Fidelity is the largest retail brokerage in the US — managing over $12 trillion in assets for 43+ million accounts. It offers $0 commissions, the industry’s only zero-expense-ratio index funds, no account minimums, and the best mobile app among traditional brokerages. This review covers everything: account types, fees, investment options, the app experience, customer service, and who Fidelity is (and isn’t) best for.
Bottom line: Fidelity is the best overall brokerage for the vast majority of investors — beginners through advanced. The only real competitors are Schwab (better branch network) and Vanguard (client-owned philosophy).
Fidelity at a Glance
| Feature | Details |
|---|---|
| Stock/ETF commissions | $0 |
| Options | $0 + $0.65/contract |
| Mutual fund commissions | $0 (Fidelity funds), $49.95 (some third-party) |
| Account minimum | $0 |
| Index fund expense ratios | 0.00% (ZERO funds) to 0.015% (FXAIX) |
| Mutual fund minimums | $0 |
| Fractional shares | Yes ($1 minimum) |
| Crypto trading | Yes (Bitcoin, Ethereum) |
| Mobile app | 4.8/5 (iOS), 4.5/5 (Android) |
| Desktop platform | Active Trader Pro (free) |
| Physical locations | 200+ Investor Centers |
| Customer service | 24/7 phone + chat |
| Robo-advisor | Fidelity Go (0.35% over $25K) |
| Cash management | CMA with debit card, unlimited ATM rebates |
| SIPC coverage | $500,000 (securities) + excess coverage |
Account Types
Fidelity offers the widest range of account types among major brokerages:
| Account | Available | Notes |
|---|---|---|
| Individual brokerage | ✓ | Standard taxable account |
| Joint brokerage | ✓ | Joint tenants or tenants in common |
| Traditional IRA | ✓ | Tax-deductible contributions |
| Roth IRA | ✓ | Tax-free growth and withdrawals |
| Rollover IRA | ✓ | For 401(k) rollovers |
| SEP IRA | ✓ | Self-employed, up to $69,000/year |
| SIMPLE IRA | ✓ | Small business retirement |
| Solo 401(k) | ✓ | Includes Roth option — rare among brokerages |
| 529 college savings | ✓ | Fidelity-managed plans |
| HSA | ✓ | Best HSA for investing — zero-fee funds |
| Custodial (UGMA/UTMA) | ✓ | Minor accounts |
| Trust account | ✓ | Revocable and irrevocable |
| Cash Management Account | ✓ | Functions as checking account |
| Fidelity Youth Account | ✓ | Ages 13-17, parent-monitored |
| Charitable giving (DAF) | ✓ | Fidelity Charitable |
Standout Accounts
Solo 401(k) with Roth: Fidelity’s Solo 401(k) is one of the few that includes a Roth option, allowing self-employed individuals to contribute up to $69,000/year in after-tax money for tax-free growth. Most competitors (including Vanguard) don’t offer Solo 401(k)s at all.
HSA: Fidelity’s HSA has no account fees, no minimum balance, and full access to ZERO index funds — making it the best HSA for investing. Many HSA providers charge monthly fees and restrict investment options.
Youth Account: For ages 13-17, the Fidelity Youth Account gives teenagers their own brokerage account with a debit card, fractional share trading, and parental monitoring. A smart way to teach investing early.
Investment Options
| Investment Type | Available | Details |
|---|---|---|
| Stocks (US) | ✓ | All US exchanges, fractional shares |
| Stocks (international) | ✓ | 25+ markets |
| ETFs | ✓ | $0 commissions, fractional shares |
| Mutual funds | ✓ | 10,000+ funds, no Fidelity fund minimums |
| Bonds | ✓ | Treasury, corporate, municipal, CDs |
| Options | ✓ | Full chain, $0.65/contract |
| Crypto | ✓ | Bitcoin, Ethereum via Fidelity Crypto |
| IPOs | ✓ | Access for eligible accounts |
| Fractional shares | ✓ | Stocks and ETFs, $1 minimum |
| International trading | ✓ | 25+ countries |
Fidelity’s Best Index Funds
| Fund | Ticker | Expense Ratio | What It Tracks |
|---|---|---|---|
| ZERO Total Market | FZROX | 0.00% | US total stock market |
| ZERO International | FZILX | 0.00% | International developed + emerging |
| ZERO Large Cap | FNILX | 0.00% | S&P 500 equivalent |
| ZERO Extended Market | FZIPX | 0.00% | Small + mid-cap US stocks |
| 500 Index | FXAIX | 0.015% | S&P 500 (official tracking) |
| Total Market Index | FSKAX | 0.015% | US total stock market |
| US Bond Index | FXNAX | 0.025% | Bloomberg Aggregate Bond |
| International Index | FTIHX | 0.06% | International developed + emerging |
The ZERO funds are Fidelity’s flagship advantage — 0.00% expense ratio means you pay literally nothing to hold them. The trade-off: they track Fidelity’s own indices (not S&P or MSCI), so performance tracking differs slightly from standard benchmarks. In practice, returns are nearly identical.
Fees
| Fee Type | Cost |
|---|---|
| Account maintenance | $0 |
| Stock/ETF trades | $0 |
| Options base | $0 |
| Options per contract | $0.65 |
| Fidelity mutual funds | $0 |
| Third-party mutual funds (NTF list) | $0 |
| Third-party mutual funds (TF list) | $49.95 |
| Account transfer out (ACAT) | $75 |
| Wire transfer | $10 (domestic) |
| Paper statements | $0 |
| Inactivity fee | $0 |
| IRA annual fee | $0 |
| IRA closing fee | $0 |
Hidden fee to watch: Non-Fidelity, non-NTF mutual funds cost $49.95 to trade. Stick to Fidelity funds, ETFs, or the no-transaction-fee (NTF) mutual fund list to avoid this.
Mobile App & Trading Platforms
Mobile App
| Feature | Rating |
|---|---|
| Overall app rating | 4.8/5 (iOS) |
| Speed | Fast — snappiest of the big three |
| Account overview | Clean, customizable dashboard |
| Stock research | Full quotes, charts, analyst ratings |
| Options trading | Full chain with Greeks |
| Fractional shares | ✓ (in-app) |
| Watchlists | Multiple, customizable |
| Alerts | Price, volume, news |
| Biometric login | Face ID, fingerprint |
| Bill pay / check deposit | ✓ (via CMA) |
Fidelity’s mobile app is the best among traditional brokerages — faster and more full-featured than Schwab or Vanguard. Only Robinhood rivals it for ease of use, but Fidelity offers far more depth.
Active Trader Pro (Desktop)
Fidelity’s free desktop platform for active traders. Features include:
| Feature | Details |
|---|---|
| Real-time streaming | Quotes, charts, news |
| Advanced charting | 100+ technical indicators |
| Options analytics | Probability calculator, strategy builder |
| Screening tools | Stock, ETF, mutual fund screeners |
| Multi-monitor support | ✓ |
| Directed trading | Choose exchange routing |
| Cost | Free |
Active Trader Pro is solid but not as advanced as Schwab’s thinkorswim platform. For most investors, the mobile app and website are sufficient.
Cash Management
| Feature | Details |
|---|---|
| Cash Management Account | Functions as full checking account |
| Debit card | Visa, no foreign transaction fee |
| ATM rebates | Unlimited, worldwide |
| Bill pay | ✓ (online) |
| Mobile check deposit | ✓ |
| Direct deposit | ✓ |
| Cash sweep rate | ~2.62% (SPAXX money market) |
| FDIC coverage | Up to $5M through sweep partners |
The Fidelity CMA is one of the best checking alternatives available. Unlimited worldwide ATM reimbursements alone make it valuable for travelers. The only downside: the default cash sweep rate (SPAXX at ~2.62%) lags behind Vanguard’s VMFXX (~4.50%). You can manually move cash to FDRXX or other money market funds for a higher yield.
Customer Service
| Channel | Availability |
|---|---|
| Phone | 24/7 |
| Chat | Extended hours |
| In-person | 200+ Investor Centers |
| Social media | Twitter/X response team |
| Virtual assistant | AI-powered, app + website |
Fidelity’s 200+ Investor Centers let you walk in for face-to-face help — rare among online brokerages. Phone support is 24/7. Hold times vary but are generally moderate (5-15 minutes during business hours).
Research & Education
| Resource | Details |
|---|---|
| Research providers | 12+ (including Zacks, Argus, Ned Davis, S&P Capital IQ) |
| Stock screener | Advanced, customizable |
| Learning center | Articles, videos, webinars |
| Fidelity Viewpoints | Market commentary + education |
| Planning tools | Retirement calculator, net worth tracker |
Fidelity offers more third-party research than any other brokerage — over 12 providers. This is a meaningful edge for investors who want deep fundamental analysis before buying.
Pros and Cons
Pros
| Advantage | Details |
|---|---|
| Zero-expense-ratio funds | FZROX, FZILX — industry exclusive |
| Best mobile app | Fastest, most features |
| No minimums anywhere | $0 to open any account |
| Widest account selection | HSA, 529, Solo 401(k), youth, DAF |
| Fractional shares | $1 minimum on stocks and ETFs |
| Cash management account | Replaces a bank for many people |
| 24/7 phone support | Always reachable |
| Unlimited ATM rebates | Worldwide — great for travelers |
| Crypto trading | Native Bitcoin and Ethereum |
Cons
| Disadvantage | Details |
|---|---|
| Low default cash sweep | 2.62% (SPAXX) — must manually move to higher-rate fund |
| Third-party mutual fund fees | $49.95 for non-NTF funds |
| Active Trader Pro is aging | Desktop platform is solid but not best-in-class |
| No fractional international shares | Only US stocks and ETFs |
| Options fees | $0.65/contract (vs $0 at some competitors) |
Who Should Use Fidelity
| Investor Type | Why Fidelity |
|---|---|
| Beginners | $0 minimums, excellent education, clear app |
| Buy-and-hold indexers | ZERO funds at 0.00% expense ratio |
| Self-employed | Best Solo 401(k) with Roth option |
| HSA investors | Best HSA with zero-fee investing |
| Parents | 529 plans + Youth Account for teens |
| Travelers | Unlimited worldwide ATM rebates via CMA |
| One-stop-shop seekers | IRA + brokerage + HSA + checking + crypto in one place |
Who Should Look Elsewhere
| Situation | Better Option |
|---|---|
| Want in-person branches everywhere | Schwab (300+ vs Fidelity’s 200+) |
| Committed Bogle-head philosophy | Vanguard (client-owned, built for indexing) |
| Active trader needing best desktop platform | Schwab (thinkorswim) |
| Want higher default cash sweep rate | Vanguard (4.50% VMFXX auto-sweep) |
| Commission-free options trading | Robinhood ($0 per contract) |
The Bottom Line
Fidelity is the best overall brokerage for most investors. Zero-fee index funds, the best app, no minimums, the widest account selection, and a cash management account that can replace your bank. The only real complaints — low default cash sweep and aging desktop platform — are minor compared to what you get. If you’re opening a new brokerage, IRA, HSA, or 529, Fidelity should be your default choice unless you have a specific reason to go elsewhere.
See how Fidelity stacks up: Fidelity vs Vanguard vs Schwab | Fidelity vs Schwab | Vanguard vs Fidelity
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