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What “low cost” means for a brokerage account
A $0 commission is only one part of your trading cost. Depending on your activity, the larger expense may be an options contract charge, a mutual-fund transaction or redemption fee, a bond markup, margin interest, or an exchange and regulatory fee. Compare the fees for the same trades and account use you expect—not just the headline stock commission.
The figures below are U.S.-focused. Interactive Brokers states that IBKR Lite is available only to U.S. residents. Fees, eligibility, and rates can change, so check the broker’s current schedule before opening an account or placing a trade.
How the brokers compare on documented costs
| Cost category | Interactive Brokers | Fidelity |
|---|---|---|
| Online U.S. stocks and ETFs | IBKR Lite lists $0 commission and a $0 minimum. The displayed lowest monthly share-volume tier for IBKR Pro tiered is $0.0035 per share with a $0.35 per-order minimum; Pro fixed is $0.005 per share with a $1.00 minimum. The schedule also lists regulatory, exchange, clearing, and pass-through fee categories. Interactive Brokers pricing. | $0 commission for online U.S. stock and ETF trades. A limited number of ETFs have a $100 transaction-based service fee, so check the specific fund. Fidelity pricing and Fidelity account fees. |
| Options | The cited fee information establishes separate exchange, regulatory, transaction, and OCC clearing charges; the OCC clearing fee is $0.025 per contract. Broker commission depends on the applicable schedule. Interactive Brokers options pricing. | $0 online options commission, with contract fees applying; Fidelity’s account page lists a standard online fee of $0.65 per contract. Fidelity pricing and Fidelity account fees. |
| Bonds | Not stated in the cited Interactive Brokers pricing details. | Online U.S. Treasury auctions and secondary issues are listed at $0; secondary-issue bonds are listed at $1 per bond. Bond markups or markdowns may affect transaction cost and effective yield. Fidelity pricing. |
| Mutual funds | Not stated in the cited Interactive Brokers pricing details. | Certain non-Fidelity mutual funds may carry transaction or redemption charges. Check the specific fund and holding period. Fidelity pricing. |
| Margin | Not stated in the cited Interactive Brokers pricing details. | The base margin rate was 10.825%, effective September 18, 2026; the actual effective rate varies by debit-balance tier. Fidelity pricing. |
Which costs may matter most for your investing style?
Occasional stock or ETF investor
If you buy stocks or ETFs infrequently and pay cash, the stock commission may have little influence when brokers both list $0 online trades. Check for a fee attached to the particular ETF you want to buy, as well as any service or account charges that apply to your situation. Fidelity says a limited number of ETFs have a $100 transaction-based service fee; that exception does not apply to every ETF.
Options trader
Compare the per-contract commission and the separate exchange, regulatory, transaction, and clearing charges. Fidelity lists $0 online options commissions but a standard $0.65-per-contract online fee. Interactive Brokers separately lists a $0.025-per-contract OCC clearing fee in addition to other possible charges. The lowest headline commission alone does not establish the lowest total cost for a particular options trade.
Mutual-fund investor
Review both purchase charges and short-term redemption fees for the exact fund. Fidelity identifies transaction or redemption charges for certain non-Fidelity mutual funds; the fee depends on the fund and transaction. The cited Interactive Brokers material does not establish a comparable mutual-fund charge.
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Bond investor
Include any commission as well as a bond’s markup or markdown, which affects the price you receive and the effective yield. Fidelity lists online U.S. Treasury auctions and secondary issues at $0, and secondary-issue bonds at $1 per bond; its pricing page also cautions that markups or markdowns can affect cost. A zero or low posted fee is not necessarily the entire bond-trading cost.
Investor borrowing on margin
Margin interest can outweigh small differences in trading commissions. Fidelity’s 10.825% base margin rate was effective September 18, 2026, and its displayed effective rates vary by debit-balance tier. Use the rate for your expected balance and confirm it again before borrowing; the cited evidence does not provide a comparable current Interactive Brokers rate.
What the wider 2026 broker survey adds
Kiplinger’s 2026 survey covered nine firms, including Charles Schwab, Fidelity, Firstrade, Interactive Brokers, and Robinhood. It says firm platform data were collected as of May 31, 2026, and commissions and fees were only a small part of its overall score. The survey is useful context, not a current, exhaustive price ranking.
That survey also highlights less-visible costs and execution practices. It reports that six of the nine firms accepted payment for order flow; Merrill Edge, J.P. Morgan, and WellsTrade told Kiplinger they did not. Kiplinger also reports that Fidelity told it the firm accepts payment for order flow for stock trades. Payment for order flow can be relevant when considering execution, but this survey finding is not a comprehensive analysis of execution quality or a substitute for current firm disclosures. Its discussion also notes bond markups as a potential source of cost. Kiplinger’s 2026 broker comparison.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.A practical way to compare your likely costs
- Define your use case. Note your country of residence, account type, and whether you expect to trade stocks, ETFs, options, mutual funds, or bonds—or borrow on margin.
- Estimate your activity. Record approximate trade frequency, order size, options contracts, fund purchases and holding periods, bond orders, and expected margin balance.
- Check the matching fee lines. Use each broker’s current official schedule for commissions, per-contract charges, fund transaction or redemption fees, bond costs, margin rates, and account or transfer charges.
- Include costs beyond the headline fee. Look for exchange, regulatory, clearing, or pass-through charges and, for bonds, any markup or markdown. Review current disclosures about execution practices where relevant.
- Compare the same activity at each broker. Add the applicable charges for your expected trades and balance. Recheck rates, eligibility, and terms before deciding, because they can change.
What the available figures do—and do not—establish
The detailed current fee evidence here covers Interactive Brokers and Fidelity. It does not establish a universal lowest-cost broker or a complete current ranking across the U.S. market. Kiplinger’s broader comparison offers dated context, with firm platform data collected as of May 31, 2026; it cannot replace checking each broker’s current schedule for your particular trades.
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