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Best Fidelity Alternatives for 2023!

David Granahan| Updated January 26th, 2023

Fidelity is a one-size-fits-all financial management solution. Not just your typical stocks and bonds selection, but financial advice, retirement planning, college savings plans, and robo-investing. It’s got it all.

But sometimes, it’s good to separate your accounts. You might want to keep an account specifically for short-term trading or manage a smaller sum of money with a commission-free broker.

In no specific order, here are the most suitable recommendations for alternative online brokers to Fidelity:

Best Fidelity Alternatives in the US for 2023

Interactive Brokers

Interactive Brokers (IBKR) is a global online stock broker blending beginner and advanced trading tools across the web and mobile platforms. Founded in 1978, it offers an incredible array of products ranging from stocks to futures to currencies, access to over 150 different markets, and provides multiple trading apps.

Webull

Webull is a trader’s platform at its core. Stocks, ETFs, options, and crypto are its bread and butter but it has now expanded to offering IRA accounts too.

E*Trade

E*Trade is the gold standard for experienced investors managing multiple accounts. From offering retirement planning to technical analysis tools, E*Trade is a trustworthy one-size-fits-all broker.

Public.com

Public.com is a relative newcomer to the online brokerage scene. Its slick interface and nifty research tools are being tailored to a new generation of investors — and it doesn’t engage in payment for order flow like some other platforms.

Broker Futures IRA accounts Sign-up bonus Regulators
Interactive Brokers Yes Yes Up to $1,000 in IBKR stock FINRA, SIPC, SEC, CFTC, IIROC, FCA, CBI, AFSL, SFC, SEBI, MAS, and MNB
Webull No Yes Up to 12 free stocks and $75 IRA transfer bonus SEC
E*Trade Yes Yes Up to $3,500 SEC, member of SIPC, NFA and FDIC
Public.com No No Up to $10,000, and a share worth up to $300 SEC (registered broker-dealer)

#1 Interactive Brokers

Best Fidelity Alternatives for 2023! 5
Visit Interactive Brokers

Interactive Brokers at a glance

0% commissions(for U.S. clients only)
Products AvailableStocks, ETFs, bonds, forex, mutual funds, commodities, options, futures, CFDs
Minimum Deposit$0
Free stock/share promotion
RegulatorsFINRA, SIPC, SEC, CFTC, IIROC, FCA, CBI, AFSL, SFC, SEBI, MAS, MNB

Interactive Brokers (IBKR) is a publicly listed company with over four decades of experience and 2 million clients. It has won Barron’s ‘Best Online Broker’ award for five years running. IBKR is as reliable as online brokers come, with an A- credit rating and a strong capital position.

Its product suite is comparable to Fidelity’s, but IBKR arguably has a more comprehensive offering for traders. The advantages include:

  • Advanced trading dashboard with ‘Advanced Market Scanner’ and ‘Risk Navigator’ products;
  • Futures trading (which Fidelity doesn’t have);
  • Margin rates from 4.33% (compared with 7.75% with Fidelity).

Stocks, ETFs, and mutual funds are commission-free only for US users. For international investors, the cost to trade these instruments is still low (just $0.0035 per US share traded). Options are between $0.15 and $0.65 per contract. Futures are between $0.25 and $0.85. You can also hold a Traditional IRA, Roth IRA, Inherited (Traditional and Roth) IRA, Rollover IRA, and SEP accounts with IBKR. Here’s the all-important section on transfers if you do decide to switch:

Moving stocks to IBKR Free
Moving stocks out of IBKR Free
Bank wire transfers Free (your bank may apply charges)
ACH transfers Free
Withdrawals One free withdrawal per month ($10 thereafter)
Crypto transaction fees (only for U.S. users) 0.12% to 0.18% ($1.75 minimum)

If you do decide to move to IBKR, see if a friend is already a client. Excluding Spain, Israel, and Japan, IBKR will reward your friend with a $200 referral, and you can receive $1 worth of IBKR stock for every $100 deposit, up to $1000 worth of IBKR shares. It might not be much, but it’s better than nothing!

Pros

  • Leading number of products
  • Great web and mobile platforms
  • Low fees

Cons

  • Learning curve with the web platform
  • Less responsive customer service

#2 Webull

Best Fidelity Alternatives for 2023! 6
Visit Webull

Webull at a glance

0% commissions
Products AvailableStocks, ETFs, Crypto, Options, OTC stocks and ADRs
Minimum Deposit$0
Free stock/share promotion
RegulatorsSEC

Webull is a relatively new online trading platform having started out in 2017. It’s a Chinese-owned company operating in the U.S. and Hong Kong. This isn’t necessarily a red flag though. Webull is a member of FINRA and SIPC which gives $500,000 in investor protection including up to $250,000 in cash.

Plus, Webull is best for traders. Unique trading tools on Webull include:

  • Real-time news;
  • 60 technical indicators;
  • Extender hours trading;
  • Multi-screen trading for desktop;

Webull has crypto trading features too, but it’s only available 23 hours per day (trading closes from 5:30 p.m. to 6:30 p.m. for reconciliation services). So, while Webull’s crypto features are nice to have, crypto traders may prefer Coinbase for lower fees and more cryptocurrency pairs.

Still, Webull’s a solid choice for everyday investors due to its commission-free system. But there are some hefty account fees to take into account:

Moving stocks to Webull $0
Moving stocks out of Webull $75.00
Domestic bank transfers $8.00
International bank transfers $12.50
Domestic withdrawals $25.00
International withdrawals $45.00
Crypto transaction fees 1%

You can now also add a Roth IRA, Traditional IRA, or a rollover IRA account. If an IRA’s transfer value is more than $5,000, Webull will also give a $75 bonus too

And there’s more. If you are a U.S. resident, are at least 18 years old, and have a valid social security number, you can also get up to 12 free stocks with Webull

Once you open an account, you get two free stocks. If you make a deposit within 10 days, you will also qualify for either four, eight, or 10 additional shares. These have to be claimed from the rewards section within 30 days and will be awarded on a fractional share basis.

Pros

  • Advanced trading tools
  • Up to 12 free stocks

Cons

  • Expensive for deposits and withdrawals
  • Better options are available for crypto trading

#3 E*Trade

Best Fidelity Alternatives for 2023! 7
Visit E*TRADE

E*TRADE at a glance

0% commissions
Products AvailableStocks, ETFs, bonds, CDs, options, futures, mutual funds, managed funds and robo-investing
Minimum Deposit$0
Free stock/share promotion
RegulatorsSEC

E*Trade was founded in 1982 and subsequently bought out by Morgan Stanley in 2020. That acquisition allows E*Trade customers to access free analysis and research from Morgan Stanley’s financial experts, strategists, and portfolio managers.

Combining these resources with Power E*Trade — the company’s trading platform — makes it an exciting alternative to Fidelity (there’s a reason it was voted Kiplinger’s ‘Best Online Broker in 2022’). Power E*Trade was designed for traders with features such as:

  • Live quotes;
  • On-demand news from the Bloomberg Terminal;
  • Pattern recognition for Technicals;
  • Risk-reward analysis;
  • Implied volatility for earnings;
  • Personalized data points;
  • 145 charting tools;

E*Trade’s fee structure is fair too. Trading stocks and ETFs is commission-free, options are $0.65 per contract, futures are $1.50 per contract, and bonds carry a $1.00 fee each. Other relevant account charges are as follows:

Moving stocks to E*Trade Free (and up to $3,500 in cash bonuses)
Moving stocks out of E*Trade Partial transfers are $25.00, full transfers are $75.00
Bank wire transfers (deposits) Free
ACH withdrawals Free
Domestic bank wire transfers (withdrawals) $25.00
International bank wire transfers (withdrawals) $25.00
Crypto transaction fees Futures only — $1.50 per contract

E*Trade offers Traditional IRAs, Roth IRAs, Rollover IRAs, SEP IRAs as well as 401(k)s for additional contributions.

If you’re deciding to move from Fidelity to E*Trade, opening an account only takes a few minutes. You can earn a $3,500 cash bonus simply for funding or transferring money across. The bonus is determined by the size of your transfer as shown below and it is available until the end of 2022.

Pros

  • All-in-one financial platform
  • Bonus offers for new accounts
  • Extensive research available

Cons

  • Average fees

#4 Public.com

Best Fidelity Alternatives for 2023! 8
Visit Public.com

Public.com at a glance

0% commissions
Products AvailableStocks, ETFs, Crypto, and “Alts”
Minimum Deposit$0
Free stock/share promotion
RegulatorsSEC

Public.com was founded in 2019. It has an A+ rating accredited by the Better Business Bureau, as well as a member of FINRA and SIPC.  The platform is for U.S. residents only — Public.com is not yet available internationally

Public.com stands out for a few reasons:

  • Its “alts” selection — the name its gives to collectibles;
  • No payment for order flow (PFOF);
  • Covers your other broker’s asset transfer fees;
  • Premium subscription service.

But other than that, the product selection is limited to just stocks, ETFs, and crypto. IRA accounts are not available with Public.com at the moment.

Another thing to be aware of is that alternative assets are not covered by FINRA or SIPC. In its own words, Public says:

“Alternative assets” usually refers to investments that fall outside traditional asset classes like stocks, bonds and cash.

Despite the shortfalls, there are still no transaction fees on stocks or ETFs at Public.com [29]. There’s also Public.com Premium, a subscription service for $10 per month. It gives exclusive research and market insight from Morningstar as well as VIP customer support. After-hours trading is free if you have a Premium subscription — otherwise, it’s $2.99.

The only real hidden fee — if you would call it that — with Public.com is the $5 inactivity fee if you don’t use your account for six months. But other than that, costs are generally just associated with paper statements and posted mail requests

If you’re mulling over a switch to Public.com, here’s a rough guide of the cost for deposits, withdrawals, and transfers, along with crypto fees for comparison. 

Moving stocks to Public.com Free
Moving stocks out of Public.com $75.00
Bank wire transfers (deposits) Free (your bank may apply charges)
ACH withdrawals Free
Bank wire transfers (withdrawals) $25.00
Crypto transaction fees 1% to 2%

You can get a signup bonus of up to $10,000 (based on transfer value) if you move investments from Fidelity to Public.com. You will then receive the bonus after one month but with one stipulation. You must keep the transferred investments on Public for six months or the bonus will be taken back

New users can claim a free share too worth up to $300 by opening an account and depositing at least $20.

Pros

  • Great transfer bonuses
  • Free stocks
  • No PFOF

Cons

  • Lacks products
  • Expensive withdrawals
  • No Roth IRA and custodial accounts

The bottom line

There are several online brokers with attractive rewards for switching from Fidelity. The option that is best for you will all depend on why you want to switch; lower costs, better products, and rewards are all good reasons. 

All of the above are great contenders. Webull gives the most stock rewards for moving from Fidelity. E*Trade and Public.com offer the largest cash bonuses for moving funds from Fidelity. IBKR and E*Trade are the platforms with the most similar services to Fidelity with comparable fees.

Hopefully, these reviews help you to make the best decision! If you need more info, you can use the platform comparison tool here.

Other FAQs

Is there a fee to withdraw money from Fidelity?

No. Fidelity charges zero withdrawal fees.

Can you transfer stocks from Fidelity to another broker?

Yes. You can transfer stocks or any other assets from Fidelity to another broker for free.

How long does it take to transfer out of Fidelity?

Usually, it takes between one and three business days to move money or assets from Fidelity to another account.

David Granahan
David Granahan, QFA, APA

David is a freelance financial writer, a qualified financial advisor, and an accredited product advisor. He is a specialist in investment platform reviews and regularly covers topics relating to personal finance, stocks, crypto, and general financial market analysis.

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