11 Best Discount Brokers of September 2024 - NerdWallet (2024)
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Fidelity is the investment house of choice for more than 51.5 million customers, while Charles Schwab has more than 35 million client banking and brokerage accounts. Both firms are enormous; Schwab boasts more than $9 trillion in client assets, while Fidelity has $14.1 trillion in assets under administration.
The biggest drawback is that using a discount broker is largely a DIY endeavor. If a client is inexperienced and in need of financial guidance, they won't really find it with a discount broker. Also, discount brokers aren't created equal.
Interactive Brokers was named the best broker for advanced traders as part of the 2024 Bankrate Awards. Commissions: $0.005 per share (stocks and ETFs) for the Pro plan (minimum $1) and $0 for the Lite plan; $0.65 per contract (options) and volume discounts are available.
While there are many brokerage houses in the U.S., the largest are Charles Schwab, Vanguard, Fidelity, and JP Morgan. These are huge asset managers with millions of customers investing trillions of dollars.
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