Finder makes money from featured partners, but editorial opinions are our own.

Best Brokers for Free Level 2 Market Data in 2026

Free Level 2 data usually comes with a catch — here's what each broker actually requires in 2026.

Matt Miczulski's headshot

By

Matt Miczulski

Edited by

Richard Laycock

Updated

Fact checked

Key takeaways

  • 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

BrokerIs Level 2 data free?Condition to get it freeNotable caveat
MoomooYes — ArcaBook and TotalView$100+ 30-day average balance for NYSE ArcaBook and Nasdaq TotalView; no subscription(1)NYSE OpenBook isn’t included — separate subscription at $25.99/month ($74.99/quarter, $299.99/year)(2),(3)
Charles Schwab (thinkorswim)Yes — no threshold to clearUse thinkorswim; free for all non-professional clients(4)Professional-designated clients pay for it instead
WebullFree for 1 month, then paidNew account; then Premium ($3.99/mo or $40/yr) or $2.99/mo standalone(5),(6)Not free long-term without Premium
FidelityYes, via Active Trader ProOpen a Fidelity account, use the desktop platform(7)No trade-count minimum for Level 2 — requires the desktop platform(8)
RobinhoodNo — requires GoldRobinhood Gold, $5/mo or $50/yr(9),(10)Legend platform is free; Level 2 isn’t

How we chose these brokers

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.
Read review

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

Charles Schwab (thinkorswim): free for all non-professional clients, no threshold

Charles Schwab

9.4 Excellent

Read review

Nasdaq TotalView on thinkorswim is free for all non-professional clients, with no trade-count or balance threshold to clear. Professional-designated clients pay for it instead, per standard exchange rules.

Best for: Any non-professional client using thinkorswim — no activity or balance requirement to meet.

Annual fee $0 per month
Minimum deposit $0
Signup bonus Get a $101 bonus

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.
Go to site
Read review

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.

Annual fee $0 per month
Minimum deposit $0
Signup bonus Get 12 free shares by joining Webull

Fidelity: free through Active Trader Pro for non-professional users

Fidelity Investments

9.2 Excellent

Read review

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

Robinhood: free platform, but Level 2 needs Gold

Robinhood

9.4 Excellent

Read review

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

Still weighing your options?

Compare full-service brokerage accounts side by side before you commit to one for Level 2 data.

Compare brokers

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.

BrokerNYSE ArcaBookNYSE OpenBookNasdaq TotalViewNotes
Interactive Brokers$11/month(11)$25/month(11)$16.50/month (bundled as “TotalView-OpenView”)(11)Non-professional rates; no free tier, no activity threshold
TradeStation——$17/month (Package #3) + $25/month Enhanced Market Depth = $42/month combined; Package #2 (Level 1 + Level 2, no TotalView) is $11/monthFree real-time depth is for CME futures accounts meeting a commission threshold, not for stocks
tastytrade———Doesn’t offer Level II at all: “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).”(12)
E*TRADE (Power E*TRADE Pro)Free$15/month$9/monthSupports Level II quotes with selectable order books(13)
Firstrade———Doesn’t offer it, free or paid
SoFi Invest———Doesn’t offer it, free or paid
Public.com———Doesn’t offer it, free or paid

Frequently asked questions

Paid non-client promotion. Finder does not invest money with providers on this page. If a brand is a referral partner, we're paid when you click or tap through to, open an account with or provide your contact information to the provider. Partnerships are not a recommendation for you to invest with any one company. Learn more about how we make money.

Finder is not an advisor or brokerage service. Information on this page is for educational purposes only and not a recommendation to invest with any one company, trade specific stocks or fund specific investments. All editorial opinions are our own.

Richard Laycock's headshot
To make sure you get accurate and helpful information, this guide has been edited by Richard Laycock as part of our fact-checking process.
Matt Miczulski's headshot
Written by

Investments editor and market analyst
Add to Preferred Sources

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. See full bio

Matt's expertise
Matt has written 295 Finder guides across topics including:
  • Trading and investing
  • Broker and trading platform reviews
  • Money management
More resources on Finder

Ask a question

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.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

More guides on Finder

Go to site