Best Discount Broker: Get Lower Commissions and Streamlined Services

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A full-service broker provides a range of advisory services, like portfolio management, tax planning and retirement planning — a package that only makes sense for people with very large or complicated investment portfolios. For the average investor, discount brokers are the way to go.

But finding the right discount broker for you is essential. You certainly want low commissions, but it’s also important to find a platform that features the right tools and resources you’ll need to succeed, which is sometimes important enough to be worth spending a little extra on commissions and fees.

So, here’s a look at the top discount brokers, what they charge and who they’re most likely to be right for. Find the best broker for you.

Best Discount Brokers for 2025

These discount brokers feature relatively low commissions, helping you keep more of your money in your investments.

Robinhood: Best Overall Discount Broker

Robinhood is one of the best online discount brokers of 2025. It offers completely free trading by giving customers a direct line to the markets just like major financial institutions. So if you know what you want to buy and why, there’s really no reason to pay a commission elsewhere.

Standout features and benefits:

• Get 1 free stock (valued at $5 to $200) after opening an account and linking your bank account
• No commission fees
• No account minimums
• Offers stocks, ETFs, options and cryptocurrency trading
• Offers IRA with 1% match (3% match for Gold members)

Robinhood does not offer bonds or mutual funds.

Charles Schwab: Best for Beginners

Charles Schwab is one of the best discount stock brokerage firms for beginners. With Charles Schwab, you’ll get access to financial advisors, 24/7 phone customer service and live chat, an advanced platform with a variety of tools and research products and strong educational tools.

Other standout features and benefits include:

• No account minimum for individual or joint brokerage accounts
• No opening or maintenance fees
• $0 online listed equity trades (doesn’t apply to all securities)
• Offers stocks, options, bonds, ETFs, mutual funds and more
• Easy-to-manage account
• Educational resources and support for learning

SoFi Active Investing: Best for Active Traders

SoFi Active Investing is, as the name suggests, best for active traders. Unlike other online discount brokers, it offers a 1% IRA match (up to the contribution limit). It also includes access to financial advisors who can help with your long-term financial goals.

Other key features include:

• No commission fees for ETFs, stocks or options
• No account minimums
• IPO access
• New investors earn up to $1,000 in stock when opening a new account

The downside is that SoFi Active Investing has a lower interest rate — just — on uninvested cash. There also aren’t many futures or forex and no crypto options.

Fidelity: Best for Low Fees

Fidelity is firmly among the cheapest options for discount brokers, but it doesn’t skimp on services that can help make it a good place to start for the novice investor. In addition to access to financial advisors and other educational services, there’s no minimum to start investing and commissions are just $0 a trade.

Other key features of this discount brokerage include:

• Commission-free trades on stocks, ETFs and option trades
• Offers zero expense ratio index mutual funds
• No account minimums
• No account opening fees

For all its benefits, Fidelity does have somewhat limited financial tools for newer investors. The intuitive investing platform could more than make up for that, however, especially for self-directed investors interested in more advisory services.

Webull: Best for Investment Variety

While many discount brokerages offer minimal fees, Webull stands apart for its zero-fee system and user-friendly platform. This discount broker is particularly attractive to investors who prefer a mobile-friendly platform with a variety of investing tools and options.

Key features include:

• Simple and intuitive platform for new investors
• No commissions on ETF trades, stocks or options
• Advanced investing tools for active investors and beginners alike
• Uninvested cash earns up to 3.75% APY
• Wide range of asset classes available
• Tools for managing diverse portfolios
• Earn up to 20 free fractional shares (each valued at $3 to $3,000) when funding certain accounts

Webull doesn’t offer mutual funds. But it does offer additional investments like fractional shares, futures, crypto and commodities.

What to Look for in the Best Discount Brokers

Not all online discount brokers are created equal. These are the main features to look for when choosing one:

• Fees: The more fees a discount broker has, the less you’re getting. Look for a broker with minimum to no commission fees. But also check their overall cost structure. Some discount brokerages charge account maintenance fees, account opening fees or other niche fees.
• Investment options: Having a range of investment options — like stocks, ETFs, options and crypto — is beneficial, especially for more active investors or those who want to invest in specific securities.
• User-friendly platform: It never hurts to have an easy-to-use platform. Even better is if it’s mobile-friendly.
• Educational resources: Does the discount broker have a free online educational library? Do they offer hands-on support? These types of resources can be helpful, especially for newer investors.
• Investment tools: Some discount brokers offer tools to make self-directed trading easier. The best ones tend to offer tools like real-time streaming quotes, charting and stock screeners.
• Other services: Discount brokers sometimes offer other services, like banking. If you’re hoping to streamline your finances, these can be especially convenient.
• Customer support: Look for discount stock brokerage firms that offer 24/7 customer service. Online chat is also a plus.

Comparing Fees and Costs Across Discount Brokers

Even discount stock brokers online charge certain fees. These fees may simply be lower than what you’d get otherwise.

Common fees include:

• Commission fees: These are the price of using the brokerage, usually charged when you purchase or sell stocks or other securities.
• Margin rates: This is the interest rate for trading on margin. It can affect your total net profit.
• Inactivity fees: If you don’t use your brokerage account for an extended period, you may be charged an inactivity fee.
• Account maintenance fees: Some discount stock brokerage firms charge a fee for opening or maintaining an account.
• Mutual fund fees: If a discount broker offers mutual funds, know that there may be fees for selling or purchasing those funds.
• Expense ratio: Mutual funds, ETFs and index funds sometimes come with an annual fee. This is generally a percentage of your total investment. A higher percentage means less money for you.

Remember, the best discount brokers charge minimal fees. Those that charge no commission fees include:

• Robinhood
• Charles Schwab
• SoFi Active Investing
• Fidelity
• Webull

When in doubt about a discount broker’s fees, don’t be afraid to ask. You can learn a lot with a phone call or by perusing the brokerage’s website. Be sure to compare fees across several brokerages before choosing one.

Finding the Best Discount Broker for You

If you’re looking for some of the best discount brokers with no commission fees, options include Robinhood, Charles Schwab, SoFi Active Investing, Fidelity and Webull. None of these discount brokers charge commission fees or have minimum account balances. Some, like SoFi and Webull, have an active promotion for new account holders.

But remember, part of choosing the right — or best — discount broker for you entails doing your research. Look for a broker that offers the products and services you need at a competitively low price. Be sure to consider any limitations or restrictions they have, as well as any current promotions or conflicts of interest.

Joel Anderson contributed to the reporting of this article.

Terms and conditions apply. For existing SoFi IRA members, 401k rollovers must be completed via this link For SoFi members without a SoFi IRA, a SoFi IRA must first be opened, and 401k rollover must be completed utilizing Capitalize via this link. For more details visit sofi.com/invest/capitalizeonepercentterms/

SoFi and Capitalize will complete rollover at no cost. SoFi is not liable for any costs incurred from the existing 401k provider for rollover. Please check with your 401k provider for any fees or costs associated with the rollover.

Other fees, such as exchange fees, may apply. Please view SoFi’s fee disclosure to view a full listing of fees.

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