Who supervises brokers in the United States?

Supervision sits with SEC, FINRA, CFTC and NFA. 15 of the providers available here hold a licence from a local authority; the rest operate under a foreign authorisation. Investor protection: SIPC — up to USD 500,000, of which no more than USD 250,000 in cash.

Does the broker withhold tax in the United States for me?

Among the providers we review, Charles Schwab, Fidelity Investments, moomoo and tastytrade settle the tax directly in the United States. With every other provider you declare the income yourself.

🇺🇸 US · Country profile

Best brokers in the United States

The US is the only market where commission-free stock and ETF trading is effectively universal. So the question is no longer what an order costs but how the broker earns instead — payment for order flow, interest margin on idle cash, or securities lending. For options traders the per-contract fee remains the dominant cost. For most US investors, tax-advantaged accounts are the single biggest lever.

Risk warning: CFDs and leveraged products are complex instruments and come with a high risk of losing money rapidly. Investments can fall in value. Past performance is not an indicator of future results.

Brokers available: 16of 72
With a local licence: 15
Tier-1 regulated: 16
Avg. score: 4.0

Country profile

Market profile

Supervision, investor protection and tax — the three points that decide the account.

United States

US · Country profile

Local currency: USD
Local regulator: SECFINRACFTCNFA
Reviewed providers: 16 of 72

Investor protection

SIPC — up to USD 500,000, of which no more than USD 250,000 in cash

The part that decides

Tax notes

Short-term gains (under one year) are taxed at ordinary income rates, long-term gains at preferential rates. Tax-advantaged accounts such as 401(k), traditional IRA and Roth IRA defer or eliminate taxation. The wash sale rule limits loss harvesting.

Brokers that withhold tax locally

These providers settle the tax in-country for you, which removes the need to declare the income yourself.

Orientation based on the general legal position — not tax advice. Your personal situation and the legislation in force at the time govern.

Available here

The ranking

Ranked by our overall score across ten weighted criteria. Only providers that accept clients resident here.

All brokers in this category

Advertising disclosure: where a partnership is active, we may earn a commission through broker links. The provider’s terms apply. Commissions do not influence our ratings; paid placements are separately labelled as sponsored.

Charles Schwab

The full-service US giant that also happens to own the best retail trading platform in the business.

4,6

US long-term investorsOptions and futures tradersRetirement accounts

Stocks (per order): Free
Minimum deposit: None
FX conversion: 1 %

USD 0 commission on every online listed US stock and ETF order, with no share cap and no proprietary-fund restrictions
thinkorswim desktop, web and mobile are included free — full options chains, thinkScript, backtesting and paperMoney simulation
No spot cryptocurrency trading — only ETFs, futures and crypto-adjacent equities, which puts Schwab behind Fidelity and well behind Robinhood

Group index 93/100Protection depends on your legal entity

SECFINRA+1

StocksETFsOptionsFuturesForex+4

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Fidelity Investments

The research-and-education benchmark for US investors, with the cheapest funds in the industry attached.

4,6

US long-term investorsIndex fund and ETF buyersResearch-driven stock pickers

Stocks (per order): Free
Minimum deposit: None
FX conversion: 1 %

USD 0 online US stock and ETF commissions, and Fidelity does not accept payment for order flow on equity orders
Zero-expense-ratio index mutual funds (the FZROX family) — no other major US broker matches this on fund cost
No futures, no futures options and no retail forex — a hard stop for macro and commodity traders

Group index 73/100Protection depends on your legal entity

SECFINRA+1

StocksETFsOptionsCryptoBonds+2

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Interactive Brokers

The cheapest serious route to almost every market on earth — if you can live with the learning curve.

4,5

Active and professional tradersMulti-currency investorsOptions and futures traders

Up to USD 1,000 in stock — Referral programme with share credit

Stocks (per order): 0.05 %
Minimum deposit: None
EUR/USD spread: 0.1 pips

US stocks from USD 0.0035 per share on the Tiered plan, minimum USD 0.35 per order and capped at 1% of trade value
Currency conversion at 0.20 basis points (minimum USD 2) — an order of magnitude cheaper than most European brokers' 0.25%–1.5%
Customer support is the standout weakness — ticket-first, slow, and frequently answered with generic templates

Group index 90/100Protection depends on your legal entity

SECFCA+3

StocksETFsOptionsFuturesForex+7

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moomoo

The most data-rich free trading platform on the market — if you happen to live in one of the seven countries it serves.

4,3

Data-driven active tradersUS options tradersAsia-Pacific investors

Stocks (per order): Free
Minimum deposit: None
5,000 order: €0

Free Nasdaq TotalView Level 2 depth on the US platform — Webull charges USD 3.99 per month for comparable data
USD 0 commission and USD 0 contract fee on US stocks, ETFs and equity options for US residents
Available to residents of only seven countries — the United States, Canada, Singapore, Australia, Japan, Malaysia and New Zealand — with no EU, UK or DACH entity

Group index 86/100Protection depends on your legal entity

FINRAMAS+3

StocksETFsOptionsFuturesCrypto+2

Visit broker Read review

tastytrade

The cheapest serious options broker in the US — built by people who trade premium for a living.

4,2

Options premium sellersHigh-volume multi-leg tradersSmall-account futures traders

USD 0 to close — No commission to close options positions

Stocks (per order): Free
Minimum deposit: None
5,000 order: €0

Equity options are USD 1 per contract to open, USD 0 to close and capped at USD 10 per leg — large multi-leg orders scale for free
Futures at USD 1.00 per contract per side and micro futures at USD 0.75, with options on micro futures also USD 0.75
FINRA censured and fined tastytrade USD 850,000 in 2026 for failing to run adequate best-execution reviews on equity orders routed to five payment-for-order-flow market makers between 2020 and 2023

Group index 82/100Protection depends on your legal entity

FINRASEC+1

StocksETFsOptionsFuturesCrypto+4

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Kraken

The most heavily licensed venue in crypto — and the only one that is also a chartered US bank.

4,1

Traders who prioritise regulatory qualityCrypto derivatives and margin tradersAPI and algorithmic traders

Stocks (per order): Free
Minimum deposit: €1
5,000 order: €0

Wyoming SPDI bank charter through Kraken Financial — a full-reserve institution required to hold 100% unencumbered liquid assets against customer fiat, with a Federal Reserve limited-purpose master account
Two MiCA Crypto-Asset Service Provider authorisations plus an EMI licence from the Central Bank of Ireland, passported across all 30 EEA countries
Entry-tier spot pricing of 0.40% maker and 0.80% taker is the most expensive base rate among major regulated venues, and you need USD 10,000 of 30-day volume before it drops below 0.40% taker

Group index 78/100Protection depends on your legal entity

CBICBI+10

StocksETFsOptionsFuturesForex+2

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OANDA

Thirty years, six top-tier licences and the best mobile app in FX - attached to spreads you have to work around.

4,1

BeginnersMobile-first tradersUS and Canadian residents

Stocks (per order): 0.06 %
Minimum deposit: None
EUR/USD spread: 1.7 pips

Regulated by six tier-1 authorities - CFTC/NFA, FCA (542574), CIRO, ASIC (AFSL 412981), MAS and the JFSA - a licence footprint almost nobody in retail FX matches
Trading since 1996, with client money segregated and FSCS cover up to GBP 85,000 for UK clients and CIPF cover up to CAD 1,000,000 in Canada
The default spread-only account is expensive: EUR/USD has been measured at 1.4 to 1.7 pips against roughly 0.8 pips all-in at raw-spread competitors

Group index 89/100Protection depends on your legal entity

CFTC/NFAFCA+6

StocksETFsForexCFDsCrypto+5

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Webull

A desktop-grade trading terminal wrapped in a zero-commission app — with a support desk that lags badly behind the software.

4,1

US options tradersChart-driven active tradersMobile-first investors

Stocks (per order): Free
Minimum deposit: None
5,000 order: €0

USD 0 commission on US-listed stocks, ETFs and equity options, with no per-contract fee — index options are the only equity-derivative exception at USD 0.50 per contract
A real desktop terminal for Windows, macOS and Linux, with multi-monitor layouts, depth-of-market and a script editor — rare at this price point
Customer support is the standing complaint: Trustpilot sits at roughly 1.3–1.4 out of 5, with transfers and account access the most common themes

Group index 86/100Protection depends on your legal entity

FINRACFTC/NFA+4

StocksETFsOptionsFuturesCrypto+4

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eToro

The most complete copy-trading product in Europe, wrapped in the simplest broker app - and paid for through conversion charges rather than commissions.

4,0

Copy tradingCrypto plus stocks in one accountFirst-time investors

USD 100,000 virtual — Demo account with USD 100,000 in virtual funds

Stocks (per order): US$1
Minimum deposit: US$50
FX conversion: 0.75 %

CopyTrader is the most mature copy-trading product in Europe: no separate fee on top of normal trading costs, a USD 200 minimum per copied trader, and up to 100 traders copied at once.
Nasdaq-listed since May 2025 under ETOR, which forces quarterly audited disclosure that most retail brokers never publish.
Currency conversion costs 0.75% each way between a European local-currency account and USD, before Club discounts whose size eToro's own pages state differently - for a broker whose core product is USD-denominated, that is the one number you most need.

Group index 91/100Protection depends on your legal entity

FCAASIC+6

StocksETFsForexCFDsCrypto+3

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TradeStation

The systematic trader's terminal — elite backtesting and automation, priced for people who use it hard.

4,0

Systematic and algo tradersActive futures tradersAdvanced options strategists

Stocks (per order): US$5
Minimum deposit: None
5,000 order: €4.60

EasyLanguage plus tick-level historical data gives retail traders genuine strategy development, backtesting and optimisation — not a toy backtester
Commission tiers are assessed per asset class, so equities, options and futures each step down independently with monthly volume
USD 10 monthly inactivity fee unless the account placed at least ten trades or held a USD 5,000 average end-of-month equity balance during the previous 90 days

Group index 94/100Protection depends on your legal entity

FINRASEC+3

StocksETFsOptionsFuturesFunds+2

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Public.com

The only US broker that pays you to trade options — wrapped around the best retail bond desk in the app-broker category.

3,9

US options income tradersBond and Treasury investorsMargin borrowers

Stocks (per order): Free
Minimum deposit: None
FX conversion: 0.3 %

Options Rebate Program pays USD 0.06–0.18 per stock or ETF contract, typically more than the roughly USD 0.05 per contract of regulatory fees — a net-negative transaction cost that no competitor here matches
Cheapest margin of the three: 5.15% base (Fed Funds Target Rate + 1.15%, with FFTR at 4.00% as of 17 September 2026), tiering to 4.20% above USD 50 million
US residents only — no international entity, so European, UK or DACH investors cannot open an account

Group index 76/100Protection depends on your legal entity

FINRASEC+2

StocksETFsOptionsCryptoBonds+1

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Robinhood

The cheapest way to trade options and the best trading app ever built — attached to the thinnest research desk and the longest enforcement record in the sector.

3,9

Active options tradersMobile-first investorsMargin users

Stocks (per order): Free
Minimum deposit: None
5,000 order: €0

Equity and ETF options carry no commission and no per-contract fee — only about USD 0.04 per contract of pass-through, against USD 0.65 at Schwab and Fidelity
USD 0 commission on US stocks and ETFs, fractional orders from USD 1, and no account minimum
Four significant regulatory settlements since 2020 — SEC USD 65m in 2020, FINRA USD 57m in 2021, NYDFS USD 30m in 2022 and FINRA USD 26m plus USD 3.75m restitution in 2025 — covering order-flow disclosure, supervision, AML and reporting failures

Group index 78/100Protection depends on your legal entity

SECFINRA+3

StocksETFsOptionsFuturesCrypto+2

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By trading style

Best broker per category

Every category weights the rating criteria differently — which is why the same provider rarely wins everywhere.

Forex

Weighted on: Fees · Trading platform

Stocks

Weighted on: Fees · Product range

Options

Weighted on: Fees · Trading platform

Futures

Weighted on: Fees · Trading platform

Crypto

Weighted on: Fees · Safety & regulation

CFDs

Weighted on: Fees · Safety & regulation

1OANDA4,1
2eToro3,9

ETFs

Weighted on: Fees · Safety & regulation

Beginners

Weighted on: Education · Trading platform

Lowest cost

Weighted on: Fees · Safety & regulation

Transparency

Not available here

Transparency means showing the gaps too. These reviewed providers do not accept clients resident here.

IGExplicitly excluded
CMC MarketsExplicitly excluded
PepperstoneExplicitly excluded
SaxoExplicitly excluded
Capital.comExplicitly excluded
XTBExplicitly excluded
CapTraderExplicitly excluded
IC MarketsExplicitly excluded
NordnetNot offered
QuestradeExplicitly excluded
Admirals (Admiral Markets)Explicitly excluded
AJ BellExplicitly excluded
interactive investorExplicitly excluded
LYNXExplicitly excluded
Qtrade Direct InvestingExplicitly excluded
ThinkMarketsExplicitly excluded
Trading 212Explicitly excluded
Wealthsimple TradeExplicitly excluded
ActivTradesExplicitly excluded
BybitExplicitly excluded
DEGIROExplicitly excluded
Dukascopy BankExplicitly excluded
flatexNot offered
FP MarketsExplicitly excluded
SwissquoteExplicitly excluded
AvaTradeExplicitly excluded
AxiExplicitly excluded
BinanceExplicitly excluded
comdirectNot offered
ConsorsbankNot offered
EstablyExplicitly excluded
Freedom24Explicitly excluded
FxProExplicitly excluded
Scalable CapitalExplicitly excluded
TickmillExplicitly excluded
Vantage MarketsExplicitly excluded
BitpandaExplicitly excluded
CornèrtraderExplicitly excluded
EightcapExplicitly excluded
ExnessExplicitly excluded
Hargreaves LansdownExplicitly excluded
LightyearExplicitly excluded
Smartbroker+Not offered
Trade RepublicExplicitly excluded
BlackBull MarketsExplicitly excluded
finanzen.net ZERONot offered
FreetradeNot offered
Markets.comExplicitly excluded
Plus500Explicitly excluded
XMExplicitly excluded
YuhExplicitly excluded
LibertexExplicitly excluded
SkillingExplicitly excluded
BUXNot offered
justTRADENot offered
PostFinance E-TradingExplicitly excluded

Head to head

The top 8, row by row

Fees apply to retail accounts under normal market conditions. Each provider's data date is on its review.

The top 8, row by row — United States
Rank#	Broker	Overall score	Stocks (per order)	Minimum deposit	FX conversion	Local licence	Tax withheld	Asset classes	Action
1	Charles SchwabSEC · FINRA · FDIC	4,6	Free	None	1 %	Local licence	Tax withheld	9	Visit broker
2	Fidelity InvestmentsSEC · FINRA · FDIC	4,6	Free	None	1 %	Local licence	Tax withheld	7	Visit broker
3	Interactive BrokersSEC · FCA · CBI	4,5	0.05 %	None	0 %	Local licence	Tax withheld	12	Visit broker
4	moomooFINRA · MAS · ASIC	4,3	Free	None	n/a	Local licence	Tax withheld	7	Visit broker
5	tastytradeFINRA · SEC · NFA	4,2	Free	None	n/a	Local licence	Tax withheld	9	Visit broker
6	KrakenCBI · FCA · SEC	4,1	Free	€1	n/a	Local licence	Tax withheld	7	Visit broker
7	OANDACFTC/NFA · FCA · ASIC	4,1	0.06 %	None	1 %	Local licence	Tax withheld	10	Visit broker
8	WebullFINRA · CFTC/NFA · FCA	4,1	Free	None	n/a	Local licence	Tax withheld	9	Visit broker

Provider holds a licence from a supervisory authority of this country. Provider withholds capital gains tax in this country automatically.

Countries

Frequently asked questions

16 of the 72 providers we review accept clients resident in the United States. The highest rated right now are Charles Schwab, Fidelity Investments and Interactive Brokers. The full ranking with fees and regulation is at the top of this page.

Content on Brokaro is for information purposes only and is not investment, legal or tax advice.

Keep comparing

Other countries

Neighbouring countries

Regulation and tax rules stop at the border — the comparison is worth it.

Other countries

Germany54 Austria51 Switzerland46 Netherlands49 France46 Australia36 Italy46 Spain46 Poland43 Sweden44 Norway44 Denmark44 Belgium30 Portugal44 Ireland46 New Zealand29 Singapore31 Hong Kong34

See all countries

Best brokers in the United States

Brokers available: 16of 72
With a local licence: 15
Tier-1 regulated: 16
Avg. score: 4.0

Broker

Overall score

Stocks (per order)

Minimum deposit

FX conversion

Local licence

Tax withheld

Asset classes

Charles SchwabSEC · FINRA · FDIC

4,6

Free

None

1 %

Visit broker

Fidelity InvestmentsSEC · FINRA · FDIC

4,6

Free

None

1 %

Visit broker

Interactive BrokersSEC · FCA · CBI

4,5

0.05 %

None

0 %

Visit broker

moomooFINRA · MAS · ASIC

4,3

Free

None

n/a

Visit broker

tastytradeFINRA · SEC · NFA

4,2

Free

None

n/a

Visit broker

KrakenCBI · FCA · SEC

4,1

Free

€1

n/a

Visit broker

OANDACFTC/NFA · FCA · ASIC

4,1

0.06 %

None

1 %

Visit broker

WebullFINRA · CFTC/NFA · FCA

4,1

Free

None

n/a

Visit broker

Market profile

United States

Tax notes

The ranking

Best broker per category

Not available here

The top 8, row by row

Frequently asked questions

Which brokers accept clients from the United States?

Who supervises brokers in the United States?

How is investment income taxed in the United States?

Does the broker withhold tax in the United States for me?

Other countries

Neighbouring countries

Other countries

Market profile

United States

Tax notes

The ranking

Best broker per category

Not available here

The top 8, row by row

Frequently asked questions

Which brokers accept clients from the United States?

Who supervises brokers in the United States?

How is investment income taxed in the United States?

Does the broker withhold tax in the United States for me?

Other countries

Neighbouring countries

Other countries