Fidelity Alternatives

The best alternatives to Fidelity are

1. Charles Schwab - US discount broker
2. E*TRADE - US stockbroker
3. Merrill Edge - US discount broker
4. Ally Invest - US stockbroker

Let's see in a bit more detail how the Fidelity alternatives compare to Fidelity and each other:

Why are these brokers considered good alternatives to Fidelity? There are many areas based on which Fidelity can be compared with others. When we say a given online broker is a good alternative to Fidelity we mean these brokers are comparable in the following areas:

• The products they offer, meaning you can buy mostly the same things, i.e. stocks, CFDs, options, etc.
• The type of clients they target, i.e. beginners, experienced investors, or day traders.

Fidelity alternatives recommendations

Brokers are different in a number of ways, which means each of them may be suitable for different people. Here's how they compare overall:

• Fidelity is recommended for investors and traders looking for solid research and great trading platforms
• Charles Schwab is recommended for investors and traders looking for solid research, low fees and great customer service
• E*TRADE is recommended for investors and traders looking for solid research and a great mobile trading platform
• Merrill Edge is recommended for investors and traders who looking for low fees, quick account opening, and simple platforms
• Ally Invest is recommended for investors and traders looking for low fees and focusing on the us market

Important factors of finding Fidelity alternatives

So far BrokerChooser has reviewed 81 online brokers in detail, which gives this comparison a solid starting point.

Not only that, but all of these brokers are reviewed using the exact same broker review methodology, which makes everything easily comparable. For each broker, we

• open a live account
• check over 100 criteria, with weighting based on readers' preferences
• refresh data regularly

Whether Fidelity or one of its alternatives is the best choice for you is on the following five broker characteristics that most interest people:

Fees. There are different types of fees that your online brokerage may charge, and both the number and the size of these fees may vary significantly from broker to broker. Both of these aspects can impact your returns and your overall experience. Fidelity is one of the cheaper brokers, so if this is an important consideration for you, make sure you pick a similarly low-cost Fidelity alternative.

Deposit/withdrawal. The number of ways that you can deposit or withdraw money to or from your account matters a lot. For example, while you cannot make a deposit with your credit card at Fidelity, some alternatives might allow you to do that.

Web trading platform. While online brokers are usually available on various platforms like mobile apps, tablet apps or desktop software, most people use them through their web platform in a browser. User-friendly trading platforms that offer many different resources can significantly increase your trading comfort.

Markets and products. A lot of people have specific products they would like to invest in. Knowing whether stocks, forex, mutual funds, and other products are available at the given Fidelity alternative is a must.

Now let's dive into the details of how Fidelity and its alternatives perform in the most important areas!

Fidelity is a US stockbroker founded in 1946. It is regulated by top-tier authorities like the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Fidelity is considered safe because it has a long track record and is regulated by top-tier financial authorities.

Recommended for investors and traders looking for solid research and great trading platforms

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Fees

4.2

Fidelity has low trading and non-trading fees, including commission-free stock trading. On the negative side, margin rates and fees for some mutual funds can be high.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k

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Account opening

3.6

Opening an account at Fidelity is easy and there is no minimum deposit. You can also choose among many account types. However, account verification is a bit slow.

Learn more about Fidelity minimum deposit here.

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Deposit and withdrawal

3.8

Fidelity offers an exceptionally wide range of base currencies. On the negative side, credit/debit cards are not accepted.

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Web trading platform

4.5

Fidelity's web platform is easy to use, has many order types and provides two-step authentication. On the negative side, it is not customizable.

Learn more about Fidelity's web trading platform in the detailed Fidelity review.

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Markets and products

3.9

Fidelity offers a lot of different trading products, from stocks to options, including international stocks. However, forex and futures trading is not available.

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Verdict

Fidelity is one of the biggest US stockbrokers and is regulated by top-tier authorities.

Fidelity offers commission-free US stocks and ETFs. The trading platforms and research are outstanding, with many tools including trading ideas and detailed fundamental data. The offered range of products includes international stock exchanges in addition to the US market, which is not common among US brokers.

Fidelity has some drawbacks, though. Some mutual funds have high fees, and the margin rates are high as well. The account verification process and live chat support are both a bit slow. 

As it has great research tools, a user-friendly web trading platform, and charges no inactivity fee, feel free to try Fidelity's services.

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Charles Schwab is a US discount broker that was founded in 1971 and is listed on the New York Stock Exchange.

It is regulated by several top-tier financial authorities, such as the US Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) and the UK's Financial Conduct Authority (FCA).

Recommended for investors and traders looking for solid research, low fees and great customer service

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Fees

4.4

Charles Schwab offers free stock and ETF trading, some mutual funds and bonds are also free, while non-trading fees are low. On the negative side, some mutual fund fees are high.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

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Account opening

4.4

Opening an account at Charles Schwab is easy, fast and fully digital. There is no minimum deposit for US clients, but other clients have to transfer a $25,000 minimum to start.

If you are interested more in Charles Schwab minimum deposit, this overview will help you.

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Deposit and withdrawal

2.2

Funding your account is easy and user-friendly at Charles Schwab and there is no deposit fee. However, you can only use bank transfer and there is a high fee for wire withdrawals.

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Web trading platform

4.3

Charles Schwab offers a good web-based trading platform with a clean design. On the negative side, the platform is not customizable.

Learn more about Charles Schwab's web trading platform in the detailed Charles Schwab review.

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Markets and products

3.3

At Charles Schwab, you can trade a lot of different asset classes, from stocks to futures. Unfortunately, the product portfolio covers only US and Canadian markets.

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Verdict

Charles Schwab is one of the biggest discount US brokers, regulated by top-tier authorities.

It was one of the first brokers, starting in late 2019, to charge no commissions for stock and ETF trades. Its research is outstanding, covering many tools, including trading ideas, Morgan Stanley analyst reports on equities, and detailed fundamental data. Customer service is great, providing relevant answers within a short time.

It does have some drawbacks, though. Except for the around 4,000 mutual funds that are free to trade, mutual fund costs are high and the product portfolio covers only US and Canadian markets. Lastly, the educational platform is not well-structured.

As trading and non-trading fees are generally low, research tools are great and the account opening is seamless, feel free to try Charles Scwhab.

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E*TRADE is a US-based stockbroker founded in 1982. It is regulated by top-tier financial authorities like the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

E*TRADE is considered safe because it has a long track record, is listed on a stock exchange, has a banking background, discloses its financials, and is overseen by top-tier US regulators.

In February 2020, E*TRADE was acquired by Morgan Stanley. To find out more about the motives behind the acquisition and about the wider market context, check out this article we wrote about the deal.

Recommended for investors and traders looking for solid research and a great mobile trading platform

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Fees

4.4

E*TRADE offers free trading of stocks, ETFs, and some bonds and mutual funds. Non-trading fees are also low. On the negative side, fees for mutual funds that aren't free are high.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

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Account opening

4.4

Account opening at E*TRADE (only available for US clients) is fully digital and user-friendly, but the account verification process is slow.

If you are interested more in E*TRADE minimum deposit, this overview will help you.

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Deposit and withdrawal

2.2

E*TRADE charges no deposit fees, and transferring money is easy. On the flip side, you can only use bank transfer, and a high fee is charged for wire transfer withdrawals.

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Web trading platform

4.5

E*TRADE has a great, user-friendly web trading platform, offering a clear fee report among others. On the negative side, it cannot be customized.

Learn more about E*TRADE's web trading platform in the detailed E*TRADE review.

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Markets and products

3.1

You can trade plenty of asset classes at E*TRADE from stocks to futures, but only on the US market; in addition, forex trading is not available.

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Verdict

E*TRADE is one of the biggest US stockbrokers, and is regulated by top-tier authorities.

At the end of 2019, riding the commission-free trading trend in the US, E*TRADE introduced zero commission on stock and ETF trades. E*TRADE's research functions are of high quality and channel a lot of tools, including trading ideas and strategy builders. We liked the easy handling and the customizable features of the mobile trading platform.

E*TRADE has some drawbacks though. It doesn't accept credit/debit cards and electronic wallets for money transfers, and its product portfolio covers only US markets. In addition, live chat support is slow.

As trading fees are generally low, research tools are great and no inactivity fee is charged, you should feel free to try E*TRADE.

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Merrill Edge is a US-based stockbroker founded in 2010 by Bank of America (BofA). BofA acquired Merrill Lynch during the 2008 financial crisis, and the rationale for launching Merrill Edge was to combine its online investing arm and Merrill Lynch's investment expertise. Merrill Edge offers US stocks, ETFs, options, and bonds. It is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Merrill Edge is considered safe because its parent company is a bank with a long track record and solid reputation, it discloses its financials, and is regulated by top-tier regulators. 

Recommended for investors and traders who looking for low fees, quick account opening, and simple platforms

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Fees

4.4

Merrill Edge has low trading and non-trading fees, including commission-free stock and ETF trades. On the other hand, financing/margin rates are quite high.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

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Account opening

5.0

Account opening at Merrill Edge is seamless and fully digital, it took us less than one day to have an open account. Only US clients are accepted.

If you are interested more in Merrill Edge minimum deposit, this overview will help you.

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Deposit and withdrawal

2.2

Merrill Edge has an easy-to-use deposit and withdrawal system with a bank account connection. Unfortunately, credit/debit cards cannot be used to fund the account, and there is only USD as a base currency.

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Web trading platform

4.3

Merrill Edge has a user-friendly and simple trading platform, with options for secure login and for setting price alerts. However, it offers only limited customizability and the search function is not so advanced.

Learn more about Merrill Edge's web trading platform in the detailed Merrill Edge review.

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Markets and products

2.3

Merrill Edge has a limited product portfolio that consists of stocks, ETFs, mutual funds, and bonds. Unfortunately, the product lineup covers only the US market. The broker offers a lower diversity of products in general compared to its competition.

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Verdict

Overall, Merrill Edge is a solid, easy to use trading platform created by Bank of America, one of the US's largest banks.

We rated Merrill Edge highly due to its low fees, easy process of account-opening, and safety. 

Some of the drawbacks include limited product offerings, research capabilities, and deposit/withdrawal options.

As trading and non-trading fees are generally low, the research tools are great and the account opening is seamless, feel free to try it.

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Ally Invest is a US stockbroker regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Its parent company, Ally Financial Inc. dates back to 1911 when its predecessor, General Motors Acceptance Corporation (GMAC) was founded. Ally Financial Inc. is listed on the New York Stock Exchange and has a banking subsidiary, Ally Bank.

Ally Invest is considered safe because it has a long track record and is regulated by top-tier financial authorities.

Recommended for investors and traders looking for low fees and focusing on the us market

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Fees

4.5

Ally Invest has low trading fees and non-trading fees, including zero base commission on most stocks and ETFs. On the negative side, margin rates are quite high.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

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Account opening

4.4

Account opening is fully digital and user-friendly, and involves no minimum deposit in most cases. On the other hand, account verification takes relatively long.

If you are interested more in Ally Invest minimum deposit, this overview will help you.

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Deposit and withdrawal

2.6

Ally Invest doesn't charge a deposit fee, and transferring money is easy. On the other hand, you can use only bank transfer, and wire transfer withdrawals are expensive.

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Web trading platform

3.5

Ally Invest's web trading platform is user-friendly, with a convenient search function. On the negative side, there is no clear fee report, and we also missed two-step login.

Learn more about Ally Invest's web trading platform in the detailed Ally Invest review.

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Markets and products

2.9

At Ally Invest you can trade various asset classes from stocks to options. On the negative side, it covers only the US market, and futures or forex trading is not possible.

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Verdict

Ally Invest is one of the biggest US stockbrokers and is overseen by top-tier regulators. Retail clients of Ally Bank will appreciate that its banking and brokerage platforms are very well integrated - so it's very easy to move cash between those accounts.

Ally Invest has low trading and non-trading fees and offers a good product range in the US. The account opening process is easy and fully digital. We also liked the high quality of its educational tools.

Ally Invest has some drawbacks though. You can trade only on US exchanges. Forex trading is available only through a separate Ally Forex account provided by GAIN Capital (Forex.com). Lastly, there is no option to turn on two-factor authentication for added security.

Still, as trading fees are low and no inactivity fee is charged, feel free to try Ally Invest.

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Based on our analysis, there are several good alternatives to Fidelity. They all offer similar products and target similar customers. Here's a recap of the results in a table.

Still unsure? Use our broker finder and find the best broker for you or learn more about investing your money.