Brokerage Fees 2026: Commissions, Options and Margin Rates Compared (Finpresso Data)

Online brokers charge $0 commission on US stocks and ETFs in 2026, so the fees that still cost money are options contracts, margin interest and transfers out. Fidelity, Schwab and Merrill charge $0.65 per options contract; Robinhood, Webull, Moomoo and Public charge no contract fee. On a $40,000 margin loan, rates run from 5.15% at Public to 11.575% at Fidelity and Schwab.

We read the fee schedules and margin tables of eight US brokers on October 21, 2026: Fidelity, Charles Schwab, Merrill Edge, Interactive Brokers, Robinhood, Webull, Moomoo and Public. Finpresso data: all eight charge no online commission on US-listed stocks and ETFs, four of them charge a per-contract options fee, and the cost of borrowing the same sum for a year differs by up to $2,570 between brokers.

Toolradar data: the investment apps ranking on Toolradar, the software directory we run, evaluates 9 investing apps as of October 2026, and fees are only one of the factors it weighs. Every rate below links to the page it came from.

The fee table

Read October 21, 2026. Fidelity's base rate has been in effect since September 18, 2026, Schwab's base rate last changed on September 18, 2026, Webull's table is dated October 16, 2026, and Public's rate is tied to a 4.00% federal funds upper limit as of September 17, 2026.

The headline commission is the same everywhere, so it no longer helps you choose. The two columns that do separate brokers are the options fee and the margin rate, and they split the field into the same two camps: the traditional full-service firms on one side and the app-first brokers on the other.

Margin is where brokerage fees still bite

Borrowing $40,000 for a year costs about $4,630 at Fidelity or Schwab and about $2,060 at Public. That is our arithmetic (balance times the published rate, before each firm's daily accrual convention), and it is the largest dollar gap on this page.

Fidelity and Schwab land on the same effective rate at every tier we compared, even though their base rates differ: Fidelity adds a smaller spread to a higher base. Between $25,000 and $49,999 both charge the rate in the table, and both drop to 10.625% once the debit reaches $50,000. A borrower who crosses that line saves almost a full point, which is worth asking about before adding a few thousand dollars of margin.

The low-rate brokers price off the Federal Reserve instead. Public sets its rate at the federal funds upper limit plus 1.15% up to $50,000, Robinhood says its variable rate tracks the same upper bound, and Interactive Brokers adds 1.5% (Pro) or 2.5% (Lite) to its benchmark. When the Fed moves, these rates move the same week; a house base rate moves when the firm decides.

Two details shift the math for smaller borrowers. Robinhood Gold members pay no interest on the first $1,000 of margin, which trims about $52 a year off the example above. Webull's 8.74% standard rate applies at every balance, so its Premium subscription is the only route to its lower tiers, and Premium carries its own fee.

Options: 65 cents a contract or nothing

The four app-first brokers charge no per-contract fee on standard options, and the four traditional firms charge up to 65 cents. For a trader who buys or sells 50 contracts a month, 600 a year, those four firms cost up to $390 a year in contract fees, our arithmetic.

Pass-through fees are not unique to the brokers that print them in the headline. Public's fee schedule lists an options regulatory fee of $0.02 and an OCC clearing fee of $0.02 per contract, and Fidelity's schedule also passes on an options regulatory fee on top of its contract fee. The fair comparison is the broker's own contract fee, and on that line the gap is the full 65 cents.

Interactive Brokers is the exception inside the 65-cent group. Its rate falls to $0.50 or $0.25 for cheap contracts, so a trader in low-premium options pays less than the headline, but the one-dollar minimum per order sets a floor on a single-contract trade.

Index options carry their own fee everywhere. Robinhood charges $0.50 per index contract, or $0.35 with Gold; Webull charges $0.50 on certain index options; Public charges $0.35. If SPX or XSP is your main product, compare that row, not the standard one.

Rate and fee changes like these show up first in the Finpresso daily brief, which you can join at finpresso.com.

Leaving a broker costs up to $100

Transfer-out fees are the cost nobody checks on the way in. Of the brokers whose fee pages we read, Fidelity lists no fee for a transfer of assets, Schwab charges $50 to transfer a full account out (partial transfers are free), Webull charges $75 per outgoing stock transfer, and Robinhood and Public each charge $100 for an outgoing ACATS transfer.

Ask the receiving broker whether it reimburses that fee before you move, because a reimbursement makes the exit cost disappear. It still belongs on the list for anyone who switches brokers every year or two to chase a bonus.

Broker-assisted trades

Only the traditional firms price a phone trade with a person, and each prices it differently. Fidelity charges $32.95 per stock trade with a representative, Schwab adds a $25 service charge to a commission-free trade, and Merrill charges the lower of $29.95 or 5% of principal. For a $400 trade at Merrill, 5% is $20, so small orders cost less than the cap. Our Schwab vs Fidelity comparison covers the rest of what those two firms offer.

Which broker is cheapest for you

For a buy-and-hold investor who never borrows, every broker here costs nothing per trade, so pick on account types, research and cash yield. The best investing apps guide ranks the field on those terms, and Fidelity vs Vanguard covers the two most common long-term homes.

For a margin borrower, Public, Robinhood, Webull Premium and Interactive Brokers Pro all sit near 5.2% to 5.4% at that balance, less than half of what Fidelity and Schwab charge. On a balance you carry for months, that difference outweighs every other fee on this page. The Interactive Brokers review, Robinhood review and Public review cover the rest of each account.

For an options trader, the no-contract-fee brokers win on cost, and Public pays a rebate on top. The best options trading platforms list weighs tools and approval levels as well as fees, and Webull vs Robinhood compares the two biggest app brokers directly. If you are deciding between a traditional firm and an app, Fidelity vs Robinhood is the head-to-head.

For a Merrill or Bank of America customer, the options contract fee is the same as Fidelity's, and the margin rate depends on your relationship balances. The Merrill Edge review explains how those tiers work.

How we built this index

We read each broker's own pricing page, fee schedule or margin table on October 21, 2026: Fidelity's commissions and margin rates and its fee schedule, Schwab pricing, Schwab margin rates and its pricing guide, Merrill pricing, Interactive Brokers' stock commissions, options commissions and margin rates, Robinhood margin rates and its fee schedule, Webull pricing and Webull margin, moomoo pricing, and Public's fee schedule.

The example balance sits in a tier every broker prices and is a common size for an active individual account. Interest figures multiply that balance by the published rate for one year and ignore day-count conventions and rate changes during the year. Options figures assume 600 standard equity option contracts a year. We did not open accounts or place trades. Rates change with the Federal Reserve and with each firm's base rate, so re-check the broker's page before you borrow.

FAQ

How much do online brokers charge in 2026?

Nothing per trade on US-listed stocks and ETFs at all eight brokers we checked on October 21, 2026. Fees appear on options ($0.65 per contract at Fidelity, Schwab and Merrill, none at Robinhood, Webull, Moomoo and Public), on margin loans (5.15% to 11.575% at the same mid-size balance) and on transfers out (up to $100).

Which broker has the lowest margin rate?

Among the eight we read, Public has the lowest rate on a $40,000 balance at 5.15%, set at the federal funds upper limit plus 1.15%. Robinhood and Webull Premium follow at 5.25%, and Interactive Brokers Pro at 5.38%. Fidelity and Schwab both charge 11.575% at that size.

Why are Fidelity and Schwab margin rates so much higher?

Both price margin off a house base rate rather than the Fed rate: Fidelity's base was 10.825% and Schwab's 10.25% when we read them, with spreads that bring both to the same effective rate at each tier we compared. App-first brokers instead add a small spread to the federal funds rate, which is why their rates sit near half.

Which brokers charge no options contract fee?

Robinhood, Webull, Moomoo and Public charge no per-contract fee on standard equity options, though regulatory and clearing fees of a few cents per contract pass through. Public also pays enrolled traders a rebate of $0.06 to $0.18 per contract. Fidelity, Schwab and Merrill charge 65 cents, and Interactive Brokers charges up to that amount with a one-dollar minimum per order.

How much does it cost to transfer out of a broker?

Robinhood and Public charge $100 for an outgoing ACATS transfer, Webull charges $75, Schwab charges $50 for a full account transfer, and Fidelity lists no fee. Ask the receiving broker whether it reimburses the fee before you start the transfer.

Is a commission-free broker really free?

For buying and holding US stocks and ETFs, yes on the commission line. Small regulatory fees still apply to sales, such as the SEC fee of $20.60 per $1 million sold that Robinhood lists, and the real costs sit in margin interest, options contract fees and transfer-out fees.

Cite this: Finpresso, "Brokerage Fees 2026: Commissions, Options and Margin Rates Compared", November 2026.

This page is general information, not personalized financial advice, and it does not recommend buying or selling any security. Fees and margin rates change, so confirm the current terms with the broker before you open an account, borrow or trade.

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