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Online Stock Broker Comparison

Looking for an alternative to your current broker? Our rates start lower than TD Ameritrade, Charles Schwab, Fidelity, E*Trade and the other brokers below.

Commissions, Fees and Minimums

Hidden fees and required minimums can quickly add up, leaving you paying more on an annual basis. Take a look at the chart below to see how ToledoTrade commissions, fees and minimums compare to other online brokers. Take a look to see side by side comparisons of commissions, fees, and minimums.

ToledoTrade Standard1ToledoTrade at Cost2TD AmeritradeCharles SchwabFidelityE*TRADEAlly InvestTradeStationMerrill Edge
Stocks$1.95 min.
($0.005 per share)
$0.35 min.
($0.0005 – $0.00035 per share)
$6.95$4.95$4.95$6.95$4.95$5.00$6.95
Options$1.95 for 1st contract
+ $0.75 any additional
$1.00 minimum per order
($0.25 - $0.70 per contract)
$6.95 + $0.75 per contract$4.95 + $0.65 per contract$4.95 + $0.65 per contract$6.95 + $0.75 per contract$4.95 + $0.65 per contract$5.00 + $0.50 per contract$6.95 + $0.75 per contract
Futures$1.99 min ($1.25 per contract)$0.85 min. ($0.25 - $0.85 per contract)$2.25 per contract$1.50 per contractNo Futures$1.50 per contractNo Futures$1.50 per contractNo Futures
Account Minimum$0$30,000 Margin or 50,000 Cash (Daily)$0$0$0$0$0$500$0
IRA Closure Fee$0$0$0$50$0$60$50$50$49.95
IRA Annual Fee$0$0$0$0$0$0$0$35$0
Transfer Out Fee$0$0$75$50$0$60$50$125$49.95
  1. Clients who maintain and average daily margin balance of $30,000 or a daily cash balance of $50,000 throughout the month are eligible for the Trade at Cost Plan.
  2. The required minimum for the Trade at Cost plan is a daily average margin balance of $30,000 or a daily average cash balance of $50,000 or more that must be maintained throughout the month. If a client goes below the required minimum then the rates and commission will change to the Standard plan.

The Bottom Line:

ToledoTrade’s commission rates start lower than all brokers listed above. Even though ToledoTrade’s rate is on a per share commission, clients would have to trade an average of 990 shares per trade to equal the cost of a trade at Charles Schwab, Fidelity or Ally Invest. Depending on how many shares you trade on average, ToledoTrade is able to negotiate commissions for high volume traders. Look at this example of 200 trades annually with an average of 250 shares per trade:

*Based on 200 stock trades per year with 250 shares traded per trade. For the Trade at Cost plan, exchange fees and rebates are not included. You are eligible to receive rebates when you add liquidity to an exchange. In some instances this can offset your clearing and regulatory fees, bringing your total cost to $0. Non-marketable orders add liquidity. Non-marketable orders are buy/sell limit orders in which the limit price is below/above the current market.

Broker

Trade at Cost

Standard

Schwab

Fidelity

Ally Invest

TradeStation

TD Ameritrade

E*TRADE

Merrill Edge

Rate

$0.35 min.

$1.95

$4.95

$4.95

$4.95

$5.00

$6.95

$6.95

$6.95

Annual Cost

$175.00 or lower
$390.00
$990.00
$990.00
$990.00
$1000.00
$1,390.00
$1,390.00
$1,390.00

Savings

N/A

$215

$815 or $600

$815 or $600

$815 or $600

$825 or $610

$1,215 or $1,000

$1,215 or $1,000

$1,215 or $1,000

Margin Rates

When you think about how much you’re actually paying your broker, one of the most important things that investors and trades often overlook is how much margin interest they are paying. Take a look at the rates listed below:

Margin Rate Tiers1ToledoTrade Standard2ToledoTrade at Cost3TD AmeritradeCharles SchwabFidelityE*TRADEAlly InvestTradeStationMerrill Edge
Under $10,0006.90%5.90%10.75%9.825%9.825%11.00%10.00%9.50%10.875%
$10,000 - $24,9996.90%5.90%10.50%9.825%9.825%10.75%10.00%9.50%10.875%
$25,000 - $49,9996.90% or ⇨5.90%10.25%9.325%9.325%10.50%9.75%9.50%9.75%
$50,000 - $99,9996.90% or ⇨5.90%9.25%8.375%8.375%10.00%9.00%8.75%9.75%
$100,000 - $249,9996.40% or ⇨5.40%9.00%8.325%8.325%9.50%7.75%8.75%8.375%
$250,000 - $499,9996.40% or ⇨5.40%8.75%8.075%8.075%9.00%6.75%8.75%8.375%
$500,000 - $999,9996.40% or ⇨5.40%8.75%N/A45.75%8.50%6.25%5.50%8.125%
$1 Million - $3 Million5.90% or ⇨4.90%8.00%N/A45.50%7.50%5.50%5.50%57.75%
Above $3 Million5.70% or ⇨4.70%8.00%N/A45.50%7.50%5.50%3.50%7.5%6
  1. The tiers on which interest is based may change from time to time without prior notification to clients. Such adjustments are done periodically to adjust for changes in currency rates. ToledoTrade uses a blended rate based on the tiers indicated. For example, for a balance over 1,000,000 USD, the first 100,000 is charged at the Tier I rate, the next 900,000 at the Tier II rate, etc. ToledoTrade accrues interest on a daily basis and posts actual interest monthly on the third business day of the following month.
  2. Clients who maintain and average daily margin balance of $30,000 or a daily cash balance of $50,000 throughout the month are eligible for the Trade at Cost Plan.
  3. The required minimum for the Trade at Cost plan is a daily average margin balance of $30,000 or a daily average cash balance of $50,000 or more that must be maintained throughout the month. If a client goes below the required minimum then the rates and commission will change to the Standard plan.
  4. For margin balances above $500,000, Charles Schwab requests to contact them.
  5. For TradeStation margin balances between $500,000 – $2 million, the margin rate is 5.25%. For balances of $2 million or more, the margin rate is 3.25%.
  6. For Merrill Edge balance between $1 million – $5, the margin rate is 7.50%. For balances between $5 million – $10 million, the margin rate is 7.00%. For balances of $10 million more, the margin rate is 6.75%.

The Bottom Line:

ToledoTrade’s margin rates start lower than all of the brokers listed above. With the Trade at Cost plan, the rate is lower than the Standard plan when the daily average margin balance is maintained throughout the month. ToledoTrade will also negotiate with clients who are on the Standard plan and have a margin balance of $500,000 or more that is not maintained throughout the month. Depending on the size of your margin balance, you can save hundreds, if not thousands of dollars of margin interest by making the switch to ToledoTrade. Look at this example of a $100,000 margin balance:

Broker

Trade at Cost

Standard

Ally Invest

Schwab

Fidelity

Merrill Edge

Trade Station

TD Ameritrade

E*TRADE

Rate

5.90%

6.90%

7.75%

8.325%

8.325%

8.375%

8.75%

9.00%

9.50%

Annual Cost

$5,900
$6,900
$7,775
$8,325
$8,325
$8,375
$8,750
$9,000
$9,500

Savings

N/A

$1,000

$875 or $1,875

$1,425 or $2,425

$1,425 or $2,425

$1,475 or $2,475

$1,850 or $2,850

$2,100 or $3,100

$2,600 or $3,600

*Based on a $100,000 Margin Debit Balance. Calculation is based on a yearly interest charge amount and assumes that your daily balance does not fluctuate but remains constant.

Competitor commission and margin rates obtained from published websites as of 12/31/2018 are believed to be accurate but not guaranteed. Comparisons do not include competitor discounts or promotions.