Best online brokerage accounts for trading stocks in May 2024

Charles Schwab has a long pedigree of helping individual investors, and that tradition remains firmly intact. Schwab really does everything well, from strong trading platforms and a broad array of tradable securities and services to responsive customer support at any time.

Who are they best for? From novice investors to seasoned pros, Schwab is an overall good choice for those who want to go at it themselves and have professionals on call just in case.

• Great trading tools
• Excellent customer support
• Wide range of research and educational materials, all with no commission

Schwab meets the industry standard on stock and ETF commissions – zero – which it helped usher in. Options trades, though, still ring up a $0.65 per-contract fee.

Whether you’re looking for a great trading platform, low commissions or helpful customer support, Fidelity will do right by you. This broker does it all well, and it’s one of the easiest to use, especially if you’re just starting out, but works well for advanced investors, too.

Who are they best for? Investors just starting out can benefit well from Fidelity’s wide range of easily digestible educational tools.

• Fidelity has a strong reputation for offering some of the best research and tools for investors planning for retirement. The information available on its platform — which includes sophisticated screening tools — makes the account a good option for investors who want to dig in.
• Fidelity is a financial powerhouse where customers can organize their finances, offering not just stock trading but virtually any kind of financial service.
• Fidelity also has zero fees on many other services that other brokers routinely charge for.

Along with most of the industry, Fidelity charges no commissions on stock and ETF trades, a boon to all traders, but especially long-term buy-and-hold investors.

Robinhood has made a splash, developing millions of devoted followers for its commission-free trading and user-friendly mobile app.

Who are they best for? Robinhood is a great platform for investors who are getting started and want to trade quickly and without too much hassle.

• You’ll get no-fee trading on stocks and ETFs as well as options and cryptocurrencies.
• It also has a debit card that allows you to invest as you spend and gives you access to thousands of fee-free ATMs.
• You can join their premium tier, Robinhood Gold, for $5 a month and gain access to research and discounted margin trading.

One downside: Robinhood offers only individual taxable accounts and traditional and Roth IRAs.

Not only does the fintech company offer zero-fee stock and ETF trading, it is aggressively striving to disrupt the industry and become a platform that offers all kinds of financial products and services, including options and cryptocurrency.

E-Trade provides a solid option, regardless of what type of investor you are — passive or active, novice or expert. And it has a great educational section, offering not only a library of educational tools, but a merry-go-round of webinars, news clips and educational videos aimed at investors of all levels.

Who are they best for? Great for all levels of investor, especially if you’re looking for research and education. If you are looking to trade often, E-Trade’s discounts on volume options trading are a huge benefit.

• You can also check in with E-Trade analysts for up-to-date analysis and commentary that can help you craft your trading strategy.
• E-Trade offers 24/7 phone support and an online chat option.
• Active traders may appreciate the broker’s flagship trading platform, Power E-Trade, which offers tons of tools and comes in a mobile version, too.

Like other major brokers, E-Trade charges zero commissions for stock and ETF trades and $0.65 per options contract. Traders can receive a discounted commission of $0.50 per contract if they make 30 or more trades each quarter.

Interactive Brokers has long been known as a brokerage for professionals and active investors, with a powerful trading platform and good trade execution.

Who are they best for? Investors who might already know a thing or two and want to further their investment game.

• It’s taken strides in recent years to become more attractive to newer investors, in particular with a “lite” version of its service that has no-fee trading.
• Improved customer support and research make this broker a better fit for newer investors than before.
• A redesigned customer support page is easier to navigate while still providing high levels of functionality.

Interactive Brokers really kicked off the industry’s shift to no-fee stock trading. Its Lite service charges no commissions for stocks and ETFs, while its Pro service charges $1 per trade for up to 200 shares, with subsequent shares costing a half-penny each, though volume pricing is also available. Options cost $0.65 per contract, and volume-based pricing is available here too for truly active traders.

Merrill Edge is a full-service broker that offers high-quality tools for traders while still catering to investors looking to get started. That’s especially evident when you consider that the broker has more than 2,000 locations inside parent Bank of America’s branches, making human advisors easily accessible, a particularly valuable feature for newer investors needing a guiding hand.

Who are they best for? Investors of all levels can benefit from Merrill’s wide range of resources and on-hand customer service support. Merrill can be especially beneficial for clients of Bank of America.

• If you become a preferred client of the broker, you’ll receive access to detailed research reports on individual stocks, but you can receive research from Morningstar and Lipper, too.
• Merrill also does well with educational materials, helping you plan your financial future.
• Customer support is available 24 hours a day throughout the week, so someone is always on hand to help you out.

Merrill Edge charges no fees for stock and ETF trades, while options trades come in at $0.65 per contract, right in line with most of the industry.

Ally Invest has a lot that investors will like, such as its commission-free stock and ETF trades, 24/7 customer service and trading platform, which more active traders will appreciate. You’ll also get access to news and independent research on stocks you’re following as well as a mobile app that helps you stay connected on the go.

Who are they best for? Many investors will benefit from Ally’s offering, but existing customers of Ally’s online bank will appreciate having their finances in one place.

• No fees on stock or ETF trades and its $0.50 per contract fee for options is among the best in the industry.
• The trading platform includes more than 100 chart studies and drawing tools to help active traders identify their next move.
• Customer service is available 24/7 on the phone, so you shouldn’t have any issues getting help when you need it.

Ally charges no fees for stock and ETF trades, while options trades cost $0.50 per contract, less than most of the industry.

Tastytrade is a newer entrant to the brokerage world, and it really caters to active traders looking to slash costs. Its pricing structure favors high-volume clients with capped commission on options and cryptocurrencies, helping them trim trading fees while still providing high-quality service.

Who are they best for? Tastytrade will likely fit best for active stock traders, but it’s also going to do well for those working with options and cryptocurrency.

• Stock and ETF trades are commission-free, while options commissions are capped at $10 per leg, so you can put up high volume and still pay a flat fee.
• Tastytrade’s trading platform is geared to traders looking to move in and out of the market.
• A “follow” feed lets you see what some of the broker’s traders are trading, so you can even mimic their trades.

Tastytrade charges no commissions for stock and ETF trades, while options trades are $1 per contract with a $10 maximum per leg per order.

WellsTrade is the brokerage service of the financial conglomerate WellsFargo, and it offers no commissions on stock and ETF trades in addition to no transaction fees on more than 1,800 mutual funds.

Who are they best for? WellsTrade will likely be a good fit for clients of WellsFargo as well as buy-and-hold investors. 

• WellsTrade provides a serviceable trading platform that offers the core tradable securities (stocks, ETFs, options, mutual funds and bonds).
• The newly introduced ability to buy fractional shares of hundreds of stocks allows newer investors to get in the game with less money.
• Integration with your other Wells Fargo accounts allows you to keep your financial life under one roof, with the benefit of quicker transfers.

Stock and ETF trades are commission-free, while options are a cost-competitive $0.65 per contract.