Trading App Commission Comparison USA (2026): What You Actually Pay
Comparing trading app commissions in the USA in 2026 sounds simple — every major platform advertises $0. But “zero commission” means different things at different platforms, and the real cost picture only emerges when you look at all commission types simultaneously: stock trades, ETF trades, options contracts, mutual funds, futures, and crypto. The differences between platforms are zero for some trade types and hundreds or thousands of dollars per year for others.
This guide breaks down every commission category, compares all major platforms with real numbers, and calculates what different trader profiles actually pay annually.
The Commission Landscape in 2026: What’s Changed
Commission-free stock and ETF trading became the universal US standard in 2019–2020 when Schwab, Fidelity, and E*TRADE eliminated commissions to match Robinhood’s 2014 pioneering move. By 2026, charging commission on a standard US stock or ETF trade is essentially extinct among major retail platforms.
What hasn’t gone to zero: options contract fees, mutual fund transaction fees, futures commissions, and broker-assisted trade fees. These represent the remaining meaningful commission differences between platforms and determine total trading cost for anyone who trades beyond basic stock and ETF positions.
The industry’s current trajectory is toward $0 options fees — Robinhood, Webull, Moomoo, SoFi, Firstrade, and Public already charge $0/contract — while Fidelity, Schwab, E*TRADE, and IBKR continue at $0.65/contract. This mirrors how stock commissions evolved: $0 at innovators first, then industry-wide within 5 years.
Commission Type 1: Stock and ETF Commissions
The universal rate: $0 at every major US platform.
| Platform | Online Stock Trade | Online ETF Trade | OTC/Pink Sheets | Broker-Assisted |
|---|---|---|---|---|
| Fidelity | $0 | $0 | $0 | $32.95 |
| Charles Schwab | $0 | $0 | $0 | $25 |
| Robinhood | $0 | $0 | Limited | N/A |
| Webull | $0 | $0 | Limited | N/A |
| Interactive Brokers (Lite) | $0 | $0 | $0 | $30 |
| Interactive Brokers (Pro) | $0.0005/share (min $1) | $0.0005/share | $0.0005/share | $30 |
| E*TRADE | $0 | $0 | $0 | $25 |
| tastytrade | $0 | $0 | Limited | Phone/chat |
| Moomoo | $0 | $0 | Limited | N/A |
| SoFi Invest | $0 | $0 | Limited | N/A |
| Public | $0 | $0 | Limited | N/A |
| Firstrade | $0 | $0 | $0 | Phone |
| Merrill Edge | $0 | $0 | $0 | $29.95 |
| J.P. Morgan | $0 | $0 | $0 | $25 |
| Vanguard | $0 | $0 | $0 | $25 |
| Ally Invest | $0 | $0 | $0 | $20 |
The one exception — IBKR Pro: Interactive Brokers’ professional tier charges $0.0005 per share with a $1 minimum per order. On 100 shares of a $50 stock, this is $0.05 — essentially zero for standard trades. The tradeoff: IBKR Pro users get significantly lower margin rates and volume-based options discounts.
Broker-assisted trade fees: Every platform that offers phone support charges $25–$32.95 for a trade placed with a human broker. This is avoidable — place all trades through the app or website.
Commission Type 2: Options Contract FeesThis is where commissions meaningfully differentiate platforms in 2026. Options contract fees range from $0 to $0.65 per contract — a difference that compounds into hundreds or thousands of dollars annually for active options traders.
Complete Options Commission Comparison
| Platform | Per Contract (Open) | Per Contract (Close) | Index Options | Notes |
|---|---|---|---|---|
| Public | $0 + rebate | $0 + rebate | $0 | Pays $0.06–$0.18/contract back |
| Robinhood | $0 | $0 | $0 (limited) | Both sides free |
| Webull | $0 | $0 | $0 | Both sides free |
| Moomoo | $0 | $0 | $0.50 | Equity options free |
| SoFi Invest | $0 | $0 | N/A | Both sides free |
| Firstrade | $0 | $0 | $0 | All options free |
| tastytrade | $1.00 | $0 | $0/close | Capped $10/leg; free to close |
| Ally Invest | $0.50 | $0.50 | $0.50 | Below standard rate |
| Fidelity | $0.65 | $0.65 | $0.65 | No volume discount |
| Schwab | $0.65 | $0.65 | $0.65 | No volume discount |
| IBKR (Lite) | $0.65 | $0.65 | $0.65 | Min $1/order |
| IBKR (Pro) | $0.65 | $0.65 | $0.65 | Volume discounts available |
| E*TRADE | $0.65 | $0.65 | $0.65 | Volume discount: $0.50 at 30+/order |
| Merrill Edge | $0.65 | $0.65 | $0.65 | Standard rate |
| J.P. Morgan | $0.65 | $0.65 | $0.65 | Standard rate |
The Public Options Rebate — Unique in the Industry
Public is the only major US trading app that pays users to trade options rather than charging them. The rebate ranges from $0.06 to $0.18 per contract based on trading volume and referral activity. On 50 contracts per month, this generates $3–$9/month in positive income rather than a cost. No other major US platform offers this structure.
Annual Options Commission Cost by Volume
The following table shows annual options commission costs at three common trading volumes, comparing $0, $0.65, and tastytrade’s structure:
Scenario: 20 round-trip contracts per month (240 annually)
| Platform | Annual Cost |
|---|---|
| Robinhood / Webull / Moomoo | $0 |
| Public | -$14 to -$43 (receive rebate) |
| tastytrade ($1 open, $0 close) | $240 (open only) |
| Ally Invest ($0.50) | $240 |
| Fidelity / Schwab / E*TRADE ($0.65) | $312 |
Scenario: 100 round-trip contracts per month (1,200 annually)
| Platform | Annual Cost |
|---|---|
| Robinhood / Webull / Moomoo | $0 |
| Public | -$72 to -$216 (receive rebate) |
| tastytrade ($1 open, $0 close) | $1,200 (open only) |
| Ally Invest ($0.50) | $1,200 |
| Fidelity / Schwab ($0.65) | $1,560 |
| E*TRADE ($0.65, standard) | $1,560 |
| E*TRADE ($0.50, 30+ contract orders) | $1,200 |
Scenario: 300 round-trip contracts per month (3,600 annually)
| Platform | Annual Cost |
|---|---|
| Robinhood / Webull | $0 |
| Public | -$216 to -$648 (receive rebate) |
| tastytrade | $3,600 (open only) |
| Fidelity / Schwab | $4,680 |
| IBKR (Pro, volume discount) | Varies lower with volume |
At very high options volume, IBKR Pro’s volume-based discounts can make it competitive with or better than $0.65 platforms despite its per-contract rate — bulk pricing applies to high-frequency traders.
Commission Type 3: Mutual Fund Commissions
Mutual fund transaction fees are one of the most overlooked commission categories — invisible until you try to buy a specific fund and encounter an unexpected charge.
Mutual Fund Commission Comparison
| Platform | No-Transaction-Fee Funds | Transaction Fee (non-NTF) | Notes |
|---|---|---|---|
| Fidelity | 3,400+ | $49.95 | Proprietary funds always free |
| Schwab | 4,000+ | $49.95 | Schwab funds free; short-term redemption $49.95 |
| E*TRADE | 4,400+ | $19.99 | Volume discount to $9.99 |
| J.P. Morgan | Most | $0 | Rare free mutual fund commissions |
| Merrill Edge | 2,000+ | $19.95 | BofA funds free |
| Vanguard | Vanguard funds | $20 | Third-party funds $20 |
| Robinhood | ❌ | N/A | No mutual funds available |
| Webull | ❌ | N/A | No mutual funds available |
| tastytrade | ❌ | N/A | No mutual funds available |
| Moomoo | ❌ | N/A | No mutual funds available |
The $49.95 trap: Buying a mutual fund not on Fidelity or Schwab’s no-transaction-fee list costs $49.95 per transaction — a 5% cost on a $1,000 purchase. The remedy is simple: almost every mutual fund with a transaction fee has an equivalent ETF version that trades at $0 commission.
J.P. Morgan’s unique advantage: J.P. Morgan Self-Directed is one of the very few platforms offering commission-free mutual fund trading broadly — a genuine differentiator for mutual fund investors.
Commission Type 4: Futures Commissions
Futures commissions apply to traders who use futures contracts for speculation, hedging, or portfolio management. Not all platforms offer futures trading.
Futures Commission Comparison
| Platform | Futures Commission | Notes |
|---|---|---|
| Webull | $0.85/contract | Plus exchange fees |
| tastytrade | $1.25/contract | Both sides; competitive for options-futures traders |
| E*TRADE | $1.50/contract/side | Plus exchange/NFA fees |
| Schwab (thinkorswim) | $2.25/contract | Plus exchange fees |
| Interactive Brokers | ~$0.85/contract | Tiered pricing; lower with volume |
| TradeStation | Competitive | Varies by tier |
| Fidelity | ❌ | No futures trading |
| Robinhood | ❌ | No futures (planned) |
| Moomoo | ❌ | No futures |
Futures commissions are generally less negotiable than options commissions — the exchange fees (NFA fees, clearing fees) add $0.50–$1.50 per contract on top of the broker commission regardless of platform.
Commission Type 5: Crypto Trading Commissions/Spreads
Crypto commissions at US trading apps don’t appear as explicit charges — they’re embedded in the bid-ask spread. The platform shows you a buy price higher than the actual market rate; the difference is their revenue.
Crypto Spread Comparison
| Platform | Typical Spread | On $10,000 Purchase | Structure |
|---|---|---|---|
| Robinhood | 0.5–1.5% | $50–$150 | Embedded spread |
| Webull Pay | ~1.0% | $100 | Embedded spread |
| Public | ~1.0–1.5% | $100–$150 | Embedded spread |
| Coinbase (retail) | 1.5–3.5% | $150–$350 | Transaction fee |
| Coinbase Advanced | 0.0–0.6% | $0–$60 | Maker/taker |
| Kraken Pro | 0.0–0.26% | $0–$26 | Maker/taker |
| IBKR | ~0.12–0.18% | $12–$18 | Spread-based |
The cost difference between buying crypto through a traditional trading app vs. a dedicated exchange with maker/taker pricing is substantial. Frequent crypto buyers using Coinbase Advanced or Kraken Pro at 0.1–0.2% pay dramatically less than the 1%+ embedded spreads at traditional apps.
Full Commission Comparison Matrix: 14 Platforms
| Platform | Stocks | ETFs | Options/Contract | Mutual Funds | Futures/Contract | Crypto |
|---|---|---|---|---|---|---|
| Fidelity | $0 | $0 | $0.65 | $0 (NTF) / $49.95 | ❌ | ETF only |
| Schwab | $0 | $0 | $0.65 | $0 (NTF) / $49.95 | $2.25 | ETF only |
| Robinhood | $0 | $0 | $0 | ❌ | Planned | Spread ~1% |
| Webull | $0 | $0 | $0 | ❌ | $0.85 | Spread ~1% |
| IBKR (Lite) | $0 | $0 | $0.65 | $0 (NTF) | ~$0.85 | Spread ~0.15% |
| IBKR (Pro) | $0.0005/sh | $0.0005/sh | $0.65 | $0 (NTF) | ~$0.85 | Spread ~0.15% |
| E*TRADE | $0 | $0 | $0.65 ($0.50 vol.) | $0 (NTF) / $19.99 | $1.50 | ❌ |
| tastytrade | $0 | $0 | $1/$0 | ❌ | $1.25 | Small selection |
| Moomoo | $0 | $0 | $0 | ❌ | ❌ | Spread |
| SoFi Invest | $0 | $0 | $0 | ❌ | ❌ | Spread |
| Public | $0 | $0 | $0+rebate | ❌ | ❌ | Spread |
| Firstrade | $0 | $0 | $0 | $0 | ❌ | ❌ |
| J.P. Morgan | $0 | $0 | $0.65 | $0 | ❌ | ❌ |
| Ally Invest | $0 | $0 | $0.50 | $0 (NTF) | ❌ | ❌ |
| Vanguard | $0 | $0 | $0 | $0 (Vanguard) / $20 | ❌ | ❌ |
Annual Commission Cost by Trader Profile
Profile A: Casual Buy-and-Hold Investor
- 15 stock/ETF trades per year, all online
- No options, no futures, no margin
- Holds 3 ETFs long-term (expense ratios not included here)
Annual commission cost at every major platform: $0. Zero commissions on stocks and ETFs means this investor pays nothing in commissions regardless of platform choice.
What actually matters for this profile: Fund expense ratios (0.00% at Fidelity vs. 0.03% elsewhere — $30/year difference on $100,000) and uninvested cash rates, not commissions.
Profile B: Active Options Trader — Moderate Volume
- 50 round-trip options contracts per month (600 annually)
- 20 stock trades per year
- No futures, no mutual funds
| Platform | Annual Stock Commission | Annual Options Commission | Total Annual |
|---|---|---|---|
| Robinhood | $0 | $0 | $0 |
| Webull | $0 | $0 | $0 |
| Public | $0 | -$36 to -$108 (rebate) | -$36 to -$108 |
| tastytrade | $0 | $600 (open only) | $600 |
| Ally Invest | $0 | $600 | $600 |
| Fidelity | $0 | $780 | $780 |
| Schwab | $0 | $780 | $780 |
| E*TRADE | $0 | $780 (or $600 with volume) | $600–$780 |
Best for this profile: Robinhood or Webull ($0). Public if options rebates exceed the value of any platform features you’d prefer elsewhere.
Profile C: High-Volume Options Trader
- 200 round-trip options contracts per month (2,400 annually)
- 50 stock trades per year
- $25,000 margin balance
| Platform | Annual Options | Annual Margin Interest | Total Annual |
|---|---|---|---|
| Robinhood Gold | $0 | ~$1,813 (7.25%) | $1,813 |
| Webull | $0 | ~$2,185 (8.74%) | $2,185 |
| IBKR Pro (with vol. discount) | ~$1,200 | ~$1,708 (6.83%) | ~$2,908 |
| tastytrade | $2,400 | Varies | $2,400+ |
| Fidelity | $3,120 | ~$2,063 (8.25%) | $5,183 |
| Schwab | $3,120 | ~$3,000 (12.00%) | $6,120 |
Best for this profile: Robinhood Gold or Webull. IBKR Pro becomes competitive at significantly higher volumes where bulk options discounts apply.
Profile D: Futures and Options Combined Trader
- 100 futures contracts per month
- 50 options contracts per month
- $10,000 margin balance
| Platform | Annual Futures | Annual Options | Annual Margin | Total |
|---|---|---|---|---|
| Webull | $1,020 ($0.85/ct) | $0 | ~$874 | $1,894 |
| IBKR | ~$1,020 | $780 | ~$683 | $2,483 |
| tastytrade | $1,500 | $1,200 (open) | Varies | $2,700+ |
| E*TRADE | $1,800 | $780 | ~$1,200 | $3,780 |
| Schwab | $2,700 | $780 | ~$1,200 | $4,680 |
Profile E: Mutual Fund Investor
- 12 mutual fund transactions per year, all in NTF funds
- 10 stock trades per year
- No options, no futures
Every major platform: $0 if funds are on the NTF list. The commission difference only appears when buying funds outside the NTF list. For dedicated mutual fund investors, J.P. Morgan Self-Directed’s broader free fund access is a meaningful advantage.
Volume Discounts: When Do They Kick In?
Most platforms don’t offer volume discounts on standard commissions — $0 is already as low as it goes for stock and ETF trades. The exceptions are options and institutional/professional tiers.
E*TRADE options volume discount: Standard rate $0.65/contract. Drops to $0.50/contract when you place an order of 30 or more contracts simultaneously. This is per-order, not per-month — you need to trade 30+ contracts in a single order to qualify.
Interactive Brokers Pro options volume discount: IBKR Pro charges $0.65/contract at low volumes but applies tiered discounts at higher monthly volumes — rates drop for traders executing 100,000+ contracts per month. Relevant only for professional-scale traders.
tastytrade options cap: tastytrade caps options commissions at $10 per leg regardless of how many contracts are in the order. An order of 100 contracts at $1/contract = $100 without the cap, $10 with it. This makes tastytrade highly competitive for large single orders.
Volume discount summary by platform:
| Platform | Volume Discount | Threshold |
|---|---|---|
| E*TRADE | $0.65 → $0.50/contract | 30+ contracts per order |
| tastytrade | $1 → $10 cap per leg | Any order over 10 contracts |
| IBKR Pro | Tiered reduction | 100K+ contracts/month (professional) |
| Robinhood | $0 (no reduction needed) | N/A |
| Webull | $0 (no reduction needed) | N/A |
| Fidelity | No volume discount | — |
| Schwab | No volume discount | — |
Commission Comparison: Who Wins Each Category
Lowest stock/ETF commissions: Tied at $0 — every major platform. No meaningful difference.
Lowest options commissions: Public (earns rebates), Robinhood, Webull, Moomoo, SoFi, Firstrade (all $0). tastytrade wins for high-volume traders using the $10/leg cap on large orders.
Lowest mutual fund commissions: J.P. Morgan ($0 broadly), Firstrade ($0 on funds), then E*TRADE ($19.99 for non-NTF funds).
Lowest futures commissions: Webull ($0.85/contract) and IBKR (~$0.85/contract) lead.
Lowest crypto commissions: IBKR (~0.15% spread) and dedicated exchanges (Coinbase Advanced, Kraken Pro at 0.1–0.2%) vs. traditional app spreads of 0.5–1.5%.
Lowest overall commissions for most investors: Fidelity or Robinhood — $0 on stocks, $0 on ETFs, reasonable options commissions (Robinhood at $0, Fidelity at $0.65 with no other hidden fees).
The Trajectory: Where Commissions Are Heading
The US trading app industry in 2026 is in the middle of a “race to zero” on options contract fees — mirroring exactly how stock commissions evolved 2019–2020.
Current state: Six major platforms charge $0/contract (Robinhood, Webull, Moomoo, SoFi, Public, Firstrade). Five charge $0.65 (Fidelity, Schwab, IBKR, E*TRADE, Merrill). One charges $1 to open (tastytrade).
Historical pattern: Robinhood eliminated stock commissions in 2014. By 2019, Schwab and Fidelity eliminated them. By 2020, the entire major industry followed.
Robinhood eliminated options commissions in 2018. As of 2026, six platforms have followed. Fidelity and Schwab remain at $0.65 — the same position they held on stock commissions before going to $0. The question is not whether options commissions will reach $0 industry-wide, but when.
FAQ
Q: Are all trading app commissions really $0? For online US stock and ETF trades at major platforms: yes, genuinely $0. For options: $0 at six major platforms, $0.65 at five others. For mutual funds: $0 on NTF lists, $19.99–$49.95 for non-NTF funds. For futures: $0.85–$2.25/contract. For crypto: 0% stated commission but 0.5–1.5% embedded spread.
Q: Which platform has the lowest commissions for options traders? Public pays you (rebates of $0.06–$0.18/contract). Robinhood and Webull charge $0. For high-volume traders needing professional tools, tastytrade’s $10/leg cap on large orders is highly competitive.
Q: Does Fidelity plan to eliminate options commissions? Fidelity hasn’t announced plans to eliminate the $0.65/contract options fee as of 2026. Given the industry trajectory and Fidelity’s history of matching competitive pressure (as it did with stock commissions), it’s a reasonable expectation over the next several years.
Q: What commissions does Interactive Brokers charge? IBKR Lite: $0 for stocks and ETFs, $0.65/contract for options, minimum $1/order. IBKR Pro: $0.0005/share (min $1) for stocks, $0.65/contract for options with volume discounts, approximately $0.85/contract for futures. IBKR Pro’s higher stock commissions are offset by significantly lower margin rates.
Q: Is there a commission to buy Vanguard ETFs at other brokers? No — Vanguard ETFs like VTI and VOO are listed on exchanges and trade at $0 commission at every major US platform. You don’t need to open a Vanguard account to buy Vanguard ETFs; you can buy them at $0 commission at Fidelity, Schwab, Robinhood, or any other major platform.
Internal linking suggestions:
- “Stock Trading App Fees USA (2026)“
- “Hidden Fees Trading Apps USA (2026)“
- “Top Trading Platforms Compared USA (2026)“
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