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.

Investing basics

Do you need wealth management?Whether you’re climbing the corporate ladder or looking to preserve a vast fortune for your heirs, this guide can get you started with wealth management.6 min read

Do I need a financial advisor?Not everyone’s financial situation calls for the extra help, but there are some instances where you might need one.4 min read

Common vs. preferred stockNot all stock is created equal. Here’s how these types of stocks compare.4 min read

Pros and cons of financial advisorsHere are the pros and cons of hiring a financial advisor, according to experts.6 min read

Latest investing articles

9 of the world’s most valuable coins
You never know what you might find in an old jar of coins.
8 min readMar 12, 2024
Trillion-dollar companies: 5 most valuable tech giants
These five companies are worth more than $1 trillion.
2 min readMar 12, 2024
What is a covered call options strategy?
A covered call is a lower-risk option strategy and it’s even suitable for beginning options investors.
6 min readMar 11, 2024
Open an IRA before the tax deadline to save on taxes
It’s not too late to get a tax deduction for your IRA contributions.
4 min readMar 11, 2024
Here are the best S&P 500 index funds, including mutual funds and ETFs.
3 min readMar 11, 2024
What is wealth management and do you need it?
Whether you’re climbing the corporate ladder or looking to preserve a vast fortune for your heirs, this guide can get you started with wealth management.
6 min readMar 08, 2024
See Also
10 Best Low Cost Index Funds To Buy in 2024
What is fixed income investing? Consider these pros and cons
Fixed income investing can give you a consistent – aka fixed – stream of money. Here’s how.
6 min readMar 08, 2024
What is the Consumer Price Index (CPI) and why is it useful?
What you should know about the Consumer Price Index (CPI).
5 min readMar 08, 2024
Do I need a financial advisor? When you should consider getting one
Not everyone’s financial situation calls for the extra help, but there are some instances where you might need one.
4 min readMar 07, 2024
Best online brokers for buying and selling cryptocurrency in March 2024
These brokers can help you if you’re looking to buy crypto or trade their futures.
7 min readMar 06, 2024
Common stock vs. preferred stock: What’s the difference?
Not all stock is created equal. Here’s how these types of stocks compare.
4 min readMar 06, 2024
Pros and cons of hiring a financial advisor
Here are the pros and cons of hiring a financial advisor, according to experts.
6 min readMar 06, 2024
7 proven strategies to identify potential breakout stocks and boost your investment portfolio
Discovering breakout stocks requires analysis and intuition. Here are 7 tips to spot future winners now.
3 min readMar 05, 2024
What are mutual funds?
A guide to help you decide if this type of investment makes sense for your portfolio.
9 min readMar 05, 2024
Best forex brokers in March 2024
Trillions in currency are zipping around the world, making foreign exchange markets the world’s most active.
8 min readMar 05, 2024
10 stocks near their 52-week low
Looking for value in the stock market? These 10 stocks are near their 52-week low.
2 min readMar 05, 2024
Best brokers for buying fractional shares in March 2024
The ability to buy fractional shares is huge, especially for investors just starting out.
6 min readMar 04, 2024
Best short-term bond funds in March 2024
Looking to earn a decent return with low risk? Consider these short-term bond funds.
2 min readMar 04, 2024
Best value ETFs
Think value stocks are poised to rise? Here are some of the top value funds to consider for your portfolio.
3 min readMar 04, 2024
Bitcoin nears all-time high Monday after topping $67,000
Bitcoin is in the midst of a fierce rally, climbing 18 percent in just one week.
2 min readMar 04, 2024

Helpful links

Investment Calculator
Annuity Calculator
Roth IRA Calculator

The trusted provider of accurate rates and financial information

Brokerage Reviews 2024 | Bankrate (2024)

FAQs

What is the most successful brokerage firm? ›

Top Brokerage Houses, Ranked

Top Brokerage Firms by AUM and Number of Accounts
1	Charles Schwab	$9.41 Trillion
2	Vanguard	$8.6 Trillion
3	Fidelity Investments	$5.3 Trillion
4	JP Morgan	$3.7 Trillion

1 more row

Read On ›

What is the best stock broker in the USA? ›

Summary of the best brokers:

Robinhood.
Charles Schwab.
E*TRADE.
J.P. Morgan Self-Directed Investing.
Public.
SoFi Active Investing.
Ally Invest.
Firstrade.

More items...

Jul 29, 2024

Discover More Details ›

How do you know if a broker is reliable? ›

Visit FINRA BrokerCheck or call FINRA at (800) 289-9999. Or, visit the SEC's Investment Adviser Public Disclosure (IAPD) website. Also, contact your state securities regulator. Check SEC Action Lookup tool for formal actions that the SEC has brought against individuals.

Are brokerage firms worth it? ›

Brokerage accounts are more accessible investment accounts than other options, such as retirement funds, but they also have their downsides, including fees and taxes.

See Details ›

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

Find Out More ›

What is the fastest growing brokerage firm? ›

United Real Estate Is the No. 1 Fastest-Growing Residential Brokerage with 727% Growth Rate.

Tell Me More ›

Is Charles Schwab or Fidelity better? ›

There are a couple of differences between the two to consider. Charles Schwab offers a platform for trading futures contracts, but Fidelity does not. Charles Schwab is a little bigger, in that it offers a larger selection of no-transaction-fee mutual funds (but Fidelity still offers thousands of choices).

Show Me More ›

What are the top 5 brokerage company? ›

To help you navigate through the options, we've compiled a list of the top five stock brokers in India for 2024:

HDFC Sky: HDFC Sky, offered by HDFC Securities, has established itself as one of the premier stock brokers in India. ...
Zerodha: ...
Groww: ...
Upstox: ...
Angle One:

May 29, 2024

Explore More ›

Which brokerage account gives the highest interest rate? ›

NerdWallet's Best Brokerage Accounts for High Interest Rates on Cash Sweep

Robinhood: Best for Interest rate of 5% or more.
Webull: Best for Interest rate of 5% or more.
Vanguard: Best for Interest rate of 5% or more.
Interactive Brokers IBKR Lite: Best for Interest rate of 4% or more.

More items...

Aug 1, 2024

Which broker is most reliable? ›

Fidelity is our pick for best overall online broker. It stands out as an excellent, well-rounded platform that's a great choice for active traders, long-term investors or people who are new to investing. Fidelity provides high-quality trade execution while keeping costs minimal.

Show Me More ›

How to spot a fake broker? ›

20 Ways to Check If Your Broker Is Safe or a Scam

Regulatory Compliance. Verify that your broker is regulated by a recognised financial authority locally or globally. ...
Reputation and Reviews. ...
Contact Information. ...
Background and History. ...
Client Funds Segregation. ...
Account Security. ...
Trading Platform. ...
Fees and Spreads.

More items...

Mar 4, 2024

Read The Full Story ›

How to select a brokerage firm? ›

Know Your Financial Goals and Investing Style.
Evaluate Account Features.
Evaluate Account Fees and Requirements.
Evaluate Research and Account Amenities.
Assess Security and Account Protection.
Test the Online Brokerage Platform.
Choose Your Online Broker.

Aug 1, 2024

See Details ›

Is it safe to keep more than $500,000 in a brokerage account? ›

Bottom line. The SIPC is a federally mandated, private non-profit that insures up to $500,000 in cash and securities per ownership capacity, including up to $250,000 in cash. If you have multiple accounts of a different type with one brokerage, you may be insured for up to $500,000 for each account.

Get More Info Here ›

Is it safe to have all your money in one brokerage? ›

Spreading your assets across different brokerage accounts can help protect you against potential fraud or unauthorized access, Roller says. If one broker has a breach, then you can still trade with another investment firm. The safety of your funds is also a concern.

Do brokerage accounts lose money? ›

There is no guarantee, though, that investments in a brokerage account will provide a higher return than other savings options. It is possible to lose money investing in securities. On the other hand, depositing your savings at an FDIC-insured bank ensures that your money is protected in the event of bank failure.

Who is the most successful stock broker? ›

The most successful options trader, who is also regarded as the most successful investor, is none other than the legendary stock market investor Warren Buffet.

View Details ›

What is the richest brokerage firm in the world? ›

The largest brokerage by assets under management, or AUM, is Vanguard, started by famed investor John C. Bogle in 1975. The firm has grown to manage $8.6 trillion in assets, or put another way, more than 80 times the estimated number of stars in the Milky Way galaxy, according to NASA.

What are the top three brokerage firms? ›

The largest brokerage firms are household names: Vanguard, Charles Schwab, Fidelity, Bank of America (specifically Merrill Lynch), and J.P. Morgan each manage trillions of assets and millions of accounts. Vanguard alone has $8.2 trillion assets under management (AUM) as of July 31, 2023.

Learn More ›

Brokerage Reviews 2024 | Bankrate (2024)

Review methodology

Investing basics

Latest investing articles

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

What are mutual funds?

Best forex brokers in March 2024

10 stocks near their 52-week low

Best brokers for buying fractional shares in March 2024

Best short-term bond funds in March 2024

Best value ETFs

Bitcoin nears all-time high Monday after topping $67,000

Related topics

Helpful links

FAQs

What is the most successful brokerage firm? ›

How to spot a fake broker? ›