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Alternatives to Fidelity

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

Our pick to buy stocks: SoFi Invest

SoFi Invest logo
  • $0 commissions on stocks
  • Robo advisor with no management fees
  • Beginner-friendly platform
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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

Vanguard Brokerage

3.7 / 5 ★★★★★

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.

Account typesBrokerage, Retirement
Annual fee$20 per year
Option trade fee$1
Asset typesStocks, Options, Mutual funds, ETFs

TD Ameritrade

TD Ameritrade

4.37 / 5 ★★★★★

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.

Account typesBrokerage, Retirement, Education, Custodial, Specialty
Option trade fee$0 + $0.65/contract,
or $25 broker-assisted
Asset typesStocks, Bonds, Options, Mutual funds, ETFs, Currencies, CDs, Futures, Forex

E-Trade

E-Trade

4.1 / 5 ★★★★★

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.

Account typesBrokerage, Retirement, Robo-Advisor
Annual fee0.3%
Option trade fee$0 + $0.65/contract,
or $25 if it is a broker-assisted trade
Asset typesStocks, Bonds, Mutual funds, ETFs

Robinhood

Robinhood

3.4 / 5 ★★★★★

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.
Account typesBrokerage
Annual fee0%
Option trade fee$0
Asset typesStocks, Options, ETFs, Cryptocurrency

Charles Schwab

Charles Schwab

4.4 / 5 ★★★★★

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.

Account typesBrokerage, Retirement
Option trade fee$0 + $0.65/contract,
or $25 if it is a broker-assisted trade
Asset typesStocks, Bonds, Options, Mutual funds, ETFs

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

1 - 8 of 8
Name Product Asset types Stock trade fee Minimum deposit Signup bonus
SoFi Invest
Stocks, ETFs, Cryptocurrency
$0
$0
$10 - $100
when you open an account and place a first crypto trade of $50 - $5,000+
A free way to invest in most equities.
eToro
Stocks, ETFs, Cryptocurrency
$0
$10
8%-12% of your deposit
when you sign up and deposit at least $50. T&Cs apply.
Trade stocks in the app or online with $0 commissions. Not available in NY, NV, MN, TN, and HI.
Public
Stocks, ETFs, Cryptocurrency
$0
$0
Receive a free stock slice worth between $3–$300
when you sign up for an account and deposit at least $20.
Commission-free trading in stocks and ETFs with a social networking twist.
Tastyworks
Stocks, Options, ETFs, Cryptocurrency
$0
$0
$200 in US stocks
when you open and fund an account with min. $2,000 for 3+ mos.
Trade stocks, options, ETFs and futures on mobile or desktop with this advanced platform.
JPMorgan Self-Directed Investing
Stocks, Bonds, Options, Mutual funds, ETFs
$0
$0
$125 - $625
when you open and fund an account with $25,000 - $250,000+
INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE
Robinhood
Stocks, Options, ETFs, Cryptocurrency
$0
$0
Get a free stock
when you successfully sign up and link your bank account.
Make unlimited commission-free trades, plus earn 3% interest on uninvested cash in your account with Robinhood Gold.
Ally Invest Self-Directed Trading
Stocks, Bonds, Options, Mutual funds, ETFs
$0
$0
$100
when you deposit or transfer $10,000–$24,900
500+ commission-free ETFs, some of the industry's lowest fees plus a cash bonus up to $3,000.
Tradier
Stocks, Options, ETFs
$0
$0
N/A
Customize your trade platform or build your own Deep tools, charts and screens Analyzers to help you study before you trade
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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.

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