By Jozsef Huszar | Updated: October 24, 2026
The best online brokers all advertise the same headline: $0 stock and ETF trades. That means the real differences hide elsewhere, in options fees, in the price of leaving and in fees that switch on when you miss a condition. We checked seven large U.S. brokers on October 24, 2026, using our research sheet and each firm’s own published fee pages. All seven have a $0 account minimum and are listed as SIPC-protected. The gaps appear when you trade options or move your brokerage account, and they reach $1,000 over ten years. Our guide to opening a brokerage account covers the basics; this article shows the costs.
Quick comparison
The table lists each broker’s account minimum, trading cost, platform strength and SIPC status exactly as recorded in our research sheet. Each name links to the broker’s own pricing or fee page. Look at the trading-cost column first. Stock and ETF trades are $0 at all seven, so the differences show up in options pricing and in what each platform is built for.
| Broker / Product | Account Minimum ($) | Stock & ETF Trading Cost | Investment Selection / Platform Strength | SIPC Protected |
|---|---|---|---|---|
| Fidelity – Fidelity Account | 0 | $0 online U.S. stock and ETF trades; $0.65 per options contract | Very broad; strong research and retirement tools | Yes |
| Charles Schwab – Schwab One Brokerage Account | 0 | $0 online listed U.S. stock and ETF trades; $0.65 per options contract | Very broad; full-service banking and advisory options | Yes |
| Interactive Brokers – IBKR Lite | 0 | $0 U.S. stock and ETF trades; tiered pricing for IBKR Pro | Exceptional global market access and advanced tools | Yes |
| Robinhood – Robinhood Brokerage | 0 | $0 stock, ETF and options trades; regulatory and options fees may apply | Simple mobile-first platform; crypto also available | Yes |
| Vanguard – Vanguard Brokerage Account | 0 | $0 online stock and ETF trades | Best for Vanguard funds and long-term buy-and-hold investors | Yes |
| E*TRADE from Morgan Stanley – Core Portfolio | 0 | $0 stock, ETF and options trades; $0.65 per options contract | Strong platform for active traders and retirement accounts | Yes |
| Webull – Webull Brokerage Account | 0 | $0 stock, ETF and options trades; regulatory fees may apply | Low-cost mobile platform with advanced charting | Yes |
All seven require $0 to open and are listed as SIPC-protected, so neither minimums nor basic protection separates them. Three brokers list $0.65 per options contract in the table, and Robinhood and Webull list $0 options trades. Interactive Brokers and Vanguard show no options price in the table, so we checked their own fee pages and used the results in the cost tables below.
How we chose and what protection applies
The seven brokers are the final list from our research sheet, and we did not add or drop any. Numbers beyond the sheet come from each broker’s own fee page, linked in the first column, and we label any figure that comes from another source. Whenever a fee page and the sheet disagreed on wording, we kept the sheet’s text in the comparison table.
Brokerage accounts are not bank deposits and are not FDIC-insured. All seven brokers are listed as SIPC-protected. If a member firm fails, SIPC works to restore up to $500,000 of securities and cash, including up to $250,000 of cash. It does not cover losses from falling prices. Vanguard’s own fee page also names its brokerage unit as a FINRA and SIPC member. Our guide to SIPC and FDIC protection explains the difference in more detail.
What a typical investor looks like
Because stock and ETF trades cost $0 everywhere, we modeled the one trading cost that varies: options. Our investor buys ETFs every month, so those trades are free, and also places 10 options orders a year of 10 contracts each, which is 100 contracts in total. We show the cost over 1, 5 and 10 years because options fees repeat every year and the gap grows with time.
You can adjust the result in one step. If you trade 300 contracts a year, triple the figures; if you never trade options, your trading cost is $0 at all seven and your choice rests on platform quality and exit costs. Small regulatory fees on sales exist at every broker and are not part of the comparison. At the SEC fee rate in Webull’s schedule, selling a $2,000 ETF position costs about 6 cents.
What it costs in real life
The table multiplies each broker’s options fee per contract by 100 contracts a year. Interactive Brokers’ IBKR Lite also has a $1 minimum per order, which does not apply here because ten contracts cost $6.50. The ten-year column is in bold because it shows the full gap. Read the per-contract column first, then the ten-year column, and note that regulatory pass-through fees of a few cents per contract apply at every broker, including the two with $0 contract fees.
| Broker / Product | Options fee per contract | Year 1 cost | 5-year cost | 10-year cost |
|---|---|---|---|---|
| Fidelity Account | $0.65 | $65 | $325 | $650 |
| Schwab One Brokerage Account | $0.65 | $65 | $325 | $650 |
| IBKR Lite | $0.65 | $65 | $325 | $650 |
| Robinhood Brokerage | $0 | $0 | $0 | $0 |
| Vanguard Brokerage Account | $1.00 | $100 | $500 | $1,000 |
| E*TRADE Core Portfolio | $0.65 | $65 | $325 | $650 |
| Webull Brokerage Account | $0 | $0 | $0 | $0 |
Vanguard is the most expensive at $100 a year and $1,000 over ten years, which is $350 more than the $650 at Fidelity, Schwab, IBKR Lite and ETRADE. Robinhood and Webull charge $0 per contract, which saves $650 over ten years against those four. Two cautions apply. Robinhood lists $0.50 per contract and Webull $0.55 on certain index options, so the $0 figure covers stock and ETF options only. ETRADE’s rate drops to $0.50 only with 30 or more trades per quarter, which 10 orders a year does not reach.
To apply the table to your own habits, divide your yearly contract count by 100 and multiply each ten-year figure by the result. An investor who places 50 contracts a year pays half: $325 at Fidelity over ten years and $500 at Vanguard. The ranking does not change, only the size of the gap. That is why the per-contract fee, not the headline commission, is the number to compare if options are part of your plan.
A $0 options fee does not help if leaving later costs money, which is what the next table shows.
What happens if you miss the conditions
Some costs appear only when you break a rule or change brokers. The most common is the fee to transfer a full account to another firm. Table 3 assumes you switch once within five years and twice within ten, which is a deliberate stress case rather than a forecast. One recurring condition also matters. Vanguard charges a $25 annual account service fee unless you choose e-delivery of documents or hold $1 million with Vanguard, so missing the e-delivery condition costs $125 over five years and $250 over ten.
| Broker / Product | Full transfer-out fee | Switch once (5-year cost) | Switch twice (10-year cost) |
|---|---|---|---|
| Fidelity Account | $0 | $0 | $0 |
| Schwab One Brokerage Account | $50 | $50 | $100 |
| IBKR Lite | $0 | $0 | $0 |
| Robinhood Brokerage | $100 | $100 | $200 |
| Vanguard Brokerage Account | $100 | $100 | $200 |
| E*TRADE Core Portfolio | $75 | $75 | $150 |
| Webull Brokerage Account | $75 | $75 | $150 |
Fidelity and Interactive Brokers charge nothing to leave, while Robinhood and Vanguard charge $100 each time, so two moves cost $200. The Schwab, E*TRADE and Interactive Brokers figures come from third-party fee guides rather than the broker’s own page, so confirm them before you move. Combine this with Table 2 and the picture changes. An options trader at Vanguard who misses the e-delivery condition and moves twice pays $1,000 plus $250 plus $200, or $1,450 over ten years, against $650 at Fidelity. Receiving brokers sometimes cover your old broker’s transfer fee, so check current promotions before you pay it.
The options costs and the exit costs together show which broker suits which kind of investor.
Which one fits you
Each type below points to the brokers whose numbers match that behavior. This is general information, so check current fees on the broker’s page before you open an account.
You buy ETFs and hold for decades
Fidelity fits well. It charges $0 for online stock and ETF trades, $0 to transfer out, and our research sheet describes it as very broad with strong research and retirement tools. Vanguard is the alternative if most of your money sits in Vanguard funds, since the sheet calls it best for Vanguard funds and long-term buy-and-hold investors. The catch is the $25 service fee unless you choose e-delivery, and a $100 exit fee against Fidelity’s $0.
You trade options regularly
Robinhood and Webull charge $0 per contract on stock and ETF options. At 100 contracts a year that saves $65 a year against Fidelity, Schwab, IBKR Lite and E*TRADE, and $100 against Vanguard. Over ten years the gap is $650 and $1,000. Robinhood is a simple mobile-first platform, and Webull adds advanced charting. Both charge to leave, $100 at Robinhood and $75 at Webull, which is small next to the savings.
You want advanced tools and global access
Interactive Brokers’ IBKR Lite is described as having exceptional global market access and advanced tools, with $0 stock and ETF trades, $0.65 per options contract and $0 to leave. E*TRADE is the other choice here, with a strong platform for active traders and retirement accounts. It charges $0.65 per contract, or $0.50 with 30 or more trades per quarter, and $75 to transfer out. If your trading volume is high, the IBKR Pro tiered plan may be cheaper, which we did not model.
You want banking and advice under one roof
Schwab combines a very broad investment menu with full-service banking and advisory options. It charges $0.65 per options contract, which is $65 a year in our model, and $50 for a full transfer out, so the cost of its all-in-one design is small. If you expect to stay put for decades and want one relationship for investing and banking, this is the clearest match.
For most long-term investors, trading fees do not decide the choice, because every broker here charges $0. Decide by what you will actually do: hold, trade options, use advanced tools or consolidate your finances. Then compare the exit cost, because it is the fee you only meet once, on the way out.
What we did not cover
We left out margin interest, which varies widely by balance, along with mutual fund transaction fees, crypto trading, robo-advisor and managed-account fees, and interest on uninvested cash. We also skipped sign-up bonuses, transfer promotions, fractional shares, customer-service quality and brokers outside our research sheet. For Interactive Brokers, we used IBKR Lite only and did not model the Pro plan.
Frequently Asked Questions
Is $0 commission really free?
Not entirely. Brokers can still charge options contract fees, regulatory pass-through fees, margin interest and transfer-out fees. Read the other-fees section of each fee page, because the $0 headline covers only online stock and ETF trades, not every service you may use later.
Can I use more than one broker?
Yes. Many investors keep a long-term account at one broker and a trading account at another. SIPC limits apply to each firm separately, and you will get separate tax forms. Track which account holds which positions and watch for duplicate account fees.
How long does a broker transfer take?
As little as three to five business days when both firms use the ACATS system, though some take longer. Your new broker starts the process. Do not sell your holdings first unless you want to, because selling in a taxable account can trigger capital gains tax.
What is the difference between IBKR Lite and IBKR Pro?
IBKR Lite charges $0 commission on U.S. stocks and ETFs for eligible U.S. residents. IBKR Pro charges per share, fixed or tiered, but offers lower per-contract options rates for high-volume traders, from $0.15 to $0.65 per contract on its tiered schedule.
What does a broker-assisted trade cost?
At Vanguard, a phone trade with a representative adds a $25 broker-assisted commission for clients under $1 million in assets. Other brokers set their own phone fees. Placing trades online avoids the charge and is usually the cheapest route for most investors.
Methodology and last update
Research date: October 24, 2026. Broker names, account minimums, trading costs, platform descriptions and SIPC status come from our research sheet. Other figures come from each broker’s fee page where we found one, and from third-party fee guides where we say so. Cost tables are our own calculations on 100 options contracts a year and, for exits, on one switch in five years and two in ten. We review this page monthly. This article is general information, not personalized financial advice.