SSubrupt

Fidelity Alternatives

Investment PlatformsFree tier available
Visit Fidelity
PlanMonthlyAnnual
Fidelity BrokerageFree—
BrokerageFree—
FreeFree—
Managed (Go)Free—
Fidelity Go (robo)Free—
Fidelity Wealth ManagementFree—
Wealth ManagementFree—

Verdict

Fidelity Brokerage is the best one-stop free broker in the US. The honest answer for most users is to stay; the picks below cover specific shape-mismatches: ideological alignment with Vanguard's structure, futures/options depth on thinkorswim, pie-based DIY investing on M1, hands-off robo-advisor work on Wealthfront or Betterment, and SoFi's mobile-first approach.

By Subrupt EditorialPublished Reviewed

Fidelity Brokerage leads on no-fee broker in the US: zero-commission stock and ETF trades, the lowest expense ratios on its zero-fee index funds (FZROX, FZILX, FNILX, FZIPX), strong cash management (4%+ APY on idle cash via FDRXX), and clean integrations with HSAs and 529 plans. For most US investors, Fidelity fits the workload and there is no compelling reason to leave.

Where Fidelity is shape-mismatched: an investor who specifically wants to put dollars into the firm structurally most aligned with shareholder interests (Vanguard's owner-of-the-funds structure), an active options or futures trader who wants thinkorswim's depth (now at Schwab post-TD), a DIY investor who wants pie-based fractional automation (M1), or a hands-off investor who wants the cheapest credible robo (Wealthfront or Betterment). Each pick below leads for one of those shapes.

Pick by what you actually want. Vanguard ideological alignment equals Vanguard. Active options/futures depth equals Schwab. Pie-based fractional automation equals M1. Hands-off robo equals Wealthfront. Mobile-first young investor equals SoFi.

Affiliate disclosure: Subrupt earns a commission when you switch to a service through our recommendation links. This never changes the price you pay. We only recommend services where there's a real cost or feature advantage for you, and our picks are based on the data on this page, not on which programs pay the most.

Quick pick by use case

If you only have thirty seconds, find your situation below and skip to that pick.

If you want the firm whose structure most aligns with shareholdersVanguardVanguard is owned by its funds, which means fund holders are the firm's owners (not external shareholders).If you trade options or futures activelyCharles SchwabCharles Schwab now hosts thinkorswim (post-TD acquisition), the deepest active-trader platform.If you want pie-based fractional automationM1 FinanceM1 Finance lets you build target-allocation pies and auto-rebalances with fractional shares free.If you want the cheapest credible robo with tax-loss harvestingWealthfrontWealthfront charges 0.25% with tax-loss harvesting and direct indexing at $100K+.If you are mobile-first and value young-investor UXSoFi InvestSoFi Invest pairs commission-free trades with banking, fractional shares, and IPO access on mobile.

At a glance: Fidelity alternatives

Quick comparison across pricing floor, best fit, and switching effort. Tap a row to jump to the full pick.

Our picks for Fidelity alternatives

#1

Vanguard

Free tierMedium switching effort

Best for ideological alignment with shareholder structure

Try Vanguard

Vanguard is structurally unique: the firm is owned by its funds, which means the funds' shareholders (you, when you own a Vanguard fund) are the firm's owners. This eliminates the conflict-of-interest gap between fund firm and investor that exists at every other major broker. The expense ratios on VTI, VTSAX, VTI's foreign equivalents, and the bond fund lineup are the lowest in the industry. The trade-off vs Fidelity is a less polished UX and weaker cash management features.

Strengths

  • +Owner-of-the-funds structure (unique)
  • +Lowest expense ratios on broad-market index funds
  • +$0 stock and ETF commissions
  • +Strongest broad-market index fund lineup

Trade-offs

  • −Less polished UX than Fidelity or Schwab
  • −Cash management weaker than Fidelity (no 4%+ APY default)
  • −Mobile app trails the competition
Brokerage
$0 commissions
Digital Advisor
0.20% net fee
Personal Advisor
0.30% fee, $50K min
Structure
Owned by its funds
Migration steps
  1. Open a Vanguard brokerage account at vanguard.com (10 minutes online).
  2. Initiate ACAT transfer from Fidelity (typically 5-7 business days, no fee).
  3. Verify cost basis transfers correctly for taxable accounts.
  4. Set up new contributions and reinvestment plans on Vanguard funds.

Not for: Skip Vanguard if you value modern UX and active customer support; Fidelity remains shaped better there.

#2

Charles Schwab

Free tierMedium switching effort

Best for active options and futures traders

Try Charles Schwab

Charles Schwab now hosts thinkorswim, the platform formerly at TD Ameritrade and the strongest active-trader environment in retail brokerage. Options chains, futures depth, paper trading mode, and the studies/scripting depth in thinkorswim is far ahead of Fidelity Active Trader Pro for serious options work. Schwab's $0 stock commissions and Intelligent Portfolios robo (0% advisory fee) round out the offering. For active traders who want depth plus a no-fee index investing baseline, Schwab is the right shape.

Strengths

  • +thinkorswim platform depth for active trading
  • +$0 stock and ETF commissions
  • +Intelligent Portfolios robo at 0% advisory fee
  • +Strong index fund lineup (SWTSX, SCHB)

Trade-offs

  • −Index fund expense ratios slightly above Vanguard's flagships
  • −Cash sweep default to lower-yield account (must opt into higher-yield)
  • −Schwab brand less retail-investor focused than Fidelity
Brokerage
$0 commissions
Intelligent Portfolios
0% fee, $5K min
thinkorswim
Yes (post-TD)
Index funds
SWTSX, SCHB
Migration steps
  1. Open a Schwab brokerage at schwab.com.
  2. Initiate ACAT transfer from Fidelity.
  3. Download thinkorswim and configure your scan and study setups.
  4. Move active-trade workflow to thinkorswim; keep buy-and-hold positions equally well in either Fidelity or Schwab.

Not for: Skip Schwab if you only do buy-and-hold; Fidelity's index funds at zero ER (FZROX) win for that pattern.

Paid plans from $30.00/mo

#3

M1 Finance

Free tierLow switching effort

Best for pie-based fractional DIY investing

Try M1 Finance

M1 Finance built the pie-based investing model: you set target allocations across stocks, ETFs, and ready-made expert pies, and M1 automatically allocates new contributions to keep the pie at target weights. Fractional shares are free, the trading window is one daily window (or two on M1 Plus at $10/month), and there are no commissions or advisory fees. For DIY investors who want a structured allocation without manual rebalancing or robo-advisor fees, M1 plays to that strength.

Strengths

  • +Pie-based auto-allocation
  • +Free fractional shares
  • +$0 commissions and no advisory fee
  • +M1 Plus adds 5%+ APY checking

Trade-offs

  • −Single trading window per day (free tier)
  • −Less flexibility for active trading
  • −Customer support thinner than Fidelity
Brokerage
Free
Plus
$10/mo or $95/yr
Trading windows
1 daily (Plus: AM + PM)
Fractional
Yes, free
Migration steps
  1. Open M1 at m1.com (free).
  2. Build your allocation pie matching your target portfolio.
  3. Initiate ACAT transfer from Fidelity (M1 typically reimburses transfer fees).
  4. Set up recurring deposits; M1 auto-allocates to your pie targets.

Not for: Skip M1 if you trade actively; the single-window model is shaped for set-and-forget investors.

Paid plans from $10.00/mo

#4

Wealthfront

Medium switching effort

Best for hands-off robo-advisor with tax-loss harvesting

Try Wealthfront

Wealthfront charges 0.25% on managed portfolios with daily tax-loss harvesting, automatic rebalancing, and direct indexing at $100K+ accounts (which can add 0.20-0.40% in tax alpha). For investors who want a hands-off portfolio without the per-decision overhead of DIY, Wealthfront's stack tops the field on credible robo for big balances. The Cash Account at 5%+ APY with FDIC insurance up to $8M via partner sweep is a real feature beyond Fidelity's CMA.

Strengths

  • +0.25% advisory fee
  • +Daily tax-loss harvesting
  • +Direct indexing at $100K+
  • +5%+ APY Cash Account with $8M FDIC sweep

Trade-offs

  • −Advisory fee on top of fund expense ratios
  • −Less customizable than DIY portfolios
  • −Wealthfront cash flows can require manual rebalancing for non-Wealthfront accounts
Advisory fee
0.25%
Minimum
None for Cash; $500 for Investment
Direct indexing
$100K+
Cash APY
5%+
Migration steps
  1. Open a Wealthfront account; pick risk score after the questionnaire.
  2. Initiate ACAT transfer from Fidelity (Wealthfront covers transfer fees on $5K+).
  3. Verify the new portfolio allocation matches your target before letting Wealthfront trade.
  4. Configure recurring deposits; tax-loss harvesting runs automatically.

Not for: Skip Wealthfront if you want zero advisory fees; Schwab Intelligent Portfolios is 0% but lacks daily TLH.

#5

SoFi Invest

Free tierLow switching effort

Best for mobile-first young investors

Try SoFi Invest

SoFi Invest pairs commission-free stock and ETF trades with $5 fractional shares, IPO access for retail investors, and tight integration with SoFi banking products (savings, checking, lending). The Robo Investing tier at 0.25% and $50 minimum is the cheapest entry into a robo. For mobile-first investors who want a unified app for banking, lending, and investing, SoFi is a fair pick. The trade-off vs Fidelity is a smaller research depth and weaker IRA tooling.

Strengths

  • +$0 commissions plus $5 fractional shares
  • +IPO access for retail (rare)
  • +Robo Investing at 0.25% with $50 min
  • +Unified SoFi banking + lending app

Trade-offs

  • −Smaller research toolkit than Fidelity
  • −Lower track record than Vanguard or Fidelity
  • −IRA tooling thinner than incumbents
Active Investing
Free
Robo
0.25%, $50 min
Fractional
From $5
Founded
2011
Migration steps
  1. Open SoFi Invest in the SoFi app or at sofi.com.
  2. Initiate ACAT transfer from Fidelity for stocks/ETFs you want to move.
  3. Set up recurring fractional buys for your target portfolio.
  4. Decide whether to keep IRAs at Fidelity (often better for IRAs) and use SoFi for taxable.

Not for: Skip SoFi if you want deep research tools or sophisticated IRA features; Fidelity remains shaped better for those.

When to stay with Fidelity

Stay with Fidelity if you depend on the Active Trader Pro platform, you have HSA or 529 accounts already set up, or your employer's retirement plan is at Fidelity. The picks below address Vanguard's owner-of-the-funds structure, Schwab's thinkorswim platform, M1's pie-based investing, and managed-portfolio robos.

5 Alternatives to Fidelity

VanguardFree tier

From $0/mo (brokerage)

Switch to Vanguard
Charles SchwabFree tier

From $30.00/mo

Switch to Charles Schwab
M1 FinanceFree tier

From $10.00/mo

Switch to M1 Finance
SoFi InvestFree tier

From $0/mo (active investing)

Switch to SoFi Invest
Wealthfront

From $0/mo (investment account)

Switch to Wealthfront

Continue your research

Vanguard alternativesCharles Schwab alternativesM1 Finance alternativesWealthfront alternatives

How we picked

Fidelity alternatives are scored on the investor shape that drives switching: ideological structure, active-trader depth, pie-based DIY, hands-off robo, and mobile-first. Each pick leads for one of those.

Pricing is taken from each broker's site on the review date. Advisory fees and APY rates change with market conditions; figures here are current to review date.

Update history1 update
  • Initial published version with 5 picks.

Frequently asked questions about Fidelity alternatives

Why would I leave Fidelity?

For most US retail investors, you would not. Fidelity covers free brokerage, zero-fee index funds, strong HSA, decent cash management, and solid retirement tools. The picks above are for specific shape-mismatches, not a general improvement over Fidelity.

Is Vanguard still cheaper than Fidelity?

Slightly, on most index funds, with Fidelity ZERO funds (FZROX, FZILX) at 0% expense ratio undercutting Vanguard's flagships. The structural difference (Vanguard is owned by its funds) is the bigger argument for Vanguard than the small ER gap.

Should I move my 401(k) to a different broker?

Usually no. Most 401(k) plans are administered by your employer's chosen provider; you cannot freely move while employed. After leaving an employer, rolling the 401(k) to an IRA at any low-cost broker (Fidelity, Vanguard, Schwab) is standard.

What about Robinhood for investing?

Robinhood pioneered commission-free trades, but the depth of products, retirement features, and customer service trails Fidelity, Schwab, and Vanguard. For active stock trading on a phone-first UX, Robinhood is fine; for serious wealth-building, the incumbents win on tooling and trust.

Can I use multiple brokers?

Yes, and many investors do. A common pattern: Fidelity or Vanguard for IRAs and most index funds, Schwab for active trading on thinkorswim, Wealthfront for cash management. The cost of multiple accounts is zero (no fees), and the diversification across brokers reduces single-point-of-failure risk.

SE

About the author: Subrupt Editorial

The team behind subrupt.com. We track subscriptions, surface cheaper alternatives, and publish comparisons where the score formula is on the page so you can recompute it yourself. We do not claim 30,000 hours of testing. What we claim is live pricing from our database, a transparent composite score, and honest savings math against a category baseline.

Get notified of price drops for Fidelity

We'll email you when Fidelity or its alternatives lower their prices.

Track Fidelity and find more savings

Add Fidelity to your dashboard to monitor spending and discover even more alternatives.

Go to Dashboard