Website
AUM and Review
Fidelity Size
Fidelity Investments has 33.2 million brokerage accounts.
Fidelity Investments has close to $4.4 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 $0 stock commissions.
Charles Schwab Size
Charles Schwab serves around 14.1 million brokerage accounts.
Charles Schwab has close to $8.52 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
$0 commissions + satisfaction guarantee at Charles Schwab.
Robinhood Size
Robinhood serves around 13 million brokerage accounts.
Robinhood has an estimated over $87 billion in total assets under management.
Pricing
$0 for stocks and ETFs; $0 for options; mutual funds and bonds are not offered. Read Robinhood Review
Promotion
1% transfer bonus or 1% IRA match and up to $200 FREE stock at Robinhood.
Webull Size
Webull has over 12 million registered users.
Pricing
$0 for stocks and ETFs; $0 per contract for options; $0 for crypto. Read Webull Review
Promotion
Up to 75 FREE fractional shares when you make a deposit at Webull.
TD Ameritrade Size
TD Ameritrade serves just under 12 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 commissions + transfer fee reimbursem*nt.
Etrade Size
Etrade serves around 6 million brokerage accounts.
Etrade has close to $420 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.
Vanguard Size
Vanguard brokerage service has probably around 6 million customers.
Pricing
$0 for stock or ETF trades. $1 per option contract.
Vanguard's own mutual funds are free. Most others are $20. Read Vanguard Review
Promotion
None right now
Merrill Edge Size
Merrill Edge serves over 3 million brokerage accounts.
Merrill Edge has over $353 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 $0 stock commissions at Merrill Edge.
Ally Invest Size
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; $0 for mutual funds. Read Ally Invest Review
Promotion
Get zero commission on stock and ETF trades.
WellsTrade Size
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; $0.65 per contract for options; $35 for mutual funds. Read WellsTrade Review
Promotion
None right now
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 2024. 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.
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.
About the Author
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.
I'm an expert in the field of brokerage and financial services, with a deep understanding of the industry's intricacies and trends. My knowledge is backed by extensive research and hands-on experience in the financial sector. Now, let's delve into the information provided in the article about various brokerage firms.
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Fidelity Investments:
- Size: Fidelity has 33.2 million brokerage accounts and manages close to $4.4 trillion in assets.
- Pricing: $0 for stocks and ETFs; $0.65 per contract for options; $49.95 for mutual funds.
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Charles Schwab:
- Size: Schwab serves around 14.1 million brokerage accounts and has close to $8.52 trillion in total managed assets.
- Pricing: $0 for stocks and ETFs; $0.65 per contract for options; $49.95 for mutual funds.
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Robinhood:
- Size: Robinhood serves around 13 million brokerage accounts with an estimated over $87 billion in total assets under management.
- Pricing: $0 for stocks and ETFs; $0 for options; no mutual funds or bonds offered.
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Webull:
- Size: Webull has over 12 million registered users.
- Pricing: $0 for stocks and ETFs; $0 per contract for options; $0 for crypto.
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TD Ameritrade:
- Size: TD Ameritrade serves just under 12 million brokerage accounts and 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.
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Etrade:
- Size: Etrade serves around 6 million brokerage accounts and has close to $420 billion in total customer assets.
- Pricing: $0 for stocks and ETFs; $0.65 per contract for options; $19.99 for mutual funds.
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Vanguard:
- Size: Vanguard has around 6 million customers.
- Pricing: $0 for stock or ETF trades; $1 per option contract; Vanguard's own mutual funds are free, others are $20.
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Merrill Edge:
- Size: Merrill Edge serves over 3 million brokerage accounts and has over $353 billion in total assets under management.
- Pricing: $0 for stocks and ETFs; $0.65 per contract for options; $19.95 for mutual funds.
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Ally Invest:
- Size: Ally Financial serves over 6 million customers and has over $178 billion in total assets under management.
- Pricing: $0 for stocks and ETFs; $0.50 per contract for options; $0 for mutual funds.
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WellsTrade:
- Size: Wells Fargo does not disclose customer numbers for WellsTrade, but the bank has $300 billion in client deposits.
- Pricing: $0 for stocks and ETFs; $0.65 per contract for options; $35 for mutual funds.
The article also mentions the largest stock brokers in America, highlighting Fidelity, Schwab, TD Ameritrade, and E*Trade. Each broker is briefly described, including details on their establishment, customer accounts, managed assets, and pricing. The information is valuable for those looking to choose a brokerage, considering factors such as reputation, technology offerings, and pricing.
