Fidelity and Schwab’s thinkorswim both offer Level 2 data free for non-professional users with no trade-count or balance requirement — Fidelity needs the desktop platform, Schwab needs thinkorswim.
Moomoo’s $100 balance tier includes both NYSE ArcaBook and Nasdaq TotalView — only NYSE OpenBook costs extra there, at $25.99/month. Webull gives one free month, then charges.
Robinhood’s Level 2 data requires a $5/month Gold subscription, and Interactive Brokers, TradeStation and E*TRADE all charge for at least some of their order-book feeds too.
If you trade stocks actively, Level 2 market data — the full order book of bids and asks at every price level, not just the best one — can help you gauge liquidity before you place a trade. It’s traditionally been an add-on service, often billed by the exchange itself, that brokers pass straight through as a monthly fee.
That’s changed. A handful of brokers now build free Level 2 data into their standard offering. But “free” doesn’t always mean free-for-everyone: some offers come with a minimum balance or a time limit, while a few brokers include it for every client with no strings attached.
Best brokers for free Level 2 market data at a glance
We checked each broker’s pricing and support pages for explicit statements about Level 2, Level II, market depth or order-book data. Where a broker’s page confirmed free access, we noted the exact condition. Where a broker charges, or confirmed it doesn’t offer Level 2 at all, we listed that instead. Where neither could be confirmed from a primary source, we say so rather than guess.
What is Level 2 market data, and why does it usually cost money?
Level 1 data — free almost everywhere — shows only the single best bid and ask for a stock. Level 2 shows the full order book: every price level where buyers and sellers are waiting, and how many shares are queued at each one.
Level 2 feeds like Nasdaq TotalView, NYSE ArcaBook and NYSE OpenBook are licensed products the exchanges charge brokers to redistribute. When a broker calls Level 2 “free,” it’s usually absorbing that exchange fee itself — often in exchange for a minimum balance, a bundled subscription, or “non-professional” status under exchange rules.
Brokers with free Level 2 market data
Moomoo: free NYSE ArcaBook and Nasdaq TotalView at $100 — NYSE OpenBook costs extra
Moomoo
9
Excellent
Up to $1,000 in Nvidia stock plus 8.1% APY on uninvested cash for 2 months, then it reverts to 3.35% APY. T&Cs apply.
Moomoo's $100 30-day average balance tier includes both NYSE ArcaBook and Nasdaq TotalView. NYSE OpenBook isn't part of that free tier — it's a separate subscription at $25.99/month, $74.99/quarter or $299.99/year.
New accounts get a complimentary 30-day window on this tier regardless of balance; after that, dropping below $100 knocks you back to Level 1.
Best for: Traders who want both NYSE ArcaBook and Nasdaq TotalView depth without a monthly subscription, as long as they keep a $100+ balance.
Minimum deposit
$0
Signup bonus
Get up to $1,000 in Nvidia stock plus 8.1% APY on uninvested cash
Moomoo's $100 30-day average balance tier includes both NYSE ArcaBook and Nasdaq TotalView. NYSE OpenBook isn't part of that free tier — it's a separate subscription at $25.99/month, $74.99/quarter or $299.99/year.
New accounts get a complimentary 30-day window on this tier regardless of balance; after that, dropping below $100 knocks you back to Level 1.
Best for: Traders who want both NYSE ArcaBook and Nasdaq TotalView depth without a monthly subscription, as long as they keep a $100+ balance.
Pros
NYSE ArcaBook and Nasdaq TotalView both included free with a $100 balance, no subscription
New accounts get a complimentary 30-day window regardless of balance
Cons
NYSE OpenBook isn't included — $25.99/month separately ($74.99/quarter, $299.99/year)
Falls back to Level 1 if your balance dips under $100
Available asset types
Stocks, Options, ETFs, Cryptocurrency
Account types
Brokerage
Minimum deposit
$0
Signup bonus
Get up to $1,000 in Nvidia stock plus 8.1% APY on uninvested cash
Cash sweep APY
3.35%
Minimum deposit
$0
Signup bonus
Get up to $1,000 in Nvidia stock plus 8.1% APY on uninvested cash
Webull: free for a month, then a small monthly fee
Webull
9.4
Excellent
Get 12 free shares by joining Webull. Select Go to site, then make a first deposit of $100 or more to get 10+2 free shares, each worth $3-$300, randomly drawn from the pool of NVDA, TSLA, SPCX and AAPL, minimum $36 in the pocket, plus 1-month complimentary Webull premium. T&Cs apply.
Webull gives new users one free month of Level 2 data on Nasdaq TotalView. After that, it's a $2.99/month standalone charge. Or it's free if you're already paying for Webull Premium ($3.99/mo or $40/yr) for perks like the IRA match Moomoo doesn't offer.
Best for: Traders who'll subscribe to Premium anyway.
Finder Reward
Get $160 from Finder Become a Finder member, open a new Webull Account and make a first deposit of $1000 or more to get $160 from Finder. Stack this offer with Webull's offer: Make a first deposit of $100 or more to get 10+2 free share, each worth $3 to $300, randomly drawn from the pool of NVDA, TSLA, SPCX and AAPL, plus 1-month of complimentary Webull Premium.
Webull gives new users one free month of Level 2 data on Nasdaq TotalView. After that, it's a $2.99/month standalone charge. Or it's free if you're already paying for Webull Premium ($3.99/mo or $40/yr) for perks like the IRA match Moomoo doesn't offer.
Best for: Traders who'll subscribe to Premium anyway.
Fidelity's Active Trader Pro and Trader+ Desktop include a Level 2 quote window at no extra cost to any brokerage account holder. Streaming Level II quotes are priced at $0/year for non-professional users, versus $123.50/month for professionals, with no trade-count minimum to qualify.
Best for: Existing Fidelity clients trading from the desktop platform.
Annual fee
$0 per year
Minimum deposit
$0
Signup bonus
N/A
Fidelity's Active Trader Pro and Trader+ Desktop include a Level 2 quote window at no extra cost to any brokerage account holder. Streaming Level II quotes are priced at $0/year for non-professional users, versus $123.50/month for professionals, with no trade-count minimum to qualify.
Best for: Existing Fidelity clients trading from the desktop platform.
Pros
Included in Active Trader Pro / Trader+ Desktop, no extra fee
No account minimum to open a Fidelity account
$0/year streaming Level II for non-professionals
No trade-count minimum for Level 2 itself
Cons
Only available through the desktop platform, not the standard web interface
Robinhood Legend, the desktop platform, is free for every customer. Level 2 data isn't — it's a Robinhood Gold benefit, not part of the free tier. Gold costs $5/month or $50/year.
Best for: Traders already subscribed to Gold for its other perks.
Annual fee
$0 per year
Minimum deposit
$0
Signup bonus
N/A
Robinhood Legend, the desktop platform, is free for every customer. Level 2 data isn't — it's a Robinhood Gold benefit, not part of the free tier. Gold costs $5/month or $50/year.
Best for: Traders already subscribed to Gold for its other perks.
Pros
Legend platform itself costs nothing
Gold bundles Level 2 with margin investing and higher APY on cash
Cons
No Level 2 on Robinhood's free tier at all
No free path to Level 2 — Gold is $5/mo or $50/yr either way
Brokers that charge for Level 2 data, or don’t offer it at all
Several well-known brokers either charge for Level 2, or don’t offer it at all.
Interactive Brokers — Nasdaq TotalView-OpenView is $16.50/month for non-professional accounts.(13) No free, no-activity tier.
TradeStation — Charges for it. NASDAQ Data Package #2 (Real-Time Level 1 + Level 2) is $11/month; Package #3, which adds Nasdaq TotalView, is $17/month and also requires a separate Enhanced Market Depth subscription ($25/month) — $42/month combined for full TotalView access. Its free real-time depth is for CME futures accounts meeting a commission threshold, not for stocks.
tastytrade — Doesn’t offer it. Its help center: “we currently do not offer level II data/quotes because we do not offer direct order routing to specific exchanges… the platform will display the highest bid price and lowest ask price based on the National Best Bid and Offer (NBBO).”(14)
E*TRADE (Power E*TRADE Pro) — Supports Level II quotes with selectable order books.(15) NYSE ArcaBook is free; NYSE OpenBook is $15/month; Nasdaq TotalView is $9/month.
Fidelity and Schwab's thinkorswim both have the fewest conditions attached: streaming Level II is free for non-professional users with no trade-count or balance requirement. Moomoo's free tier covers both NYSE ArcaBook and Nasdaq TotalView — only NYSE OpenBook costs extra there, at $25.99/month.
Fidelity and Schwab's thinkorswim both come closest, with no trade-count or balance requirement for non-professional clients. Every other broker here attaches a real condition: a minimum balance that covers two order books (Moomoo), a free trial before a fee kicks in (Webull), or a paid membership that includes it (Robinhood Gold).
Level 1 shows only the best bid and ask for a stock. Level 2 shows the full order book — every price level where buyers and sellers are waiting, and how many shares are queued at each one.
No. It's mainly useful for active, short-term traders judging order-book depth before entering or exiting a position. Long-term investors typically don't need it.
Not on its free tier. Robinhood's Level 2 data is bundled into the paid Robinhood Gold subscription ($5/month or $50/year). The Legend desktop platform itself is free, but Level 2 requires Gold.
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Matt Miczulski is an investments editor and market analyst at Finder. With over 450 bylines, Matt dissects and reviews brokers and investing platforms to expose perks and pain points, explores investment products and concepts and covers market news, making investing more accessible and helping readers to make informed financial decisions.
Before joining Finder in 2021, Matt covered everything from finance news and banking to debt and travel for FinanceBuzz. His expertise and analysis on investing and other financial topics has been featured on Yahoo Finance, CBS, MSN, Best Company and Consolidated Credit, among others. Matt holds a BA in history from William Paterson University.
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