Fidelity vs Robinhood (2026): Fees, Margin Rates and Options

Short answer: Robinhood costs less if you trade options or borrow on margin; Fidelity costs less if you mostly hold cash, wire money or might move the account. Neither charges commission on online US stock and ETF trades. Fidelity adds $0.65 per options contract against Robinhood's $0.04 regulatory and clearing fee, and charges 12.075% on margin balances under $25,000 against Robinhood's 5.25%. Fidelity transfers accounts out free; Robinhood charges $100. Rates read on both firms' pages on 21 October 2026.

The investor behind this comparison buys US stocks and ETFs, keeps some cash uninvested, and may trade options or borrow now and then. We read Fidelity's commissions, margin rates and fees page, Robinhood's Robinhood Financial fee schedule (dated 29 September 2026), its margin rates page and its Gold page.

Toolradar data: Toolradar's investment apps ranking evaluates 9 apps as of October 2026, and only 3 of the 9 have a free plan. Fidelity has a scored profile on Toolradar; Robinhood is named in the category description but is not one of the 9 scored entries.

Fees side by side

Commissions tie, so the decision turns on the rows below them. Options and margin pull toward Robinhood. Money movement, bonds and a free cash yield pull toward Fidelity.

How much does each charge to trade options?

Fidelity charges $0.65 per contract on online options trades; Robinhood charges no commission and $0.04 per contract as its options regulatory and OCC clearing fee. Robinhood also passes through a Consolidated Audit Trail fee of $0.0003 per contract and, on sells only, a FINRA trading activity fee of $0.00329 per contract. Fidelity waives its contract fee on buy-to-close orders priced at or below that fee, which helps when you close out a nearly worthless short option.

Take a trader who opens and closes 50 contracts a month, so 100 contract-sides. Fidelity's fee comes to $65 a month, or $780 a year. Robinhood's comes to $4.00 in clearing fees, $0.03 in audit trail fees and about $0.16 in trading activity fees on the 50 sold contracts, so roughly $4.19 a month. The arithmetic is ours, on each firm's printed rates. For anyone who trades options every month, that gap outweighs every other line on this page.

Index options are the exception to watch. Robinhood charges $0.50 per index contract, or $0.35 with Gold, on top of exchange fees, and Fidelity says certain proprietary exchange-traded options carry extra fees. If index options are your main product, price a sample order on both platforms first. Our best options trading platforms guide covers brokers built for heavier volume.

Which broker charges less on margin?

Robinhood's margin rate is less than half of Fidelity's at every balance printed on both pages. Fidelity sets its rates off a base rate of 10.825%, effective since 18 September 2026. Small borrowers pay base plus 1.25%, so 12.075% under $25,000, and the rate falls to 10.325% between $250,000 and $499,999. Robinhood charges 5.25% on balances up to $50,000, stepping down to 4.75% from $100,000 and to 4.20% above $50 million, applied to the full settled margin balance.

Here is what a year of borrowing costs at three sizes, our arithmetic on simple annual interest at each firm's rate for that balance:

Gold includes the first $1,000 of margin interest-free, but at these sizes the saving stays under the $60 subscription, so a borrower who does not want Gold's other features should skip it. Robinhood calculates daily interest on a 360-day basis, so a full calendar year comes out slightly above these figures. Its rate also moves with the federal funds target, and Fidelity can change its base rate, so recheck both before you borrow.

Cash: a free money fund against a paid yield

Fidelity pays a market yield on uninvested cash with no subscription; Robinhood's 3.6% APY requires Gold. Fidelity places idle cash in a core position, and for non-retirement accounts one of the listed options is the Fidelity Government Money Market Fund (SPAXX). Its 7-day yield was 3.51% as of 19 October 2026. Robinhood Gold pays 3.6% APY on eligible brokerage cash, with no cap and no minimum, for $5 a month.

On $10,000 of idle cash, SPAXX would earn about $351 if its current yield held for a year, while Gold earns $360 minus the $60 fee, so $300. Gold only pulls ahead once the 0.09-point yield gap covers its fee, which takes roughly $66,700 of idle cash. Both figures float: SPAXX's yield moves with short-term rates, and Robinhood can change its APY. A money market fund is also not a bank deposit, so read Fidelity's core position terms before you treat SPAXX as savings. Our Robinhood Gold cost breakdown runs the subscription against its other perks.

Moving money in and out

Fidelity charges nothing for the transfers Robinhood bills. Fidelity lists no fee for a transfer of assets, a domestic bank wire or an electronic funds transfer. Robinhood's schedule lists $100 for an outgoing ACATS transfer, $25 for an outgoing wire, and up to 1.75% (minimum $1, maximum $150) for an instant bank withdrawal. Robinhood's Gold page says a standard bank transfer can take 4 to 5 days.

None of this matters while you stay put. It matters on the day you leave, consolidate accounts or need cash fast, so a buyer who expects to switch brokers within a few years should count Robinhood's exit fee as part of the price.

What Robinhood adds that Fidelity does not

Gold carries a 3% match on IRA contributions, worth up to $225 on the 2026 maximum contribution, according to Robinhood's Gold page. The match has strings: you must stay subscribed to Gold for one year and keep the assets in the IRA for five years to keep all of it. Gold also lists $0.50 per futures contract and $0.35 per index options contract. If you would fund an IRA anyway and keep Gold for a year, the match can cover several years of the subscription.

What Fidelity covers that Robinhood does not

Fidelity's fee page prices products Robinhood's fee schedule does not list. Online Treasury purchases are free, secondary-market bonds and CDs cost $1 per bond, and Fidelity's own mutual funds trade free. Non-Fidelity transaction-fee funds cost $49.95 per purchase, so check the fund's fee tab first. If you want bonds, a Treasury ladder or mutual funds next to your stocks, Fidelity holds them in one account. Our Schwab vs Fidelity and Fidelity vs Vanguard comparisons cover those costs in depth.

Verdict by investor type

For Robinhood on its own, read our Robinhood review; against another app-first broker, see Webull vs Robinhood and the Webull profile on Toolradar. For the wider field, the best investing apps and best day trading platforms rank more brokers, and the Interactive Brokers review covers a third route for heavy margin users. If you want someone else to manage the portfolio, best robo-advisors covers that path, and for crypto alongside your stocks see best crypto exchanges.

How we compared

Every figure comes from the two firms' own pages, read on 21 October 2026: Fidelity's commissions, margin rates and fees page, its core position FAQ and the SPAXX fund page; Robinhood's Financial fee schedule, margin rates page and Gold page. Each worked example is our arithmetic on those printed rates, using simple annual interest and the yields shown on that date. We did not open accounts or place trades. Brokers change rates with notice, so recheck both fee pages before you trade.

FAQ

Is Fidelity or Robinhood cheaper in 2026?

Both charge $0 commission on online US stock and ETF trades. Robinhood is cheaper for options, because its per-contract clearing fee is a fraction of Fidelity's contract fee, and for margin, where its rate is less than half of Fidelity's at every printed balance. Fidelity is cheaper for moving money, with free transfers out and free domestic wires, and pays a money fund yield on cash with no subscription.

What is Fidelity's margin rate in 2026?

Fidelity's base margin rate is 10.825%, effective since 18 September 2026. Borrowers under $25,000 pay base plus 1.25%, which is 12.075%, and the rate falls to 10.325% for balances of $250,000 to $499,999. Fidelity says special rates may be available for higher balances by phone.

What is Robinhood's margin rate?

Robinhood charges 5.25% on margin balances up to $50,000, 5.05% from $50,000 to $100,000 and 4.75% from $100,000, applied to the full settled balance. Gold members get the first $1,000 of margin interest-free. The rate is tied to the federal funds target and can change without notice.

Does Fidelity charge for options?

Fidelity charges no commission on online options trades but adds a fee of $0.65 per contract. Buy-to-close orders priced at or below the fee itself carry none. Robinhood charges no commission either, with a $0.04 per-contract regulatory and clearing fee instead.

Is Robinhood Gold worth it compared with Fidelity's cash yield?

Gold costs $5 a month and pays 3.6% APY on brokerage cash. Fidelity's SPAXX core position option showed a 3.51% 7-day yield on 19 October 2026 with no fee. On those rates, Gold only earns more once you hold roughly $66,700 or more in idle cash, unless you also use its IRA match or lower index option fees.

How much does it cost to leave Robinhood or Fidelity?

Robinhood charges $100 for an outgoing ACATS transfer and $25 for an outgoing wire. Fidelity lists no fee for a transfer of assets or a domestic wire. The broker receiving your account may set its own fees, so check both sides before you start.

This page is general information, not personalized financial advice. It compares fees and features, not whether to buy any investment. Confirm current terms with Fidelity and Robinhood before you open an account.

Cite this: Finpresso, "Fidelity vs Robinhood (2026): Fees, Margin Rates and Options", November 2026.

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