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Best discount brokers In 2023
Dive into our top list of regulated and trusted brokers that we tested with real money. Every broker is available in the United States.
XM
Beginner score 4.4/5
FP markets
Beginner score 4.4/5
FXTM
Beginner score 4.3/5
Xtream Forex
Beginner score 4.3/5
IQ options
Beginner score 4.3/5
IC market
Beginner score: 4.2/5
Find below the pros of best discount brokers in the United States, updated for 2023:
- Exness – the best broker for beginners in 2023. Free stock and ETF trading. Seamless account opening. Social trading.
- FBS – Commission-free stock and ETF trading. Fast and easy account opening. Quality analytical tools and excellent education services.
- HFM – Real stocks and ETFs are commission-free. Quick and easy account opening. Great trading platforms.
- TOP FX – Free stock/ETF trading and high 5% interest on uninvested cash. Fast and easy account opening. Great trading platforms.
- XM – Free stock and ETF trading. Easy and fast account opening. Great mobile trading platform.
- fp markets – Great API trading service. Free stock & ETF trading. Fantastic charting tools.
- FXTM – Real stocks and ETFs are commission-free. Quick and easy account opening. Excellent education and customer support.
- Xtream Forex – Commission-free real stocks and ETFs. Quick and easy account opening. Great email and phone support.
- iq options – Low trading fees (free stock and ETF trading). Superb desktop trading platform. Great customer support.
- IC market – Low trading fees. Easy and seamless account opening. Strong parent company.
To see the top brokers in another country choose from the list below
Popularity of the best discount brokers
Interested in what others think? Here’s how many people chose these brokers at The Brokers Rating in the last 6 months.
Exness
Recommended for traders interested in social trading (i.e. copying other investors’ trades) and zero-commission stock trading.
FBS
Recommended for investors and traders looking for zero-commission trading and focusing on us markets.
HFM
Recommended for investors and traders looking for zero-commission trading and easy platforms.
TOP FX
Recommended for traders interested in algorithmic stock trading.
XM
Recommended for investors and traders interested in commission-free trading and a focus on us stocks and options.
fp markets
Recommended for investors and traders looking for solid research and a well-equipped desktop trading platform.
FXTM
Recommended for investors and traders looking for low fees, quick account opening and simple platforms.
XtreamForex
Recommended for investors and traders looking for solid research, low fees and great customer service.
iq options
Recommended for investors and traders looking for solid research and great trading platforms.
IC Markets
Recommended for long-term investors looking for great etf and mutual fund selection.
How did we come up with this list of best discount brokers in 2023 ?
A great broker with low fees is the backbone of many trading strategies.
- So we checked trading fees, with a special focus on stock and ETF fees.
- We scrutinized non-trading fees (e.g. inactivity fees and withdrawal fees).
- We took measure of their investment product selection.
- We opened an account and tested their services with our own money.
Save hours of research!
Our expert team has done all the work for you, and reviewed brokers based on The Brokers Rating unique methodology. Now let’s jump straight to the results.
FAQ
What is a discount broker?
A discount stock broker is a brokerage company that executes your buy and sell orders at a low trading fee. Discount brokers can afford to charge lower fees because, unlike full-service brokers, they usually don’t provide extra services such as research, personal investment advice, tax planning or robo-advisory.
The difference between full-service brokers and discount brokers has blurred somewhat in recent years. Discount brokers started to offer extra services as well, like research; while full-service brokers started to lower their fees. The traditional brokerage and wealth management industry is under fee pressure from increasingly cost-effective online broker companies.
Many US brokers have slashed their fees to zero and now promote commission-free trading, following in the footsteps of brokers such as Robinhood. Drawbacks for some of these commission-free brokers include the limited number of assets you can trade (for example, mutual funds are less likely to be offered), so some investors and traders still prefer traditional discount brokers, where order execution also tends to be better compared with zero-commission brokers.
How did The Brokers Rating pick the best discount brokers?
We tested brokers based on almost 500 criteria, using real accounts and real money. When we selected the best discount brokers, the primary selection criteria were fees. Importantly, we only included brokers where you can trade real stocks. This means that we excluded brokers where stocks were only offered through CFDs.
We calculated the rankings based on trading fees for all asset classes, such as stock fees; as well as fees not directly related to trading, such as withdrawal fees. We also assigned a higher score to brokers that offer a wide range of asset classes, because providing low fees in more than one asset class is not an easy job and definitely a big plus for investors.
Lastly, we incorporated additional criteria to measure the overall quality of the broker: if the account opening process, customer service and other aspects of the broker are high quality, they all boosted the overall score.
Are these brokers reliable?
These brokers are all considered reliable. They are regulated by at least one top-tier financial authority. We at The Brokers Rating distinguish between mid-tier and top-tier regulators, based on various factors with the most important being the investor protection amount.
Still unsure? Check out our broker finder tool and find the best broker for you, or learn more about how to invest your money.
A discount stock broker is a brokerage company that executes your buy and sell orders at a low trading fee. Discount brokers can afford to charge lower fees because, unlike full-service brokers, they usually don’t provide extra services such as research, personal investment advice, tax planning or robo-advisory.
The difference between full-service brokers and discount brokers has blurred somewhat in recent years. Discount brokers started to offer extra services as well, like research; while full-service brokers started to lower their fees. The traditional brokerage and wealth management industry is under fee pressure from increasingly cost-effective online broker companies.
Many US brokers have slashed their fees to zero and now promote commission-free trading, following in the footsteps of brokers such as Robinhood. Drawbacks for some of these commission-free brokers include the limited number of assets you can trade (for example, mutual funds are less likely to be offered), so some investors and traders still prefer traditional discount brokers, where order execution also tends to be better compared with zero-commission brokers.
We tested brokers based on almost 500 criteria, using real accounts and real money. When we selected the best discount brokers, the primary selection criteria were fees. Importantly, we only included brokers where you can trade real stocks. This means that we excluded brokers where stocks were only offered through CFDs.
We calculated the rankings based on trading fees for all asset classes, such as stock fees; as well as fees not directly related to trading, such as withdrawal fees. We also assigned a higher score to brokers that offer a wide range of asset classes, because providing low fees in more than one asset class is not an easy job and definitely a big plus for investors.
Lastly, we incorporated additional criteria to measure the overall quality of the broker: if the account opening process, customer service and other aspects of the broker are high quality, they all boosted the overall score.
These brokers are all considered reliable. They are regulated by at least one top-tier financial authority. We at The Brokers Rating distinguish between mid-tier and top-tier regulators, based on various factors with the most important being the investor protection amount.
Still unsure? Check out our broker finder tool and find the best broker for you, or learn more about how to invest your money.
Author of this article
I bring extensive financial expertise as one of The Brokers Rating earliest team members. Personally, I tested nearly all 100+ brokers on our site, opening real-money accounts, executing trades, assessing customer services, and providing firsthand assessment. My professional background includes roles in the banking sector and a degree from Central European University, where I teach finance. My passions lies in in-depth research of the financial industry, building trading algorithms, and managing long-term investments.
Everything you find on The Brokers Rating is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.
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