Best Free Trading Platforms in 2025

It’s a little difficult to distinguish investment platforms based on price. Not long ago, platforms competed on a combination of features, fees and commissions. However, in recent years most services have converged on a fairly standard pricing model. Almost all trading platforms now offer free stock and exchange-traded funds trading, as well as options priced less than $1 per contract.

A financial advisor can help you pick the trading platform that fits your goals, time horizon and risk profile.

How Free Trading Platforms Work

At first glance, the promise of commission-free trading can seem too good to be true. After all, traditional brokerages used to charge anywhere from $5 to $10 per stock trade, and those fees were a steady source of revenue. So how do today’s platforms let you buy and sell stocks, ETFs or even options without paying commissions? The answer lies in how these companies generate money outside of direct trading fees.

One of the most common models is payment for order flow (PFOF). In this system, the broker routes your trade through a third-party market maker who executes the order. The market maker pays the broker for that flow of trades, and in turn, the broker can afford to offer you commission-free trading. While the process doesn’t usually affect the average investor, it can raise concerns about whether trades are executed at the best possible price. Some platforms, such as Public, have moved away from PFOF to avoid those conflicts of interest, instead relying on tipping or premium services for revenue.

Beyond PFOF, free trading platforms often make money through interest on uninvested cash, margin lending, premium account tiers and securities lending (where they loan out shares you hold to short sellers).

In short, the business model is less about charging you directly and more about generating income from the broader flow of money in the system. For most investors, this means they can trade without worrying about upfront fees, but it also highlights the importance of understanding how your broker makes money, and whether their incentives align with your own.

Data and Methodology

We identified the apps below through exhaustive research and analysis of the brokerage or trading account market. They are listed in an order that’s in direct correlation with their individual composite score based on our methodology, which includes consumer ratings from multiple popular online app stores and how much a user must invest at a minimum.

1. Fidelity

Fidelity is one of the largest and most established names in the investment world, and for good reason. Unlike many app-first brokers, Fidelity combines the accessibility of a mobile platform with the depth and resources of a full-service brokerage. That means it can appeal equally to beginners just opening their first account and to advanced investors managing complex portfolios.

For cost-conscious traders, Fidelity offers commission-free stock and ETF trades, a standard that has become industry-wide but one that Fidelity helped to cement. Where it stands out is in mutual funds: Fidelity is one of the very few major brokers that offers a wide range of no-transaction-fee mutual funds, making it an attractive option for long-term investors who want diversification without paying extra fees.

Fidelity’s mobile app and online platform are both well-designed, providing real-time quotes, customizable dashboards and access to investment research tools that rival those of any competitor. The firm also offers robust educational resources, from beginner-friendly tutorials to advanced market analysis. This makes Fidelity an excellent choice for new investors who want to learn while they grow, as well as experienced investors who want data-rich tools.

Where Fidelity can feel limited is for hyperactive traders. While it does offer options trading, the interface is not as streamlined or gamified as it is through a platform like Webull. Investors looking to trade contracts all day long may find the platform somewhat restrained compared to app-first alternatives. That said, Fidelity’s emphasis on stability and investor protection makes it one of the safest places to trade.

Ultimately, Fidelity is a strong all-around choice. Long-term investors, retirement savers and anyone who wants both an app-based experience and access to one of the most respected names in finance should consider it.

2. Webull

Webull stands out for the fact that it charges zero fees to trade options contracts. As the firm’s website makes clear, some third-party market participants, such as the SEC and FINRA, can attach minor charges to options trades, but Webull charges no commissions and no contract fees.

. Active investors and those who want to trade from their mobile devices may appreciate Webull’s well-designed app-oriented trading platform. However, it’s worth noting that Webull offers a fairly stripped-down trading experience, with fewer tools and data sets than you will find on many competing services. While this may not be an issue for more casual investors, those who want to conduct sophisticated trading likely will quickly bump into the limits of what Webull has to offer.

3. E*TRADE

E*TRADE is another big name in online investment. It’s been around since the first dot-com boom and is largely credited with kickstarting the era of retail investment. When judged on price, what makes it stand out from its competitors is the sheer volume and quality of choices it offers.

Technically, this platform offers two different platforms: the core E*TRADE brand and its sophisticated Power E*TRADE product. Each has its own website and mobile app, and Power E*TRADE offers a desktop app as well.

Where E*TRADE shines is the strength of all of these platforms, not just one. It is common among trading platforms to offer a variety of tools, such as a web portal and a mobile app, but often it’s clear that the firm has tried to stretch or shrink the same basic toolkit into different spaces. E*TRADE takes advantage of each medium, creating a strong trading platform no matter how you interact with it.

4. SoFi

SoFi started as a student loan refinancing company but has since grown into a full-fledged financial platform, and its investment app reflects that broad approach. The platform integrates investing with other financial services like banking, lending and budgeting.

For newer investors, SoFi makes the process as approachable as possible: There is a low $5 account minimum, no commissions on stock and ETF trades and a clean, easy-to-use mobile interface. It’s a platform built with accessibility in mind, designed for people who want to get started with investing without feeling overwhelmed.

One of SoFi’s standout features is its automated investing option. Users can choose a portfolio tailored to their goals, and SoFi will handle the rebalancing and maintenance, though for an additional cost. This puts it in direct competition with robo-advisors while still allowing customers to buy individual stocks, ETFs and even fractional shares. SoFi also offers access to cryptocurrency trading within the same app, making it a one-stop shop for users who want to dabble in multiple asset classes.

The trade-off is that SoFi doesn’t provide the same depth of research, charting tools or advanced order types that more traditional brokerages or trading-focused apps offer. Experienced traders may find its features too basic, though for beginners and long-term investors that simplicity may be an advantage.

5. M1 Finance

M1 Finance offers a combination of robo-advisory services and active trading. Investors can use M1 to select from a series of pre-built preferences in a standard algorithmic trading model. The software then automatically manages and balances your portfolio based on your specific choices, such as an appetite for risk, trading timeline and the pre-built investment portfolio (known as “Expert Pies”) you’ve selected.

At the same time, you can also buy and sell individual stocks and ETFs as you see fit. This actively traded segment of your portfolio exists alongside your automatically managed segment. This is particularly valuable in that it lets you add a degree of speculation to the generally conservative robo-advisory model through stock trading.

Another upside to M1 Finance is that it is free for investors who meet certain thresholds or requirements. It does not charge commissions on its algorithmic portfolios, nor does it charge trading fees for its stocks and ETFs.

There are a few cons to M1 Finance, however. Because it’s a robo-advisory platform, you have to use a robo-advisor. You won’t have access to sophisticated trading tools nor to assets beyond stocks and ETFs.

6. Ally Invest

Ally Invest is the brokerage arm of Ally Financial, a company best known for its online banking services. For investors who already use Ally Bank, the integration is seamless—your investing, savings and checking accounts are all in one place, making it easy to move money and manage finances from a single platform. Ally Invest charges no commissions on stock and ETF trades priced at $2 and higher, aligning it with the industry standard for low-cost investing.

Where Ally Invest shines is its versatility. It offers both self-directed trading and a managed portfolio option for those who want a hands-off approach. The self-directed platform gives investors access to stocks, ETFs, mutual funds and options, while the managed portfolios include a blend of ETFs and automated rebalancing. This flexibility makes Ally Invest a strong choice for users who want the option to switch between active trading and long-term passive investing without leaving the platform.

The main drawback of Ally Invest is that its trading tools are somewhat limited compared to more advanced brokerages. While the platform is intuitive, it doesn’t offer the same level of charting, research or customization as some competitors. That said, for everyday investors—especially those who already bank with Ally—the convenience and low costs make Ally Invest an appealing option to consolidate both banking and investing under one roof.

7. Schwab

Charles Schwab is one of the most respected names in investing, offering a platform that balances low costs with a deep range of services. Like most major brokerages, Schwab charges no commissions for stock or ETF trades, and it also offers thousands of no transaction-fee mutual funds. For retirement investors, Schwab stands out for its wide range of IRAs, and long-term investors will also appreciate its strong customer service reputation..

The Schwab mobile app is clean, straightforward and likely powerful enough to satisfy most investors. Casual traders can easily buy stocks and ETFs, while more advanced users have access to robust research, news and educational tools. Investors can start simple and grow into more advanced strategies without having to change platforms.

Where Schwab may feel less competitive is for investors who want highly specialized or gamified experiences, such as commission-free options contracts or app-first social features. Its strength lies instead in its stability, breadth of investment choices and investor-focused culture.

8. Public

Public is an investment app designed to make the stock market feel more approachable and community-driven. Like most modern platforms, it offers commission-free trading for stocks and ETFs, but what sets Public apart is its social focus. Users can follow other investors, share their own trades, and learn from a built-in community feed that blends social media with investing. This may make it appealing to beginners who want to see how others are approaching the market and learn in a more interactive way.

Beyond traditional stocks and ETFs, Public also offers access to alternative assets, such as crypto, collectibles and even fractional shares of high-value items like fine art. By lowering the barriers to these types of investments, Public positions itself as a platform for users who want to diversify in unconventional ways. The app also emphasizes transparency: For equity trades, it has moved away from payment-for-order-flow revenue, which some critics argue creates conflicts of interest, instead relying on optional tipping and other services. (It does, however, accept PFOF for stock and ETF options trades.)

For beginners, socially engaged users or those curious about alternative assets, Public is a unique option that combines investing with a modern, community-oriented experience.

9. Robinhood

Robinhood is one of the most recognizable names in modern investing, largely responsible for popularizing commission-free trading. The app is built for simplicity—users can quickly buy and sell stocks, ETFs, options and even cryptocurrencies from a clean, mobile-first interface. It also offers fractional shares, making it easy for investors to start with small amounts of money.

That said, Robinhood comes with significant drawbacks. The platform has faced repeated criticism for its “gamified” design, which some argue encourages risky trading behavior. It has also faced regulatory scrutiny and lawsuits related to outages, order flow practices and misleading communications with customers.

Ultimately, Robinhood may work best for casual investors who want a simple, low-cost way to buy stocks or dabble in crypto. However, while its role in reshaping the brokerage industry is undeniable, Robinhood’s controversies and limitations make it a platform that investors may want to approach with caution.

10. eToro

eToro is best known for its social trading features, making it one of the most community-oriented investment platforms available. The app allows users to follow, interact with and even copy the trades of more experienced investors, a feature that sets it apart from traditional brokerages. For beginners, this offers a unique opportunity to learn by observing the strategies of others, while for seasoned traders, it can be a way to build a following and potentially earn additional income.

Beyond its social component, eToro offers commission-free stock and ETF trading, as well as access to cryptocurrencies, making it a versatile platform for those interested in both traditional and digital assets. The app also supports fractional shares, lowering the barrier to entry for newer investors who want to start small. Its clean interface and emphasis on community-driven investing may make it especially appealing to users who value simplicity combined with interaction.However, eToro does have its limits.

While it provides a wide variety of assets, it doesn’t offer the depth of research tools, advanced order types or technical analysis that more sophisticated investors might require. But for investors who want a socially connected, beginner-friendly experience with the ability to explore both stocks and crypto, eToro can be a solid choice.

Bottom Line

Any of the options on this list could be a good fit for someone looking for free stock and ETFs trading, as well as other low-cost investing capabilities and opportunities. . Some platforms may appeal more to beginner investors who are just beginning to build their portfolios, while others offer the sophisticated tools and diversity of investment options appealing to those who are further along in their investment journey. Whichever category you fall into, before investing your money in any platform, make sure you understand the costs involved.

Tips for Investing

How much should you spend? It’s a question that applies to most areas of life, whether you’re choosing a trading platform or deciding which securities to buy and sell. There are financial advisors who can help you answer that. Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can have a free introductory call with your advisor matches to decide which one you feel is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Whether you’re considering getting started with investing or are highly experienced, an investment calculator can help you figure out how to meet your goals. It can show you how your initial investment, frequency of contributions and risk tolerance can all affect how your money grows.
Several of the entries on this list are robo-advisors. This 21st-century trading model takes the algorithmic trading that has dominated Wall Street for a generation and brings it to the retail sector. Learn more about what robo-advisors are and how they work in our explainer on the subject right here.