No Minimum Deposit Required at Schwab, Robinhood, or Firstrade
Key points:
• Robinhood, Schwab, and Firstrade allow investors to open a brokerage account with no initial deposit.
• Each of these three broker-dealers offers $0 online trades of stocks and ETFs.
• Standard self-directed brokerage accounts at all three firms have no annual maintenance, inactivity, or low-balance fees. Separate trading, transfer, subscription, and service charges can still apply.
Investors searching for brokerage companies with low fees and no opening-deposit requirement may want to consider Schwab, Firstrade, and Robinhood.
Robinhood
Investors can open a Robinhood brokerage account with a $0 deposit and leave the account unfunded if they choose. Those who later add money are not required to meet a minimum deposit amount. With fractional-share investing, eligible stocks and ETFs can be purchased with a $1 minimum order. Cryptocurrency trades can be submitted with as little as $0.01.
Robinhood assesses no commissions on online trades of stocks, ETFs, and equity options, and equity-option orders have no per-contract charges. Different pricing applies to futures, index options, event contracts, and certain cryptocurrency transactions. Investors may also encounter bid-ask spreads and regulatory fees.
After a position is purchased, any fractional holding appears in the account as less than one complete share or coin. Selling these positions is straightforward because customers can enter an eligible dollar value or quantity on the sell ticket. Robinhood also includes a Sell All choice for fractional stock holdings valued below $1.
Robinhood imposes no annual maintenance, inactivity, or low-balance charges on standard self-directed brokerage accounts while positions are being traded or held. As a result, customers can keep an account open with a very small balance or no balance. Charges may still apply for optional memberships, margin borrowing, account transfers, and other services.
The absence of annual account-maintenance fees at Robinhood applies to taxable brokerage accounts as well as IRAs. There is no separate charge merely for deactivating an account. However, Robinhood assesses $100 per account for either a full or partial outgoing ACATS transfer.
Robinhood is discontinuing its older Spending accounts and has introduced Robinhood Banking as its current cash-management service. Access to Robinhood Banking requires an annual Robinhood Gold subscription, and available benefits and fees depend on factors such as qualifying direct deposits and the customer’s total assets. Other transaction and service charges can also apply.
Robinhood Banking includes a Mastercard debit card connected to its checking account. The card itself has no monthly fee, but ATM pricing varies by account benefits and withdrawal location. Eligible in-network withdrawals can be free, while other ATM transactions may cost $2.50 plus any fee charged by the ATM owner.
Free Robinhood Account
3% deposit match and FREE stock worth up to $200 at Robinhood.
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Charles Schwab
Charles Schwab, like Robinhood, provides numerous accounts that can be opened without making an initial deposit. The available choices include both brokerage and bank accounts. Schwab’s checking and savings accounts have no minimum opening-deposit requirement. However, the checking account must be funded before Bill Pay can be activated and a checkbook and Visa debit card can be issued.
A Schwab brokerage account can likewise be established with no initial deposit. After the account is approved, customers can use Schwab’s website, mobile application, and thinkorswim trading platforms.
Schwab offers a large selection of securities that can be purchased with modest dollar amounts. For instance, most mutual funds available through the brokerage have a $1 minimum purchase requirement (specifically, 4,947 funds out of a total of 5,740 funds have this minimum purchase amount). Investors can access the mutual-fund screener through the Research tab on Schwab’s website.
Fractional-share investing is also available at Schwab. Eligible customers can purchase fractions of most U.S.-listed stocks and ETFs with a $1 minimum.
Self-directed Schwab customers receive access to extensive educational and research materials across the broker’s digital platforms. These resources have no separate usage fee or account-balance requirement, which can make them especially useful to investors with smaller accounts. During our review of Schwab’s platforms, we located complimentary stock reports, introductory securities-trading lessons, live streams from several financial television channels, and analysis of current market developments.
Standard Schwab brokerage accounts do not have annual maintenance, inactivity, or low-balance charges. Online transactions in listed stocks and ETFs carry $0 commissions. Options contracts have a separate per-contract charge, while broker-assisted trades, certain mutual funds, fixed-income transactions, account services, and other investments may generate additional fees.
Free Charles Schwab Account
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Firstrade
Firstrade completes our list of brokerage firms that allow accounts to be opened with no deposit. Eligible domestic and international customers can conveniently establish a brokerage account without funding it through the company’s website. Once the self-directed account is active, it has no annual maintenance, inactivity, or low-balance fees. Firstrade also charges nothing to close an IRA. Other service and transaction costs may still apply.
Firstrade customers can trade numerous securities in taxable and tax-advantaged accounts using relatively small dollar amounts. Fractional-share trading is available for more than 4,000 eligible stocks and ETFs, with a $5 minimum value. Customers can submit fractional-share orders through Firstrade’s supported platforms. Orders may be entered by dollar amount or share quantity, and fractional-share eligibility and available order types depend on the security and the platform’s current rules.
A large number of Firstrade mutual funds have minimum transaction amounts of $1 or less. Our review of the broker’s fund screener identified 3,436 such funds.
Firstrade applies $0 commissions to online stock, ETF, options, and mutual-fund trades, and online options transactions have no per-contract commission. Regulatory and clearing charges can still apply, and certain mutual-fund redemptions are subject to fees. Broker-assisted transactions and some account-related services also carry charges.
Updated on 8/3/2026.
Chad Morris has been analyzing investment firms for Brokerage-Review.com since 2015. Backed by FINRA Series 65, 66, and SIE credentials, his work reflects a deep knowledge of the retail brokerage industry and digital trading tools.
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