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Fidelity Investments has 33.2 million brokerage accounts.
Fidelity Investments has close to $3.6 trillion in total managed assets.
$0 for stocks and ETFs; $0.65 per contract for options; $49.95 for mutual funds.
Read Fidelity Review
Get $0 stock commissions.
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Charles Schwab serves around 14.1 million brokerage accounts.
Charles Schwab has close to $755 billion in total managed assets.
$0 for stocks and ETFs; $0.65 per contract for options; $49.95 to buy for mutual funds.
Read Charles Schwab Review
Get commission-free online stock trades.
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Robinhood serves around 13 million brokerage accounts.
Robinhood has an estimated over $62 billion in total assets under management.
$0 for stocks and ETFs; $0 for options; mutual funds and bonds are not offered.
Read Robinhood Review
Up to $200 in FREE stock + transfer fee reimbursement.
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Webull has over 12 million registered users.
$0 for stocks and ETFs; $0 per contract for options; $0 for crypto.
Read Webull Review
12 FREE stocks valued $34-$30,600 give-away at Webull.
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TD Ameritrade serves just under 12 million brokerage accounts.
TD Ameritrade has over $1.32 trillion in total managed assets.
$0 for stocks and ETFs; $0.65 per contract for options; $49.99 for mutual funds.
Read TD Ameritrade Review
$0 commissions + transfer fee reimbursement.
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Etrade serves around 6 million brokerage accounts.
Etrade has close to $420 billion in total customer assets.
$0 for stocks and ETFs; $0.65 per contract for options; $19.99 for mutual funds.
Read Etrade Review
Get zero commission on stock and ETF trades.
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Vanguard brokerage service has probably around 6 million customers.
$0 for stock or ETF trades. $1 per option contract.
Vanguard's own mutual funds are free. Most others are $20.
Read Vanguard Review
None right now
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Merrill Edge serves over 3 million brokerage accounts.
Merrill Edge has over $353 billion in total assets under management.
$0 for stocks and ETFs; $0.65 per contract for options; $19.95 for mutual funds.
Read Merrill Edge Review
Get up to $600 when you open a new Merrill Edge account with at least $20,000.
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Ally Financial serves over 6 million customers.
Ally Financial has over $178 billion in total assets under management.
$0 for stocks and ETFs; $0.50 per contract for options; $0 for mutual funds.
Read Ally Invest Review
Get zero commission on stock and ETF trades.
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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.
$0 for stocks and ETFs; $5.95 + $0.75 per contract for options; $35 for mutual funds.
Read WellsTrade Review
None right now
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Discount Brokers Ranked by Size
In the table above we list 10 biggest discount brokers by size. These brokers are ranked according to their total number of
customers and amount of assets they had in 2023. Some companies do not reveal how many clients they have, therefore 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.
The list of top five largest discount brokers by size has not changed since last year. Fidelity Investments is
at the first spot. The veteran of the investment industry, Charles Schwab, is second on the list.
Our highest rated online broker -
TD Ameritrade - is now
surpassed by Robinhood and Webull by a number of clients, but easily beats them when in comes to assets under management.
Largest Stock Brokers Overview
The four biggest online brokers names in America are Fidelity, Schwab, TD Ameritrade, and E*Trade. Choosing a large broker usually carries certain
advantages, such as reputability and technology offerings. The following article will provide a basic synopsis of the highlights that each of the four is capable
of delivering.
Charles Schwab
Schwab has been in business since 1971. Mutual fund investors also have decent resources at the firm
with over 3,500 OneSource funds, which come with no load and no transaction fee. Stocks and
ETFs are $0 per transaction, and options are 65¢ extra per contract.
Trading securities is straightforward using StreetSmart Edge, the broker's
advanced desktop platform. Schwab only requires a $1,000 minimum account balance to use the software, one of the least stringent requirements around. The firm's mobile app has several useful features, including mobile check deposit, live streaming of CNBC, and charting with several technical studies. Customers will benefit from 24/7 phone representatives and more than 320 branch locations. If they need cash management options, the broker also has an FDIC-insured bank that provides checks and a Visa debit card free of charge.
Find a Financial Advisor
If you are looking for a professional money management service in your area, you can
find a Financial Advisor on the Wiser Advisor
(or read
Wiser Advisor review).
Try Wiser Advisor
Fidelity
Founded in 1946, Fidelity Investments today has 25 million customers. They choose this large retail stock broker for its wide selection of mutual and
exchange-traded funds. In total, Fidelity has more than 11,500 mutual funds available, with approximately 1,800 carrying neither load nor
transaction fee.
Investors who need securities research and educational tools will find plenty of them on the Fidelity website. There are infographics, videos, articles, and webinars on a range of financial topics, from retirement to education savings to trading options. Finding an asset to buy is easy using the broker's screeners and analyst reports. Commentary from S&P Capital IQ, Thomson Reuters, Zacks, and many others is free for the firm's clients.
Fidelity has sophisticated trading tools including an app for Apple Watch and Apple TV. The broker's mobile app comes with live streaming of Bloomberg news in HD. Active Trader Pro is the firm's desktop software, which comes with frequent trader requirements.
TD Ameritrade
Starting in Omaha, Nebraska in 1974, TD Ameritrade has evolved into a company with over 11.5 million funded accounts. What do all these customers
receive? They get excellent trading technology at no cost. The broker's website is easy to use and hosts a large amount of educational and research
tools. SnapTicket is a handy trade bar at the bottom of the browser that makes trading stocks and options a breeze. The broker has a platform for
Apple Watch plus three mobile apps. They can be used with a variety of phones and tablets. In case one trading platform is not enough, the broker
provides two of them. One is simpler and is web-based, while the other is a desktop program. Thinkorswim
is more advanced and includes very sophisticated charting and paper trading.
TD Ameritrade offers over 4,200 commission-free mutual funds. It is one of the few brokers in the industry to provide forex and futures trading. The firm provides educational
material on its website for these products, which can be traded on the website, thinkorswim, and mobile apps. Learn more ...
E*Trade
E*Trade is the youngest retail brokerage firm among the four, established in 1982. Today it has more than 6 million customer accounts. These
investors receive more than 8,000 mutual funds. The broker provides mobile platforms for tablets, phones, and Apple
Watch. An advanced desktop platform, Etrade Pro, is available for frequent traders.
The E*Trade website itself is user friendly and comes with a host of educational materials. These cover important topics, such as debt instruments,
mutual fund risk, and student loans. They are in video, article, webinar, and other formats. Customers who need some assistance can reach a
representative 24/7 over the phone or during normal business hours at one of the 30 E*Trade locations across the U.S.
Final Thoughts
Choosing an online broker isn't that difficult as long as you know what you're looking for. A large discount broker has the
advantage of being well known with plenty of experience in taking care of the customer.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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