TRADING PLATFORMS · UNITED STATES
Trading platforms in the United States: a provisional comparison
Ten brokers for US residents, scored for an everyday investor who buys shares and ETFs.
Fees checked on each broker's price list on .
Provisional editorial comparison, not a total-cost ranking. These partial scores cover published fees and features. Spread, depth, slippage and effective execution costs have not been measured comparably and are not silently assumed to be zero. Read the execution review and unresolved research before choosing a broker.
Partial scores at a glance
| # | Broker | Partial score | Commissions (35%) | Currency exchange (15%) | ETF offer (25%) | Other advantages and costs (25%) |
|---|---|---|---|---|---|---|
| 1 | Interactive Brokers (IBKR Lite / IBKR Pro) | 9.2 | 9.5 | 10 | 9.5 | 8 |
| 2 | Fidelity | 8.7 | 9 | 6 | 9 | 9.5 |
| 3 | Charles Schwab | 7.8 | 8 | 3 | 9.5 | 8.5 |
| 4 | Firstrade | 6.8 | 9 | 1 | 7 | 7 |
| 5 | Webull | 6.6 | 8.5 | 1 | 7.5 | 6.5 |
| 6 | E*TRADE from Morgan Stanley | 6.6 | 8 | 1 | 7.5 | 7 |
| 7 | Robinhood | 6.6 | 8.5 | 1 | 7.5 | 6.25 |
| 8 | Public.com | 6.5 | 8.5 | 2 | 7 | 6 |
| 9 | J.P. Morgan Self-Directed Investing | 6.5 | 8.5 | 1 | 6.5 | 7 |
| 10 | Merrill Edge (Bank of America) | 6.2 | 8 | 1 | 6 | 7 |
Spreads and execution: the missing part of a fee table
The bid is what you can sell for; the ask is what you can buy for. Their difference is the quoted spread. It varies with the instrument, time, available quantity and market. A low commission does not establish a low total cost. No synchronized executable quotes or comparable fills were collected for these brokers: the table below is a documentary review, not a measured spread league table.
| Broker | Execution evidence and limits | Comparable realized spread |
|---|---|---|
| Interactive Brokers (IBKR Lite / IBKR Pro) | Comparable spread, depth and fill data have not been collected for this account and order profile. Do not infer execution quality from the headline commission. | Not measured |
| Fidelity | Comparable spread, depth and fill data have not been collected for this account and order profile. Do not infer execution quality from the headline commission. | Not measured |
| Charles Schwab | Comparable spread, depth and fill data have not been collected for this account and order profile. Do not infer execution quality from the headline commission. | Not measured |
| Firstrade | Comparable spread, depth and fill data have not been collected for this account and order profile. Do not infer execution quality from the headline commission. | Not measured |
| Webull | Comparable spread, depth and fill data have not been collected for this account and order profile. Do not infer execution quality from the headline commission. | Not measured |
| E*TRADE from Morgan Stanley | Comparable spread, depth and fill data have not been collected for this account and order profile. Do not infer execution quality from the headline commission. | Not measured |
| Robinhood | Comparable spread, depth and fill data have not been collected for this account and order profile. Do not infer execution quality from the headline commission. | Not measured |
| Public.com | Comparable spread, depth and fill data have not been collected for this account and order profile. Do not infer execution quality from the headline commission. | Not measured |
| J.P. Morgan Self-Directed Investing | Comparable spread, depth and fill data have not been collected for this account and order profile. Do not infer execution quality from the headline commission. | Not measured |
| Merrill Edge (Bank of America) | Comparable spread, depth and fill data have not been collected for this account and order profile. Do not infer execution quality from the headline commission. | Not measured |
When a lower commission costs more
Illustration only, not observed broker prices: for a EUR 1,000 immediate market purchase, route A with a EUR 1 commission and a 0.60% full quoted spread costs approximately EUR 4.00 relative to the midpoint. Route B with a EUR 3 commission and a 0.04% spread costs EUR 3.20. This assumes execution at the ask, enough depth, no market movement, no price improvement, no FX and no other costs. A EUR 1 commission saving is cancelled by a EUR 1 worse same-side execution price on this order (0.10%).
For one side, the illustration uses commission + half the quoted spread × order value + additional slippage beyond that quote + FX + other transaction charges. An immediate round trip at unchanged quotes incurs approximately the full spread. If actual execution shortfall is measured against a reference midpoint, do not add the quoted spread again. A limit order controls the worst acceptable price but may not fill.
A rigorous comparison needs the same ISIN/share class, order size, currency, side, timestamp, market depth, route and order type, including active underlying-market hours. Compare actual fills, rejected or unfilled orders, conversion rates, exchange and settlement fees. Add holding-period custody/subscription fees, transfer/dividend charges and applicable taxes separately; ETF TER and tracking difference are product costs, not a broker's spread.
Sources: SEC Investor.gov: order execution and price improvement. Broker-specific execution sources appear with each broker below. These general principles do not imply identical regulations across countries.
The provisional ranking
Interactive Brokers (IBKR Lite / IBKR Pro)
9.2/10
Profile: Low disclosed-fee route to non-US shares and currencies
- Commissions
- 9.5
- Currency exchange
- 10
- ETF offer
- 9.5
- Other advantages and costs
- 8
Why it ranks here. No other broker here combines $0 US trades (Lite) with online access to foreign exchanges at 0.05% and near-wholesale currency conversion.
Watch out. IBKR Lite is funded partly by payment for order flow, and recurring investments on Lite are charged at Fixed pricing ($0.005/share, $1 minimum).
All fees and features
- Stocks & ETFs
- IBKR Lite: $0 on US exchange-listed stocks and ETFs (US residents only). IBKR Pro Fixed: $0.005 per share, $1.00 minimum, max 1% of trade value
- Options
- $0.65 per contract (premium >= $0.10), $1.00 minimum per order, Pro and Lite
- Non-US shares
- Online access to foreign exchanges, e.g. UK and Germany Fixed: 0.05% of trade value, minimum GBP 3 / EUR 3
- Currency exchange
- Currency conversion 0.20 basis points of trade value, minimum USD 2.00 per order (Pro schedule); multi-currency account
- ETF range
- Over 150 ETFs in a no-transaction-fee program; fractional trading on 10,500+ US stocks and ETFs
- Fractional shares
- From USD 1 on eligible US, Canadian and European stocks and ETFs
- Minimum
- No account minimum (IBKR Lite)
- Account and transfer fees
- No inactivity fees on IBKR Lite. On Lite, recurring investment instructions and overnight trades are charged at Fixed pricing
- Tax-advantaged accounts
- IBKR Lite available for Individual, Joint, IRA and Trust accounts
- Protection
- SIPC plus excess SIPC policy at Lloyd's: up to an additional $30 million per account (cash sublimit $900,000), $150 million aggregate
Sources: interactivebrokers.com: commissions stocks · interactivebrokers.com: why ibkr lite · interactivebrokers.com: commissions spot currencies · interactivebrokers.com: commissions options · interactivebrokers.com: fractional trading · interactivebrokers.com: security investor protection
Fidelity
8.7/10
Profile: All-round long-term investing with no account fees
- Commissions
- 9
- Currency exchange
- 6
- ETF offer
- 9
- Other advantages and costs
- 9.5
Why it ranks here. Zero account and transfer-out fees, $1 fractional ETF investing with automatic plans, and real online access to 25 foreign markets.
Watch out. Currency conversion costs 1% on amounts under $100,000, and foreign-market trades carry fixed local commissions such as GBP 9 or EUR 19.
All fees and features
- Stocks & ETFs
- $0 online US stock and ETF trades
- Options
- $0 commission + $0.65 per contract
- Non-US shares
- Online trading in 25 markets; commission charged in local currency, e.g. GBP 9.00 (UK), EUR 19.00 (most eurozone), CAD 19.00, JPY 3,000. Not available in retirement accounts. $50 fee on non-DTC-eligible foreign ordinaries
- Currency exchange
- Markup by conversion size: 1.00% under $100K, down to 0.20% over $1M; can hold and exchange 16 currencies
- ETF range
- 2,500+ commission-free ETFs in the ETF screener
- Fractional shares
- From $1 on NYSE/Nasdaq-listed stocks and ETFs; recurring investments can buy fractional shares
- Minimum
- Not stated on pricing pages; mutual fund low-balance fee $0
- Account and transfer fees
- $0 account service fee, $0 account transfer out, $0 IRA closeout. Non-Fidelity transaction-fee funds $49.95 per purchase
- Tax-advantaged accounts
- IRA transactions $0; IRAs offered
- Protection
- SIPC plus excess of SIPC: no per-customer limit on securities, $1.9 million cash limit, $1 billion aggregate
Sources: fidelity.com: commissions margin rates · fidelity.com: faqs international · fidelity.com: fractional shares · fidelity.com: pricing fees · fidelity.com: etf · fidelity.com: safeguarding your accounts · fidelity.com: brokerage commissions fee schedule.pdf
Charles Schwab
7.8/10
Profile: Widest $0 ETF shelf with $1 fractional investing
- Commissions
- 8
- Currency exchange
- 3
- ETF offer
- 9.5
- Other advantages and costs
- 8.5
Why it ranks here. Over 5,000 ETFs at $0, fractional purchases of most US stocks and ETFs from $1, and no account minimums.
Watch out. Buying shares on foreign exchanges needs a broker and costs at least $100 per trade; full transfers out cost $50.
All fees and features
- Stocks & ETFs
- $0 online listed stocks and ETFs; $25 service charge if broker-assisted
- Options
- $0 + $0.65 per contract
- Non-US shares
- Foreign stocks on US OTC: $50 foreign transaction fee. Local foreign exchanges: not available online; broker-assisted only, greater of $100 or 0.75% of principal. Canadian securities $6.95
- Currency exchange
- No online local-market trading; FX cost for broker-assisted foreign trades not published on pricing page
- ETF range
- $0 online commission on over 5,000 US exchange-listed ETFs
- Fractional shares
- Stock Slices: most US-listed stocks and ETFs from $1
- Minimum
- $0 for brokerage and IRA accounts
- Account and transfer fees
- $0 opening and maintenance; full transfer out $50 per account; non-OneSource mutual funds up to $74.95 per purchase
- Tax-advantaged accounts
- Traditional, Roth, Rollover IRA, SEP, SIMPLE: $0 fees, $0 minimum
- Protection
- SIPC plus excess SIPC: up to $150 million per customer (of which up to $1.15 million cash), $600 million aggregate
Sources: schwab.com: pricing · schwab.com: invest in etfs · schwab.com: fractional shares stock slices · schwab.com: schwab pricing guide for individual inv… · schwab.com: account protection · schwab.com: account protection
Firstrade
6.8/10
Profile: Zero fees on options and mutual funds too
- Commissions
- 9
- Currency exchange
- 1
- ETF offer
- 7
- Other advantages and costs
- 7
Why it ranks here. Charges nothing on stocks, ETFs, mutual funds or option contracts, and nothing to hold an IRA.
Watch out. No foreign-market access, and leaving costs $75 for a full ACAT transfer.
All fees and features
- Stocks & ETFs
- $0 per trade on stocks and ETFs
- Options
- $0 per trade and $0 per contract
- Non-US shares
- No non-US exchange trading listed on pricing page
- Currency exchange
- No international trading offered; no FX service listed
- ETF range
- US-listed ETFs; 4,000+ US stocks and ETFs eligible for fractional trading
- Fractional shares
- Most stocks and ETFs, $5 minimum per purchase
- Minimum
- No account minimum to open a retail brokerage account
- Account and transfer fees
- ACAT transfer out $75 (partial $55); mutual funds $0 but $19.95 short-term redemption fee if held under 90 days
- Tax-advantaged accounts
- IRA annual, set-up, maintenance and termination fees: $0
- Protection
- Not confirmed on an official page during this check (see unverified)
Sources: firstrade.com: pricing · firstrade.com: special services · firstrade.com: fractional shares · firstrade.com: fractional trading
Webull
6.6/10
Profile: Free options plus $1 fractional and recurring buys
- Commissions
- 8.5
- Currency exchange
- 1
- ETF offer
- 7.5
- Other advantages and costs
- 6.5
Why it ranks here. $0 trades and $0 equity option contracts, $1 fractional investing and recurring ETF plans, and fee-free IRAs.
Watch out. Webull earns payment for order flow, offers no foreign-market access, and charges $75 to transfer out.
All fees and features
- Stocks & ETFs
- $0 on US exchange-listed stocks and ETFs
- Options
- $0 per contract on equity options; $0.50 per contract on certain index options; $0.10 per contract on oversized orders
- Non-US shares
- Not listed on pricing page (only OTC foreign-settlement F-shares fees)
- Currency exchange
- No international trading or FX service listed
- ETF range
- US-listed ETFs; total count not published on pages checked
- Fractional shares
- From $1; up to 5 recurring investment schedules at once
- Minimum
- No deposit minimum
- Account and transfer fees
- $75 per outgoing stock transfer (charged by clearing firm Apex)
- Tax-advantaged accounts
- Roth, Rollover and Traditional IRAs with no account minimums or fees
- Protection
- Not confirmed on an official page during this check (see unverified)
Sources: webull.com: pricing · webull.com: fractional shares · webull.com: recurring investment · webull.com: trading investing
E*TRADE from Morgan Stanley
6.6/10
Profile: Cheaper options for active quarters
- Commissions
- 8
- Currency exchange
- 1
- ETF offer
- 7.5
- Other advantages and costs
- 7
Why it ranks here. $0 stock and ETF trades, an options discount for frequent traders, and automatic fractional ETF investing.
Watch out. No foreign-market access, $5 fractional minimum, and a $75 fee for full transfers out.
All fees and features
- Stocks & ETFs
- $0 on US exchange-listed stocks and ETFs; +$25 broker-assisted
- Options
- $0.65 per contract (0-29 trades/quarter), $0.50 per contract (30+ trades/quarter)
- Non-US shares
- No non-US exchange trading listed on pricing page
- Currency exchange
- No international trading or FX service listed
- ETF range
- US-listed ETFs, $0; total count not published on pages checked
- Fractional shares
- Eligible Reg-NMS stocks and ETFs, minimum notional $5; ETF fractional shares via Automatic Investing from $25
- Minimum
- Not confirmed (see unverified)
- Account and transfer fees
- Outgoing account transfer $75 for full transfers
- Tax-advantaged accounts
- Not confirmed on a pricing page (see unverified)
- Protection
- Not confirmed on an official page during this check (see unverified)
Sources: etrade.com: pricing and rates · etrade.com: fractional shares · etrade.com: how to invest with little money
Robinhood
6.6/10
Profile: Simple app with $1 fractional investing
- Commissions
- 8.5
- Currency exchange
- 1
- ETF offer
- 7.5
- Other advantages and costs
- 6.25
Why it ranks here. No commissions on stocks, ETFs or equity option contracts, and fractional investing from $1 in a simple app.
Watch out. Robinhood earns payment for order flow, offers no foreign shares, and charges $100 to transfer out.
All fees and features
- Stocks & ETFs
- $0 on US-listed and OTC stocks and ETFs
- Options
- $0 commission on equity options; index options $0.50 per contract ($0.35 with Gold); regulatory/OCC fee $0.04 per contract
- Non-US shares
- Fee schedule covers only US-listed and OTC securities; no foreign-exchange trading
- Currency exchange
- No international trading or FX service for trading
- ETF range
- US-listed ETFs; total count not published on pages checked
- Fractional shares
- Minimum $1; most stocks over $1/share with market cap over $25 million (NMS securities only)
- Minimum
- $0 account opening fee
- Account and transfer fees
- $0 maintenance, $0 inactivity; outgoing ACATS $100; paper statements $2
- Tax-advantaged accounts
- IRAs offered (fee schedule references the Robinhood Gold IRA match)
- Protection
- Not confirmed on an official page during this check (see unverified)
Sources: robinhood.com: rhf fee schedule.pdf · robinhood.com: fractional shares · robinhood.com: stock order routing · robinhood.com: reg bi disclosure.pdf
Public.com
6.5/10
Profile: Options traders who want rebates
- Commissions
- 8.5
- Currency exchange
- 2
- ETF offer
- 7
- Other advantages and costs
- 6
Why it ranks here. $0 trades, with Public paying you a rebate on stock and ETF option contracts.
Watch out. $100 to transfer out, an inactivity fee on tiny dormant accounts, and no foreign shares.
All fees and features
- Stocks & ETFs
- $0 on US-listed stocks and ETFs (regular and extended hours) and OTC stocks; optional smart/exchange routing $0.003 per share
- Options
- $0 on stock and ETF options, with a $0.06-0.18 per contract rebate if enrolled; index options $0.35 per contract
- Non-US shares
- None listed in fee schedule
- Currency exchange
- 0.30% fee only when depositing or withdrawing non-USD currency; no foreign-share trading
- ETF range
- US-listed ETFs; total count not published on pages checked
- Fractional shares
- $5 minimum for fractional stock buys; fractional shares not transferable
- Minimum
- Open with as little as $1
- Account and transfer fees
- Outgoing ACAT $100; inactivity fee $3.99/month if under $70 and no activity for 6 months; account maintenance $0
- Tax-advantaged accounts
- IRAs offered
- Protection
- Not confirmed on an official page during this check (see unverified)
Sources: public.com: fee schedule · public.com: what is the minimum amount to invest in… · public.com: etfs · public.com
J.P. Morgan Self-Directed Investing
6.5/10
Profile: Chase customers who want $0 mutual funds too
- Commissions
- 8.5
- Currency exchange
- 1
- ETF offer
- 6.5
- Other advantages and costs
- 7
Why it ranks here. $0 online stocks, ETFs and mutual funds, $1 to open, and fractional shares on large-cap stocks and selected ETFs.
Watch out. Fractional investing is limited to a list of securities, with no foreign shares, and a full transfer out costs $75.
All fees and features
- Stocks & ETFs
- $0 online; $25 call-in
- Options
- $0 + $0.65 per contract online
- Non-US shares
- Not offered on pricing page
- Currency exchange
- No international trading listed
- ETF range
- US-listed ETFs; total count not published on pages checked
- Fractional shares
- S&P 500 and Nasdaq-100 stocks and a published list of ETFs, from $5
- Minimum
- Start with as little as $1
- Account and transfer fees
- $75 when all assets are transferred out; mutual funds $0 online, $20 call-in
- Tax-advantaged accounts
- Not confirmed on pricing page (see unverified)
- Protection
- Not confirmed on an official page during this check (see unverified)
Sources: chase.com: pricing · chase.com: fractional shares · chase.com: fractionalshares.pdf
Merrill Edge (Bank of America)
6.2/10
Profile: Bank of America customers
- Commissions
- 8
- Currency exchange
- 1
- ETF offer
- 6
- Other advantages and costs
- 7
Why it ranks here. $0 online stocks and ETFs with no minimums, and options at the standard $0.65 per contract.
Watch out. No fractional ETF buying was found, no foreign shares, and $49.95 to transfer or close an account.
All fees and features
- Stocks & ETFs
- Unlimited $0 online stock and ETF trades, no trade or balance minimums
- Options
- $0 + $0.65 per contract online; $29.95 + $0.65 broker-assisted
- Non-US shares
- No fee for foreign trades listed on pricing page
- Currency exchange
- No international trading listed
- ETF range
- US-listed ETFs, $0 online; total count not published on pages checked
- Fractional shares
- No fractional share buying found on official pages (see unverified)
- Minimum
- No minimum for Self-Directed accounts
- Account and transfer fees
- Full account transfer $49.95; retirement account closeout $49.95; transaction-fee mutual funds $19.95 online
- Tax-advantaged accounts
- Self-Directed retirement accounts, no minimum
- Protection
- Not confirmed on an official page during this check (see unverified)
Sources: merrilledge.com: pricing · merrilledge.com: merrill self directed trading · merrilledge.com: etf
Also considered
- Vanguard: total 6.2 (unrounded 6.175, just below Merrill Edge at 6.2): $0 stocks and ETFs, but options cost $1 per contract, fractional buying only for Vanguard ETFs ($1), up to $25 annual account fee unless e-delivery or $1M+ assets, and a $100 fee per account closure or full transfer out
- SoFi Invest: total 5.9: $0 commissions and $5 to start, but $100 outgoing ACATS fee, no foreign shares and options fees not confirmed
- Ally Invest: total 5.9: $0 on stocks/ETFs priced $2+ and $0.50 options, but $4.95 + 1 cent/share below $2, $50 + commission on foreign (non-ADR) stocks, $50 ACAT transfer out, $25 IRA closure fee, fractional shares not confirmed
- M1 Finance: total 5.7: strong automatic fractional ETF investing (6,000+ US stocks and ETFs), but a $3/month platform fee below $10,000 and no options or mutual funds
- tastytrade: total 5.5: $0 stocks/ETFs but options cost $1 per contract to open (max $10 per leg); built for options traders, and fractional shares and outgoing fees not confirmed
What remains unverified
- Interactive Brokers: how IBKR Lite clients are charged for currency conversion (only the IBKR Pro 0.20 bp / $2 minimum schedule was confirmed)
- Interactive Brokers: IBKR Lite commissions on non-US shares (footnote says non-qualifying products are charged Fixed pricing; not stated explicitly for foreign stocks)
- Interactive Brokers: outgoing ACATS transfer fee (other-fees page returned no extractable content)
- Interactive Brokers: total number of ETFs available
- Interactive Brokers: commission-free stock/ETF 'IBKR Lite' table cells showed odd values (USD 0.002 / min 0.003 / max 0.00); $0 taken from the IBKR Lite product page instead
- Fidelity: payment for order flow policy on retail stock orders
- Fidelity: brokerage account minimum
- Charles Schwab: automatic/recurring investing in ETFs; FX cost on broker-assisted foreign trades
- Vanguard: excess SIPC coverage, total ETF count and automatic investing in ETFs
- E*TRADE: mutual fund transaction fees, account minimum, IRA fees, SIPC/excess SIPC coverage, ETF count, payment for order flow
- Merrill Edge: fractional shares, ETF count, SIPC/excess SIPC coverage
- Robinhood: recurring investment details, ETF count, SIPC/excess SIPC coverage
- Webull: ETF count, SIPC/excess SIPC coverage
- Public.com: recurring investments, payment for order flow policy, ETF count, SIPC/excess SIPC coverage
- Firstrade: payment for order flow, SIPC/excess SIPC coverage
- J.P. Morgan Self-Directed Investing: IRA availability and fees, SIPC/excess SIPC coverage, payment for order flow
- SoFi Invest: options contract fees and fractional-share eligibility (only '$5 to start' confirmed)
- Ally Invest: fractional shares
- tastytrade: outgoing ACATS fee, account minimum, fractional shares, IRA fees
- M1 Finance: outgoing transfer/account closure fee amount (page says 'account closure fees' may apply)
- FINRA membership was not checked on BrokerCheck for any broker during this session
Is my money protected?
US brokers are regulated by the SEC and FINRA. SIPC protects up to $500,000 per customer, including $250,000 in cash, if a member broker fails; it does not cover investment losses. You can check a broker's membership at sipc.org.
How we score
The partial editorial score uses four criteria: commissions 35%, currency exchange 15%, etf offer 25%, other advantages and costs 25%. It is a weighted judgment about published fees, features and account conditions, not a measurement of total realized cost. Execution is reviewed separately and remains unmeasured; no missing spread is entered as zero and no execution advantage is awarded without comparable evidence. Cash interest and temporary promotions are excluded.
Each broker gets a 0-10 score on four criteria, weighted Commissions 35%, Currency exchange 15%, ETF offer 25% and Other advantages and costs 25%; the total is the weighted average, rounded to one decimal (ties are ordered by the unrounded total). Scores are based only on facts read on each broker's own pricing pages, fee schedules or help pages on 2026-10-17. Brokers with no access to non-US exchanges get 1/10 for currency exchange, or 2/10 if they only handle foreign shares through a flat fee on the US OTC market. Interest paid on uninvested cash was not considered.
Fee claims link to broker price lists, schedules or help pages checked on 17 October 2026. Missing or incomplete items remain visible. Scores are editorial judgments, not factual measurements; differences of a few tenths should not imply a precise or universal preference. No affiliate links: Plain Economy earns nothing from any broker on this page, and no broker has seen or paid for it.
Other countries
Trading platforms in Germany: a provisional comparison
Trading platforms in Singapore: a provisional comparison
Trading platforms in Japan: a provisional comparison
Trading platforms in Spain: a provisional comparison
Trading platforms in the UK: a provisional comparison