Best Brokerage Accounts of May 2025

Looking to buy stocks and grow your wealth? An online brokerage account from a top investment firm is your gateway to investing in the stock market. From retirement savings to investing for your child’s future, an online brokerage account is key to reaching your financial goals.

Regardless of your experience level, top investment companies make investing online easy and affordable. With the best brokerage accounts, investors get access to a huge selection of investable securities, trading tools, and strategies.

However, remember that investing money always involves some level of risk. Only invest cash you won’t need in the short term.

Here are the best online brokerage accounts as picked by Business Insider’s editors in 2025.

Best Online Brokerage Accounts

Featured Investing Companies

Best Brokerage Account Overall

Charles Schwab, a discount broker and major investment management firm, stands out as the best overall online brokerage account due to its extensive range of accounts and products, user-friendly platform, and low costs. It caters to the needs of virtually any investor, except for crypto traders.

Schwab online brokerage accounts provide convenience and affordability, with commission-free trades of stocks, ETFs, and options. Options contracts still have a $0.65 contract fee. Investors can access automated portfolio management with Schwab Intelligent Portfolio, get expert advice from CFPS on a range of financial topics, or get hands-on trading experience with the advanced thinkorswim platform.

For a minimum of $250, you can further diversify your portfolio with access to over 40 themed investment funds containing up to 25 stocks, such as AI, dining out, healthcare, and the blockchain. Other noteworthy features include Schwab’s suite of wealth management tools, educational resources, extended trading hours, and fractional share investing called Schwab Stock Slices ($5 to start investing).

Despite Charles Schwab’s overall affordability, certain online brokerage accounts, products, and features are more expensive. For example, Schwab Intelligent Portfolios has a $5,000 minimum with an even higher $50,000 minimum requirement to unlock tax-loss harvesting.

Charles Schwab has a rating of 4.8/5 on the Apple Store and 2.5/5 on Google Play.

Pros of Charles Schwab:

• Low trading fees and no minimum to open an account
• Passive and active trading solutions available
• Wide range of account options and investable securities (includes $8,000+ no-transaction-fee mutual funds)

Cons of Charles Schwab:

Best Brokerage Account for Beginners

SoFi® is a user-friendly online brokerage account featured in our guide to the best investment apps for beginners. The brokerage firm’s goal-based investment strategies, curated educational content, and low fees also make it the best online brokerage firm for beginners.

Whether you want your portfolio managed with robo-advice or prefer a more hands-on approach, SoFi’s streamlined web and mobile online brokerage accounts are designed to help novice traders learn the ropes without complex trading fees.

SoFi offers no-fee stocks, bonds, ETFs, and fractional shares (aka Stock Bits). You can also invest in real-estate-backed funds, contract-free options, and commodities. Similar to Charles Schwab, SoFi offers thematic investing strategies in the form of low-cost ETFs. SoFi no longer supports cryptocurrencies.

SoFi Plus members earn unlimited 1% rewards on all SoFi deposits to a SoFi Invest account, including rollovers. A Plus membership includes unlimited one-on-one consultations from a certified financial planner (CFP).

SoFi has a rating of 4.8/5 on the Apple Store and 4/5 on Google Play.

Pros of SoFi Invest:

• $0 account minimum and no trading fees
• Access to CFPs with SoFi Plus membership
• 1% match for SoFi Plus members

Cons of SoFi Invest:

• Doesn’t offer tax-loss harvesting
• Only offers U.S. investable securities

Best Brokerage Account for Retirement Savers

Fidelity is a great choice for most investment needs, but it’s especially strong for investors with a long-term retirement focus. The combination of low fees and a focus on helping investors reach a successful retirement helped make it the top choice for retirement brokerage accounts.

Fidelity is also featured on our list of best IRA accounts for its powerful retirement investment tools and resource selection. For example, you can use Fidelity’s cost of leaving the workforce calculator to see how your financial situation would change if you stopped working to care for a loved one.

Suppose you prefer a passive investment style for your retirement portfolio. In that case, the broker’s robo-advisor, Fidelity Go, is one of the best robo-advisors for budget investors to access low-cost investment strategies and Fidelity’s unique zero-expense ratio Fidelity Flex mutual funds. Fidelity Go also offers unlimited one-on-one coaching calls for investors with account balances of $25,000 or more.

Fidelity’s retirement services and features include several retirement calculators, tax strategies, annuities, and long-term growth opportunities catered to individuals’ preferences.

Fidelity has a rating of 4.8/5 on the Apple Store and 4.6/5 on Google Play.

Pros of Fidelity:

• $0 minimum to open an account; $10 to start investing with Fidelity Go
• Zero-expense ratio Fidelity Flex mutual funds and commission-free trades
• Large range of investment tools, calculators, and trading platforms

Cons of Fidelity:

• $25,000 minimum requirement to get access to Fidelity CFPs
• Mutual funds outside of the no-fee list cost up to $49.95 each, not including added fees for phone or broker-assisted trades
• Fidelity Go doesn’t provide tax loss harvesting (available with active Fidelity accounts)

• Fidelity charges higher margin rates than many competitors.

Best Brokerage Account for Advanced Traders

Interactive Brokers is a top investment platform for advanced investors who prefer a more professional trading setup, including trading indicators, charting capabilities, customizable dashboards, and global diversification across a wide range of securities.

You can trade at higher volumes and get access to tools optimized for your investing needs. Typical investors may not care about the difference of a few seconds when entering and executing a trade. Very active traders, however, care about milliseconds.

Interactive Brokers has multiple pricing options depending on your level of trading activity and personal trading needs. The basic account, IBKR Lite, offers commission-free stock and ETF trades and competitive fees for most other trades. 

IBKR Pro accounts use tiered or fixed pricing models. This means you won’t get completely commission-free trades as you do with IBKR Lite.

Pro accounts have additional access to market data, the IBKR Web Trader platform, and IBKR APIs for automated trading. Algorithmic trading, also known as algorithms, is included with Pro accounts.

Interactive Brokers has a rating of 4.5/5 on the Apple Store and 4.6/5 on Google Play.

Pros of Interactive Brokers

• $0 minimum to open an account
• Low-cost and fee-free trades
• Access to 200+ global markets

Cons of Interactive Brokers

• $100 minimum for robo-advisor
• Pricing models may be confusing for beginners

Best Brokerage Account for Social Trading

Public Investing is a mobile-first, social brokerage account best for investors who value community and social trading features that allow them to share and learn investment knowledge from others. The platform also uses AI to generate data-driven asset summaries, recaps, and answer trading questions.

On the Public platform, you can follow other investors and chat about investment ideas. You can even join a group chat for live interaction with other investors. In some ways, it’s like a built-in social network for investors.

Another useful feature for newer investors is the ability to view various themes. These groups are stocks by industry or other major categories to help you zero in on companies that make sense for your investment strategy.

Public Investing uses a commission-free pricing model, so most users won’t pay any fees when they trade.

Public Investing has a rating of 4.7/5 on the Apple Store and 4.1/5 on Google Play.

Pros of Public Investing:

• $0 minimum requirement and no-fee stock and ETF trades
• Community and social trading features
• Access to cryptocurrencies and crypto-related content and analysis (from third-party platforms)

Cons of Public Investing:

• $10 monthly fee (most competitors don’t charge any monthly fees)
• Public doesn’t offer a robo-advisor for hands-off automated trades
• Account selection is also limited as you can’t invest in retirement, education, or custodial accounts with Public. 

Best Brokerage Account for Kids and Teens

Stockpile is the best brokerage account for kids to learn how to save and invest in their future. Stockpile offers brokerage and custodial accounts with no recurring fees, minimums, or gift card fees.

Stockpile is great for kids and teens for a few reasons. The simple and easy-to-navigate platform shows kids the logos and companies they are familiar with in their investment portfolios. You can fund the account through a bank account or with stock gift cards. Fractional shares are available for only $1.

Other investable securities include over 4000 stocks and ETFs in five different kid account options and one adult account. Cryptocurrencies are also available, but only investors who understand the risks involved should invest in high-risk securities like crypto.

Parents and kids will enjoy the built-in education resources, such as the “mini-lessons,” which teach stock market basics that prepare anyone for a more successful future in the stock market.

Stockpile has a rating of 4.7/5 on the Apple Store and 3/5 on Google Play.

Pros of Stockpile:

• No recurring fees or minimums
• Wide range of stocks, ETFs, fractional shares, and cryptocurrencies
• Built-in educational resources catered to kids and teens

Cons of Stockpile:

• Other types of investments (such as mutual funds) are not supported.

Find a Brokerage Account Online

Introduction to Brokerage Accounts

Online brokerage accounts are licensed firms in which a broker is responsible for executing a client’s orders. These accounts are managed and operated by licensed financial institutions and investment platforms.

Opening at least one brokerage account should be a key element of your financial plan to meet your financial goals.

How brokerage accounts are insured

Brokerage accounts are insured by the Securities Investor Protection Corporation (SIPC). Like FDIC insurance for bank accounts, SIPC will refund you up to $500,000 per account if the brokerage fails or goes bankrupt.

SIPC insurance does not protect investors from a poor-performing investment portfolio. If the assets in your account drop in price or value, there’s no insurance to cover that risk.

How brokerage accounts are taxed

Brokerage accounts are usually taxable at the federal or state level. Regardless of whether you withdraw assets from your account, you’ll likely have to pay income tax for that year. The same goes for capital gains, but you won’t pay tax on those gains until you sell.

Types of Brokerage Accounts

You can have multiple brokerage accounts, and different types of brokerage accounts serve different purposes.

Cash accounts

The most common type of brokerage account is the standard cash account (aka a brokerage account funded by your own funds). Standard cash accounts are taxable accounts that give investors access to many investable securities.

Popular kinds of cash brokerage accounts include:

• Retirement savings accounts: Investment accounts for retirement savings include tax-advantaged 401(k)s and IRAs with interest-gaining capabilities for long-term growth. Withdrawals are usually penalized until the account owner is at least 59 1/2, or there’s a 10% fee.
• Education savings accounts: Education accounts like 529 savings plans are commonly used to fund academic expenses like tuition, vocational school, and apprenticeships. These plans are tax-advantaged with tax-free withdrawals for eligible expenses.
• Custodial accounts: These are investment accounts for minors but managed by a parent or guardian until the beneficiary reaches the age of majority. Similar to a 529 plan, the best custodial accounts are typically UTMA/UGMAs, which can be used for educational expenses but can also be used for virtually anything that benefits the child.
• Managed accounts: Sometimes referred to as discretionary accounts, these brokerage accounts are professionally managed by financial advisors. This means they can execute trades without the client’s permission. Automated investment platforms, such as robo-advisors, also fall under this category. But rather than a human financial advisor, robo-advisors are equipped with AI algorithms and pre-curated portfolio options.

Margin accounts

Margin brokerage accounts are similar to cash accounts but invest in funds using borrowed money (up to 50% of the investment’s purchase price) rather than cash. Investing on margin means acquiring a loan, so you’ll be responsible for paying back the contents in full (including any accrued interest).

Investing through margin can pose higher risks and will also be more costly, but you’ll get more investment options and increase your chance of higher gains. They also often have a much higher minimum requirement. For example, a margin account through Vanguard requires a $2,000 minimum requirement.

Cash accounts vs. margin accounts may be a better choice for beginners or hands-off investors. Margin accounts, on the other hand, are a better fit for advanced traders and active investors with higher risk tolerances.

How to Open a Brokerage Account

Everyone’s investment goals and preferences are unique, and not all brokerage accounts fit perfectly. To choose the best brokerage firm, start by looking at your investment style and what you want from a brokerage.

Whether that’s cutting-edge active trading tools or a long list of no-transaction-fee mutual funds, there’s a good online brokerage for everyone.

Choosing the Right Brokerage

Review the following information to choose the right brokerage account for you:

• Evaluate your risk tolerance, financial goals, and time horizon
• Explore different investment options in brokerage accounts to find the right one for you
• Compare fees, minimums, and investment features

For most investors, a long-term, passive investment strategy is ideal. Many experts suggest building a diverse portfolio of low-cost index funds over picking individual stocks and riskier active trading tools.

Security and insurance of brokerage accounts should also be considered before opening an account. Most platforms offer substantial coverage and security measures, but you’ll want to check for any recent scandals or lawsuits in which the platform may be involved. 

Once you understand what you need, consider costs, platforms, investment account types, and available investments to decide what’s best for you.

The Account Setup Process

After you decide which brokerage firm you want to open an account with, you can begin the account setup process. Generally, brokerages require you to provide personal information like your name, age, address, Social Security number, and banking information.

Fees and Commissions

Fees and commissions greatly vary between platforms. The top brokerage accounts charge the lowest fees with little to no commissions. However, advanced brokerages with more sophisticated trading tools and investment options tend to charge more for their services.

Some of the fees and commissions you may come across are:

• Trading fees
• Annual account fees
• AUM fees
• Account management fees
• Inactivity fees
• Broker commission
• Expense ratios
• Subscription or membership fees

Some brokerages require a minimum deposit to open an account. Depending on the brokerage and the type of account, this minimum can range from $0 to $10,000 or more. Make sure you’re comparing fees in top brokerage accounts as well. 

Account Features and Services

Depending on your preferred investment strategy and goals, certain brokerage accounts may be better suited for your needs, especially if you’re seeking out specific account features and services.

For example, robo-advisors are likelier to include low-maintenance investment features like automatic rebalancing, tax-loss harvesting, and dividend reinvesting. 

Retirement-focused investors or those with more complex financial situations may want access to a CFP or human consultant. While many brokerage firms offer this service, who is eligible and how much it costs greatly vary from platform to platform. 

Investment Options

Brokerage firms provide accounts with a range of investment options, including:

• Stocks
• Bonds
• Exchange-traded funds (ETF)
• Mutual funds
• Cryptocurrencies
• REITs
• Gold

Managing your brokerage account

Make informed investment decisions

Opening your first brokerage account with a trusted bank or investment platform is the first step. Next, you need to learn how to manage a brokerage account effectively.

You should be knowledgeable of the ins and outs of your account, but also of the assets you choose to invest in. All investable assets come with a level of risk and volatility that, when responsibly managed, can yield high returns and help you reach your goals.

Understand your portfolio’s asset allocation, how your investments correlate with one another, and the importance of portfolio diversification. Set clear financial goals based on your risk tolerance and time horizon.

Monitoring and rebalancing

All brokerage accounts, hands-on or hands-off, must be monitored and rebalanced regularly to meet your investment goals. The assets held in your brokerage account will fluctuate in response to the market, so you’ll need to monitor your account to ensure it’s on the right track.

How frequently you need to rebalance your portfolio depends on the kinds of assets in your account and your preferred investment strategy. Active traders investing in riskier and more volatile assets (such as cryptocurrencies) must rebalance their accounts more frequently than passive investors.

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