The Largest Online Brokers by AUM (2026)

Brokerage firms have been in existence for several decades and have evolved to provide a wide range of services to their clients. At a high level, each broker may operate differently, for example, focusing on a specific asset class, market segment (retail or institutional), or geography. Furthermore, due to the vast number of platforms available today, determining the best online broker can be difficult.

Certain key metrics, such as Assets Under Management (AUM), number of customers, customer ratings, number of regulators, and others, are applicable to almost any brokerage or asset management firm, and can help you have a clearer picture of the security or reputation of the firm.

Here’s the list of the 23 largest brokerage firms in the world in 2026, ranked by AUM or client assets in US dollars. This update also adds the average assets per client, which separates the platforms that serve millions of small investors from those that hold a few very large portfolios:

Largest brokerage firms by AUM in 2026

With $19.9 trillion in assets under administration as of June 2026, Fidelity is the largest brokerage firm in the world in 2026. Charles Schwab comes second with $13.04 trillion in client assets (July 2026), followed by Vanguard with $12.8 trillion in AUM (April 2026).

Fidelity also leads by number of customers, with 57 million at the end of 2025. In Europe, Fidelity International reports the most client assets ($1.06 trillion, including Fidelity Canada), while Trade Republic has the largest customer base among the platforms listed, with over 10 million customers.

List of the largest brokerage firms

Fidelity

• AUM: $19.9T
• Number of clients: 57M+
• Reporting date: June 2026

Fidelity, the largest brokerage firm in the US, had $19.9 trillion in assets under administration at the end of June 2026, of which $7.8 trillion were managed assets. According to its 2025 Annual Report, the firm ended 2025 with 57 million customers, and just over 1 in 5 American adults has an account with Fidelity.

The firm is known for its low costs, extensive research and asset screeners, educational content, and portfolio analysis tools and calculators. In 2025, it launched Fidelity Trader+, a platform for advanced traders available on web, desktop and mobile.

Charles Schwab

• AUM: $13.04T
• Number of clients: 39.9M
• Reporting date: July 2026

Schwab’s acquisition of its rival TD Ameritrade, announced in 2019 and completed in 2020, reinforced its position as one of the leaders in the industry. TD Ameritrade client accounts have since been moved to Schwab, which offers a broad list of ETFs and mutual funds.

If you’re looking to know how much Charles Schwab manages, the answer is $13.04 trillion in client assets as of July 2026, spread across 39.9 million active brokerage accounts.

Vanguard

• AUM: $12.8T
• Number of clients: 50M+
• Reporting date: April 2026

Vanguard was founded in 1975 and is known for its low-cost approach to investing by offering a wide range of investment products and services, including mutual funds, exchange-traded funds (ETFs), individual retirement accounts (IRAs), and brokerage services.

As of April 2026, Vanguard reported $12.8 trillion in global assets under management, including over $4.6 trillion in ETFs. It serves more than 50 million investors worldwide.

Morgan Stanley (E*TRADE)

• AUM: $10T
• Number of clients: Not disclosed
• Reporting date: June 2026

Morgan Stanley completed its acquisition of E*TRADE in 2020, which positioned the company as an industry leader in brokerage and wealth management. E*TRADE’s figures are not reported separately, so the numbers below cover Morgan Stanley’s Wealth Management and Investment Management businesses.

According to its second quarter 2026 earnings release, total client assets across Wealth and Investment Management reached $10 trillion, of which about $8 trillion sit in Wealth Management. Assets under management in the Investment Management business reached $2 trillion. The number of E*TRADE clients is not publicly disclosed.

E*TRADE offers several options for clients, whether they prefer to invest or trade on their own, or seek professional help from a financial advisor. The broker provides access to easy-to-use tools and resources, as well as commission-free online trading of US-listed stocks and ETFs.

JP Morgan

• AUM: $7.7T
• Number of clients: Not disclosed
• Reporting date: June 2026

JP Morgan is better known as a bank and wealth manager than as an online broker, but its Asset and Wealth Management business is one of the largest in the world by assets.

In its second quarter 2026 results, JP Morgan reported $7.7 trillion in client assets and $5.1 trillion in assets under management. The number of clients is not publicly disclosed.

Fidelity International

• AUM: $1.06T
• Number of clients: 2.9M+
• Reporting date: March 2026

Founded in 1969, Fidelity International offers investment solutions including mutual funds, pension management and fund platforms to private and institutional investors globally. It is a separate company from the US-based Fidelity Investments.

As of March 2026, Fidelity International reported $1.06 trillion in total client assets (including Fidelity Canada) and more than 2.9 million customers. Of that total, it invests about $698 billion on behalf of its clients.

In addition to its investment expertise, Fidelity International provides guidance to help individual investors invest simply and cost-effectively. Meanwhile, for institutions such as pension funds, banks, and insurance companies, Fidelity International offers asset management and custom-tailored investment solutions.

Interactive Brokers

• AUM: $962.8B
• Number of clients: 5.46M
• Reporting date: August 2026

Interactive Brokers is a well-established brokerage firm founded in 1978, offering a massive selection of securities across global markets.

As of August 2026, Interactive Brokers reported $962.8 billion in client equity and 5.46 million client accounts. IBKR gives clients access to over 170 markets worldwide and is headquartered in Greenwich, Connecticut, with offices in multiple countries.

Interested in knowing more about Interactive Brokers? Read our IBKR review and our article covering Interactive Brokers’ statistics such as number of users, AUM, and more.

Robinhood

• AUM: $384B
• Number of clients: 28.6M
• Reporting date: August 2026

Robinhood is a US-based financial services company established in 2013. The platform lets investors trade stocks, ETFs, options and cryptocurrencies, with commission-free trading on stocks, ETFs and options (other fees may apply).

Robinhood’s total platform assets reached $384 billion at the end of August 2026, and its funded customers reached 28.6 million.

Despite its success, Robinhood faced some controversy in the past, including a lawsuit over its handling of GameStop stock during the Reddit-driven market chaos that took place in late January of 2021.

Want to know more? Check our article covering Robinhood’s statistics such as number of users, AUM, and more.

Hargreaves Lansdown

• AUM: $255.8B (£190B)
• Number of clients: 2.09M
• Reporting date: December 2025

Hargreaves Lansdown is a leading investment platform based in the UK. Founded in 1981, the firm was taken private in 2025 by a consortium that includes CVC Capital Partners and Nordic Capital.

According to its Interim Report 2026, Hargreaves Lansdown reached 2.09 million active clients and a record £190 billion (~$255.8 billion) in assets under administration by the end of December 2025.

Hargreaves Lansdown’s services include ISAs, pensions (SIPPs), investment portfolios, and savings accounts.

Fineco Bank

• AUM: $199.6B (€175.2B)
• Number of clients: 1.90M
• Reporting date: June 2026

Fineco Bank is an Italian online bank and broker, originally part of UniCredit, that combines a current account, in-house funds and a trading platform in a single app. It is listed on the Milan stock exchange.

In its first half 2026 results, Fineco reported €175.2 billion (~$199.6 billion) in Total Financial Assets at the end of June 2026 (€79.7 billion under management, €63.2 billion under custody and €32.3 billion in deposits) and 1.9 million customers. Total Financial Assets is a broader measure than the client assets reported by most brokers on this list, as it includes deposits and managed assets.

Saxo

• AUM: $174.3B (€153B)
• Number of clients: 1.7M
• Reporting date: June 2026

Saxo is a Danish online investment bank founded in 1992. The bank provides a range of investment products, including Forex, stocks, bonds, and commodities, to individual investors and institutional clients globally. Since March 2026, the J. Safra Sarasin Group has been its majority shareholder.

In its first half 2026 results, Saxo reported client assets of €153 billion (~$174.3 billion) and 1.7 million clients.

Saxo is known for its SaxoTrader and SaxoInvestor platforms, which offer access to a wide range of financial instruments, market data, and charting tools, as well as research and analysis.

Trade Republic

• AUM: $173.1B (€150B)
• Number of clients: 10M+
• Reporting date: September 2026

Founded in 2015 and launched to the market in 2019, Trade Republic has rapidly become one of Europe’s leading brokers and savings platforms. It holds a German banking licence and is supervised by BaFin and the Bundesbank.

According to its website, as of September 2026 Trade Republic has over 10 million customers across 18 European countries and 150 billion euros (~$173.1 billion) in customer assets. Want to know more? Check our article on Trade Republic’s statistics.

AJ Bell

• AUM: $160.6B (£121.5B)
• Number of clients: 762K
• Reporting date: June 2026

AJ Bell is a UK investment platform based in Manchester and listed on the London Stock Exchange. It offers ISAs, SIPPs and general investment accounts to retail investors, as well as a platform for financial advisers.

According to its Q3 FY26 trading update, AJ Bell’s platform assets under administration reached a record £121.5 billion (~$160.6 billion) at the end of June 2026, up 26% year on year, with 762,000 platform customers.

Nordnet

• AUM: $149.9B (SEK 1,436B)
• Number of clients: 2.54M
• Reporting date: August 2026

Nordnet is a Nordic online broker and digital bank listed in Stockholm, serving customers in Sweden, Norway, Denmark and Finland with stock trading, funds, pensions and savings accounts. It plans to launch in Germany in the second half of 2026.

In its monthly statistics for August 2026, Nordnet reported SEK 1,436 billion (~$149.9 billion) in savings capital and 2,544,000 customers, up 29% and 12% year on year respectively.

Interactive Investor

• AUM: $142.8B (£108B)
• Number of clients: 525K
• Reporting date: June 2026

Interactive Investor is a UK investment platform known for its flat-fee subscription model. It has been owned by Aberdeen Group (formerly abrdn) since May 2022.

According to Aberdeen’s half-year 2026 report, Interactive Investor had £108 billion (~$142.8 billion) in assets under management and administration and 525,000 customers at the end of June 2026. The company provides ISAs, SIPPs, Junior ISAs, and general investment accounts, along with investment content and tools.

Avanza

• AUM: $131.9B (SEK 1,264B)
• Number of clients: 2.37M
• Reporting date: August 2026

Avanza is Sweden’s largest digital platform for savings and investments and Nordnet’s main competitor, listed on the Stockholm stock exchange. It offers stocks, funds, savings accounts, mortgages and pensions to Swedish residents.

According to its monthly statistics for August 2026, Avanza’s customers held SEK 1,263.5 billion (~$131.9 billion) in savings capital, up 22% year on year, and the platform had 2,371,900 customers.

DEGIRO

• AUM: $123.4B (€108.3B)
• Number of clients: 3.66M
• Reporting date: June 2026

DEGIRO is a Dutch online broker that launched its retail offering in 2013 and has been part of flatexDEGIRO since 2020. It provides a low-cost trading platform to invest in stocks, bonds, ETFs, and more.

As of June 2026, flatexDEGIRO, DEGIRO’s parent company, reported €108.3 billion (~$123.4 billion) in assets under custody and 3.66 million customer accounts. These figures include the group’s other brokers (flatex and ViTrade), as DEGIRO’s figures are not reported separately.

Want to know more about DEGIRO? Check our DEGIRO review.

Swissquote

• AUM: $119.0B (CHF 96.3B)
• Number of clients: 1.22M
• Reporting date: June 2026

Swissquote is a Swiss online bank and brokerage company established in 1996. It offers a comprehensive range of financial services, including online trading, banking and investment advisory.

As of June 2026, Swissquote’s client assets reached a record CHF 96.3 billion (~$119.0 billion), with 1.22 million accounts, including about 423,000 accounts on Yuh, its mobile finance app. Swissquote gives access to Forex, stocks, bonds, commodities, and more.

Scalable Capital

• AUM: $69.2B (€60B+)
• Number of clients: 1M+
• Reporting date: September 2026

Scalable Capital is a Munich-based digital bank and broker founded in 2014, active in Germany, Austria, France, Italy, Spain and the Netherlands. It combines a low-cost broker with a digital wealth management service, and two thirds of its client assets are invested in ETFs.

According to its September 2026 factsheet, Scalable has over €60 billion (~$69.2 billion) in client assets and more than 1 million clients. These are round company figures covering both the broker and the managed portfolios, as Scalable does not publish audited client-asset numbers.

Trading 212

• AUM: $34.6B (€30B)
• Number of clients: 5M
• Reporting date: September 2026

Trading 212 is a privately held broker with its commercial headquarters in London.

According to its website, as of September 2026 Trading 212 has €30 billion (~$34.6 billion) in client assets and 5 million clients worldwide. The client number covers all accounts opened and funded since the company was founded, so it is not a count of currently active clients. Check our article on Trading 212’s statistics for more data.

IG Group

• AUM: $28.4B (£21.5B)
• Number of clients: 843K
• Reporting date: June 2026

IG Group is a UK-based financial services company founded in 1974. Through its brands IG, tastytrade, Freetrade, Independent Reserve and IG Prime, it offers leveraged trading, stock trading and investments, and cryptocurrency trading.

According to its half-year 2026 results, IG Group had £21.5 billion (~$28.4 billion) in assets under administration at the end of June 2026 and 843,000 active customers in the first half of 2026. The group serves over 1.4 million customers in total.

eToro

• AUM: $19.2B
• Number of clients: 4.28M
• Reporting date: June 2026

eToro is an online trading and investment platform known for its social and copy trading features. The company offers a wide range of investment products, including stocks, commodities, currencies, and more, to users around the world.

In its second quarter 2026 results, eToro reported $19.2 billion in assets under administration and 4.28 million funded accounts, up 18% year over year.

Want to know more? Check our eToro review and our article covering eToro’s statistics such as number of users, AUM, and more.

XTB

• AUM: $13.3B (€11.7B)
• Number of clients: 2.9M
• Reporting date: June 2026

XTB is a Polish broker founded in 2002 and listed on the Warsaw Stock Exchange, offering CFDs, forex, stocks, ETFs and commodities to retail clients in Europe and beyond.

In its preliminary results for the first half of 2026, XTB reported €11.7 billion (~$13.3 billion) in client assets at the end of June 2026, a total investor base of 2.9 million and almost 1.5 million active clients. Want to know more? Check our XTB review.

Which brokers have the wealthiest clients?

Total assets tell you who is biggest. Dividing them by the number of clients tells you who each broker actually serves. We left the diversified groups (Fidelity, Schwab, Vanguard, Morgan Stanley, JP Morgan and Fidelity International) out of this comparison because their assets mix retail, workplace and institutional accounts.

Among the online brokers, the UK platforms and Interactive Brokers sit at the top: Interactive Investor (around $272,000 per client), AJ Bell ($211,000) and IBKR ($176,000) hold large portfolios for a relatively small number of investors. Hargreaves Lansdown, Fineco, Saxo and Swissquote follow, at roughly $100,000 to $120,000.

At the other end sit the commission-free apps: Trade Republic ($17,000), Robinhood ($13,000), Trading 212 ($7,000), eToro and XTB (about $4,500). They win on number of clients, but their average client holds a fraction of what a UK platform client does. The Nordic brokers, DEGIRO, IG and Scalable Capital sit in between, at $34,000 to $69,000.

Robinhood has more than five times as many customers as Interactive Brokers but less than half the assets. Keep in mind that client definitions differ (accounts, funded accounts, active clients, or all accounts funded since launch), so these averages are orders of magnitude rather than precise figures.

What are assets under management (AUM)?

In general, AUM refers to the market value of assets managed by a company on behalf of its clients. This metric is utilised by various financial institutions, including mutual funds, hedge funds, insurance companies, and brokerage firms. It is a key performance indicator that measures the success of a firm in attracting customers and increasing its market share.

The definitions and calculations for AUM can vary by company. For example, funds deposited with the company but over which the company has no discretionary authority are typically excluded from the calculation. In this case, assets under administration are calculated, where the service provider does not have discretion over the asset allocation decisions and the clients manage their funds directly. In this study, we listed the brokers with data related to AUM. If it was not available, we checked their client assets or assets under administration.

Who are the biggest brokers in the world?

In 2026, the largest broker in the world by both client assets and number of customers is Fidelity, with $19.9 trillion in assets under administration and 57 million customers. Charles Schwab ($13.04 trillion) and Vanguard ($12.8 trillion) complete the top three.

Are broker-dealers similar to brokerage firms?

According to the Financial Industry Regulatory Authority (FINRA) in the US, “a brokerage firm, also called a broker-dealer, is in the business of buying and selling securities – stocks, bonds, mutual funds, and certain other investment products – on behalf of its customer (as broker), for its own bank (dealer), or both”.

Still, while every brokerage firm is typically a broker-dealer, not every broker-dealer represents a brokerage firm. The term “broker-dealer” refers to the specific regulatory role, while “brokerage firm” denotes the broader business entity.

Conclusion

AUM changes over time due to market fluctuations or clients’ withdrawals, and most brokers report it monthly or quarterly. A higher AUM does not imply that the broker has better services than others, or alternatively, a lower AUM does not necessarily indicate a less trustworthy broker.

Each broker has its own unique features that differentiate it from its competitors, such as fees, minimum balance requirements, or trading platform. Still, not all customers are eligible to open an account at one of the above-mentioned brokers since some brokers limit their services to particular regions. We encourage investors to check the company’s financial statements and website, and do their due diligence about the services and opportunities before opening an account with any broker.