A brokerage account is like a checking account for your investments. The difference, however, is that brokerage accounts act as a safe place to hold investable assets like stocks, bonds, ETFs, mutual funds, and crypto.
Here are the best online brokerages as picked by Business Insider's editors in 2025.
Best Online Brokers
- Charles Schwab: Best Overall Online Broker
- SoFi Active Invest®: Best Online Broker for Beginners
- Fidelity Investments: Best Online Broker for Retirement Savings
- Interactive Brokers: Best Online Broker for International Trading
- Public Investing: Best Online Broker for Community Features
- Stockpile: Best Online Broker for Kids and Teens
Open a Brokerage Account Online
$0 ($1 to start investing); $5 fractional shares; $2,000 for margin trading
0% for active trading and automated investing
Get up to $2,000 in stock when you fund a new account.
- No account minimum
- No account or trading fees, and low fees to own funds
- Access to Certified Financial Planners
- IPOs available
- SoFi 1% IRA match
- No tax-loss harvesting, an advanced investing technique where you sell a stock or mutual fund at a loss for a tax benefit
- No option for stop-loss orders when actively investing. SoFi's active investing account only uses market orders
- Currently only available to US residents
SoFi Invest is a great platform for US investors who are looking for an intuitive online trading experience, an open active or automated investing account.
SoFi Active Invest- Promotion: Get up to $2,000 in stock when you fund a new account. (Offer ends 4/1/25)
- App store rating: 4.8 iOS/3.8 Android
- Consider it if: You want an easy-to-use platform paired with rock-bottom pricing.
$0 ($1 for fractional shares; $2,000 for margin trading)
0% ($5/month for Robinhood Gold)
- Free stock, option, ETF, and cryptocurrency trades; 0.01% APY on uninvested cash for non-Gold users and 4.00% for Gold members
- IPO investing available
- Cash management accounts available
- Website is easy to navigate; advanced charts for all users
- Lack of investing research and trading tools; can only take advantage of professional research if you're a Robinhood Gold member
- No joint accounts, education savings accounts, or mutual funds
- App store rating: 4.2 iOS/4.0 Android
- Consider it if: You want to trade crypto and invest in a wide range of stocks and ETFs.
$1 ($500 for automated investing)
$0 for stock trades. 0.25% for automated investing (0.06% to 0.13% for fund fees)
- Low annual fee for investment accounts; crypto trust investments available
- Tax-loss harvesting, portfolio lines of credit, 529 college savings plans available
- Cash account
- Mobile app and investing and retirement tools
- You need at least $100,000 to utilize additional investment strategies
- No human advisor access
Wealthfront is one of the best robo-advisor options if you're in search of low-cost automated portfolio management, and one of the best socially responsible investing apps for features like tax-loss harvesting, US direct indexing, and crypto trusts.
Wealthfront- Consider it if: You're balancing several goals and want to streamline your finances.
- Promotion: Fund your first taxable investment account with at least $500 in the first 30 days of account opening and earn a $50 bonus.
Charles Schwab: Best Overall
Charles Schwab Charles Schwab is a major discount broker and one of the largest investment management firms in the United States.
It offers a range of brokerage accounts and products that meet the needs of virtually any investor. Keep in mind that different types of accounts have different tax implications. For example, a traditional IRA is tax-deferred, so you won't pay tax until you withdraw.
The basic Schwab self-directed brokerage account gives investors access to various investment choices and is best for hands-on investors.
If you want more help, you can sign up for managed Schwab Intelligent Portfolios, the brokerage's robo-advisor. This account also doesn't charge any fees.
Charles Schwab has a rating of 4.8/5 on the Apple Store and 2.5/5 on Google Play.
Pros of Charles Schwab:
- Low trading fees and no minimum to open an account
- Passive and active trading solutions are available
- Wide range of account options and investable securities (includes $8,000+ no transaction fee mutual funds)
Cons of Charles Schwab:
- High-minimum requirement for Schwab Intelligent Portfolios and Portfolio Premium
- Can't trade individual cryptocurrencies
- High phone and broker-assisted trade costs
SoFi Invest: Best Brokerage Account for Beginners
SoFi® is a user-friendly online brokerage featured in our guides for the best investment apps for beginners. SoFi stands out for its goal-based investment strategies, curated educational content, and low fees.
Passive and active investors can easily manage and diversify their portfolios with no-fee stocks, bonds, ETFs, and fractional shares (aka Stock Bits). You can also invest in real-estate-backed funds, no-fee options, and commodities. SoFi no longer supports cryptocurrencies.
You can open an active or automated SoFi traditional, Roth, SEP, or rollover IRA and earn a 1% catch on all your contributions.
SoFi Plus members earn unlimited 1% rewards on all SoFi deposits to a SoFi Invest account. A Plus membership also includes unlimited one-on-one consultations from a certified financial planner (CFP).
SoFi has a rating of 4.8/5 on the Apple Store and 4/5 on Google Play.
Pros of SoFi Invest:
- $0 account minimum and no trading fees
- Access to CFPs
- 1% match for IRAs and SoFi Plus members
Cons of SoFi Invest:
- Doesn't offer tax-loss harvesting
- Only offers US investable securities
Fidelity: Best Brokerage Account for Retirement Savings
Fidelity offers multiple account types, a long list of available investments, and competitively priced securities. You can access zero-expense ratio Fidelity Flex mutual funds with the brokerage's robo-advisor, Fidelity Go, and get unlimited one-on-one coaching calls with a balance of $25,000 or more.
Fidelity offers various investable securities, including stocks, ETFs, options, mutual funds, bonds, CDs, and precious metals. It also provides international investing in foreign markets and foreign currency exchange between various different currencies.
Fidelity can be a great choice for most investment needs, but it's especially strong for investors with a long-term retirement focus. The combination of low fees and a focus on helping investors reach a successful retirement helped make it the top choice for retirement brokerage accounts.
Fidelity's retirement services and features include several retirement calculators, tax strategies, and long-term growth opportunities catered to individuals' preferences.
Fidelity has a rating of 4.8/5 on the Apple Store and 4.6/5 on Google Play.
Pros of Fidelity:
- $0 minimum to open an account; $10 to start investing with Fidelity Go
- Zero-expense ratio Fidelity Flex mutual funds and commission-free trades
- Large range of investment tools, calculators, and trading platforms
Cons of Fidelity:
- $25,000 minimum requirement to get access to Fidelity CFPs
- Mutual funds outside of the no-fee list cost up to $49.95 each, not including added fees for phone or broker-assisted trades
- Fidelity Go doesn't provide tax loss harvesting (available with active Fidelity accounts)
- Fidelity charges higher margin rates than many competitors.
Interactive Brokers: Best for International Trading
Interactive Brokers is a top investment platform for active and passive investors seeking global diversification across a wide range of securities.
You can trade at higher volumes and get access to tools optimized for your investing needs. Typical investors may not care about the difference of a few seconds when entering and executing a trade. Very active traders, however, care about milliseconds.
Interactive Brokers Interactive Brokers has multiple pricing options depending on your level of trading activity and personal trading needs. The basic account, IBKR Lite, offers commission-free stock and ETF trades and competitive fees for most other trades.
IBKR Pro accounts use tiered or fixed pricing models. This means you won't get completely commission-free trades as you do with IBKR Lite.
Pro accounts have additional access to market data, the IBKR Web Trader platform, and IBKR APIs for automated trading. Algorithmic trading, also known as algorithms, is included with Pro accounts.
Interactive Brokers has a rating of 4.5/5 on the Apple Store and 4.6/5 on Google Play.
Pros of Interactive Brokers
- $0 minimum to open an account
- Low-cost and fee-free trades
- Access to 200+ global markets
Cons of Interactive Brokers
- $100 minimum for robo-advisor
- Pricing models may be confusing for beginners
Public: Best Brokerage Account for Community Features
Public Investingis an investment app that uses a mobile-first experience. The result is a mobile investment experience that's somewhat unique but still easy to navigate for both beginner and experienced investors.
As the name suggests, trades at Public allow you to connect with other investors on the platform. You can follow others and chat about investment ideas. You can even join a group chat for live interaction with other investors. In some ways, it's like a built-in social network for investors.
Another useful feature for newer investors is the ability to view various themes. These group stocks by industry or other major categories to help you zero in on companies that make sense for your investment strategy.
Public Investing uses a commission-free pricing model, so most users won't pay any fees when they trade.
Public Investing has a rating of 4.7/5 on the Apple Store and 4.1/5 on Google Play.
Pros of Public Investing:
- $0 minimum requirement and no-fee stock and ETF trades
- Community and social trading features
- Access to cryptocurrencies and crypto-related content and analysis (from third-party platforms)
Cons of Public Investing:
- Public Investing charges a $10 monthly fee is a disadvantage when most competitors don't charge any monthly fees
- Public doesn't offer a robo-advisor for hands-off automated trades
- Account selection is also limited as you can't invest in retirement, education, or custodial accounts with Public.
Stockpile: Best Brokerage Account for Kids and Teens
Stockpile Stockpile is a top investment platform for kids to learn how to save and invest in their future. Stockpile offers brokerage and custodial accounts with no recurring fees, minimums, or gift card fees.
You can invest in fractional shares for $1 and even trade popular cryptocurrencies. The online brokers have a monthly subscription fee.
Other investable securities include over 4000 stocks and ETFs in five different kid account options and one adult account. Cryptocurrencies are also available.
Parents and kids will enjoy the built-in education resources, such as the "mini-lessons," which teach stock market basics that prepare anyone for a more successful future in the stock market.
Stockpile is great for kids and teens for a few reasons. The simple and easy-to-navigate platform shows kids the logos and companies they are familiar with in their investment portfolios. You can fund the account through a bank account or with stock gift cards.
Stockpile has a rating of 4.7/5 on the Apple Store and 3/5 on Google Play.
Pros of Stockpile:
- No recurring fees or minimums
- Wide range of stocks, ETFs, fractional shares, and cryptocurrencies
- Built-in educational resources catered to kids and teens
Cons of Stockpile:
- Other types of investments (such as mutual funds) are not supported.
Introduction to Brokerage Accounts
Online brokerage accounts are licensed firms in which a broker is responsible for executing a client's orders. You can also check out the best investing apps for beginners.
Types of Brokerage Accounts
Types of brokerage accounts include:
- Self-directed brokerage accounts (individual and joint)
- Robo-advisors (aka automated accounts)
- Cryptocurrency trading accounts
Tax-advantaged accounts include:
- Retirement savings account
- Education savings plans (like the best 529 plans)
- Custodial accounts (UGMA/UTMA)
- Health Savings Accounts (HSA)
Different types of brokerage accounts have different tax implications. Regular brokerage accounts aren't generally tax-advantaged unless you invest in certain asset classes. For example, certain REITs may allow you to defer a percentage of the interest earned each year.
Education savings accounts have advantages like the kiddie tax rule, which taxes earnings at a lower rate (up to a certain amount).
Retirement accounts like IRAs and HSAs offer tax-deferred growth or tax-free withdrawals. However, you can't withdraw until you're at least 59 ½, or you'll be subject to a 10% IRS penalty.
Ensure you understand the tax implications of the account you are opening and the assets you invest in before purchasing. How long you hold onto an investment may impact your tax obligations. You can always consult a financial advisor or tax expert for professional guidance.
How to Open a Brokerage Account
Everyone's investment goals and preferences are unique, and not all brokerage accounts fit perfectly. To choose the best online brokerage, start by looking at your investment style and what you want from a brokerage.
Whether that's cutting-edge active trading tools or a long list of no-transaction-fee mutual funds, there's a good online brokerage for everyone.
Choosing the Right Brokerage
Review the following information to choose the right brokerage account for you:
- Evaluate your risk tolerance, financial goals, and time horizon
- Explore different investment options in brokerage accounts to find the right one for you
- Compare fees, minimums, and investment features
For most investors, a long-term, passive investment strategy is ideal. Many experts suggest building a diverse portfolio of low-cost index funds over picking individual stocks and riskier active trading tools.
Security and insurance of brokerage accounts should also be considered before opening an account. Most platforms offer substantial coverage and security measures, but you'll want to check for any recent scandals or lawsuits in which the platform may be involved.
Once you understand what you need, consider costs, platforms, investment account types, and available investments to decide what's best for you.
The Account Setup Process
After you decide which online brokerage platform you want to open an account with, you can begin the account setup process. Generally, brokerages require you to provide personal information like your name, age, address, Social Security number, and banking information.
Fees and Commissions
Fees and commissions greatly vary between platforms. The top brokerage accounts charge the lowest fees with little to no commissions. However, advanced brokerages with more sophisticated trading tools and investment options tend to charge more for their services.
Some of the fees and commissions you may come across are:
- Trading fees
- Annual account fees
- AUM fees
- Account management fees
- Inactivity fees
- Broker commission
- Expense ratios
- Subscription or membership fees
Some brokerages require a minimum deposit to open an account. Depending on the brokerage and the type of account, this minimum can range from $0 to $10,000 or more. Make sure you're comparing fees in top brokerage accounts as well.
Account Features and Services
Certain brokerage accounts may be better suited for your needs depending on your preferred investment strategy and goals, especially if you're seeking out specific account features and services.
For example, robo-advisors are likelier to include low-maintenance investment features like automatic rebalancing, tax-loss harvesting, and dividend reinvesting.
Retirement-focused investors or those with more complex financial situations may want access to a CFP or human consultant. While many online brokerage platforms offer this service, who is eligible and how much it costs greatly varies from platform to platform.
Investment Options
Brokerage accounts have a range of investment options, including:
Why You Should Trust Us: Our Expert Panel For The Best Online Brokerage
We consulted financial advisors, investing experts, and our own wealth-building reporter to inform our choices for the best online brokerages.
We interviewed the following investing experts to see what they had to say about online brokerages:
- Brian Fry, CFP, founder at Safe Landing Financial
- Charlotte Geletka, CFP, CRPC, managing partner at Silver Penny Financial Planning
- Kaysian Gordon, MBA, CFP, CDFA, CPA, wealth manager at Clarus Group
What are the advantages or disadvantages of opening a brokerage account?
Brian Fry, CFP:
A taxable brokerage account offers the flexibility to have funds available when needed and without a tax penalty. They offer transparency and freedom when considering costs and investment options.
Other account types may add more value and/or tax efficiency depending on a household's financial situation. For example, if qualified, HSAs provide tax deductions, tax-free growth, and tax-free distributions if used for qualified medical expenses; retirement accounts may provide tax deductions, tax-deferred or tax-free investment growth, and potentially tax-free distributions.
Education accounts may provide tax deductions and/or tax-free distributions if used for qualified educational expenses.
Charlotte Geletka, CFP, CRPC:
The advantages include access to stock exchanges to buy almost endless options of investments. This is where you can purchase stocks, bonds, ETFs, mutual funds, options, and almost the entire inventory of the open markets.
The multitude of options can also be a disadvantage. Most retirement plans offer a curated list of choices that have been well-vetted by consultants and investment experts. When you go into a brokerage account, it is daunting to know where to start. The recent rise of social media blogs surrounding investing may increase interest, but be cautious about investing, as any investment comes with risk.
Kaysian Gordon, MBA, CFP, CDFA, CPA:
The advantage of opening a brokerage account is — if you're interested in investing in stocks or bonds, mutual funds, or ETFs, as example, a brokerage is a great way to do it.
Savings accounts or checking accounts just do not have those features. So the disadvantage is [that] you have to be aware of what you're looking for. Lots of different brokerage accounts will provide you with different things, so it's a matter of specifically what it is that's important to you.
Who should consider opening a brokerage account?
Brian Fry:
A taxable brokerage account can be a good fit for anyone and everyone. Before saving in a taxable brokerage account, it's important to consider where saving adds the most value to your unique financial situation. Make sure to have an adequate emergency fund.
Charlotte Geletka:
Once you have set up an emergency fund and started funding a retirement account, then you might consider opening a brokerage account as a place to invest after-tax dollars.
Most often, the account you have set up in a brokerage will be a flexible investment. This is great because you have use of the money for various purposes, and you are not tied to specific withdrawal requirements the same way you would be in a retirement or college 529 account.
Kaysian Gordon:
When you're looking to start the process of investing after you have saved the amount that you need for your emergency funds — and typically that's three to six months— you should start looking to invest other personal cash. Make it a point to contribute as frequently as you can, because that's how wealth is built over time.
Is there any other advice you'd offer someone who's considering opening a brokerage account?
Brian Fry:
Before saving with a taxable account, consider the order of where you should save first to accomplish your financial goals best. Are you comfortable taking responsibility in making investment decisions? How are you going to rebalance? How are you going to take emotion out of investing? Taxable accounts can be a good vehicle if you can check all the boxes.
Charlotte Geletka:
There is a difference between trading and investing. Trading is exchanging [which is] usually short-term in nature. Investing involves time and is long-term in nature.
Kaysian Gordon:
Do your research because that's very important. Think about the things that are important to you. Do a comparison of the different names that you hear and see what the benefits are of one company over another before making a decision.
Nothing will have everything you need, but go with the brokerage account with the best of what you need.
Best Online Brokerage FAQs
Which online trading platform is best?
The Charles Schwab brokerage account is our top pick for the best online trading platform. It offers low fees, advanced security, and a wide range of investment options and features that meet the needs of virtually any investor.
What do I need to open an online brokerage account?
To open an online brokerage account, you must include your personal information to comply with current laws and regulations. You need information such as your name, address, telephone number, and Social Security number.
How do I know if
Yes. You can have multiple brokerage accounts to access different investment options, account options, and trading features. This can also be a great strategy for diversifying your portfolio's investments.
Methodology: How We Reviewed The Best Online Brokerages
In evaluating the best online brokerage accounts available today, we rate investing products on various criteria. The most important factors for Personal Finance Insider rates and reviews products are pricing, account types, investment availability, platforms, and overall customer experience. Investing platforms are given a rating between 1 and 5.
Sofi Active Invest: Investments are not FDIC-insured - Are not bank-guaranteed - May lose value - Brokerage and Active investing products offered through SoFi Securities LLC, member FINRA(www.finra.org)/SIPC(www.sipc.org).
Must be a SoFi Plus member at the time a recurring deposit is received into your SoFi Active or Automated investing account to qualify. Bonus calculated on net monthly recurring deposits made via ACH and paid out as Rewards Points. See Rewards Terms of Service. SoFi reserves the right to change or terminate this promotion at any time without notice. See terms and limitations. https://www.sofi.com/sofiplus/invest/#disclaimers.
SoFi Plus members can schedule an unlimited number of appointments with a financial planner during periods in which the SoFi Plus member meets the eligibility criteria set forth in section 10(a) of the SoFi Plus Terms and Conditions. SoFi members who are not members of SoFi Plus can schedule one (1) appointment with a financial planner. The ability to schedule appointments is subject to financial planner availability. SoFi reserves the right to change or terminate this benefit at any time with or without notice. Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser. Information about SoFi Wealth's advisory operations, services, and fees is set forth in SoFi Wealth's current Form ADV Part 2 (Brochure), a copy of which is available upon request and at www.adviserinfo.sec.gov.
Customer must fund their Active invest account with at least $50 within 30 days of opening the account. Probability of customer receiving $2,000 is 0.028%. See full terms and conditions at https://www.sofi.com/greenintwoterms/.
