Every investor and trader wants a cheap investing site to do their online trading. Just like nobody likes paying taxes, nobody likes paying expensive commissions when trading. Here are the cheapest investing sites out there so that you can make sure that you're getting a good deal when you trade.
We're going to strive to keep this list updated with the best deals in online brokerages, so make sure that you check back and make sure that you know where the cheap investing sites to make sure that you get the cheapest brokerage commissions. Plus, we've found some amazing deals and promo codes that you can use to make these cheap investing sites even cheaper!
Online Brokers With The Lowest Commissions:
Robinhood
Robinhood is a truly free stock trading platform. Seriously, you can trade their commission free. However, they do have some limitations, such as you can only use their app on mobile devices (iOS and Android). They also do have a gold program where you can pay for things like margin. Read our full Robinhood review here.
Key Pricing:
- Stock Trade: $0
Promotions:
Robinhood doesn't really run any promotions because they are already free!
OptionsHouse
OptionsHouse has positioned itself as a leader in the online brokerage space by consistently offering the lowest commissions out there. The pride themselves on speed and reliability, while offering extremely low priced investing.
Key Pricing:
- Stock Trade: $4.95
- $5 for 5 Contracts, or $8.50 + $0.15 per Contract
Promotions:
We've also got some amazing promotions to make OptionsHouse an even better value. Right now, you can check out any of the following promo codes if you use this link: OptionsHouse Sign-Up. When you do, use these codes to save more:
- 100 Commission-Free Trades if you open an account with at least $5,000: FREE100
- $100 Cash Credit if you move your stock, option, or mutual fund holding: ACAT100REFUND
Ally Invest
Ally Invest has created a great trading platform that also has low commissions. While they aren't the cheapest investing site, they are very close, and they offer more services than OptionsHouse. Ally Invest has the second lowest pricing for stock trades, and their options pricing is very competitive as well.
Key Pricing:
- Stock Trade: $4.95 per trade
- Options Trade: $4.95 base + $0.65 per contract (they also only charge one base per spread)
Scottrade
Scottrade was one of the original online discount brokers. They also pioneered the flat rate pricing structure that many of the other online brokers use today. Today, they are trying to differentiate themselves by setting up offices across the country and offering more personalized services, for the same low flat rate.
Key Pricing:
- Stock Trades: $7 per Trade
- Options Trades: $7 Base + $1.25 per Contract
Promotions:
As of today, Scottrade does not have any promotions running. However, check back often, and we'll keep you updated on the latest offers from Scottrade.
TD Ameritrade
TD Ameritrade isn't the absolute cheapest investing site, but it is the cheapest full service broker. I'm a fan of TD Ameritrade because they run the trading platform ThinkorSwim, which is a must-have for options traders and anyone who wants amazing charts. If you're looking for just a little bit more than what the other companies on this list offer, then check out TD Ameritrade.
Key Pricing:
- Stock Trades: $9.99 per Trade
- Options Trades: $9.99 Base + $0.75 per Contract
Promotions:
Right now, TD Ameritrade is offering customers an amazing promotion if you Sign Up For TD Ameritrade. Here are the 4 choices currently available:
- Open an Account with $2,000 and get 60 Days of Commission Free Trades
- Open an Account with $25,000 or more, and get $100 plus 60 Days of Free Trades
- Open an Account with $100,000 or more, and get $300 plus 60 Days of Free Trades
- Open an Account with $250,000 or more, and get $600 plus 60 Days of Free Trades
Make sure you use this link: TD Ameritrade to get the promotional offers!
Motif Investing
Motif Investing is different from every company on this list because it's not a traditional broker in the sense of the others. Instead, Motif Investing allows you to buy a “motif” or basket of stocks for a single, low priced commission. These baskets are up to 30 stocks for one low price, which makes Motif Investing one of the cheap investing sites out there.
Key Pricing:
- Stock Trade: $9.95 up to 30 stocks in a single Motif
Promotions:
Right now, Motif Investing is offering a special deal to College Investor readers. If you click this link: Motif Investing, and invest over $2,000 and make 5 trades, you will get $150 bonus cash deposited into your account. Want the $150? Sign up for Motif Investing.
Do you know a cheap investing site that you love? Did I miss a cheap online broker here? Share your thoughts in the comments below!
Matt Becker says
Personally I use Vanguard for all of my investing and pay $0 in trading costs. That won’t work for everyone, but I don’t really see any need to go beyond that.