Brokerage Firm Size

10 Largest Discount Online Brokers Ranked by Size


2020 U.S. largest discount online stock broker companies ranked by size and number of customers



Brokerage
Website
Number of Clients,
AUM and Review


Fidelity Investments rating

Fidelity



Fidelity

Fidelity Investments has 29.6 million brokerage accounts.


Fidelity Investments has close to $2.96 trillion in total managed assets.


Pricing

$0 for stocks and ETFs; $0.65 per contract for options; $49.95 for mutual funds. Read Fidelity Review


Promotion

Get 500 free trades with $100,000+ deposit.




TD Ameritrade rating

TD Ameritrade




TD Ameritrade

TD Ameritrade serves over 11.5 million brokerage accounts.

TD Ameritrade has over $1.32 trillion in total managed assets.


Pricing

$0 for stocks and ETFs; $0.65 per contract for options; $49.99 for mutual funds. Read TD Ameritrade Review


Promotion

$0 commission stock and ETF trades.




Charles Schwab rating

Charles Schwab




Charles Schwab

Charles Schwab serves around 11 million brokerage accounts.

Charles Schwab has close to $3.7 trillion in total managed assets.


Pricing

$0 for stocks and ETFs; $0.65 per contract for options; $49.95 to buy for mutual funds. Read Charles Schwab Review


Promotion

Make $100,000 deposit and get 500 commission-free online equity and options trades.




Etrade rating

E*trade




Etrade

Etrade serves around 7 million brokerage accounts.

Etrade has close to $346 billion in total customer assets.


Pricing

$0 for stocks and ETFs; $0.65 per contract for options; $19.99 for mutual funds. Read Etrade Review


Promotion

Get zero commission on stock and ETF trades.




Robinhood Trading rating

Robinhood



Robinhood

Robinhood serves around 6 million brokerage accounts.


Pricing

$0 for stocks and ETFs; $0 for options; mutual funds are not offered. Read Robinhood Review


Promotion

Get one free $3-$7 value stock when you open an account.




Vanguard rating

Vanguard




Vanguard

Vanguard brokerage service has probably 2 to 3 million customers.


Pricing

$0 for stock or ETF trades. $1 per option contract.

Vanguard mutual funds - free. Most others: $20. Read Vanguard Review


Promotion

None right now




Merrill Edge rating

Merrill Edge




Merrill Edge

Merrill Edge serves over 2.5 million brokerage accounts.

Merrill Edge has over $200 billion in total assets under management.


Pricing

$0 for stocks and ETFs; $0.65 per contract for options; $19.95 for mutual funds. Read Merrill Edge Review


Promotion

Get up to $600 when you open new Merrill Edge account with at least $20,000.




Ally Invest rating

Ally Invest



Ally Invest

Ally Financial serves over 6 million customers.

Ally Financial has over $178 billion in total assets under management.


Pricing

$0 for stocks and ETFs; $0.50 per contract for options; $9.95 for mutual funds. Read Ally Invest Review


Promotion

Up to $3,500 cash bonus + $0 commission trades.




WeBull rating

Webull




Webull

Webull does not disclose number of clients or total assets under management.


Pricing

$0 for stocks and ETFs; $0 per contract for options; $0 for crypto. Read Webull Review


Promotion

Get 2 FREE stocks valued up to $1,400 + $100 in ACAT reimbursement.




Wellstrade rating

Wellstrade




WellsTrade

Wells Fargo does not disclose how many customers their brokerage unit, Wellstrade, has or amount of assets under management.

Wells Fargo Bank has $300 billion in client deposits, while although large, is quite a bit lower than the company’s brokerage assets. The investment banking unit earns more than $3 billion in gross sales every year with less than 5,000 employees. That’s around $600,000 per worker.

The financial behemoth generates over $22 billion in revenue each year, which results in a pre-tax profit of nearly $9 billion. The company was ranked as one of the largest American corporations on Fortune magazine’s rankings.


Pricing

$0 for stocks and ETFs; $5.95 + $0.75 per contract for options; $35 for mutual funds. Read WellsTrade Review


Promotion

None right now




Discount Brokerage Firms Ranked by Size


In the table above we list 10 discount brokers by size. These brokers are ranked according to their total number of customers and amount of assets they had in 2020. Some of the companies do not reveal how many clients they have so we had to guesstimate. Brokerages that have their shares traded on the stock market have to provide the amount of their assets in the financial statement - that's the law.

This list is very similar to the one from the previous years, with one notable exception - Ally Invest. The company have merged with its competitors, Zecco and MB Trading, and the mergers created one of the largest brokerage companies in the country. With pricing much lower than at the five larger firms, it is now a formidable competitor though it still has a lot of ground to make up - the largest stock brokers have millions of customers.


Largest Discount Brokerage Firms


The list of top five largest discount brokers by size has not changed since last year. Fidelity Investments is at the first spot with over 29 million clients. The veteran of investment industry, Charles Schwab, was third with close to 11 million customers. Our highest rated online broker - TD Ameritrade - probably surpassed Schwab after acquiring Scottrade. It now has over 11.5 million customers in total.