M1 Finance review 2024
- Stock trade fee
- $0
- Minimum deposit
- $100
Our verdict
Invest yourself or automatically with M1 Finance, with no commissions and no management fees.
Consider M1 Finance if you want an easy-to-use investing platform that prioritizes long-term wealth-building, with commission-free trades, taxable and tax-advantaged account options and a mix of self-directed and automated investing features. Look elsewhere if you are a frequent trader or want a more extensive lineup of investment options.
Best for: Long-term, self-directed investors who want automated investing features.
Pros
-
Commission-free stock, ETF and crypto trades
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Self-directed and automated investing
-
Numerous account types
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Earn a 4.00% APY with an M1 Finance high-yield savings account
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Ready-made portfolios for easy investing
-
Fractional share trading
Cons
-
No tax-loss harvesting
-
Trade windows make M1 Finance unsuitable for frequent traders
-
More investing flexibility and on-demand crypto trading for a monthly fee
-
$50 inactivity fee
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$3 monthly platform fee if assets are under $10,000
How we rate M1 Finance’s features
| Fees | ★★★★★ | Commission-free stock, ETF and crypto trades, but account fees are on the high end. |
| Available securities | ★★★★★ | Stocks, ETFs and crypto. |
| Customer support | ★★★★★ | Quickly reach support by phone and email. |
| Mobile app | ★★★★★ | Both Apple and Android users give the M1 Finance mobile app high marks. |
| Research and tools | ★★★★★ | Basic charts, key data, watchlists and news, but nothing by way of analyst reports or ratings or screeners. |
| Reliability | ★★★★★ | No major outages have been reported. |
To learn how our star ratings are calculated, read our methodology at the bottom of the page.
M1 Finance is best for long-term investors who want a mix of autonomy and automation
M1 Finance’s commission-free investing and fractional shares lower the barrier to entry for many investors. Meanwhile, its mix of self-directed and automated investing features keeps the decision-making with investors but saves the legwork of trading for M1.
What you can trade on M1 Finance
- Stocks
- Exchange-Traded Funds (ETFs) stocks
- Cryptoccurency
Account types available with M1 Finance
- Brokerage
- Joint brokerage
- Trust
- Custodial
- Traditional, Roth, SEP and 401(k) rollover IRAs
- Crypto
Latest M1 Finance updates
March 15, 2024: M1 Finance is ending its M1 Plus membership program, according to an email it sent out to customers. As of May 15, 2024, the platform’s premium features will be available to all M1 customers. However, the company is also implementing a $3 monthly platform fee for customers with less than $10,000 in M1 assets or without an active M1 personal loan.
Where M1 Finance shines
M1 Finance offers long-term investors a user-friendly platform to invest in stocks, ETFs and crypto, with taxable and tax-advantaged accounts and zero commission trading. M1 combines aspects of self-directed and automated investing, keeping overall decision-making with investors but undertaking trades on your behalf depending on targets you set. It’s not a robo-advisor — M1 doesn’t recommend investments and doesn’t sell any of your holdings to rebalance your portfolio. You need to manually choose to rebalance your portfolio, but then M1 will sell what’s overweight and use the proceeds to buy what’s underweight.
Ultimately, M1 Finance is a sensible option for investors who want a little more autonomy over their portfolio but aren’t quite ready or don’t have the time for full-blown active trading.
Where M1 Finance falls short
M1 Finance is limited to stocks, ETFs and crypto, and it requires a $100 minimum deposit for its individual brokerage, joint brokerage, custodial and crypto accounts. Traditional IRAs, Roth IRAs and SEP IRAs all require a $500 minimum deposit.
Even though M1 offers automated investing features, it doesn’t help offset taxes with tax-loss harvesting options. And because it uses trade windows to process trades, M1 isn’t a suitable platform for frequent traders. Accounts with up to $50 and no trading or deposit activity for more than 90 days will also be subject to a $50 inactivity fee.
M1 Finance’s fees
| Minimum deposit | $100 for taxable accounts; $500 for retirement accounts |
| Annual fee | $3 monthly platform fee for customers with less than $10,000 in M1 assets or without an active M1 personal loan |
| Stock, ETF and crypto trade fees | $0 |
| Crypto spread | 1% |
| Inactivity fee | $50 fee on accounts with up to $50 and no trading or deposit activity for more than 90 days |
| Domestic wire transfer | $25 |
| Outgoing account transfer fee | $100 |
| IRA termination fee | $100 per event |
Is M1 Finance legit?
Yes, M1 Finance is a legit broker founded in 2015. It’s registered with the US Securities and Exchange Commission (SEC) and regulated by the Financial Industry Regulatory Authority (FINRA).
And your investments are insured up to $500,000 by the SIPC and your check accounts are insured up to $250,000 by the FDIC: So you can feel confident banking and investing with M1 Finance.
M1 Finance’s platform is easy to use
These are some of the tools you’ll be able to view and use with M1 Finance:
- Basic chart
- Key data, including current price, market cap and P/E ratio
- Price ranges
- Company profile
- News
- Watchlist
M1 Finance’s app store reviews
| App store | Rating | Total reviews |
|---|---|---|
| Google Play | 4.27 | 25,949 |
| Apple Store | 4.70 | 65,079 |
M1 Finance’s customer support
Connect with M1 Finance support in two ways:
- Phone
- Email at help@m1.com
How to open an account with M1 Finance
- Select the Sign up now button below, and then select Get Started.
- Enter your email, create your password and select Sign up now.
- Confirm your email address and select Continue.
- Choose which pies you want to use in your portfolio and assign a percentage weight to each of your pies. Select Continue.
- Follow the steps to verify your identity and fund your account.
Eligibility and required information
- At least 18 years old
- Social Security number
- US citizen or resident with a valid US residential address
How safe is M1 Finance?
M1 Finance is considered safe and secure. Its data is protected with military-grade 4096-bit encryption, and it offers two-factor authentication (2FA) for additional protection.
Compare M1 Finance to other platforms
M1 Finance
★★★★★
Finder rating 4.1 / 5
Available asset types
Stocks, ETFs, Cryptocurrency
Annual fee
$3 per month
Minimum deposit
$100
Signup bonus
N/A
Wealthfront
★★★★★
Finder rating 4.5 / 5
Available asset types
Stocks, ETFs
Annual fee
0.25%
Minimum deposit
$500
Signup bonus
Get $50
Frec
★★★★★
Finder rating 4.4 / 5
Available asset types
Stocks, Mutual funds, ETFs
Annual fee
0.1%
Minimum deposit
$20,000
Signup bonus
N/A
How we rate trading platforms
★★★★★ 5/5 — Excellent
★★★★★ 4/5 — Good
★★★★★ 3/5 — Average
★★★★★ 2/5 — Subpar
★★★★★ 1/5 — Poor
For a complete breakdown of how we score each category, read the full methodology of how we rate stock trading platforms.
Frequently asked questions
Matt Finder
Editor, Investments
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