Brokers and robo-advisors
What does it cost to invest with each firm?
We read each firm page and copy the exact words that state a fee, a minimum or a protection. If a page does not state it, or we could not read the page, the table says "Not stated". We never fill a gap with a guess.
SwitchWize earns nothing from these reviews. There are no affiliate links on these pages.
Our picks for brokers
A pick appears only when at least four firms have a current quote for that fact. Otherwise we say so.
Best for low fees
4 firms tie
- Charles Schwab
- Stock and ETF trades: $0
- Options: $0.65 per contract
- Firstrade
- Stock and ETF trades: $0
- Options: $0 per contract
- Interactive Brokers
- Stock and ETF trades: $0
- Merrill Edge
- Stock and ETF trades: $0
- Options: $0.65 per contract
How we decide: Lowest cost to buy a stock or ETF. Firms that tie are all named. The lower options fee breaks a tie only when every tied firm states it. Only firms with a current quote count. Based on 4 firms with current data. We need at least 4.
Best for interest on idle cash
No pick yet. We have a current, quoted figure for 3 of the 4 providers we need before we name a pick. We would rather say nothing than guess.
How we decide: Highest rate paid on cash left in the account, from the firm page or the SwitchWize Brokerage Cash Sweep Index. Based on 3 firms with current data. We need at least 4.
Best for beginners
No pick yet. We have a current, quoted figure for 3 of the 4 providers we need before we name a pick. We would rather say nothing than guess.
How we decide: Lowest amount needed to open an account, then lowest trade cost. Only firms that state both count. Based on 3 firms with current data. We need at least 4.
Best for retirement accounts
No pick yet. We have a current, quoted figure for 1 of the 4 providers we need before we name a pick. We would rather say nothing than guess.
How we decide: Firms whose own page says they offer IRAs, lowest trade cost first. Only firms that state IRA availability count. Based on 1 firms with current data. We need at least 4.
Brokers side by side
| Firm | Cost to buy a stock or ETF | Account minimum | Options fee per contract | Fee to move your whole account out | SIPC protection |
|---|---|---|---|---|---|
| Fidelity 0 facts quoted | Not stated | Not stated | Not stated | Not stated | Not stated |
| Charles Schwab 4 facts quoted | $0 | Not stated | $0.65 | Not stated | Yes |
| Vanguard 0 facts quoted | Not stated | Not stated | Not stated | Not stated | Not stated |
| E*TRADE from Morgan Stanley 0 facts quoted | Not stated | Not stated | Not stated | Not stated | Not stated |
| Robinhood 0 facts quoted | Not stated | Not stated | Not stated | Not stated | Not stated |
| Interactive Brokers 4 facts quoted | $0 | $0 | Not stated | Not stated | Not stated |
| Merrill Edge 5 facts quoted | $0 | $0 | $0.65 | $49.95 | Yes |
| Webull 0 facts quoted | Not stated | Not stated | Not stated | Not stated | Not stated |
| Public 0 facts quoted | Not stated | Not stated | Not stated | Not stated | Not stated |
| Firstrade 4 facts quoted | $0 | $0 | $0 | Not stated | Yes |
Our picks for robo-advisors
A robo-advisor builds and manages a mix of funds for you for a yearly fee.
Best for low fees
No pick yet. We have a current, quoted figure for 3 of the 4 providers we need before we name a pick. We would rather say nothing than guess.
How we decide: Lowest yearly management fee as a share of your balance. Fund costs are extra and are not included. Based on 3 firms with current data. We need at least 4.
Best for beginners
No pick yet. We have a current, quoted figure for 1 of the 4 providers we need before we name a pick. We would rather say nothing than guess.
How we decide: Lowest amount needed to start. Only firms that state a minimum count. Based on 1 firms with current data. We need at least 4.
Robo-advisors side by side
| Firm | Yearly management fee | Account minimum | SIPC protection |
|---|---|---|---|
| Betterment 1 facts quoted | 0.25% a year | Not stated | Not stated |
| Wealthfront 1 facts quoted | 0.25% a year | Not stated | Not stated |
| Fidelity Go 1 facts quoted | 0.35% a year | Not stated | Not stated |
| Schwab Intelligent Portfolios 0 facts quoted | Not stated | Not stated | Not stated |
| Vanguard Digital Advisor 1 facts quoted | Not stated | $100 | Not stated |
| SoFi Automated Investing 0 facts quoted | Not stated | Not stated | Not stated |
How we check these figures
- Each figure is a word-for-word quote from the firm own page, saved with a fingerprint so a change is easy to spot.
- A person has not signed these off yet. Each is marked "pending review" on its page.
- Every quote expires 30 days after we read it. After that the table asks for a fresh check instead of showing an old number.
- We read pages the way a visitor would, slowly and only where the site allows it. When a firm blocks automated reading, we leave those facts as "Not stated".
- Idle-cash interest uses the firm page when it states a rate, and otherwise our Brokerage Cash Sweep Index.
This is general information, not personal investment advice. Investing involves risk, including loss of money. SIPC protects against a firm failing, not against market losses.