The Ascent’s 2023 Stock Broker and Robo-Advisor Awards
How we chose the winners
To determine the Best Stock Brokers and Robo-Advisors awards for 2023, The Ascent’s experts evaluated accounts with our ratings model, focusing on industry factors and user benefits, including:
- Investing costs
- Customer service and support
- Trading platform and mobile app
- Investment variety
Top-rated offerings were selected that we think represent the top pick for the average customer in each category. Our final awards winners were determined by vote to ensure objectivity, with a final Golden Rule check: would we recommend them to a family or friend? Special attention was also paid to:
- Research quality
- Quality of online support
- Commissions rates and margin fees
- Access to ETFs and Mutual Funds
Best Stock Broker Overall
Fidelity
= Best
= Excellent
= Good
= Fair = PoorFidelity offers a wide range of commission-free funds and stocks, a range of different investment products, excellent research tools, and a popular app. Fidelity can cater to the most experienced investors, but it is also easy enough to use for a beginner.
Best Stock Broker for Beginners
SoFi Active Investing
= Best
= Excellent
= Good
= Fair = PoorSoFi has a simple setup with plenty of options for beginners. It has one of the best user experiences available, and it offers all-in-one investing, banking, and budgeting.
Best Stock Broker for Options Trading
Robinhood
= Best
= Excellent
= Good
= Fair = PoorRobinhood offers $0 per contract fees on options trading. It comes with an easy-to-use interface and provides some information on options trading for anyone who needs it. And all of its features are accessible via the app.
Robinhood disclosure
All investments involve risk and loss of principal is possible.?
Securities are offered through Robinhood Financial LLC, member FINRA/SIPC. Cryptocurrency services are offered through an account with Robinhood Crypto, LLC (NMLS ID 1702840). Robinhood Crypto is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Cryptocurrency held through Robinhood Crypto is not FDIC insured or SIPC protected. For more information see the Robinhood Crypto Risk Disclosure.
Trades of stocks, ETFs and options are commission-free at Robinhood Financial LLC.? Other fees may apply. Please see Robinhood Financial’s Fee Schedule to learn more.
Fractional shares are illiquid outside of Robinhood and are not transferable.? Not all securities available through Robinhood are eligible for fractional share orders. For a complete explanation of conditions, restrictions and limitations associated with fractional shares, see the Fractional Shares section of our Customer Agreement.?
Robinhood Gold is an account offering premium services available for a $5 monthly fee. Not all investors will be eligible to trade on Margin. Margin investing involves the risk of greater investment losses. Additional interest charges may apply depending on the amount of margin used. Bigger Instant Deposits are only available if your Instant Deposits status is in good standing.
Best Stock Broker for IRAs
Fidelity
= Best
= Excellent
= Good
= Fair = PoorFidelity comes with one of the lowest advisory fees we could find anywhere. Whether you are just starting to build your IRA or are well on your way, you’ll probably pay the lowest advisory fees at Fidelity.
Best Stock Broker for Fractional Shares
Robinhood
= Best
= Excellent
= Good
= Fair = PoorRobinhood allows investors to buy as little as $1 worth of shares and ETFs with no commission fees. It has more than 5,000 fractional shares to choose from, making it a great place for investors to explore.
Robinhood disclosure
All investments involve risk and loss of principal is possible.?
Securities are offered through Robinhood Financial LLC, member FINRA/SIPC. Cryptocurrency services are offered through an account with Robinhood Crypto, LLC (NMLS ID 1702840). Robinhood Crypto is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Cryptocurrency held through Robinhood Crypto is not FDIC insured or SIPC protected. For more information see the Robinhood Crypto Risk Disclosure.
Trades of stocks, ETFs and options are commission-free at Robinhood Financial LLC.? Other fees may apply. Please see Robinhood Financial’s Fee Schedule to learn more.
Fractional shares are illiquid outside of Robinhood and are not transferable.? Not all securities available through Robinhood are eligible for fractional share orders. For a complete explanation of conditions, restrictions and limitations associated with fractional shares, see the Fractional Shares section of our Customer Agreement.?
Robinhood Gold is an account offering premium services available for a $5 monthly fee. Not all investors will be eligible to trade on Margin. Margin investing involves the risk of greater investment losses. Additional interest charges may apply depending on the amount of margin used. Bigger Instant Deposits are only available if your Instant Deposits status is in good standing.
Best Robo Advisor Overall
Betterment
= Best
= Excellent
= Good
= Fair = PoorBetterment has a great mix of features: low fees, no account minimum, fractional shares, and socially responsible investment options.
Betterment disclaimers
?Betterment Cash Reserve ("Cash Reserve") is offered by Betterment LLC. Clients of Betterment LLC participate in Cash Reserve through their brokerage account held at Betterment Securities. Neither Betterment LLC nor any of its affiliates is a bank. Through Cash Reserve, clients' funds are deposited into one or more banks ("Program Banks") where the funds earn a variable interest rate and are eligible for FDIC insurance. Cash Reserve provides Betterment clients with the opportunity to earn interest on cash intended to purchase securities through Betterment LLC and Betterment Securities. Cash Reserve should not be viewed as a long-term investment option.
Funds held in your brokerage accounts are not FDIC‐insured but are protected by SIPC. Funds in transit to or from Program Banks are generally not FDIC‐insured but are protected by SIPC, except when those funds are held in a sweep account following a deposit or prior to a withdrawal, at which time funds are eligible for FDIC insurance but are not protected by SIPC.?See Betterment Client Agreements for further details.?Funds deposited into Cash Reserve are eligible for up to $1,000,000.00 (or $2,000,000.00 for joint accounts) of FDIC insurance once the funds reach one or more Program Banks (up to $250,000 for each insurable capacity—e.g., individual or joint—at up to four Program Banks). Even if there are more than four Program Banks, clients will not necessarily have deposits allocated in a manner that will provide FDIC insurance above $1,000,000.00 (or $2,000,000.00 for joint accounts). The FDIC calculates the insurance limits based on all accounts held in the same insurable capacity at a bank, not just cash in Cash Reserve. If clients elect to exclude one or more Program Banks from receiving deposits the amount of FDIC insurance available through Cash Reserve may be lower. Clients are responsible for monitoring their total assets at each Program Bank, including existing deposits held at Program Banks outside of Cash Reserve, to ensure FDIC insurance limits are not exceeded, which could result in some funds being uninsured. For more information on FDIC insurance please visit?www.FDIC.gov.?Deposits held in Program Banks are not protected by SIPC. For more information see the?full terms and conditions?and?Betterment LLC's Form ADV Part II.
**The annual percentage yield ("APY") on the deposit balances in Betterment Cash Reserve ("Cash Reserve") is 4.00% and represents the weighted average of the APY on deposit balances at the banks participating in Cash Reserve (the "Program Banks") and is current as of Feb. 6, 2023. This APY is variable and subject to change daily. Deposit balances are not allocated equally among the participating Program Banks. A minimum deposit of $10 is required, but there is no minimum balance required to be maintained. The APY available to a customer may be lower if that customer designates a bank or banks as ineligible to receive deposits. APY applies only to Cash Reserve and does not apply to checking accounts held through Betterment Checking. Cash Reserve and Betterment Checking are separate offerings and are not linked accounts.
For Cash Reserve (“CR”), Betterment LLC only receives compensation from our program banks; Betterment LLC and Betterment Securities do not charge fees on your CR balance.
Best Robo Advisor for IRAs
Wealthfront
= Best
= Excellent
= Good
= Fair = PoorWealthfront offers great value to save for retirement with a robust mix of account types, low fees, and a low account minimum.
Best Robo Advisor for Low Costs
SoFi Automated Investing
= Best
= Excellent
= Good
= Fair = PoorSoFi offers no-fee automated investing with a no account minimum, which makes it an affordable option for investors with high or low account balances. Investors can also access human financial advisors if they wish.
Best Online Trading Platform
Charles Schwab
= Best
= Excellent
= Good
= Fair = PoorCharles Schwab has a top-notch range of online trading tools as well as commission-free trading, fractional shares, and no account minimums. It also allows for customers to keep all their banking under one roof if they choose.
Best Stock Broker for ETFs and Index Investing
Charles Schwab
= Best
= Excellent
= Good
= Fair = PoorCharles Schwab has more than 2,000 $0 commission ETFs as well as its own Schwab ETFs, making a great and low-cost option for customers.
Best Stock Broker for Mutual Fund Investing
Ally Invest
= Best
= Excellent
= Good
= Fair = PoorAlly has no fee for all mutual funds, meaning more than 17,000 mutual funds are available without a transaction fee – that’s hard to beat.
Best Stock Broker for Cash Management
Wealthfront
= Best
= Excellent
= Good
= Fair = PoorWealthfront comes with an APY that rivals some top savings accounts. Wealthfront also gives customers a free visa debit card and checking account features like bill payment.
Best Investing App Overall
Robinhood
= Best
= Excellent
= Good
= Fair = PoorRobinhood has the best user interface we’ve found and comes with just about any investing option someone might want. It also includes some features that promote financially responsible habits like long-term savings.
Robinhood disclosure
All investments involve risk and loss of principal is possible.?
Securities are offered through Robinhood Financial LLC, member FINRA/SIPC. Cryptocurrency services are offered through an account with Robinhood Crypto, LLC (NMLS ID 1702840). Robinhood Crypto is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Cryptocurrency held through Robinhood Crypto is not FDIC insured or SIPC protected. For more information see the Robinhood Crypto Risk Disclosure.
Trades of stocks, ETFs and options are commission-free at Robinhood Financial LLC.? Other fees may apply. Please see Robinhood Financial’s Fee Schedule to learn more.
Fractional shares are illiquid outside of Robinhood and are not transferable.? Not all securities available through Robinhood are eligible for fractional share orders. For a complete explanation of conditions, restrictions and limitations associated with fractional shares, see the Fractional Shares section of our Customer Agreement.?
Robinhood Gold is an account offering premium services available for a $5 monthly fee. Not all investors will be eligible to trade on Margin. Margin investing involves the risk of greater investment losses. Additional interest charges may apply depending on the amount of margin used. Bigger Instant Deposits are only available if your Instant Deposits status is in good standing.
Best Investing App for Beginners
Robinhood
= Best
= Excellent
= Good
= Fair = PoorSimplicity is king for beginners, and Robinhood offers the smoothest experience from setup to first deposit. Robinhood doesn’t overwhelm the user with options or aggressively upsell them with loan offers.
Robinhood disclosure
All investments involve risk and loss of principal is possible.?
Securities are offered through Robinhood Financial LLC, member FINRA/SIPC. Cryptocurrency services are offered through an account with Robinhood Crypto, LLC (NMLS ID 1702840). Robinhood Crypto is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Cryptocurrency held through Robinhood Crypto is not FDIC insured or SIPC protected. For more information see the Robinhood Crypto Risk Disclosure.
Trades of stocks, ETFs and options are commission-free at Robinhood Financial LLC.? Other fees may apply. Please see Robinhood Financial’s Fee Schedule to learn more.
Fractional shares are illiquid outside of Robinhood and are not transferable.? Not all securities available through Robinhood are eligible for fractional share orders. For a complete explanation of conditions, restrictions and limitations associated with fractional shares, see the Fractional Shares section of our Customer Agreement.?
Robinhood Gold is an account offering premium services available for a $5 monthly fee. Not all investors will be eligible to trade on Margin. Margin investing involves the risk of greater investment losses. Additional interest charges may apply depending on the amount of margin used. Bigger Instant Deposits are only available if your Instant Deposits status is in good standing.
Experts You Can Trust
Our financial experts are constantly testing products to bring you the best. With decades of industry experience, our experts provide honest first-person reviews whenever possible to inform our selections.
Jake FitzGerald | Editorial Strategist
Jake is an Editorial Strategist for The Ascent. He specializes in product ratings and all things credit cards, and wants to make sure each person has the best card for them!
Expertise
Product ratings, credit cards, and content production.
Dana George | Writer
Dana is a full-time personal finance writer, with more than two decades of experience. Her focus is on helping readers feel less alone as they navigate their personal finances and offering actionable insights.
Expertise
Banks, Brokers, Credit cards, Insurance, Mortgages, Personal finance, Personal loans, Small business
Education
B.A. Business Management, Spring Arbor University
Past Experience
Dana began her career as a news reporter in Michigan, writing for the Jackson Citizen Patriot and Traverse City Record-Eagle. In California, she wrote business and finance articles for the San Jose Mercury News, Oakland Tribune, and a host of other Northern California publications.
Has Written For
Detroit Free Press, MSN, International Business Times, Nasdaq, USA Today, Des Moine Register, Topeka Capital-Journal, Florida Times-Union, Fox Business, and Dun & Bradstreet.
Career Highlights
Dana's first novel was published in 2005, and while seeing four of her books in print was exciting, her most satisfying professional experiences have come courtesy of the people she's met.
Interviewing survivors of Germany's Stalag III for a six-part series, covering the escape of an American ally from Saigon as the city fell to communists in 1975, and being trusted by everyday people to tell their stories has been an honor. More recently, getting to know and interview the CEO and president of OneUnited Bank -- the largest black-owned bank in the U.S. -- reminded her of how much she loves her job.
Kimberly Rotter, AFC? | Accredited Financial Counselor?
Kimberly B. Rotter is a consumer credit and personal finance educator helping everyday people level up from any starting point, to make their financial situation better.
Expertise
Banks, Credit cards, Insurance, Mortgages, Personal finance, Personal loans, Small business, Taxes
Education
Master of Business Administration, Entrepreneurship
Master's Certificate, Instructional Design
Master's Certificate, Financial Counseling
Bachelor of Arts, Professional Writing
Past Experience
Military training developer, Harvard case study writer
Has Written For
US News & World Report, Investopedia, California Management Review, Nasdaq, MSN Money, Fox Business News, Yahoo! Finance, Credit Sesame, Credit.com, Smart Asset
Career Highlights
- Took the Financial Peace University course and found my name in the bibliography.
- A reader reached out to me privately, and over time I coached her to raise her credit score more than 200 points.
Christy Bieber | Writer
Christy Bieber is a full-time personal finance and legal writer with 15 experience. She has a JD from UCLA and is a former college instructor.
Expertise
Everything finance-related: investing, real estate, credit cards, mortgages, taxes, insurance, brokerage firms
Education
- B.A. English Media and Communications, University of Rochester
- J.D. University of California, Los Angeles, School of Law
Past Experience
- Adjunct professor
- LSAT/SAT tutor
- Textbook writer and course designer
Has Written For
USA Today, Fox Business, Student Loan Hero, Lending Tree, Credit Karma, CNN Money
Career Highlights
- Seeing my work on major websites including USA Today, CNN Money, etc.
- Forming my own S-corp when I realized I could make a living by freelancing full-time
- Receiving feedback from people who read my articles and who said my advice made a difference
Cole Tretheway
Cole Tretheway is a full-time personal finance writer whose articles have been featured on The Ascent and The Motley Fool. He has a degree in English with a Certificate in Professional and Technical Communication from California Polytechnic University, SLO.
Emma Newbery
Emma owns the English-language newspaper The Bogota Post. She began her editorial career at a financial website in the U.K. over 20 years ago and has been contributing to The Ascent since 2019.
Expertise
Cryptocurrency, Personal finance, Small business
Past Experience
Emma started her career in journalism at UKiNvest over 20 years ago, before taking a side road into the world of Olympic bidding. She has started two businesses, including The Bogota Post, an English-language newspaper in Colombia.
Career Highlights
- Worked on London's successful 2012 Olympic bid
- Founded a popular newspaper in Colombia
- Edited a book on women traveling in Latin America
Jamie Matthews
Jamie Matthews is an alumnus of Ohio State University and still calls Columbus, Ohio home. She is a finance editor and occasional writer with more than nine years of experience. When she isn't poring over other people's grammar and punctuation, she enjoys baking, reading, and being a proud dog mom.
Matt Frankel, CFP? | Writer, Analyst
Matt is a Certified Financial Planner? and investment advisor based in Columbia, South Carolina, and has been writing about personal finance since 2011.
Expertise
Personal finance, banking, brokerage, credit cards, student loans
Education
- B.S. Physics, University of South Carolina
- M.S. Mathematics, Nova Southeastern University
- Graduate Certificate, Financial Planning from Florida State University
Past Experience
- Mathematics professor
- High school math teacher
Has Written For
Seeking Alpha
Career Highlights
- Won "Best in Business" award from the Society for Advancing Business Editing and Writing (SABEW) for my coverage of the tax changes
- Host 3 different shows on Fool Live, and have been a regular on Motley Fool podcasts since 2015
- Have been a guest on BBC, NPR, and various other news outlets
Kailey Hagen | Writer
Kailey Hagen has been covering personal finance topics, including banks, insurance, and retirement since 2013.
Expertise
Retirement, investing, banks, insurance, taxes, personal finance
Education
B.A. English, University of Wisconsin-Madison
Past Experience
- Proofreader
- Research Analyst
Has Written For
The Simple Dollar and Motley Fool syndication partners: USA Today, MSN Money, Yahoo Finance
Career Highlights
- Growing a successful freelancing career
- Seeing her work published by major media outlets
- Being thanked by readers who have learned something valuable from her articles
David Chang, ChFC?, CLU? | Writer, Consultant
David S. Chang, ChFC?, CLU? is an award-winning entrepreneur and financial planner with over two decades of experience in the personal finance space. He is a graduate of West Point and a Lieutenant Colonel in the Army National Guard. He has an MBA from the UCLA Anderson School of Management.
Expertise
Finance, investing, insurance, wealth management
Education
- MBA UCLA Anderson School of Management
- BS United States Academy at West Point
- MA University of Hawaii at Manoa
- MATS Covenant Theological Seminary
- East-West Graduate Degree Fellow
- Chartered Financial Consultant (ChFC)
- Chartered Life Underwriter (CLU)
- Project Management Professional (PMP)
- Goldman Sachs 10,000 Small Business Program
- Emerging Leaders Initiative Program, Executive-Level Series, SBA
Past Experience
- CEO of Chang Holding Company (Portfolio of 8 Companies)
- Chief Editor, The Art of Thinking SMART
- Chief of Intelligence (40ID) California Army National Guard
- Military Intelligence Officer for the US Army and Army National Guard
Has Written For
Equities.com, US Today from Motley Fool, Midweek, Hawaii Business Magazine, Star Advertiser
Career Highlights
- InvestmentNews’ 40 Under 40 list of top advisers in the financial planning industry and FIVE STAR Multi-Year Wealth Manager (9-time winner)
- Deputy Chief of Intelligence and Task Force Leader for California National Guard’s successful response to COVID and the successful response to the largest wildfire season recorded in California's modern history.
- Created an educational blog ranked #36 of the Top 50 Financial Advisor Blogs and Bloggers by Kitces.com
- Largest Veteran-Owned Businesses Awardee and Young Business Leader of the Year 40 Under 40 by Pacific Business News; Top 40 Under 40 Military from CivilianJobs.com; Young Professional of the Year from Pacific Edge Magazine.
Eric McWhinnie
Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.
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About the Author
Jake is an Editorial Strategist for The Ascent. He focuses on our content production, distribution channels, and product ratings. He specializes in all thing credit cards and wants to make sure each person has the best card for them! While spending the last decade editing financial content, he has the ability to spend an entire day tailgating, the inability to take himself too seriously, and lives with a putter he’s not currently speaking to.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.