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Alternatives to Fidelity

If you’re looking for a broker similar to Fidelity, here are some platforms to consider.

Fidelity offers no expense-ratio index funds and robust research tools to appeal to a variety of investors. But if its high fees turn you off, consider these four companies like Fidelity.

Brokerages like Fidelity

These trading platforms are some of Fidelity’s closest competitors.

Vanguard

Vanguard Brokerage

3.8 / 5 ★★★★★

Vanguard offers no-commission ETFs and mutual funds. This private, investor-owned brokerage specializes in low expense ratios. For example, its mutual funds expense ratios averaged 0.10%, which is head and shoulders lower than the industry's average of 0.63% in 2019.
As a result, Vanguard's low-cost investment options and limited research tools make it a better option for long-term investors over active traders.
Both Fidelity and Vanguard offer financial coaching, but only Vanguard helps you minimize your tax responsibility and charges a lower advisory fee of 0.3% to Fidelity's 0.5%. Vanguard customers with high account balances of at least $50,000 unlock its Personal Advisor Services, connecting you with an investment advisor to create a financial plan that works best for you. Your fiduciary advisor can also offer financial advice and tax-minimization strategies, including tax-loss harvesting.
Account typesBrokerage, IRA, Education (529), Custodial, Trust
Annual fee$20 per year
Available asset typesStocks, Options, Mutual funds, ETFs

E*TRADE

E*TRADE from Morgan Stanley

4.3 / 5 ★★★★★

Like most brokers, E*TRADE offers commission-free trades for stocks, ETFs and options. E*TRADE sets itself apart from Fidelity by offering futures and specialized research tools for options. Its Power E*TRADE platform provides sophisticated analysis to help evaluate the potential risks and benefits of an options trade, such as theoretical probabilities.
And since E*TRADE doesn't have a minimum deposit to open, minimum balance or inactivity fee, active and casual traders don't need to worry about account charges.
Account typesBrokerage, IRA, Education (529), Custodial, Joint brokerage
Annual fee$0 per year
Available asset typesStocks, Bonds, Options, Mutual funds, ETFs, CDs, Futures

Robinhood

Robinhood

4.5 / 5 ★★★★★

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Robinhood made its debut as a sleek, no-frills, user-friendly platform that offers free trades. But now that most brokers have hopped on the commission-free bandwagon, Robinhood sets itself apart by allowing you to buy cryptocurrency directly and doesn't charge a fee for options contracts. And its instant deposits mean you can start trading immediately.
Account typesBrokerage, IRA, Margin
Annual fee$0 per year
Available asset typesStocks, Options, ETFs, Cryptocurrency

Charles Schwab

Charles Schwab

4.5 / 5 ★★★★★

Charles Schwab is an online broker that offers proprietary research tools that give Fidelity a run for its money. You'll access independent reports and analysis from providers like Morningstar, advanced charting tools and proprietary Schwab equity ratings.
While both Schwab and Fidelity offer commission-free online trades, Schwab charges $25 for broker-assisted trades — a steal compared to Fidelity's fee of $32.95. But what makes Charles Schwab one of the top companies like Fidelity, but better, is its variety of investment options, including futures and international stocks. And if you prefer some guided investment assistance, Charles Schwab doesn't charge a robo-advisor fee — but your portfolio must have a minimum balance of $5,000.
Account typesBrokerage, Education (529), Custodial, Joint brokerage, Trust
Annual fee$0 per month
Available asset typesStocks, Bonds, Options, Mutual funds, ETFs, Futures, Treasury Bills

Pros and cons of Fidelity

Check out what makes Fidelity a powerful trading platform and a few reasons why you might consider alternatives to Fidelity.

Pros

  • Mutual fund options include zero minimum investment and zero expense ratios
  • Intuitive and customizable platform
  • Robust research
  • 24/7 customer service

Cons

  • High robo-advisor advisory fee
  • High broker-assisted fee
  • No futures, forex or cryptocurrency

How to transfer your brokerage account

If you’re changing brokers, you’ll need to transfer your funds. The process may vary depending on the platform you’re currently using and the brokerage you’re going to. Fidelity doesn’t charge a fee to transfer funds to another account and close your current one. Fidelity uses the Automated Customer Account Transfer Service (ACATS) to transfer your funds. You’ll need to:

  1. Fill out a transfer initiation request with your new broker.
  2. Your new broker contacts your current broker to request your account assets.
  3. Your current broker processes your request.
  4. Your old broker deposits funds between five to 14 business days.
  5. Note: Your new broker may not accept proprietary mutual funds or ETFs from your old broker.

Compare trading platforms

1 - 9 of 9
Name Product USFST Ratings Available asset types Stock trade fee Minimum deposit Cash sweep APY Signup bonus
Tastytrade
Finder Score: 4.4 / 5: ★★★★★
Tastytrade
★★★★★
Stocks, Options, ETFs, Cryptocurrency, Futures, Treasury Bills
$0
$0
N/A
Get $50-$5,000
Competitive, capped options commissions, with a reliable trading platform designed for serious traders.
SoFi Invest®
Finder Score: 4.2 / 5: ★★★★★
SoFi Invest®
★★★★★
Stocks, Options, Mutual funds, ETFs, Alternatives
$0
$0
0.02%
Get up to $1,000 in stock
Zero-commission stocks, ETFs and options, with no options per-contract fees. Plus, a no-advisory-fee robo-advisor and complimentary access to financial planners.
Robinhood
Finder Score: 4.5 / 5: ★★★★★
Robinhood
★★★★★
Stocks, Options, ETFs, Cryptocurrency
$0
$0
4.5%
Get a free stock
Trade stocks, options, ETFs and crypto without commissions and on a user-friendly platform. Plus, a 1% IRA match and no options contract fees.
OPTO
Finder Score: 3.1 / 5: ★★★★★
OPTO
★★★★★
Stocks, ETFs
$0
$0
N/A
Earn up to $300
AI-driven thematic investing, with proprietary research, fractional shares and commission-free stocks and ETFs.
eToro
Finder Score: 4 / 5: ★★★★★
EXCLUSIVE
eToro
★★★★★
Stocks, Options, ETFs, Cryptocurrency
$0
$0
4.9%
FINDER EXCLUSIVE: Get a guaranteed $15 bonus
No commission stock, ETF and options trades, with 4.9% interest on your options account balance and no options contract fees.
Public.com
Finder Score: 4.3 / 5: ★★★★★
Public.com
★★★★★
Stocks, Bonds, Options, ETFs, Cryptocurrency, Alternatives, Treasury Bills, High-yield cash account
$0
$0
4.6%
Get up to $10,000 and transfer fees covered
Build a diversified portfolio of stocks, bonds, options, ETFs, crypto and alternative assets, with a high-yield cash account and options contract rebates.
Stash
Finder Score: 3.7 / 5: ★★★★★
Stash
★★★★★
Stocks, ETFs
$0
$0
0.1%
Get $10 when you sign up and deposit $5
Automated investing, individual stock and ETF investing and banking services for as low as $3 per month.
Wealthfront
Finder Score: 4.5 / 5: ★★★★★
Wealthfront
★★★★★
Stocks, ETFs
$0
$500
5%
Get $50
Automated stock and bond ETF investing with the ability to trade individual stocks for as little as $1 apiece.
Zacks Trade
Finder Score: 3.8 / 5: ★★★★★
Zacks Trade
★★★★★
Stocks, Bonds, Mutual funds, ETFs, CDs
$0.01
$250
2.83%
Get up to $500
Trade stocks, options, ETFs, mutual funds and bonds, with powerful trading tools and low margin rates.
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Kimberly Ellis is a personal finance writer at Finder, specializing in banking and financial literacy. After teaching in public and private schools, Kimberly zeroed in on personal financial education to help families and kids develop lifelong money skills. She hails from New York City, graduating summa cum laude from Queens College with a BA in elementary education and mathematics, as well as a New York State teaching certificate. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick. See full bio

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