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Broker Reviews

Fidelity Investments

Published by
On Monday, December 15th, 2014 .


From research to banking to education and trade tools, Fidelity provides clients everything they need and more to succeed. While the requirement to access Fidelity's premier platforms is steep, the rest of Fidelity's offering still screams value.


Need to make 36-plus trades per year to utilize top Active Trader Pro platforms; no site-wide quote bar.

Fidelity Review

Ask most investors if they have heard of Fidelity Investments, and the answer is almost always yes. Fidelity is a huge brand, perhaps the largest based on total assets alongside Charles Schwab, and one of the largest brokers as far as total clients goes along with TD Ameritrade and ETRADE

As a full-service broker with millions of clients and ample service offerings, it is no surprise that providing top-notch research is the No. 1 priority. Investment guidance and retirement services are two other monster parts of Fidelitys business, which this review will take a closer look at.

Commissions & Fees

Fidelity, like its closest competitors, uses a simple, flat-fee trading commission structure. Stock trades are $7.95, and option trades run $7.95, plus $.75 per contract, which are rates similar to those found at TD Ameritrade, ETRADE, Charles Schwab and Scottrade.

One standout feature for Fidelity: Among the big online brokers, Fidelity has the lowest margin rates, with ETRADE not much further behind (full margin rate schedules can be viewed and compared using the Compare Tool). 

Fidelity TD AmeritradeETRADECharles SchwabScottrade
Stock Trade Fee (flat)$7.95$9.99$9.99$8.95$7.00
Options Base Fee$7.95$9.99$9.99$8.95$7.00
Options Per Contract Fee$0.75$0.75$0.75$0.75$1.25
Broker Assisted Trades Fee$32.95$44.99$25.00$25.00$32.00
Mutual Fund Trade Fee$49.95$49.99$19.99$76.00$17.00
Commissions & Fees

Fidelity offers 76 commission-free ETFs, up from 30 in early 2013. The broker still trails ETRADE, TD Ameritrade and Charles Schwab, however, with Charles Schwab leading the industry, offering 121 in total.

Lastly, Fidelity offers checking accounts, savings accounts, credit cards and debit cards, but no home mortgages. Its credit cards in particular stand out in the area of rewards. Next to Capital One ShareBuilder, the offers are the best in the brokerage space.

Research, Ease of Use

Fidelitys shining star is its research, and this should come as no surprise. We were extremely impressed with the overall depth and scope of what is available. Some could argue that, at times, the amount of research is over-done.

Take, for example, equities research. Pull up a quote of Apple (AAPL) and you will find an Equity Summary Score alongside 13 different third-party research reports to navigate through, the largest of any broker. ETFs are not left out either, as we found six total third-party research reports available for SPY. 

Fidelity Equity Summary Score

The primary research provider for ETFs and mutual funds, as far as key data and ratings goes, is Morningstar. Morningstar is our favorite provider for fund research, and all the big brokers use them. We've found their screeners to be more thorough, the data to be more visually appealing and unique tools such as the fund StyleMaps to be great. 

While the research area is fairly straight-forward and easy to navigate, the rest of the site used to be a mess. In our 2013 Review, Fidelity ranked lowest among its competitors for ease-of-use, mostly because of its outdated website and extremely small navigation menu.

Fidelity heard us loud and clear, though, taking a big step forward in 2013 with the launching of a brand new main site navigation menu that is 10 times better than its predecessor. See for yourself the difference between the two below (first displayed is the new navigation, second the old navigation).

Fidelity site navigation updated 2013

Fidelity site navigation

With its main site navigation cleared up, Fidelity should focus on adding a site-wide quote bar that includes real-time streaming quotes and a fully functioning trade ticket, so trades can be placed from any page on the site. Alongside the quote bar, Fidelity should skip the pop-up mini quote windows that appear after entering a stocks symbol into the top right corner quote box, and instead simply take the user to the symbols research page. Less clicks and less windows equals happier users.

Customer Service, Education

When reviewing Fidelity customer service, we expected great results, and great results are what we got. Fidelity once again finished as one of the top brokers in customer service, giving us consistently high-quality service, regardless if we were on the phone, emailing in or utilizing live chat.

In the area of education, Fidelity does a good job of breaking up content, sorting by experience level, category, and content type. Articles, videos, webinars, infographics, as well as courses are available to clients. Courses organize articles and videos into a step-by-step roadmap and track your progress so you can easily leave and come back later without forgetting your place.

Fidelity education course

Including infographics was a very nice touch even just two crafted in-house and extremely informative. The weakest content of all the types was webinars. Only five were available, and they were all beginner or intermediate.

Platforms, Mobile Trading

Fidelity, like its competitors, does provide Active Trader Services and tools, including two desktop-based platforms and one web-based platform.

Desktop-based platforms include Fidelitys flagship platform Active Trader Pro, as well as Wealth-Lab Pro. Active Trader Pro comes in both desktop and web flavors, requiring at least 36 or more qualified trades in a rolling 12-month period for access. To unlock Recognia and Elliott Wave analysis, 120-plus trades must be made.

WWhile Active Trader Pro has made great strides over the years, especially in 2013 with its improvements in its options capabilities, the platform still trails the two undisputed leaders in this arena: TD Ameritrade's thinkorswim and TradeStation.With that said, though, there is a lot to like and the bulk of Fidelity clients will be very pleased with the product.

Fidelity active trader pro charting

Alongside the platforms, Fidelity also offers Active Trader Services (dedicated trading specialists and personalized support), which has even steeper requirements. To qualify, clients must place 120 or more stock, bond, or options trades in a rolling 12-month period and maintain $25,000 in assets across their eligible Fidelity brokerage accounts.

Active trader platforms and services aside, when it comes to mobile, Fidelity provides apps for all major devices and makes them available to all clients no prerequisites needed here. We found the iPhone app easy-to-use and bug-free. The broker does an especially great job with integrating its banking services into the app, something that banking clients will appreciate.

Our favorite feature was the customizable "home screen cards," allowing for a quick overview of all client products upon log-in. The weak points in Fidelitys mobile services center around active traders. Charting depth and customizations lacked, and the broker does not support complex option orders.

Closing Thoughts

Overall, Fidelity Investments is a very well respected broker, competing among the largest brands in the online broker space. The backbone of its success, specialty services and research, will certainly continue to be front and center for many years to come.

Blain Reinkensmeyer

Reviewed by

Blain has been involved in the markets for over 12 years, heading equity broker research and reviews. His personal blog,, provides to-the-point daily market recaps to over 17,000 subscribers.

Commission Notes

Fidelity requires no minimum deposit to open an account. To trade mutual funds a $2,500 minimum deposit is needed and for margin trading a $5,000 minimum deposit is required.

Stock Trades: Online trades are $7.95. Broker assisted trades cost $32.95. There are no limits on total trade size or price. Furthermore, there are no additional fees for trading stocks under $1, or for trading during pre and post market hours.

Fidelity also offers 76 commission free ETFs. iShare funds that are purchased commission free and sold within 30 days of purchase are charged a Short-term trading fee of $7.95.

Options Trades: Options trades cost $7.95 + $.75 per contract. Any exercise or assignment is $7.95.

Mutual Funds: Through Fidelity investors have access to over 10,000 different mutual funds through the Fidelity FundsNetwork. Funds that are not No Transaction Fee (NTF) cost $49.95 per trade. Note, unlike most brokers, Fidelity alongside Charles Schwab only charge for the original purchase. There is no additional charge for redemption (ie selling).

For NTF funds, there is no charge to buy or sell. However, if the fund is sold within 60 days of purchase, a $49.95 short-term redemption fee is charged.

Lastly, broker assisted mutual fund trades are expensive, costing .75% of the total principal amount with a $100 minimum up to a $250 maximum rate.

International Trading: International Trading allows Fidelity customers to trade stocks from 25 countries (16 different currencies). Euro currency countries include Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Netherlands, Portugal, and Spain. Other countries include Canada, Australia, Denmark, Hong Kong, Japan, Mexico, New Zealand, Norway, Poland, S Africa, Singapore, Sweden, Switzerland, and the United Kingdom.

Trade Commissions Breakdown

$7.95 Stock Trade Fee (flat)*
N/A Stock Trade Fee (per share)*
$7.95 Options Base Fee*
$0.75 Options Per Contract Fee*
$7.95 Options Exercise Fee
$7.95 Options Assignment Fee
$49.95 Mutual Fund Trade Fee
$32.95 Broker Assisted Trades Fee
$2,500.00 Minimum Deposit

Margin Rates

8.08% Under $24,999.99
7.58% $25,000.00 to 49,999.99
7.08% $50,000.00 to $99,999.99
6.58% $100,000.00 to $249,999.99
6.58% $250,000.00 to $499,999.99
3.75% $500,000.00 to $999,999.99
3.75% Above $1,000,000.00

Miscellaneous Fees

$1.00 Bond Trade Fee
$0.00 Treasury Trade Fee
$0.00 CD Trade Fee
$12.95 IVR Trade Fee
$0.00 IRA Annual Fee
$50.00 IRA Closure FEe
$7.95 Forced Margin Sellout Fee
$0.00 Returned ACH Fee
$0.00 Returned Wire Fee
$0.00 Stock Certificate Processing Fee
$100.00 Stock Certificate Delivery Fee
$0.00 Paper Statement Fee
$0.00 Paper Confirmation Fee
$15.00 Domestic Wire Fee
$0.00 International Wire Fee

Example Trades

Broker Ratings

Commissions & Fees
Ease of Use
Platforms & Tools
Customer Service
Mobile Trading
Offering of Investments

Broker Awards


Fidelity Investments finished #2 Overall with 4.5 stars and Best in Class for Platforms & Tools, Research, Customer Service, Education, and Mobile Trading. Read the 2014 Online Broker Review.


Fidelity was awarded Best Retirement Services, Best iPad App, and rated 4.5 stars for Research and Offering of Investments. Read the 2013 Broker Review.

Offering of Investments

Yes CDs
National Financial (Fidelity) Clearing Firm
76 Commission Free ETFs
Yes Corporate Bonds
Yes Direct Market Routing - Stocks
2918 # of Easy to Borrow Stocks
Forex Trading
Futures Trading
Yes No Fee IRAs
Mini Options
Yes Municipal Bonds
Yes Mutual Funds
6277 Mutual Funds (Load)
4747 Mutual Funds (No Load)
3367 Mutual Funds (NTF)
14391 Mutual Funds (Total)
Yes No Inactivity Fees
No Minimum Deposit
Yes Options Trading
Yes Order Type - After Hours
Yes Order Type - Algo
Yes Order Type - Broker Assisted
Yes OTCBB / Pink Sheets
182 Retail Locations
Yes Stock Trading
Yes US Treasury Bonds
Yes Weekly Options

Customer Service

Yes Phone Support
Yes Email Support
Yes Live Chat (prospect clients)
Yes Live Chat (current clients)
Yes 24/7 Support

Platforms & Tools

Yes Desktop Platform
Yes Mac Platform
Yes Web Platform
Active Trader Pro Active Trading Platform
Auto Investing
Ladder Trading
Yes Level 2 Quotes - Stocks
Yes Option Chains - Basic View
Yes Option Chains - Strategy View
Yes Option Analysis - P&L Charts
Yes Streaming Time & Sales
Yes Streaming TV
Yes Trade Hot Keys
Virtual Trading


Yes Research - ETFs
Yes Research - Mutual Funds
Yes Research - Pink Sheets / OTCBB
Yes Research - Fixed Income
Yes Misc - Global Market Overview
Yes Equity Research - News
Yes Equity Research - Chart
Yes Equity Research - Option Chains
Yes Equity Research - Balance Sheet
Yes Equity Research - Cash Flows
Yes Equity Research - SEC Filings
Yes Equity Research - Insider Analysis
13 Equity Research - Research Reports
Yes ETF Research - Top 10 Holdings
Yes ETF Research - 3rd Party Ratings
Yes ETF Research - Research Reports
Yes Mutual Fund Research - Prospectus
Mutual Fund Research - Research Reports
Yes Mutual Fund Research - Fees Breakdown
Yes Mutual Fund Research - Performance Analysis
Yes Mutual Fund Research - Performance Chart
Yes Mutual Fund Research - Top 10 Holdings
Yes Mutual Fund Research - 3rd Party Ratings
Yes Screener - Stocks
Yes Screener - ETFs
Yes Screener - Mutual Funds
Yes Screener - Options
Yes Screener - Bonds


Yes Has Education - Stocks
Yes Has Education - ETFs
Yes Has Education - Options
Yes Has Education - Mutual Funds
Yes Has Education - Bonds
Yes Has Education - Retirement
Yes Investor Dictionary
Yes Client Webinars
Yes Live Seminars
Yes Retirement Calculator
Community Forums

Mobile Trading

Yes iPhone App
Yes iPad App
Yes Android App
Yes Mobile Site
Yes Company Data
Yes Company News
Yes Watch List Syncing
Yes Options Chains Viewable
Yes Market Movers (Top Gainers)
Barcode Lookup
Yes Charting - Multiple Time Frames
Yes Charting - Can Turn Horizontally
Charting - Portfolio Perf vs Indices
Yes Charting - Stock Comparisons
Yes Trading - Stocks
Yes Trading - Simple Options
Yes Withdrawal Balance Available


Yes Checking Accounts
Yes Savings Accounts
Yes Debit Cards
Yes Credit Cards
Mortgage Loans
Yes Mobile Check Deposit
Yes ATM Fee Reimbursement
Yes No Fee Banking

Active Trading

Yes Internalizes Trades
Yes Receives Payment for Order Flow
Client Liquidity Rebates

Best in Class

Yes Best in Class - Offering of Investments
Best in Class - Commissions & Fees
Yes Best in Class - Platforms & Tools
Yes Best in Class - Research
Yes Best in Class - Customer Service
Best in Class - Ease of Use
Yes Best in Class - Investor Education
Yes Best in Class - Mobile Trading
Best in Class - Active Trading
Best in Class - Options Trading
Best in Class - New Investors

Compare Fidelity Investments:

All pricing data was obtained from a published web site as of 11/01/2014 and is believed to be accurate, but is not guaranteed. The staff is constantly working with its online broker representatives to obtain the latest pricing data. If you believe any data listed above is inaccurate, please contact us using the link at the top of this page. For stock trade rates, advertised pricing is for a standard order size of 500 shares of stock priced at $30 per share. For options orders, an options regulatory fee per contract may apply. Square Logo