Commission-Free ETF Brokers: Complete List
Commission-free ETF trading is now the industry standard, not a perk. Here's the full list of $0-commission brokers — and the costs that didn't disappear when commissions did.
Don't have time? Here's what you need to know:
- 1Since late 2019, $0 commission on online U.S.-listed ETF trades has been the standard at every major U.S. broker.
- 2Fidelity, Schwab, Vanguard, Interactive Brokers, Robinhood, M1, E*TRADE, and SoFi all offer commission-free ETF trading.
- 3"Commission-free" covers only the trade commission — the ETF expense ratio, bid-ask spread, and broker-assisted fees still apply.
- 4With commissions equalized, compare fractional shares, cash yields, research, and account types — and prioritize low-expense-ratio funds.
Commission-Free Is Now the Standard
There was a time when buying an ETF cost a flat fee of around $5 to $10 per trade, which made small, frequent contributions painfully inefficient. That era ended in late 2019, when the major U.S. brokers dropped commissions on online U.S.-listed stock and ETF trades to zero in quick succession. What was once a competitive advantage is now simply the baseline.
So the practical answer to "which brokers are commission-free for ETFs?" is: essentially all the major ones. Rather than a short list of exceptions, $0 commissions are the rule. The more useful question today is which broker fits your needs on the features that still vary — and what costs remain even after the commission disappeared.
The List of $0-Commission Brokers
The following major U.S. brokers all charge $0 commission on online trades of U.S.-listed ETFs. They differ on fractional shares, research, cash yields, and overall experience — the features that actually distinguish them now that price is equalized — but on the headline commission, they're the same.
This isn't an exhaustive list of every brokerage in existence, but it covers the platforms most ETF investors will realistically consider. Any of them lets you buy a broad fund like VOO or VTI without paying a trading commission.
| Broker | $0 ETF commission | Fractional shares |
|---|---|---|
| Fidelity | Yes | Yes (down to $1) |
| Charles Schwab | Yes | Yes (Stock Slices) |
| Vanguard | Yes | Limited |
| Interactive Brokers | Yes (commission-free tier) | Yes |
| Robinhood | Yes | Yes |
| M1 Finance | Yes | Yes |
| E*TRADE | Yes | Partial |
| SoFi | Yes | Yes |
The Costs That Didn't Disappear
Zero commission does not mean zero cost. The most important ongoing expense is the ETF's own expense ratio — the annual fee the fund charges, ranging from about 0.03% for a broad index ETF to well over 0.50% for specialized funds. That fee is charged every year regardless of your broker, and over decades it matters far more than any one-time commission ever did.
There are also smaller, easy-to-miss costs. Every trade crosses a bid-ask spread, a tiny gap between the buy and sell price that's larger for thinly traded funds. Brokers may charge for broker-assisted or phone trades, and a regulatory fee fractions of a cent in size applies to sales. None of these is large for a typical investor, but it's worth knowing that "commission-free" describes the trading commission specifically, not every possible cost.
Important: "Commission-free" refers only to the trading commission. The ETF's annual expense ratio, the bid-ask spread, and fees for broker-assisted trades still apply — and the expense ratio matters most over time.
Want the full framework? This 2-hour ETF course teaches you exactly how to pick, buy, and hold profitable ETFs — from zero to confident investor. Under $15.
What to Compare Now Instead of Commissions
With commissions off the table, the features worth comparing are the ones that still differ between brokers. Fractional shares let small contributions go fully invested; the yield on uninvested cash quietly affects your returns; research and screening tools range from deep to minimal; and which account types are supported — taxable, Roth IRA, traditional IRA — determines whether a broker even fits your plan.
For most ETF investors, the bigger lever is the funds themselves, not the broker. Choosing low-expense-ratio index funds and contributing consistently does more for long-term returns than optimizing among brokers that all charge $0 to trade. Our low-cost ETF guide focuses on the fund-level cost that actually compounds, and the brokerage-account guide covers getting started.
Tip: Now that commissions are universally $0, the cost that matters most is the ETF's expense ratio. Optimizing your fund choices beats hunting for a cheaper broker.
Frequently Asked Questions
Which brokers offer commission-free ETF trading?
Essentially all the major U.S. brokers do — including Fidelity, Charles Schwab, Vanguard, Interactive Brokers, Robinhood, M1 Finance, E*TRADE, and SoFi. Since late 2019, $0 commission on online U.S.-listed ETF trades has been the industry standard rather than a special perk, so the choice comes down to other features, not commissions.
Are commission-free ETFs really free?
Free of trading commission, yes — but not free of all cost. You still pay the ETF's annual expense ratio (roughly 0.03% to over 0.50% depending on the fund), a small bid-ask spread on each trade, and potentially fees for broker-assisted trades. The expense ratio is the cost that matters most over time, since it's charged every year regardless of your broker.
Why did brokers make ETF trades free?
Competition. After challenger apps popularized $0 trades, the major brokers cut commissions to zero in late 2019 to keep customers. They make money in other ways — interest on cash balances, margin lending, premium services, and at some brokers payment for order flow — so they could afford to give up trading commissions to win and retain accounts.
If trading is free everywhere, how do I choose a broker?
Compare the features that still differ: fractional-share availability, the yield on uninvested cash, the depth of research and screening tools, the quality of the app, and which account types are supported. For most investors, choosing low-expense-ratio funds and contributing consistently matters more than which $0-commission broker holds them.
Further Reading
Free Tools
Alex Harrington
CFA Level II Candidate, Finance & Economics
Alex Harrington is an independent ETF researcher and personal finance writer with over 8 years of experience analyzing exchange-traded funds. A CFA Level II candidate with a background in economics, Alex has reviewed 800+ ETFs and helped thousands of beginners build their first investment portfolios through clear, jargon-free education.
This content is for educational purposes only and does not constitute financial advice. Past performance does not guarantee future results. Consult a licensed financial advisor before making investment decisions.