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If someone is managing your money — whether a human or robo-advisor — you’re likely paying for it. Many or all of the products featured here are from our partners who compensate us. This influences which products we write about and where and how the product appears on a page. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. The information is accurate as of the publish date, but always check the provider’s website for the most current information. It’s much easier to achieve success when your brokerage has tools and features to help you gain an edge.
While brokers must make money somehow, the best ones keep trading costs low. If you have a trading account but have not used it for a certain period, online brokerages may charge you an inactivity fee. This is a fee that is applied when you take a position or enter a trade. It could be a flat fee or based on the size of the trade you are taking. Many unscrupulous brokers will promise ‘zero fees’ but charge hidden non-trading fees (more on those later) that you’ll only find buried deep in their terms and conditions.
You might actually be charged for traditional paper statements. That charge could be almost five percent of an account that’s $500! They make it easy for you to switch for all online statements on your account setup. Costs vary widely depending on the brokerage firm, account type and investments you choose.
Today, most online brokers no longer charge commission for buying and selling stocks. Many industries charge brokerage fees — including the insurance and real estate industries. A broker expects you to pay a fee for executing trades through their platform. This fee is an expense that directly affects the overall trading costs and, consequently, the profitability of your investments. Brokers structure their fees in various ways, with some charging a flat fee, per-trade fees, percentage fees, or a combination of any of these models. A flat fee is a fixed amount of money you pay a broker despite your trading size or outcome.
For example, options trading typically costs between $0.50 and $1 per contract, but there are some brokers that don’t charge anything. Mutual fund commissions are a similar situation and can range from free to more than $50 per trade. Brokerage fees look different based on the firm you use for your investments.
For example, you may pay a full-service broker $150 per transaction. Discount brokers charge much lower fees, often less than $10-20 per trade. A brokerage fee is the money you pay a broker to execute trades on your behalf and cover other related services. The amount Brokerage Charges charged could vary from one broker to another, depending upon their payment policies, your account size, and the type of trades conducted. Make sure to always enquire about the prices in order to keep a check on all the costs you will incur while trading.
If you do decide to work with a broker, be mindful of their fees and when those fees may be charged. These fees are based on the transactions they execute for their clients. At a full-service broker, you pay a premium for research, education, and advice.
Bigger Instant Deposits are only available if your Instant Deposits status is in good standing. If you have a professional investment manager selecting stocks and ETFs for your portfolio, you’ll probably have to pay for the privilege. Many financial advisors are fee-only, which typically means they charge a percentage of assets under management, a flat or hourly fee, or a retainer. Others charge a percentage of assets under management and earn a commission from the sale of specific investments. Many discount brokerages are also online brokerage firms, so you can expect the same type of fees—or lack thereof—from both of these types of platforms.
Some charge a flat rate, or a nominal rate per share, while others may charge a percentage of the total trade value, and some charge a combination of both. Inquire about fees at a variety of full-service and discount brokerage firms. Remember what your goals are before you get intimidated by fees.
This means looking for firms that are backed up by robust insurance policies with coverage beyond regulatory minimums. The first step in ranking brokerages is identifying the leading financial institutions. From there, we ranked the brokerages based on various attributes. Before opening an account with a broker make sure to check all the potential fees you will need to pay beforehand. However, the majority of brokers will charge a spread, but depending on the asset you are trading, these can be very small.
Some brokers — especially those that are designed with frequent traders in mind — charge an inactivity fee if your account remains idle for too long. A clear standout for a modern investing experience, particularly for beginner and long-term investors. The ability to buy fractional shares, as well as the ability for everyday investors to participate in IPOs, bolsters our overall opinion. Robo-advisors are companies that manage your investments via computer algorithm, and they often charge substantially less, because they’re taking the human element out of the equation. A typical fee is 0.25% of assets; some advisors, like Empower, combine computer monitoring with dedicated financial advisors and charge more. The last column in the chart shows how much would be lost to fees over the course of 30 years.
For example, a top brokerage for penny stocks would ideally have commission-free trading for stocks and ETFs and relatively inexpensive OTC stock trades. Other investors, such as those who want to trade options or futures, may have different needs. That’s why we have separate rankings for the best brokerages for options, the best brokerages for day traders and the best brokerages for futures.
Fidelity and Merrill Edge both score high on this in NerdWallet’s ratings. Farran Powell is the lead editor of investing at USA TODAY Blueprint. She was previously the assistant managing editor of investing at U.S. Her work has appeared in numerous publications including TheStreet, Mansion Global, CNN, CNN Money, DNAInfo, Yahoo! Finance, MSN Money and the New York Daily News.
If that cost is passed on to the investor, it will be as part of the 12B-1 fee. 12B-1 fees are part of the total expense ratio, not in addition to it, but it’s still important to know what you’re paying. For our brokerage account evaluations, we considered various trading factors. These include investment options, such as stocks, exchange-traded funds, options and futures.
