you might need at least $5 to place a trade.
• Most online brokerages are low-cost, but some charge higher fees for additional services. For example, many firms charge fees for transferring out or closing an account -- or for other banking services, such as sending wire transfers .
• A robo-advisor is an automated portfolio management program that allocates your funds according to your chosen investment objectives and risk tolerance. Funds are typically spread across a number of broad segments of the market using ETFs and are rebalanced regularly.
• The best brokerage account depends on your needs, like trading frequency, investment types and user experience. Some of the top brokerage accounts to consider are E-Trade, Charles Schwab and Fidelity.
• Many millionaires use brokerages that offer a wide range of personalized services and advanced trading platforms. Firms like Charles Schwab and Fidelity are popular among high-net-worth individuals.
• It is safe to keep more than $500,000 in a brokerage account as long as the brokerage is a member of the Securities Investor Protection Corporation, which protects your account up to $500,000.

John Csiszar and Andrew DePietro contributed to the reporting for this article.

Data is accurate as of May 9, 2024, and is subject to change.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

GOBankingRates is a personal finance and consumer interest rate website and an online marketing company serving top-tier banks, credit unions and other financial services organizations. Some companies mentioned in this article might be clients of GOBankingRates, which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by the companies included in the article. All fees and rates are subject to change at the issuers’ discretion. Some interest rates might be short-term or promotional offers only, and it is possible additional terms and conditions must be met to obtain the interest rates listed. Rates and availability might vary by region. Verify terms and conditions before opening an account.

GOBankingRates bases its assessment of “best” and “top” products on the above-stated parameters to create a baseline for comparison. This assessment is an approximation of “best” and “top” designed to help consumers find products that might be appropriate for them. There could be other options available as well. Consumers should consider various options appropriate for their circumstances.

This article originally appeared on GOBankingRates.com : 10 Best Brokerage Accounts and Online Trading Platforms for 2024