The Best Discount Brokers in 2024

^{*when you open and fund a J.P. Morgan Self-Directed Investing account with qualifying new money.}

J.P. Morgan Chase is one of the largest financial institutions in the world, with over $2.6 trillion in assets under management across more than a hundred global markets. The broker was founded in 2000, with headquarters in New York City; it’s regulated by FINRA and the NYSE.

Opening an account with J.P. Morgan means access to all sorts of investment opportunities, which is part of what makes it one of the best discount brokers. Its brokerage accounts allow you to trade on your own with J.P. Morgan Self-Directed Investing, work with one of J.P. Morgan’s advisors, or go for J.P. Morgan Automated Investing.

The first option is for those who want full control over their investments and don’t need any hand-holding. The second is suited to investors who need access to expert aid, while the third is aimed at those with a hands-off investing approach, allowing J.P. Morgan's robo-advisors to plan and execute their trades.

On a more practical front, J.P. Morgan Self-Directed Investing is a trading platform with no commission fees. It provides unlimited online trades for stocks, ETFs, fixed income, mutual funds, and options. The account minimum is $0, and there is no maintenance fee - part of the reason J.P. Morgan Self-Directed Investing is one of the best discount brokers in the US.

J.P. Morgan Self-Directed Investing allows users to discover prospective investments and analyze new opportunities. They can use the Portfolio Builder to design their trade allocation and compare their performance to the market, as well as view personalized news or avail themselves of the J.P. Morgan Research tool to make investment decisions.

Unlike most other brokers on our list, J.P. Morgan Self-Directed Investing does not charge any commissions on mutual funds. So, if you’re looking to find the best discount broker for mutual funds, this will be a great option.

However, keep in mind that this broker does not offer any futures, cryptocurrency, or foreign exchange trading. It also does not offer fractional shares, which might be a dealbreaker.

In addition to all the previously mentioned features, J.P. Morgan Self-Directed Investing also has a great mobile app that integrates users' brokerage accounts with their banking and credit card accounts. This way, they can have a complete overview of their finances. The app is available for iOS and Android devices, and has a very user-friendly interface.

To conclude, J.P. Morgan Self-Directed Investing is probably the best discount brokerage for existing Chase customers, and mutual fund traders. It’s a no-commission broker with an interactive mobile app that allows users to manage all their accounts with ease.

However, it doesn’t offer some features that other trading platforms do, such as cryptocurrency trading or fractional shares. Keep that in mind when making your final decision.

Disclaimer:

^{INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE}

If you’re new to investing and wish to start with a simple platform, Robinhood could be just the thing. It’s one of the best stock brokers on the market, thanks to its $0 commission on all online US stock, ETF, and options trades. It’s a great platform for those who are just dipping their toes in the world of investing and don't want to overspend while they learn the ropes. Just like Fidelity, Robinhood doesn’t have account minimums.

Robinhood is the number-one discount broker for US-based investors with simple needs. However, if they’re looking for a more comprehensive experience, they might want to go elsewhere. With Robinhood, investors can only trade US-exclusive stocks and options, ETFs, or cryptocurrency. On the downside, this platform does not offer mutual funds or bonds.

Robinhood’s research resources also leave plenty to be desired in comparison to other brokers. If you’re looking for a platform where you can learn as much as possible before investing, Robinhood might not be the best choice for you.

However, if you’re an investor who knows what they want or doesn’t mind doing their research elsewhere, Robinhood could be a great option.

Those on the lookout for the best discount brokers with more powerful tools and advanced features can sign up for the Robinhood Gold account for a $5 monthly fee or 3% of your trades if your margin surpasses $1,000. The advanced features include margin investing, level II market data from Nasdaq, bigger instant deposits, and professional research from Morningstar.

There’s also a 30-day free trial for testing out the platform and seeing if it’s right for you. If you wish to try margin investing during the trial, be advised that you'll be charged 3% yearly interest on any amount you borrow over $1,000.

Robinhood’s reputation for easy access has a lot to do with its excellent mobile app for iOS and Android devices. It's incredibly user-friendly, with a clean design and quick access to all the features you need. This app makes Robinhood one of the best online stock brokers for speedy trading.

In terms of customer service, Robinhood has an in-depth help center for self-starters, but you can also reach its support by phone 24/7. All you need to do is log into your account and tap on the "Contact Us" button.

All in all, Robinhood is a great choice for beginner investors looking for an easy and cheap gateway to trading. However, more experienced investors might want to consider other solutions with more extensive research resources and investment options.

Fidelity has been an industry staple for over 75 years, and for good reason. It all started in 1946, when Edward C. Johnson II founded the company. Today, Fidelity has more than 52,000 associates worldwide, over $11.8 trillion in assets under administration, more than $4.5 trillion in total discretionary assets, and 2.8 million daily trades on average.

Its investment options include stocks, ETFs, mutual funds, and more. Those looking for the best low-cost brokerage will be pretty satisfied with Fidelity, as this is a commission-free broker, with no account minimums; you only pay what is stated upfront.

The $0-commission rule applies to online US stock, ETF, and options trades, although the last do have a $0.65 per-contract fee. Fidelity also has some of the most competitive margin rates in the industry, going as low as 4.25% for the highest trade volumes.

One of Fidelity’s unique features is called Cash Management: With it, you earn interest on your uninvested cash, get free ATM withdrawals and check-writing, as well as a debit card with no foreign transaction fees. You can use this account to easily transfer money to and from your investment account without fees or minimums.

Another thing that puts Fidelity among the best discount brokers is its Stock Plan Services. They help employees track and administer their stock plans, including equity compensation plans, stock options, and restricted stock plans.

Fidelity’s research resources include a variety of analyst ratings, real-time stock quotes and indexes, market news, webinars, and articles. Investors can use these to enhance their trading portfolios and seek advice from experts.

When it comes to trading on the go, Fidelity’s mobile app is user-friendly and available for both iOS and Android devices. It boasts the same features as the desktop platform, so if you’re looking for the best discount brokers with a mobile app, you should give Fidelity a try. Both versions of the platform are intuitive, and provide top-notch user experience.

Fidelity’s customer service can be accessed via phone, email, and live chat. Phone support is available 24/7, while the live chat is staffed Monday through Friday from 8 a.m. till 10 p.m. (ET) and from 9 a.m. till 4 p.m. (ET) on weekends.

There’s also a ‘round-the-clock Virtual Assistant ready to answer any questions you may have. As you can see, Fidelity’s excellent reputation for providing quality customer service is wholly warranted.

Webull is another reliable stock broker charging $0 commission, without deposit minimums; in other words, it’s one of the best brokers for low-cost trading. Its product array contains stocks, options, fractional shares, ETFs, and ADRs. It allows traders to invest in thousands of companies and fractional shares with as little as $5 and offers several types of brokerage accounts to accommodate different trader needs.

Webull is one of the newest names in this industry: It was founded in 2017 and headquartered in New York City. Since its very beginning, Webull has been focused on providing the best possible experience to its clients.

Webull’s trading arsenal covers various order types and trading functions. As one of the top discount brokers, it also provides a bundle of in-depth analysis tools to help traders make better investment decisions. These include various screeners, intuitive charts, data, and news for comparing trends and companies.

If you're into margin trading, you can start a margin account, which would allow you to borrow funds from Webull to trade on margin. You would need to have at least $2,000 to qualify for it, and the annual interest rate is 6.99%, provided your balance ranges from $0 to $25,000.

One of the great things about Webull is that it frequently runs promotions where you can get free stocks for fulfilling relatively easy conditions. At the time of writing this article, this discount brokerage is offering five free stocks for anyone who opens a Webull brokerage account and makes an initial deposit of any amount.

Another thing we like about Webull is its mobile app: Available on both major OSs, the app packs all its features in a sleek, user-friendly design - everything you need is just a few taps away.

Webull’s commitment to customer satisfaction and education is truly outstanding. You can reach the site's support representatives via phone or email, or go through the broker’s informative FAQ section and an extensive blog with educational articles. Users can also join one of the many active trading groups to exchange opinions and get insights and investment advice from experienced traders.

To sum up, Webull is one of the best discount brokers on the market and an excellent choice for those looking for a platform without commission fees and account minimums. It offers a wide range of investment products, trading tools, resources, and a great mobile app. However, it is essential to note that the broker is geared towards more experienced investors.

Interactive Brokers is a trustworthy, multi-asset platform that has been around for more than four decades. It was founded in 1978, and its headquarters are in Greenwich, CT. The broker is listed publicly on Nasdaq and regulated by the SEC, FINRA, NYSE, and other relevant regulatory bodies.

As one of the best discount brokers, Interactive Brokers provides a wide range of assets, including stocks, options, futures, forex, bonds, and ETFs. It also offers low-commission cryptocurrency trading, ranging from 0.12% to 0.18% of the trade value; traders can seamlessly access crypto markets through Interactive Broker’s intuitive web, desktop, and mobile platforms.

With Interactive Brokers, traders get access to more than 130 market centers across more than 30 countries. This advanced platform also provides numerous trading tools, such as market scanners, backtesting, and probability calculators.

One of the main advantages of Interactive Brokers is its tiered commission structure: The more you trade, the lower your commissions will be. The wide range of order types is another great asset, especially for experienced traders. This can help limit risk, speed up trade execution, and simplify the overall trading process.

Interactive Brokers has separate platforms for web, desktop, and mobile trading, as well as the Trader Workstation for active traders and investors who trade multiple products and need more power and flexibility. There’s also the IBKR Mobile app for those who want to trade on the go using their iOS or Android devices.

The IBKR GlobalTrader platform allows users to easily trade global stocks and cryptocurrencies. The IBKR APIs are also available for those who want to develop their own trading software and build custom trading applications.

Although there are many pros to Interactive Brokers, there are also a few downsides: For one, the platform can be confusing for new traders, and even veterans may need some time to get used to it.

When it comes to customer support, Interactive Brokers has in-depth FAQs, user guides, and a knowledge base. If you wish to get in touch with one of the platform’s support agents, you can do so via email, phone, or live chat. So, if you need any guidance or assistance, you will be able to get it in just a few clicks.

All things considered, Interactive Brokers is a fantastic choice for active traders and professionals who wish to trade a wide range of assets at low commissions. It offers low commissions, advanced trading tools, and excellent customer support.

It’s also a good choice for those who want to develop their own trading software. However, it's not the best option for beginners, as it can be a bit overwhelming.