Fidelity is one of the largest brokers in the United States, but its range of tools and capabilities may not be suited for every investor. If you’re looking for Fidelity alternatives, we listed out the 8 best.
When it comes to online brokerages, Fidelity is a force to be reckoned with.
Designed to cater to a wide variety of investors, the platform’s array of tools, resources, and research functionalities make it a well-rounded platform that rivals the best in today’s online brokerage space.
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What is Fidelity?
Well known for its mutual funds, Fidelity International is a low-cost brokerage account that offers unlimited trades and a wide array of investment choices.
The platform boasts of several powerful features for the modern-day investor, including extended-hour trading, international investing, margin borrowing, domestic and international stocks, precious metals, bonds and CDs, and a lot more.
Why look for Fidelity alternatives?
While powerful in its own account, some investors might find Fidelity to be lacking in some respects. For starters, investors may have to use multiple platforms for a better range of tools.
Next, residents and citizens outside the U.S. will not be allowed to open an account. Fees may also be an issue, as investors looking to cut costs will be met with high mutual fund fees and financing rates. Although stellar in other regards, the platform is sorely lacking on commodities or options on futures.
These limitations may drive investors towards other Fidelity alternatives with more versatile tools, better rates, and capacity to trade futures and options on futures.
List of Top Fidelity Investments Alternatives
To help you in your search for Fidelity alternatives, we listed the best companies like Fidelity investments (both apps and sites) with selections that include some of the most popular and well-loved among investors.
1. M1 Finance
If you’re an investor looking for a portfolio tailored to your exact specifications, M1 Finance is a great choice. This platform is one of the best Fidelity alternatives, boasting a high level of customization and capabilities for automated investing.
M1 Finance allows you to put together portfolios with low-cost ETFs, individual stocks, or combine both. The platform’s target customers are investors who are in it for the long-term, as well as those who already have experience in investing in ETFs and stocks through a traditional online brokerage.
Why we like M1 Finance:
This platform has no trading fees or asset management fees, with the capacity to trade fractional shares. Investors will also enjoy versatility in their portfolio building, with more than 80 expert portfolios to choose from. The platform charges zero management fees and is very conscious about transparency in generating revenue.
See Related: M1 Finance vs Robinhood – Which is Better?
Wealthsimple boasts of a $0 account minimum, making it a great choice for first-time investors. While others will require you to deposit at least $1,000 for a robo-investing account, this platform features no account minimum, making it one of the best apps like Fidelity.
You can invest an amount as low as $5 and the platform grows that money in the type of investment you want, whether it be RRSPs or ETFs.
Wealthsimple has three main offerings: Wealthsimple Invest is a robo-service that recommends a portfolio of low-fee investments with the capacity to put your portfolio into various accounts.
Wealthsimple Trade, the platforms discount brokerage service, is for investors who want to further lower the costs of their investing. In this service, all stock and ETF purchases, trades, and sales come free of charge.
Wealthsimple Cash is a no-fee hybrid chequing and savings account that offers a high-interest rate of 0,9% with no minimum deposit.
Why we like Wealthsimple:
Easy setup, no minimum deposit, low fees, and the capacity to automatically rebalance and reinvest dividends are Wealthsimple’s strong points.
3. Personal Capital
While its fees are on the higher end for its premium service, Personal Capital’s robust free tools might be enough for the starting investor. The platform brands itself as an online financial advisor that combines robo-advisor capabilities with financial advisors to create a more personal experience for its clients.
This personal wealth management company requires a $100,000 minimum investment, while those with account balances of $200,000 or higher can seek the help of two dedicated financial advisors.
Clients are charged an 0.89% account management fee that is discounted to 0.49% for those with larger account balances.
Why we like Personal Capital:
While other platforms focus on a narrow view of a client’s assets, Personal capital offers a comprehensive view of a client’s finances. Personal Capital prides itself on its strategy of being able to reduce risk and increase returns. The platform’s free and comprehensive tools also include a 401(k) fee analyzer and an investment checkup feature.
See Related: How to Use Personal Capital Like a Pro [Tutorial]
Webull is a stock trading mobile app that’s perfect for the undercapitalized active trader. This brokerage platform is one of the best Fidelity alternatives and offers zero-commission stock trades while rivaling Robinhood when it comes to its share of millennial investors.
The platform is designed to be mobile-first, catering to tech-savvy traders who can be left on their own when it comes to trading and handling their accounts.
The platform’s main draw is its free stock trades, which allows you to trade stocks without fees or commissions. Investors will also be able to trade options, supporting Level 1 and Level 2 options trading.
Why we like Webull:
Free commissions and no account or software fees make Webull a great option for investors with shallow pockets. Webull is one of the best platforms for commission-free brokerage while offering margin without the need for a subscription.
See Related: Webull Review – Is It Safe and Legit?
If you’re looking for different stock trading apps from Fidelity investments, try Robinhood. Just like its competitors, Robinhood offers commission-free ETF, stock, and options trades.
As a matter of fact, It was one of the first few platforms to appeal to new investors by offering free trading. The platform’s unique selling point is its free cryptocurrency trading and its streamlined trading capabilities.
The platform also offers zero account minimum, allowing investors to start right away. Just like other stock trading apps in the online investment space, Robinhood requires a $2,000 minimum portfolio balance for those who intend to open a margin account (according to the Financial Industry Regulatory Authority regulation).
Investors also have the opportunity to dabble in fractional shares, with as little as $1 for a portion of a share.
Why we like Robinhood:
What’s not to like about Robinhood’s commitment to providing 100% commission-free options, stock, ETF, and cryptocurrency trades? The platform’s user-friendly mobile app is also a big draw, as sign-up and account funding is effortless.
6. Stash Invest
If you’re looking for sites like Fidelity, Stash is a great alternative. Stash’s main goal is to be approachable for beginner investors, which it achieves by simplifying investments in a user-friendly investment app. Anyone can open a brokerage account for just $1 a month, which also comes with access to the platform’s online bank account and debit card.
Stash’s $0 minimum balance and capability to invest in fractional shares make it a great option for investors who are starting with growing their funds. You can open other accounts too, including a brokerage and bank account for traditional IRA or Roth for $3 a month.
You’ll receive all these features, plus a metal debit card, a monthly investment research report, a turbocharged rewards program, and two custodial accounts for minors for $9 a month.
Why we like Stash:
Newbie investors looking for more hand-holding will love Stash’s investment guidance. The platform does a great job of sizing up your risk tolerance and goals while suggesting ETFs and narrowing options to align with your financial situation.
Fundrise has made real estate investing accessible to the average investor through crowdfunding. For as little as $500, you can pool your assets with other investors to acquire income-producing real estate, making it one of the best Fidelity alternatives if you’re looking to grow your money. The platform’s main offerings are real estate investment trusts (REITs). These trusts invest in commercial real estate by buying buildings or holding mortgages.
Clients can purchase shares of an eREIT or eFund by buying into any of its three portfolios: Starter, Supplemental Income, Balanced Investing, or Long Term Growth. The platform then selects the right mix of eFunds or eREITs for each of your plans as well as the associated properties.
Why we like Fundrise:
The platform is available to nonaccredited investors and offers low investment minimums, so you dabble in private real estate even if you have don’t have much money.
While eREITs are typically illiquid, the platform’s redemption program allows you to sell back your shares to Fundrise with corresponding fees, depending on how long you’ve held your share.
See Related: Fundrise vs RealtyMogul: What Site is Best?
With new pricing changes and services, TradeStation is no longer just for the affluent and experienced trader. Statistical modeling of trading strategies and technical analysis is TradeStation’s strengths.
TS GO, Tradestation’s free trade offering, offers discounted rates for trading options and futures and is best used by customers on the mobile platform. While it tries to appeal to new investors, TradeStation really shines for serious investors who are looking for a professional-level trading platform.
The platform’s upgraded TS Select plan, which is available when you make an initial investment of $2,000, offers access to a whole selection of robust tools. With top-notch features, TradeStation is best for active traders who have experience with stocks, options, futures, and cryptocurrency.
Why we like TradeStation:
TradeStation is a high-quality trading platform that offers a robust array of advanced tools for comprehensive research, and thanks to its commission-free stock, options, and ETF trades, it’s also for new investors too.
Think of Acorns as a cross between a robo-advisor and an automated savings tool. To help investors make the most of their money, the platform rounds up their purchases on the debit card or credit card you linked, after which it funnels the savings into a computer-managed investment portfolio.
The platform offers three levels of membership: Lite costs $1 a month and includes a taxable investment account. For $3 a month, you’ll get an individual retirement account plus a checking account with the Personal account.
The Family account costs $5 and includes all the features from previous levels, plus the Acorns Early feature which allows you to open an investment account for kids.
Why we like Acorns:
Acorns is a platform for hands-off investors who want to seriously save. With automatic saving, you’re encouraged to save without even thinking about it, making it a great option for people who want to efficiently manage their money.
Just like Fundrise, Roofstock allows anyone to invest in the real estate market without needing to be an accredited investor. Instead of loaning money to a real estate developer or rehabber to complete a project within a given timeframe, Roofstock allows investors to purchase properties outright.
It’s a great option for newbie real estate investors who don’t want to put in a lot of work but want to own a rental property. For a property to be listed in Roofstock it must pass a review and vetting process verified by the platform. Investors then earn money from rental cash flow plus any appreciation of their property value.
Why we like Roofstock:
Roofstock offers no membership fees with a simple sign up process. It also offers a 30-Day Satisfaction Guarantee – this allows investors to sell the property back to Roofstock within 30 days if they are not satisfied with the property.
11. Charles Schwab
Charles Schwab is great for beginner investors with its $0 account minimum, while active traders will love its $0 commission for options, stock, and exchange-traded funds. Research is also one of this platform’s strongest points – possibly one of the best in the online brokerage space. It offers its own equity ratings, with reports from Credit Suisse, Morningstar, Ned Davis, and Market Edge among others.
Charles Schwab offers investors access to over 3,500 mutual funds with no transaction fee. It also offers one of the lowest expense ratios for its own proprietary lineup of ETFs and index funds. If you’re looking to invest with little money, Charles Schwab offers fractional shares as well for all S&P 500 stocks.
Why we like Charles Schwab:
No commissions are always something to like, but what makes Charles Schwab really shine is its unrivaled research offerings. Comprehensive reports and in-house experts guarantee that you always make an informed decision.
12. TD Ameritrade
TD Ameritrade stands out with its free tools, research capabilities, multiple trading platforms, and a $0 minimum, making it one of the best Fidelity alternatives. The platform offers free ETF and online stock, with options trades that come with a per-contract fee of $0.65, a typical rate for brokers.
The platform offers a full range of investments, including futures, bitcoin and forex futures trading for its approved clients. It equals or exceeds the broker selection of 4,000 no transaction fee mutual funds from well-known brokers like Fidelity or Charles Schwab.
Why we like TD Ameritrade:
Abundant educational offerings, commission-free trades, and a virtual trading simulator you can use to create mock trading accounts make this platform one of the best Fidelity alternatives.
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