• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

The College Investor

Student Loans, Investing, Building Wealth

  • About
  • Podcast
  • Research
  • Contact
  • Save For College
      • How To Start

      • How To Save For College
      • How To Pay For College
      • What Is the Average Cost of College?
      • What Is A 529 Plan and Where to Open One in Your State
      • How Much Should You Have In A 529 Plan By Age
      • How To Use A 529 Plan For Private Elementary And High School
      • What Are Qualified Expenses For A 529 Plan (And What Doesn’t Count)?
      • The Best Brokers To Open A 529 Plan
      • Tools + Accounts

      • 529 Plans: The Ultimate College Savings Plan
      • 529 Plan Contribution Limits
      • Prepaid Tuition Plans | What To Know
      • Understanding And Using 529A ABLE Accounts
      • Using A Roth IRA To Save And Pay For College
      • FAFSA Deadlines for Financial Aid
      • CollegeBacker Review
      • Upromise Review
      • UNest Review
      • Other Options

      • Student Loan And Financial Aid Programs By State
      • The Guide To Military And VA Education Benefits
      • How To Fill Out The FAFSA
      • How To Find College Scholarships
      • The Best College Scholarship Search Websites
      • How To Find Grants To Pay For College
      • Pell Grants: What They Are And How To Qualify
      • Understanding Federal Work-Study
      • How To Use A 529 Plan If Your Child Doesn’t Go To College
  • Student Loans
      • Borrowing

        • How Student Loans Work
        • How To Apply For A Student Loan
        • How To Find The Best Student Loans And Rates
        • Best Private Student Loans Of May 2022
        • Best Student Loans To Pay For Graduate School
        • Best Student Loans To Pay For Medical School
        • Parent Loans To Pay For College
        • No-Cosigner Student Loan Options
        • Guide To Income Sharing Agreements (ISAs)
        • Best International Student Loans
      • Get Out Of Debt

        • Best Places To Refinance Student Loans In May 2022
        • Best Student Loan Repayment Plans
        • Best Student Loan Refinancing Bonuses And Promotional Offers
        • Student Loan Forgiveness Programs (The Complete List)
        • The Full List Of Student Loan Forgiveness Programs By State
        • Public Service Loan Forgiveness (PSLF)
        • Top Student Loan Scams
        • Average Student Loan Monthly Payment
        • Average Student Loan Debt By Year
      • Reviews

        • Credible Review
        • Splash Review
        • Ascent Review
        • Citizens Bank Review
        • Commonbond Review
        • Earnest Review
        • ELFI Review
        • Laurel Road Review
        • LendKey Review
        • SoFi Review
  • Investing
      • How To Start

        • How To Start Investing in High School
        • How To Start Investing In College
        • How To Start Investing In Your Twenties For 22 – 29 Year Olds
        • How To Start Investing In Your 30s For 30 – 39 Year Olds
        • How To Start Investing With $100 Or Less
        • How To Give Kids The Gift Of Stock
        • What Is Dividend Growth Investing
        • IRA Rollover Chart
      • Tools + Accounts

        • Best Online Stock Brokers
        • The Best Traditional And Roth IRA Accounts
        • The Best Robo-Advisors
        • The Best Investing Apps
        • The Best Places to Trade Options
        • The Best Places To Open A Health Savings Account
        • The Best Solo 401k Providers
        • The Best Self-Directed IRA Providers
        • Best Cryptocurrency Exchanges
      • Reviews

        • Vanguard Review
        • Fidelity Review 2022: Still One Of The Best Online Brokers
        • M1 Finance Review
        • TD Ameritrade Review
        • Charles Schwab Review
        • Robinhood Review
        • Webull Review
        • Betterment Review
        • Wealthfront Review
  • Earn More Money
      • Extra Income

        • 15 Best Side Hustles You Can Start Earning With Now
        • Side Hustle Ideas: 50+ Ways To Make Money Fast
        • 100+ Real And Honest Ways To Make Money In College
        • 80 Ways To Make Money From Home (In Your Pajamas)
        • 5 Quick Money Making Ideas (That Take Less Than 1 Hour)
        • 10 Interesting Ways You Can Make Money Driving
        • High-Paying Side Gigs That Earn $1,000 or More Per Month
        • The 10 Best Money-Making Apps
        • Paid Surveys: Earn Money For Giving Your Opinion Online
        • 10 Crazy Ways To Make $10,000 You’ve Never Heard Of
      • Build Wealth

        • 35 Passive Income Ideas You Can Use to Build Real Wealth
        • 3 Ways To Make $50,000 Per Year Without Working With Passive Income
        • How To Become A Real Estate Investor With Just $500
        • 15 Best Online Business Ideas
        • How to Create Streams of Passive Income on a Limited Budget
        • Residual Income: 7 Super Smart Ways to Build It
        • The Most Common Multiple Income Streams
        • How To Become A Real Estate Mogul With Only $10,000
      • Reviews

        • Fundrise Review
        • RealtyMogul Review
        • FarmTogether Review
        • AcreTrader Review
        • Swagbucks Review
        • Survey Junkie Review
        • TopCashback Review
        • DoorDash Review
  • Personal Finance
      • Banking

        • Best High Yield Savings Accounts Of May 2022
        • Best Money Market Accounts Of May 2022
        • 10 Best Free Checking Accounts In May 2022
        • The Best Bank CD Rates Of May 2022
        • 10 Best Business Checking Accounts In May 2022
        • The Best Online Banks Of May 2022
        • 5 Best Credit Unions Nationwide of May 2022
        • Best College Student Checking Accounts In May 2022
      • Insurance

        • Best Life Insurance Companies
        • Renters Insurance
        • Car Insurance
        • Pet Insurance
        • Umbrella Insurance
        • Disability Insurance
        • Tuition Insurance
        • Travel Insurance
      • Credit Tools

        • Best Budgeting Apps
        • Cash Advance Apps
        • How To Get A Free Credit Score Report
        • The Best Credit Monitoring Services
        • Debt Settlement: Inside The Secret World
        • Credit Repair Explained: Should You Pay For Help?
        • Best Personal Loan Companies And Lenders
        • Online Loan Companies To Borrow From Home
      • Tax

        • Best Tax Software
        • Free Tax Software
        • IRS Tax Refund Calendar
        • Common IRS Questions and Errors
        • Federal Tax Brackets
        • Capital Gains Tax Brackets
        • 401k Contribution Limits
        • IRA Contribution Limits
        • HSA Contribution Limits
  • Forum
  • Search
Home » Investing » Brokerages » The Cheapest Investing Platforms And Robo-Advisors

The Cheapest Investing Platforms And Robo-Advisors

Updated: December 30, 2021 By Robert Farrington

Tweet20
Share54
Share2
Pin19
Email

At The College Investor, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners. This doesn’t influence our evaluations or reviews. Our opinions are our own. Learn more here.Advertiser Disclosure

There are thousands of financial products and services out there, and we believe in helping you understand which is best for you, how it works, and will it actually help you achieve your financial goals. We're proud of our content and guidance, and the information we provide is objective, independent, and free.

But we do have to make money to pay our team and keep this website running! Our partners compensate us. TheCollegeInvestor.com has an advertising relationship with some or all of the offers included on this page, which may impact how, where, and in what order products and services may appear. The College Investor does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews (or even pay for a review of their product to begin with).

For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure. TheCollegeInvestor.com strives to keep its information accurate and up to date. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website. All products and services are presented without warranty.

Cheapest Investing Sites

Every investor wants to get a "good deal". That's the premise of investing - buy low and sell high. But one of the biggest challenges investors face is fees and commissions. That's why we wanted to compare the lowest cost investing platforms available.

Technology has made it easier than ever to invest for free. And we've already highlighted all the ways you can invest for free. But, not all free investing platforms are equal. In fact, many of the free investing platforms are severely limited in what you can do.

That's why you may be considering looking beyond free, and into cheap and low cost investing platforms that are more robust for what you need. Here's our list of the cheapest investing sites.

We also break down a list of the cheapest robo-advisors to invest with as well.

Table of Contents
Cheapest Investing Sites
Full Summary Of The Low Cost Broker Options
Lowest Priced Robo-Advisors
Full Summary Of Robo-Advisor Options

Cheapest Investing Sites

Here's a quick summary of the lowest priced investing sites. 

Broker

Commission

Notes

Header

M1 Finance

$0

Limited to equity positions.

Open An Account

Robinhood

$0

Limited to certain investments.

Open An Account

Vanguard

$0

Commission-free only for Vanguard funds.

Open An Account

WeBull

$0

Limited to certain investments.

Open An Account

Ally Invest

$0

No restrictions.

Open An Account

Fidelity

$0

No restrictions.

Open An Account

Schwab

$0

No restrictions.

Open An Account

E*Trade

$0

No restrictions.

Open An Account

TD Ameritrade

$0

No restrictions.

Open An Account

Full Summary Of The Low Cost Broker Options

Here is what you get at each of these major investment platforms.

M1 Finance

M1 Finance is a newer investing platform that is commission free. This platform is a great choice for long-term buy and hold investor. You can invest in stocks and ETFs on the platform by building "pie" slices. You can also setup automatic investing to automate your portfolio.

The drawback with M1 Finance is that you are limited in your investment choices. No individual bonds, no options, and more. 

Read our full M1 Finance Review here. 

M1 Finance logo
Open An Account

Robinhood

Robinhood is another tech startup that was one of the first companies to offer commission free trading. This company focuses almost exclusively on stocks, ETFs, and options, but it does offer some limited cryptocurrency trading as well.

Their platform is pretty bare bones, support is all via a ticketing system, and you are limited in what investments you can purchase. 

Read our full Robinhood review here.

Robinhood Logo
Open An Account

Vanguard

Vanguard is most well-known as being the creator of extremely low-cost index funds. While other companies now have lower cost index funds, Vanguard is still hailed as a low priced champion for investors. 

Along those lines, Vanguard does offer commission-free investing for its funds on its platform. This can be a huge savings for beginner investors who want to invest in Vanguard funds. 

The drawback is that if you want to invest in anything else outside of Vanguard, they are one of the most expensive places to invest.

Read our full Vanguard review here.

Vanguard Personal Advisor Services

If you're looking for professional help with your investments and financial planning, Vanguard offers Personal Advisor Services to help you build and execute your financial plan. These are fiduciary advisors and will help you create a plan based on your goals (it's not a robot). It costs 0.30% AUM, which is one of the lowest you'll find. 

Sign up for a no-obligation consultation here >>

Vanguard Logo
Open An Account

WeBull

WeBull is a very new trading app that takes commission-free investing and puts a huge focus on technical trading on it. Compare this to Robinhood, which really frowns on trading.

WeBull brings commission-free trading and has a lot of technical and other research tools to help you trade. They also have margin trading and short selling.

The drawbacks to WeBull is that they currently do not support options, mutual funds, bonds, OTC Bulletin Board or Pink Sheets stocks. 

Read our full WeBull review here.

WeBull Logo
Open An Account

Ally Invest

Ally Invest has been around for several years and has always been reasonably priced. They don't stand out as anything amazing, but if you're already an Ally customer, using their investment platform is an easy way to get access to more, for less. 

The only real drawbacks of Ally are their poor mobile trading experience and minimal research tools. 

Read our full Ally Invest review here.

Ally Invest
Open An Account

Fidelity

Fidelity is one of the largest brokers on this list, and honestly, one of the most robust. They are usually one of our top picks on the best places to invest list. The reasons are exhaustive.

They also recently introduced the first 0% expense ratio mutual funds, which makes your investing experience completely free. 

Fidelity also has access to every investment. You can find anything (though some may require special approval). 

The drawback to Fidelity is also its win - it may be more than you need, especially starting out. But, if you're a long term investor, their commission-free funds are compelling. 

Read our full Fidelity review here.

Fidelity Logo
Open An Account

Schwab

Charles Schwab is another popular brokerage on this list that has continually lowered it's commissions to compete with others. Schwab is another well-known provider for having a solid cash management account (which depending on what specials are going on, sometimes makes it on our list of the best free checking accounts). 

Like Fidelity, Schwab also has a wide range of commission free ETFs and mutual funds. While they don't have any 0% expense ratio funds, they do offer extremely low expense ratio funds - many even lower than Vanguard (the previous market leader). 

The drawbacks to Schwab are similar to Fidelity - it may be more than you need. There are also lackluster support options compared to other major providers.

Read our full Schwab review.

Charles Schwab Checking
Open An Account

E*Trade

E*Trade is another major investment platform that originally made its name for itself for low costs. However, over time, the competition has push it to the bottom of the pack on pricing. However, it does set itself apart in some categories.

One strong point for E*Trade is that they offer the most robust free solo 401k plan available. 

Read our full E*Trade review here.

Etrade Logo
Open An Account

TD Ameritrade

TD Ameritrade is the last major investment platform on this list that is full service and relatively low-priced. Just like the others, its not the cheapest, but it does have many free features that are compelling.

They also consistently offer promotions granting bonus cash offers. See all investing bonus offers here.

Read our full TD Ameritrade review here.

TD Ameritrade
Open An Account

Lowest Priced Robo-Advisors

Broker

Fees as Percentage of AUM

Notes

Header

SoFi Wealth

0%

No restrictions.

Learn More

Betterment

0.15%

For assets of $2m, otherwise 0.25%

Open An Account

Wealthfront

0.25%

No restrictions.

Open An Account

Ellevest

$1-9/mo

No restrictions.

Open An Account

Full Summary Of Robo-Advisor Options

Here's our comparison summary of robo-advisor options. Remember, price isn't the only factor but it should be compelling for users since many of these platforms *should* build similar portfolios for you.

SoFi Wealth

SoFi just recently launched SoFi Wealth, a game-changing robo-advisor platform that is enticing users with a 0% AUM fee. This platform has no fees, free access to financial advisors, and automatic investing.

The drawbacks, depending on who you ask, is that it doesn't offer tax-loss harvesting, it does invest in it's own funds, and it has limited asset selections. Plus, there have been some snafu's with customer accounts in the beginning.

Read our full SoFi Wealth review here.

SoFi Logo

Betterment

Betterment was one of the first robo-advisor platforms, and it's currently the largest based on assets under management. It also offers a unique pricing structure that ranges from 0.15% to 0.40% AUM, depending on how much money you have and what services you select.

Most users will likely fall into the 0.25% AUM pricing - which is for their Digital account, with assets under $2,000,000. 

Betterment also offers several unique products, like their Smart Saver account, and access to financial planners for a flat fee.

Read our full Betterment review here.

Betterment logo
Open An Account

Wealthfront

Wealthfront is close second to Betterment in the assets under management rankings, and they are also a very popular choice for investors looking for a "done for them" online solution. 

Wealthfront charges a 0.25% AUM fee, and if you have assets less than $100,000, you may also pay fund fees on the investments in your portfolio.

Similar to Betterment, Wealthfront also offers financial planning assistance, and cash management options.

Read out full Wealthfront Review here. 

Wealthfront Logo
Open An Account

Ellevest

Ellevest was created to get more money into the hands of women. They created a female-focused robo-advisor and money management platform. However, like all other robo-advisors, they still craft your portfolio based on your investment goals, time horizon, and risk tolerance.

Ellevest currently charges a flat-fee model, ranging from $1 to $9 per month, depending on the level of service you decide. This makes them more expensive for low account balances, and cheaper as your account grows.

Read our full Ellevest review here.

Ellevest Logo
Open An Account
Robert Farrington
Robert Farrington

Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.

He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.

He has been quoted in major publications including the New York Times, Washington Post, Fox, ABC, NBC, and more. He is also a regular contributor to Forbes.

The Cheapest Investing Platforms And Robo-Advisors
Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.
Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors'. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone's responsibility to ensure all posts and/or questions are answered.
Subscribe
Connect with
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
1 Comment
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Primary Sidebar

Robert Farrington

Hi! My Name is

America's Millennial Money Expert

Welcome to The College Investor. We're here to help you escape student loan debt so you can start investing and building wealth for the future

Our expert guides, reviews, and more are designed to help you achieve your financial goals.

Want to learn more? See what's in my wallet.

As Featured In

Social Media

Popular Posts

Side Hustling

Side Hustle Ideas: 50+ Ways To Make Money Fast

Best Side Hustles

15 Best Side Hustles You Can Start Earning With Now

Make Money From Home

80 Ways To Make Money From Home (In Your Pajamas)

Crazy Ways To Make $10,000

10 Crazy Ways To Make $10,000 You’ve Never Heard Of

Make $50,000 Per Year

3 Ways To Make $50,000 Per Year Without Working With Passive Income

Student Loan Scams

Top Student Loan Scams

Net Worth of Millennials

The Average Net Worth Of Millennials By Age

Ways To Get Student Loan Forgiveness

Student Loan Forgiveness Programs (The Complete List)

Passive Income Ideas

35 Passive Income Ideas You Can Use to Build Real Wealth

529 Plan By Age

How Much Should You Have In A 529 Plan By Age

Ultimate Guides

529 Plan Guide

529 Plans: The Ultimate Guide To College Savings Plans

Student Loans and Financial Aid By State

Student Loan And Financial Aid Programs By State

Student Loan Advice

The Definitive Guide To Student Loan Debt: Everything To Know About Your Loans

Student Loan Forgiveness By State

The Full List Of Student Loan Forgiveness Programs By State

newretirement

How to Start Saving Now: The College Graduate’s Guide to Saving for Retirement

Latest Research

Institutional Merit Grants

Who Gets Institutional Merit Grants At Private Colleges?

Resume Student Loan Payments

Survey: Even With Higher Expenses, Most Student Loan Borrowers Are Ready To Resume Payments

Support From Parents Survey

64% Of Millennials Receive Support From Their Parents

undermatching at selective colleges

Undermatching: Why Do Smart Low-Income Students Not Enroll In Selective Colleges?

How Much Americans Pay To File Their Taxes

How Much Americans Pay To File Their Taxes

Footer

Banking

  • 10 Best Free Checking Accounts In May 2022
  • The Best Online Banks Of May 2022
  • The Best Bank CD Rates Of May 2022
  • Best Money Market Accounts Of May 2022
  • Best High Yield Savings Accounts Of May 2022
  • Best High-Yield Checking Accounts Of May 2022
  • The Best Bank Bonus Offers
  • The Best Business Checking Accounts

Investing

  • Best Online Stock Brokers In 2022 (According To Readers)
  • Best Brokerage and Investing Bonus Offers In May 2022
  • The Best Places To Open An HSA (Health Savings Account)
  • 5 Best Investing Apps With Free Stock Trading
  • How To Buy Stocks Online For Free
  • The Best Robo-Advisors Of 2022
  • The Best Self-Directed IRA Providers
  • The Best Traditional And Roth IRA Accounts Of 2022
  • Comparing The Most Popular Solo 401k Options
  • Top 3 Automatic Investment Apps Of 2022

Student Loans

  • Best Places To Refinance Student Loans In May 2022
  • Best Private Student Loans Of May 2022
  • How To Find The Best Student Loans And Rates
  • Best Student Loan Refinancing Bonuses And Promotional Offers

Insurance

  • The Top 10 Online Life Insurance Companies
  • The Ultimate Guide To Renters Insurance – Everything You Need To Know
  • The Cheapest Car Insurance For College Students

Connect

  • Contact Us
  • Advertise
  • Press & Media

About

  • About
  • Our Team
  • Podcast
  • Editorial Guidelines
  • How We Make Money
  • Archives

Social

Copyright © 2022 · The College Investor · Privacy Policy ·Terms of Service · DO NOT Sell My Personal Information

wpDiscuz