Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

Alternatives to Fidelity

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

Updated

Fact checked

Our pick for beginner investors: Robinhood

Robinhood logo
  • $0 commissions
  • Download the app or trade online
  • Start trading right away with instant deposits
Go to site

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 five companies like Fidelity.

Brokerages like Fidelity

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

Vanguard

  • Consider switching from Fidelity if you want a personal advisor, and your portfolio is at least $50,000.
  • Best for buy-and-hold investors.

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.

  • Brokerage fee: $0 on stocks, options and ETFs; $1 per option contract, $0 on Vanguard or no-transaction-fee mutual funds, $20 per transaction-fee mutual fund
  • Inactivity fee: $0
  • Asset types: Stocks, options, ETFs, mutual funds
  • Access: Mobile, web, desktop

TD Ameritrade

  • Consider switching from Fidelity if you want advanced analytics.
  • Best for intermediate to advanced traders trading US securities.

TD Ameritrade is an online brokerage platform with a variety of tradable securities, including futures and forex, which Fidelity doesn’t offer. You can also trade a handful of international stocks over-the-counter, but unlike its competitor, you won’t get direct access to foreign markets.

Instead, TD Ameritrade edges out Fidelity with its user-friendly platform that’s robust enough for active and advanced traders. Its sophisticated charting tools have over 400 technical studies, and you can access a wealth of economic data from the US and global economies.

  • Brokerage fee: $0 on stocks, options and ETFs; $0.65 per option contract
  • Inactivity fee: $0
  • Asset types: Stocks, options, ETFs, mutual funds, futures, forex
  • Access: Mobile, web, desktop

E-Trade

  • Consider switching from Fidelity if you want options-specific research.
  • Best for options traders.

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.

  • Brokerage fee: $0 on stocks, options and ETFs; $0.65 per option contract
  • Inactivity fee: $0
  • Asset types: Stocks, options, ETFs, mutual funds, futures
  • Access: Mobile, web, desktop

Robinhood

  • Consider switching from Fidelity if you want a minimalist trading platform.
  • Best for trading cryptocurrency.

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.

  • Brokerage fee: $0 on stocks, ETFs, options and cryptocurrency
  • Inactivity fee: $0
  • Asset types: Stocks, options, ETFs, cryptocurrency
  • Access: Mobile, web, desktop

Charles Schwab

  • Consider switching from Fidelity if you want lower fees on broker-assisted trades.
  • Best for trading futures.

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.

  • Brokerage fee: $0 on stocks, options and ETFs, $0.65 per option contract, up to $49.95 on mutual funds, $1.50 per futures contract
  • Inactivity fee: $0
  • Asset types: Stocks, options, ETFs, mutual funds, futures
  • Access: Mobile, web, desktop

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

Name Product Stock trade fee Asset types Option trade fee Annual fee Signup bonus
Robinhood
$0
Stocks, Options, ETFs, Gold/Commodities
$0
0%
Free stock (chosen randomly with a value anywhere between $2.50 and $200)
Sign up using the "go to site" link
Make unlimited commission-free trades in stocks, funds, and options with Robinhood Financial.
Interactive Brokers
$0
Stocks, Bonds, Options
$0 + $0.65/contract, $1 minimum
0%
N/A
IBKR Lite offers $0 commissions, and IBKR Pro offers advanced tools for professional traders.
Tastyworks
$0
Stocks, Options, Cryptocurrency
Stocks & ETFs: $1/contract to open, $0 to close, $10 max/leg
Futures: $2.50/contract to open, $0 to close
0%
Get 100 shares of stock (worth $1 to $6 a share)
Open and fund a new cash or margin account with $2,000+
Trade stocks, options, ETFs and futures on mobile or desktop with this advanced platform.
Moomoo
$0 for US stocks
Stocks, Options, ETFs
$0
N/A
Trade stocks on the US, Hong Kong, Shanghai and Shenzhen markets.
TradeStation
$0
Stocks, Bonds, Options, Mutual funds, ETFs, Cryptocurrency
$0 + $0.50/contract
$50
Deposit qualifying assets of $5,000+
A platform built for all kinds of traders and all styles of trading
loading

Compare up to 4 providers

*Signup bonus information updated weekly.

Disclaimer: The value of any investment can go up or down depending on news, trends and market conditions. We are not investment advisers, so do your own due diligence to understand the risks before you invest.

More guides on Finder

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site