11 Best Online Brokers for Stock Trading of September 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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Most investors trade stocks (and other investments) through an online broker. To help you find the best broker 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 brokers for online stock trading
Fidelity Investments
Interactive Brokers
Webull
E*TRADE
JP Morgan Self-Directed Investing
Merrill Edge
TD Ameritrade
Robinhood
Ally Invest
Firstrade
Charles Schwab
Most investors trade stocks (and other investments) through an online broker. To help you find the best broker 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 brokers for online stock trading
Fidelity Investments
Interactive Brokers
Webull
E*TRADE
JP Morgan Self-Directed Investing
Merrill Edge
TD Ameritrade
Robinhood
Ally Invest
Firstrade
Charles Schwab
Investing can help outpace inflation — which is especially important when inflation is high.
Best Online Brokers for Stock Trading
| Broker | NerdWallet rating | Fees | Account minimum | Promotion | Learn more |
|---|---|---|---|---|---|
 Webull Learn more on Webull's website | $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. | Learn more on Webull's website | |
 J.P. Morgan Self-Directed Investing Learn more on J.P. Morgan's website | $0 per trade | $0 | Get $50 when you open & fund a new account with $5K on Chase.com or the Chase Mobile® app. | 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 | Get $100 when you open a new, eligible Fidelity account with $50 or more. Use code FIDELITY100. Limited time offer. Terms apply. | Learn more on Fidelity'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 | |
 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 |
$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.
Cash management.
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
Get $50
when you open & fund a new account with $5K on Chase.com or the Chase Mobile® app.
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.
Why We Like It
J.P. Morgan Self-Directed Investing 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
$0
per trade for online U.S. stocks and ETFs
$0
Get $100
when you open a new, eligible Fidelity account with $50 or more. Use code FIDELITY100. Limited time offer. Terms apply.
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.
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
Large investment selection.
Strong research and tools.
Over 18,000 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.
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
$0
1 Free Stock
after linking your bank account (stock value range $5.00-$200)
Pros
No account minimum.
Streamlined interface.
Cryptocurrency trading.
Cons
No mutual funds or bonds.
Limited customer support.
Why We Like It
Robinhood provides free stock, options, ETF and cryptocurrency trades, and its account minimum is $0, too. Mutual funds and bonds aren't offered, and only taxable investment accounts are available. Still, if you're looking to limit costs or trade crypto, Robinhood is a solid choice.
$0
per trade
$0
None
no promotion available at this time
Pros
Commission-free stock and ETF trades.
Free research.
High-quality trading platforms.
No account minimum.
Good customer support.
Large investment selection.
Cons
No fractional shares.
Why We Like It
TD Ameritrade meets the needs of both active traders and beginner investors with quality trading platforms; $0 commissions on online stock and ETF trades; and a large selection of mutual funds.
Want to compare more options? Here are our other top picks:
More on the best brokers for trading stocks
The below chart offers more detail about how these brokers stack up, including options fees, which are charged when you trade options contracts. Options trades are popular among frequent stock traders, so we've included them here. (Learn more about options trading.)
We've also included whether the broker offers the ability to purchase fractional shares, which are a portion of a stock, rather than a full share. This can make investing more accessible, especially for stocks with high share prices: At these brokers, you can opt to invest $10 or $20 into a stock instead of committing the full share price.
Broker | Trade commission | Options contract fee | Fractional shares available? |
|---|---|---|---|
$0 | IBKR Lite: $0.65 per contract. IBKR Pro: $0.15-$0.65 per contract depending on commission structure. | Yes | |
$0 | $0.65 per contract | No | |
$0 | $0 | Yes | |
$0 | $0.65 per contract | No | |
$0 | $0.65 per contract | Yes | |
$0 | $0 | Yes | |
$0 | $0.50 per contract | No | |
$0 | $0 | No | |
$0 | $0.65 per contract for fewer than 30 trades per quarter; $0.50 per contract for those who trade 30 or more times per quarter. | Limited number | |
$0 | $0.65 per contract | No | |
$0 | $0.65 per contract | Yes |
Last updated on September 5, 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...
NerdWallet's Best Online Brokers for Stock Trading of September 2023
Frequently asked questions
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.
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.
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.
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.
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.
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.
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.
