Here are the Wizards’ tier ratings for some of the most popular investment brokerages. While most of them are solid choices, certain key differences set them all apart. They all provide commission-free stock and ETF trades with strong execution quality, but the details of their platforms and services vary. Among them, Fidelity clearly stands out as the top brokerage on the market today. Still, there are other strong options depending on what you’re looking for.
We can be tough with these ratings, but that’s because we hold brokerages to the highest standard as only the best deserve our business and the trust of our investing audience. Below are some of the biggest drawbacks that impacted each brokerage’s rating:
- Schwab: Clunky two-step automatic investing process
- Vanguard: Similar clunky two-step auto-investing, outdated platform that isn’t user-friendly
- Interactive Brokers: Complicated interface, better suited for active trading than simple long-term investing
- SoFi: Some fees (though potentially waivable), no bond offerings
- T. Rowe Price: Clunky interface and limited investment options
- Merrill Lynch: No fractional shares
- E*TRADE: No fractional shares
- Webull: No mutual funds, limited account options
- eToro: No mutual funds or bonds
- Ally: Basic platform, limited account options, no fractional shares
- J.P. Morgan: Account fees and no fractional shares
- Robinhood: No mutual funds or bonds, limited customer support, minimal account options, emphasis on active trading, subscription fees (though not required)
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