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Best discount brokers in the United States in 2022
Interactive Brokers logo
SoFi Invest logo
Webull logo
Robinhood logo
J.P. Morgan Self-Directed Investing logo

To help you find the best discount brokers in 2022 for citizens in the United States, we went ahead and did the research for you. So what did we focus on? Fees, fees and fees. We don't like them and surely you don't either. After carefully checking 101 brokers for fees, 5 made it to the top. And now, without further ado...

The top 5 picks for the best discount brokers for American citizens in 2022:

  1. Interactive Brokers is the best discount broker in the United States in 2022. Low trading and non-trading fees, free stock and ETF trading for US customers.
  2. SoFi Invest takes second place. Low trading and non-trading fees, free stock and ETF trading.
  3. Webull rounds out the top three. Commission-free stock and ETF trading, low non-trading fees.
  4. Robinhood is ranked fourth. Low trading and non-trading fees, free US stock and ETF trading.
  5. J.P. Morgan Self-Directed Investing just made it to the list at number five. Low trading and non-trading fees, low stock and ETF fees.
Best discount brokers in 2022 for American citizens
Broker Info Fees score
#1 Interactive Brokers International broker providing all asset classes 4.5 stars
#2 SoFi Invest US discount broker 5.0 stars
#3 Webull US discount broker 4.8 stars
#4 Robinhood US zero-fee discount broker 5.0 stars
#5 J.P. Morgan Self-Directed Investing US-based discount broker 4.8 stars

What makes a good discount broker? Well, did we mention low fees? This includes commissions, financing rates, and, let's not forget, non-trading fees like inactivity or withdrawal fees. The table above gives you a good hint; the scores include all fees, with 5.0 being the best. Besides low fees, a good discount broker should also offer access to a lot of markets and products, because providing low fees in more than one asset class is not an easy job. All brokers in our list offer real stocks, but we also looked into whether you can trade currencies, options or mutual funds.

These features may sound obvious and easy to list, but they're hard to figure out. We are testing brokers based on close to 500 criteria, using real accounts and real money. We know what's going on.

For a tailored recommendation, check out our broker finder tool. Answer 4 simple questions and get a list of the most relevant brokers.

And now, let's see the best discount brokers for American citizens in 2022 one by one, starting with the winner, Interactive Brokers.

Interactive Brokers Logo

#1 Best discount broker
Interactive Brokers

4.9

Interactive Brokers, one of the biggest US-based discount brokers, was founded in 1977. The broker is regulated by several financial authorities globally, including top-tier ones like the UK's Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).

Given that the broker has licenses from multiple top-tier regulators, Interactive Brokers is considered safe. The fact that it has a long track record and publicly disclosed financials while being listed on a stock exchange all point to IB being a safe service provider.

Interactive Brokers recently launched a new app for global stock trading: read our review of IBKR GlobalTrader.

In addition, Interactive Brokers also has an app you can use for ESG investing: read our review of IMPACT by Interactive Brokers.

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#1 Interactive Brokers
Fees
4.5

Interactive Brokers has low trading fees and the best margin rates in the industry. For US clients, stock and ETF trading is free if they choose the Lite plan.
Pros Cons
Low trading fees None
Free stock and ETF trading for US clients
Low margin rates
Interactive Brokers trading fees
Interactive Brokers SoFi Invest Webull Robinhood J.P. Morgan Self-Directed Investing
US stock $1.0 $0.0 $0.0 $0.0 $0.0
UK stock $4.2 - - - -
EURUSD benchmark fee $10.4 - - - -
US stock index options $6.5 - $0.0 $0.0 $6.5
Mutual fund $15.0 - - - $0.0
Interactive Brokers non-trading fees
Interactive Brokers SoFi Invest Webull Robinhood J.P. Morgan Self-Directed Investing
Account fee No No No No No
Inactivity fee No No No No No
Withdrawal fee $0 $0 $0 $0 $0

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#1 Interactive Brokers
Markets and products
5.0

At Interactive Brokers, you have access to an extremely wide range of markets and all product types are available.
Interactive Brokers markets and products
Interactive Brokers SoFi Invest Webull Robinhood J.P. Morgan Self-Directed Investing
Stocks Yes Yes Yes Yes Yes
ETFs Yes Yes Yes Yes Yes
Forex Yes No No No No
Funds Yes No No No Yes
Bonds Yes No No No Yes
Options Yes No Yes Yes Yes
Futures Yes No No No No
CFDs Yes No No No No
Crypto Yes Yes Yes Yes No

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SoFi Invest Logo

#2 Best discount broker
SoFi Invest

4.5

SoFi, short for "Social Finance", is a US-based fintech startup founded in 2011. It first specialized in student loan refinancing, but has expanded into the broker space since 2018. SoFi is regulated by the US Securities and Exchange Commission (SEC) and FINRA. SoFi Invest is SoFi's brand for zero-fee or discount brokerage services.

SoFi Invest offers active and automated investing services. The former means a self-directed account where you can trade stocks, ETFs, and cryptocurrencies on your own. By contrast, SoFi Invest automated investing is a robo-advisory service where SoFi Invest handles your investments. In this review, we tested SoFi Invest active investing. Click here for the SoFi robo-advisory review.

SoFi Invest is considered safe because it is regulated by top-tier financial authorities and provides up to $500,000 investor protection (including a $250,000 limit for cash) as part of the SIPC protection scheme.

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#2 SoFi Invest
Fees
5.0

SoFi Invest has low trading and non-trading fees. It offers commission-free trades for US stocks and ETFs, and no fee is charged for inactivity or withdrawals.
Pros Cons
Free stocks and ETFs None
No withdrawal fee
No inactivity fee
SoFi Invest trading fees
Interactive Brokers SoFi Invest Webull Robinhood J.P. Morgan Self-Directed Investing
US stock $1.0 $0.0 $0.0 $0.0 $0.0
UK stock $4.2 - - - -
EURUSD benchmark fee $10.4 - - - -
US stock index options $6.5 - $0.0 $0.0 $6.5
Mutual fund $15.0 - - - $0.0
SoFi Invest non-trading fees
Interactive Brokers SoFi Invest Webull Robinhood J.P. Morgan Self-Directed Investing
Account fee No No No No No
Inactivity fee No No No No No
Withdrawal fee $0 $0 $0 $0 $0

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#2 SoFi Invest
Markets and products
2.2

SoFi Invest has a limited product portfolio comprising US stocks and ETFs as well as a few cryptocurrencies. You can't trade funds, bonds, forex, options or futures.
SoFi Invest markets and products
Interactive Brokers SoFi Invest Webull Robinhood J.P. Morgan Self-Directed Investing
Stocks Yes Yes Yes Yes Yes
ETFs Yes Yes Yes Yes Yes
Forex Yes No No No No
Funds Yes No No No Yes
Bonds Yes No No No Yes
Options Yes No Yes Yes Yes
Futures Yes No No No No
CFDs Yes No No No No
Crypto Yes Yes Yes Yes No

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Webull Logo

#3 Best discount broker
Webull

4.6

Webull is a US-based fintech startup offering zero-fee or discount brokerage services. Founded in 2017, the company is regulated by the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) as well as the Hong Kong Securities and Futures Commission (SFC).

Check out our Webull review tailored to the needs of beginner investors and traders.

Webull is regulated by top-tier financial authorities and provides a maximum of $500,000 investor protection, including a $250,000 limit for cash under the Securities Investor Protection Corporation's (SIPC) protection scheme, which are all great signs for its safety.

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#3 Webull
Fees
4.8

Webull offers commission-free trading for US-listed stocks, ETFs and options. There is no withdrawal fee for ACH transfers and no inactivity fee. However, wire transfer fees are high.
Pros Cons
No commission (for stocks, ETFs, options) High wire transfer costs
ACH transfers are free for funding & payout
Webull trading fees
Interactive Brokers SoFi Invest Webull Robinhood J.P. Morgan Self-Directed Investing
US stock $1.0 $0.0 $0.0 $0.0 $0.0
UK stock $4.2 - - - -
EURUSD benchmark fee $10.4 - - - -
US stock index options $6.5 - $0.0 $0.0 $6.5
Mutual fund $15.0 - - - $0.0
Webull non-trading fees
Interactive Brokers SoFi Invest Webull Robinhood J.P. Morgan Self-Directed Investing
Account fee No No No No No
Inactivity fee No No No No No
Withdrawal fee $0 $0 $0 $0 $0

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#3 Webull
Markets and products
2.8

Webull has a limited product portfolio that includes only US stocks, ETFs and options. Popular asset types such as funds, bonds and forex are not available.
Webull markets and products
Interactive Brokers SoFi Invest Webull Robinhood J.P. Morgan Self-Directed Investing
Stocks Yes Yes Yes Yes Yes
ETFs Yes Yes Yes Yes Yes
Forex Yes No No No No
Funds Yes No No No Yes
Bonds Yes No No No Yes
Options Yes No Yes Yes Yes
Futures Yes No No No No
CFDs Yes No No No No
Crypto Yes Yes Yes Yes No

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Robinhood Logo

#4 Best discount broker
Robinhood

4.3

Robinhood is a US-based, zero-fee discount broker established in 2013. The company is regulated by top-tier financial authorities, such as the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Besides the brokerage service, Robinhood also introduced Cash Management to help clients earn interest on uninvested funds. Click here for more details on this great and unique service.

BrokerChooser is committed to bringing high transparency and clarity to its customers, including brokers and partners. BrokerChooser's Advertiser Disclosure.

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#4 Robinhood
Fees
5.0

Trading US stocks and ETFs is free at Robinhood. The broker doesn't charge an inactivity or withdrawal fee.
Pros Cons
Commission-free US stock and ETF trading None
No fee for deposit or withdrawal
Transparent fee structure
Robinhood trading fees
Interactive Brokers SoFi Invest Webull Robinhood J.P. Morgan Self-Directed Investing
US stock $1.0 $0.0 $0.0 $0.0 $0.0
UK stock $4.2 - - - -
EURUSD benchmark fee $10.4 - - - -
US stock index options $6.5 - $0.0 $0.0 $6.5
Mutual fund $15.0 - - - $0.0
Robinhood non-trading fees
Interactive Brokers SoFi Invest Webull Robinhood J.P. Morgan Self-Directed Investing
Account fee No No No No No
Inactivity fee No No No No No
Withdrawal fee $0 $0 $0 $0 $0

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#4 Robinhood
Markets and products
2.7

Robinhood's product portfolio is limited, as it offers only stocks, ETFs, options and cryptos. Furthermore, assets are limited mainly to US markets. During January 2021, Robinhood restricted trading in as many as 50 individual stocks.
Robinhood markets and products
Interactive Brokers SoFi Invest Webull Robinhood J.P. Morgan Self-Directed Investing
Stocks Yes Yes Yes Yes Yes
ETFs Yes Yes Yes Yes Yes
Forex Yes No No No No
Funds Yes No No No Yes
Bonds Yes No No No Yes
Options Yes No Yes Yes Yes
Futures Yes No No No No
CFDs Yes No No No No
Crypto Yes Yes Yes Yes No

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J.P. Morgan Self-Directed Investing Logo

#5 Best discount broker
J.P. Morgan Self-Directed Investing

4.6

J.P. Morgan Self-Directed Investing, formerly Chase You Invest is a US-based discount broker established by J.P. Morgan in 2018. The parent company, J.P. Morgan, is one the biggest global Tier 1 investment banks listed on the New York Stock Exchange. It is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

J.P. Morgan Self-Directed Investing, formerly Chase You Invest is considered safe because the parent company has a long track record, is listed on the stock exchange, has a banking background, discloses its financials regularly and is regulated by top-tier regulators.

J.P. Morgan Self-Directed Investing platform notes the following:

INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

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#5 J.P. Morgan Self-Directed Investing
Fees
4.8

J.P. Morgan Self-Directed Investing offers commission-free trading, but transaction and other smaller fees may apply.
Pros Cons
Low non-trading fees Low fees like transaction costs may be applied
Low stock and ETF fees / Free stock trading
Commission-free stock, ETF, fund, and bond trades
J.P. Morgan Self-Directed Investing trading fees
Interactive Brokers SoFi Invest Webull Robinhood J.P. Morgan Self-Directed Investing
US stock $1.0 $0.0 $0.0 $0.0 $0.0
UK stock $4.2 - - - -
EURUSD benchmark fee $10.4 - - - -
US stock index options $6.5 - $0.0 $0.0 $6.5
Mutual fund $15.0 - - - $0.0
J.P. Morgan Self-Directed Investing non-trading fees
Interactive Brokers SoFi Invest Webull Robinhood J.P. Morgan Self-Directed Investing
Account fee No No No No No
Inactivity fee No No No No No
Withdrawal fee $0 $0 $0 $0 $0

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#5 J.P. Morgan Self-Directed Investing
Markets and products
2.1

J.P. Morgan Self-Directed Investing has a limited product portfolio including stocks, ETFs, funds, bonds and options. Unfortunately, the product portfolio only includes assets traded on the US market.
J.P. Morgan Self-Directed Investing markets and products
Interactive Brokers SoFi Invest Webull Robinhood J.P. Morgan Self-Directed Investing
Stocks Yes Yes Yes Yes Yes
ETFs Yes Yes Yes Yes Yes
Forex Yes No No No No
Funds Yes No No No Yes
Bonds Yes No No No Yes
Options Yes No Yes Yes Yes
Futures Yes No No No No
CFDs Yes No No No No
Crypto Yes Yes Yes Yes No

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Best discount brokers
What makes a good discount broker?

You're probably wondering how we came up with this list. To get a better understanding, let's discuss the following three points:

  • What is a discount brokerage?
  • Why do we think these brokers are reliable?
  • What were the most important criteria when we picked the best discount brokers?

What is a discount broker?

A discount broker is a brokerage company that executes your buy and sell orders at a low trading fee. Discount brokers can afford to charge lower fees because, unlike full-service brokers, they usually don't provide extra services such as research, personal investment advice, tax planning or robo-advisory.

The difference between full-service brokers and discount brokers has blurred somewhat in recent years. Discount brokers started to offer extra services as well, like research; while full-service brokers started to lower their fees. The traditional brokerage and wealth management industry is under fee pressure from increasingly cost-effective online broker companies.

Many US brokers have slashed their fees to zero and now promote commission-free trading, following in the footsteps of brokers such as Robinhood. Drawbacks for some of these commission-free brokers include the limited number of assets you can trade (for example, mutual funds are less likely to be offered), so some investors and traders still prefer traditional discount brokers, where order execution also tends to be better compared with zero-commission brokers.

Are these brokers reliable?

These brokers are all considered reliable. They are regulated by at least one top-tier financial authority. We at BrokerChooser distinguish between mid-tier and top-tier regulators, based on various factors with the most important being the investor protection amount.

How did BrokerChooser pick the best discount brokers?

We tested brokers based on almost 500 criteria, using real accounts and real money. When we selected the best discount brokers, the primary selection criteria were fees. Importantly, we only included brokers where you can trade real stocks. This means that we excluded brokers where stocks were only offered through CFDs.

We calculated the rankings based on trading fees for all asset classes, such as stock fees; as well as fees not directly related to trading, such as withdrawal fees. We also assigned a higher score to brokers that offer a wide range of asset classes, because providing low fees in more than one asset class is not an easy job and definitely a big plus for investors.

Lastly, we incorporated additional criteria to measure the overall quality of the broker: if the account opening process, customer service and other aspects of the broker are high quality, they all boosted the overall score.

Best discount brokers
Bottom line

You saw the details, now let's zoom out. Here are the best discount brokers in 2022 for citizens in the United States:

Best discount brokers in 2022 for American citizens
Interactive Brokers SoFi Invest Webull Robinhood J.P. Morgan Self-Directed Investing
Fees score 4.5 stars 5.0 stars 4.8 stars 5.0 stars 4.8 stars
Stock and ETF fee scores 4.8 stars 5.0 stars 5.0 stars 5.0 stars 5.0 stars
Markets and products score 5.0 stars 2.2 stars 2.8 stars 2.7 stars 2.1 stars
Deposit and withdrawal score 3.0 stars 2.2 stars 1.9 stars 2.3 stars 2.2 stars
Account opening score 3.2 stars 4.2 stars 5.0 stars 5.0 stars 5.0 stars
Visit broker Visit broker Visit broker Visit broker Visit broker

Interactive Brokers is our winner, the best discount broker in the United States in 2022. Low trading and non-trading fees, free stock and ETF trading for US customers.

All of these brokers are considered a great choice. Pick the winner or any runner-up, and save a lot of money on fees. Let us know what you think in the comment section.

Still unsure? Check out our broker finder tool and find the best broker for you, or learn more about how to invest your money.

Author of this article

Gergely Korpos

Author of this article

Gergely is the co-founder and CPO of BrokerChooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Gergely Korpos

Co-founder, CPO

Gergely is the co-founder and CPO of BrokerChooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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