Fidelity alternative: Which is the best for you?

If you invest regularly in stocks, ETFs, or retirement accounts, you’ve most likely heard of Fidelity. It appeals to both new investors building their first portfolio and experienced traders managing complex strategies.

But Fidelity’s not perfect and won’t be for everyone. You might want something that works better beyond the US market. Some investors also find its tools and features more complex than they need.

If you’re comparing options, we’ll look at the best Fidelity alternatives, each with its own strengths.

We'll also introduce the Wise account, which allows you to send, spend, and receive your money across the globe in over 40 currencies – all at the fair mid-market rate.

Learn more 🔎

Table of contents
What is Fidelity and how does it work? 1. Wise 2. Vanguard 3. Sofi 4. E*TRADE 5. Charles Schwab

What is Fidelity and how does it work?

Fidelity Investments started as a mutual fund company in 1946 and has since grown into one of the most diversified financial services firms globally.

Through Fidelity, users can open different types of accounts, including individual and joint brokerage accounts, IRAs, 529 college savings plans, and managed accounts for hands-off investors. You can trade US stocks, ETFs, mutual funds, options, and bonds online with no commission on most US-listed securities.

Fidelity’s platform includes real-time market data, portfolio tracking, and tools like Active Trader Pro for advanced charting and order management.

Cash management accounts work like checking accounts, complete with a Fidelity debit card, FDIC insurance through partner banks, and ATM fee reimbursements worldwide.

Fidelity primarily serves US residents, though some services extend to clients in the UK, Canada, and parts of Asia. Its products, however, are mainly tied to US markets.

How much does Fidelity cost?

Fidelity keeps fees straightforward. Online trades for US stocks, ETFs, and options come with $0 commission. For options, there’s an additional fee of $0.65 per contract, despite the base trade cost being zero.¹

Mutual funds through Fidelity can be traded with zero transaction fees for many no-transaction-fee (NTF) funds, and there are even zero-expense-ratio index funds with no minimums.² For bonds and certificates of deposit (CDs), there is typically $1 per bond or CD when traded online in US markets. US Treasury securities traded online are free.

Then there’s Fidelity’s robo-advisor service, Fidelity Go, which is free for balances under $25,000. Once you go above that, the annual advisory fee is 0.35%.³

There are no annual account fees, inactivity fees, or balance requirements, so you won’t get hit with surprise charges just for keeping your account open.

In short, Fidelity keeps costs accessible for standard US trading and investing. The main costs to watch are options contract fees, advisory fees if you opt for managed services, and any specialized trades or non-standard services.

Let’s look at a few alternatives:

1. Wise

Wise is built for people and businesses that need to move money across borders without the hidden fees and headaches of traditional banks.

With one account, you can hold and convert over 40 currencies, send money to over 160 countries, and receive payments like a local with account details in 9 currencies.

The Wise debit card allows you to spend in 150+ countries, converting your balance automatically at the real exchange rate with transparent fees.

While Fidelity focuses on US-based investing and cash management, Wise offers a complementary approach to managing money internationally, letting you hold, spend, and transfer multiple currencies with transparency and ease.

Essentially, Wise is made for the global economy, letting you manage your money anywhere, anytime.

Wise pros & cons

✅ Pros	❌ Cons
Real exchange rate with transparent fees	Small conversion fee applies when exchanging currencies
Hold, add, and receive over 40 currencies	Some features vary by region
Spend in 150+ countries with the Wise debit card	Debit card withdrawal limits apply
No monthly fees or minimum balance	Transfer times can vary depending on bank processing
Local account details in 9 currencies	Limited investment option via “Stocks”

Wise focuses on providing a convenient and transparent solution for managing and transferring money. It’s ideal for basically anyone, such as frequent travelers, remote workers, digital nomads, and freelancers, who require seamless currency management and cost-effective global transactions.

2. Vanguard

Vanguard was created for investors who prioritize long-term, low-cost investing. Founded in 1975, it’s been known for pioneering index funds and now offers a broad selection of mutual funds and ETFs.

With Vanguard, you can trade stocks and ETFs commission-free, invest in NTF mutual funds, or use retirement accounts like IRAs and 401(k)s.

Its Cash Plus account, which is free and with no minimum balance required, provides a way to manage short-term cash with competitive yields. The current APY is 3.50% but may change at any time, potentially letting you earn up to 8 times more than the traditional bank savings account.⁴ There’s also FDIC insurance coverage up to $1.25 million for individual accounts and $2.5 million for joint accounts.

For hands-off investors, the Vanguard Digital Advisor offers automated portfolio management with personalized allocations based on your goals and risk tolerance.

Vanguard also offers various free tools to help investors assess their financial situation, set goals, and track progress.

Vanguard pros & cons

✅ Pros	❌ Cons
Commission-free trading on US stocks and ETFs	Annual account service fees may apply
Extensive selection of mutual funds and ETFs	Platform interface may feel less intuitive for beginners
Digital Advisor for automated portfolio management	Limited international market access
Access to a variety of account types	No multi-currency accounts or global banking features
Robust planning tools and calculators	Advanced tools require additional learning

Vanguard works best for investors looking to grow wealth over time, though active traders or those seeking more flexible banking features may find it limited.

3. SoFi

SoFi (short for Social Finance) is a fintech platform that combines banking, investing, and lending in one mobile-friendly app.

With SoFi, you can open checking and savings accounts through SoFi Bank, earning up to 4.50% APY on savings and 0.50% APY on checking balances with direct deposit.⁵,⁶ Deposits are FDIC-insured up to $250,000 per account holder.

The platform also provides commission-free stock and ETF trading, automated investing with a 0.25% annual fee, and budgeting tools, credit score monitoring, and cash-back rewards.

The SoFi debit card works in the US and abroad, though foreign transactions carry a 0.2% fee from its card network, Mastercard.⁷

SoFi’s platform is designed exclusively for US residents and doesn’t support multi-currency balances or local account details for international transfers.

Sofi pros & cons

✅ Pros	❌ Cons
Commission-free trading on US stocks and ETFs	Foreign transaction fee of 0.2% applies to debit/credit card usage abroad
No monthly fees or minimum balances on accounts	Limited international transfers and no multi-currency accounts
High-yield savings up to 4.50% APY with direct deposit	Robo-advisor includes a 0.25% annual fee⁸
Beginner-friendly mobile and web interface	Investment options are limited compared to traditional brokerages
Budgeting, credit monitoring, and rewards in one app	Lacks advanced trading features or margin accounts

SoFi is ideal for US-based investors or savers who want a one-stop digital platform combining banking, investing, and financial planning.

4. E*TRADE

E*TRADE, part of Morgan Stanley since 1982, is a versatile brokerage for investors at all levels.

You can trade US stocks, ETFs, and options with no base commissions. Options contracts cost $0.65 each, dropping to $0.50 for active traders with 30+ trades per quarter.⁹ Mutual funds include thousands of no-transaction-fee options.

Hands-off investors can use Core Portfolios, E*TRADE’s robo-advisor, with a $500 minimum and a 0.30% annual fee.¹⁰ The platform also offers research tools, trading calculators, educational resources, and a Pro platform with advanced charting for active traders.

Planning tools and educational content make it approachable, though beginners may find the number of features overwhelming.

E*TRADE focuses on the US markets and doesn’t support cryptocurrency trading or full banking services.

E*TRADE pros & cons

✅ Pros	❌ Cons
Commission-free trading on US stocks, ETFs, and options	Limited access to international markets and no multi-currency support
Automated investing	No direct cryptocurrency trading
Wide selection of investment products	Lack of comprehensive banking services
Access to planning tools	Platform features may overwhelm beginners
Advanced charting and order tools	Advanced tools only available at a Pro plan, which requires a separate download

E*TRADE works well for investors seeking a mix of self-directed trading and automated portfolios.

5. Charles Schwab

Founded in 1971, Charles Schwab helped pioneer low-cost online trading and has grown into a trusted brokerage firm in the US. It is a financial services company offering investing, banking, and advisory solutions.

Online trades of US-listed stocks and ETFs carry $0 commission, while options trades cost $0.65 per contract.¹¹ Schwab’s OneSource mutual funds also trade commission-free online.

For banking, the investor checking account has no monthly fee, no minimum balance, and reimburses ATM fees worldwide. The linked debit card also has no foreign transaction fees. However, international wire transfers carry a $25 fee, or $15 if sent online.¹² Daily limits and intermediary bank charges may apply.

Charles Schwab pros & cons

✅ Pros	❌ Cons
Commission-free online trades of US stocks and ETFs	International wire transfers carry fees
Investor checking account with no fees and ATM rebates	Limited multi-currency and global money movement
No foreign transaction fees on linked debit card	Daily transfer limits and intermediary bank charges
Access to wide range of investment products	Some investments, like OTC equities, carry trading fees
Educational resources and planning calculators	Platform may be less intuitive for beginners

Charles Schwab is generally affordable for US-based trading, but international transfers and investments come with higher fees and limits.

Frequently asked questions about Fidelity alternatives

Here’s what you need to know about Fidelity and its alternatives before making the move.

What is the best Fidelity alternative?

The best Fidelity alternative depends on your priorities. For beginner-friendly investing and integrated banking, SoFi is a solid choice. E*TRADE works well for investors who want a mix of self-directed trading and automated portfolios.

There’s also Vanguard for long-term, low-cost investing with index funds and mutual funds, while Charles Schwab offers a broad range of investment products, banking features, and educational resources.

These are great options for users heavily focused on the US market. But if you need to manage money across borders or in multiple currencies, Wise is the go-to choice.

Are Fidelity alternatives safe to use?

Yes. All the Fidelity alternatives mentioned are regulated. SoFi, E*TRADE, Vanguard, and Charles Schwab are registered and supervised by the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Wise is highly regulated across the globe, including by the Financial Crimes Enforcement Network (FinCEN) in the US and the Financial Conduct Authority (FCA) in the UK.

Do Fidelity alternatives have lower fees than Fidelity?

Yes. Fidelity alternatives like SoFi and E*TRADE offer comparable or lower fees for US-based investing. Stocks and ETFs are generally commission-free, and options trades are typically low-cost per contract. Some platforms, like Vanguard and Schwab, provide commission-free mutual funds.

Can Fidelity handle international transfers?

Yes, but while some Fidelity services extend to clients in the UK, Canada, and parts of Asia, its platform doesn’t support full multi-currency accounts or seamless global money transfers. Fidelity primarily serves US markets.

Which Fidelity alternatives are best for global market access?

For international money management, Wise stands out. It allows you to hold, send, and receive over 40 currencies with transparent fees and provides debit card access in 150+ countries. Schwab and Vanguard also offer limited cross-border accounts, but options are restricted compared with a platform built for global transfers.

Final thoughts

When looking for a Fidelity alternative, the best option depends on your priorities.

If you want a beginner-friendly platform that blends investing with banking, SoFi is a strong pick. For a mix of self-directed trading and automated portfolios, E*TRADE delivers flexibility. If long-term, low-cost investing is your focus, then consider Vanguard. For a full-service brokerage with banking features and support tools, Charles Schwab gives you a broad range to choose from.

With Wise, you can send up to 1,000,000 USD per wire transaction to 140+ countries, with the mid-market exchange rate and low, transparent fees.

Learn more about Wise

Sources

1. Fidelity - Commissions, margin rates, and fees
2. Fidelity - $0 commission trades
3. Fidelity Go - robo-advisor overview
4. Vanguard - Cash Plus account
5. SoFi - high-yield savings account
6. SoFi - checking account
7. SoFi - foreign transaction fee
8. SoFi - robo-advisor fee
9. E*TRADE - brokerage account pricing and rates
10. E*TRADE - Core Portfolios
11. Charles Schwab - trading fees
12. Charles Schwab - International wire transfer fee

Sources checked 12/16/2025