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M1 Finance review 2024

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M1 Finance
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Our verdict

Invest yourself or automatically with M1 Finance, with no commissions and no management fees.

Consider M1 Finance if you want an easy-to-use investing platform that prioritizes long-term wealth-building, with commission-free trades, taxable and tax-advantaged account options and a mix of self-directed and automated investing features. Look elsewhere if you are a frequent trader or want a more extensive lineup of investment options.

Best for: Long-term, self-directed investors who want automated investing features.


  • Commission-free stock, ETF and crypto trades
  • Self-directed and automated investing
  • Numerous account types
  • Earn a 5% APY with an M1 Finance high-yield savings account
  • Ready-made portfolios for easy investing
  • Fractional share trading


  • No tax-los harvesting
  • Trade windows make M1 Finance unsuitable for frequent traders
  • More investing flexibility and on-demand crypto trading for a monthly fee
  • $50 inactivity fee

In this guide

  • Our verdict
  • Frequently asked questions
  • Ask a question

How we rate SoFi Invest’s features



Commission-free stock, ETF and crypto trades, but account fees are on the high end.
Available securities


Stocks, ETFs and crypto.
Customer support


Quickly reach support by phone and email.
Mobile app


Both Apple and Android users give the M1 Finance mobile app high marks.
Research and tools


Basic charts, key data, watchlists and news, but nothing by way of analyst reports or ratings or screeners.


No major outages have been reported.

To learn how our star ratings are calculated, read our methodology at the bottom of the page.

M1 Finance is best for long-term investors who want a mix of autonomy and automation

M1 Finance’s commission-free investing and fractional shares lower the barrier to entry for many investors. Meanwhile, its mix of self-directed and automated investing features keeps the decision-making with investors but saves the legwork of trading for M1.

What you can trade on Charles Schwab

  • Stocks
  • Exchange-Traded Funds (ETFs) stocks
  • Cryptoccurency

Account types available with Charles Schwab

  • Brokerage
  • Joint brokerage
  • Trust
  • Custodial
  • Traditional, Roth, SEP and 401(k) rollover IRAs
  • Crypto

Latest SoFi Invest updates

March 15, 2024: M1 Finance is ending its M1 Plus membership program, according to an email it sent out to customers. As of May 15, 2024, the platform’s premium features will be available to all M1 customers. However, the company is also implementing a $3 monthly platform fee for customers with less than $10,000 in M1 assets or without an active M1 personal loan.

Where M1 Finance shines

M1 Finance offers long-term investors a user-friendly platform to invest in stocks, ETFs and crypto, with taxable and tax-advantaged accounts and zero commission trading. M1 combines aspects of self-directed and automated investing, keeping overall decision-making with investors but undertaking trades on your behalf depending on targets you set. It’s not a robo-advisor — M1 doesn’t recommend investments and doesn’t sell any of your holdings to rebalance your portfolio. You need to manually choose to rebalance your portfolio, but then M1 will sell what’s overweight and use the proceeds to buy what’s underweight.

Ultimately, M1 Finance is a sensible option for investors who want a little more autonomy over their portfolio but aren’t quite ready or don’t have the time for full-blown active trading.

M1 Standard vs. M1 Plus

The M1 Standard account is free to use and has almost everything you need to hit the ground running, including unlimited commission-free trades, automated rebalancing and fractional investing. The main difference between M1 Standard and M1 Plus — besides the $36 annual fee or $3 monthly — is that Plus gives you an extra trading window, 0.25% discount on borrowed funds and 1% APY on your M1 checking account.

PlansYearly feeMinimum depositFeatures
M1 StandardFree$100 for self-directed accounts

$500 for retirement accounts

  • Unlimited free trades
  • Dynamic rebalancing
  • Fractional shares
  • Custom and expert portfolios
  • One daily trading window
  • Free checking account
M1 Plus$36 yearly or $3 monthly$100 for self-directed accounts

$500 for retirement accounts

Everything in M1 Standard, plus:
  • Two daily trading windows
  • 1.5% discount on borrowed funds
  • On-demand crypto trading
  • Access to custodial accounts

Where M1 Finance falls short

M1 Finance is limited to stocks, ETFs and crypto, and it requires a $100 minimum deposit for its individual brokerage, joint brokerage, custodial and crypto accounts. Traditional IRAs, Roth IRAs and SEP IRAs all require a $500 minimum deposit.

Even though M1 offers automated investing features, it doesn’t help offset taxes with tax-loss harvesting options. And because it uses trade windows to process trades, M1 isn’t a suitable platform for frequent traders. Accounts with up to $50 and no trading or deposit activity for more than 90 days will also be subject to a $50 inactivity fee.

M1 Finance’s fees

Minimum deposit$100 for taxable accounts; $500 for retirement accounts
Annual fee$0; $3/month for M1 Finance Plus
Stock, ETF and crypto trade fees$0
Crypto spread1%
Inactivity fee$50 fee on accounts with up to $50 and no trading or deposit activity for more than 90 days
Domestic wire transfer$25
Outgoing account transfer fee$100
IRA termination fee$100 per event

Is M1 Finance legit?

Yes, M1 Finance is a legit broker founded in 2015. It’s registered with the US Securities and Exchange Commission (SEC) and regulated by the Financial Industry Regulatory Authority (FINRA).

And your investments are insured up to $500,000 by the SIPC and your check accounts are insured up to $250,000 by the FDIC: So you can feel confident banking and investing with M1 Finance.

M1 Finance’s platform is easy to use

These are some of the tools you’ll be able to view and use with M1 Finance:

  • Basic chart
  • Key data, including current price, market cap and P/E ratio
  • Price ranges
  • Company profile
  • News
  • Watchlist

M1 finance phone screenshots

M1 Finance’s app store reviews

App storeRatingTotal reviews
Google Play 4.32 25,208
Apple Store 4.70 61,824

M1 Finance’s customer support

Connect with M1 Finance support in two ways:

  • Phone
  • Email

How to open an account with M1 Finance

  1. Select the Sign up now button below, and then select Get Started.
  2. Enter your email, create your password and select Sign up now.
  3. Confirm your email address and select Continue.
  4. Choose which pies you want to use in your portfolio and assign a percentage weight to each of your pies. Select Continue.
  5. Follow the steps to verify your identity and fund your account.

Eligibility and required information

  • At least 18 years old
  • Social Security number
  • US citizen or resident with a valid US residential address

Sign up now

How safe is M1 Finance?

M1 Finance is considered safe and secure. Its data is protected with military-grade 4096-bit encryption, and it offers two-factor authentication (2FA) for additional protection.

Compare M1 Finance to other platforms

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Finder rating 4.1 / 5

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Stocks, ETFs, Cryptocurrency

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Available asset types

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How we rate trading platforms

★★★★★ 5/5 — Excellent

★★★★★ 4/5 — Good

★★★★★ 3/5 — Average

★★★★★ 2/5 — Subpar

★★★★★ 1/5 — Poor

We analyze top online trading platforms and rate them one to five stars based on factors that are most important to you. These factors include fees, securities available for trade, customer support, customer feedback, platform resources and overall reliability.

For a complete breakdown of how we score each category, read the full methodology of how we rate stock trading platforms.

Frequently asked questions

M1 Plus Free Trial: Your free trial (a $9 value) begins the date you enroll in the M1 Plus subscription, and ends 3 months after (“Free Trial”). Upon expiry of the Free Trial, your account is automatically billed a monthly subscription fee of $3 unless you elect annual billing of $36 or cancel your subscription under your Membership details in the M1 Platform. We'll remind you when your renewal date is approaching. M1 Plus is a paid membership that confers benefits for products and services offered by M1 Finance LLC, M1 Spend LLC and M1 Digital LLC, each a separate, affiliated, and wholly-owned operating subsidiary of M1 Holdings Inc. "M1" refers to M1 Holdings Inc., and its affiliates.

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Matt Finder

Editor, Investments

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