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Largest IRA Provider Companies in 2024
The largest IRA provider companies to open a retirement investing account (Traditional, ROTH, SEP, or SIMPLE).
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Fidelity Pricing
| Investments | Commissions |
|---|
| Stocks and ETFs | $0 |
| Stocks and ETFs broker assisted | $29.95 |
| Options | $0.65 per contract |
| Mutual funds | $49.95 to buy; $0 to sell. $49.95 if sold within 2 months |
| Bonds and CDs (new issues) | on a net yield basis |
| Bonds and CDs (secondary issues) | $1.00 per bond ($250 maximum) |
| Investments | stocks, bonds, mutual funds, options, commercial paper, UITs, ETFs |
| Fidelity minimum deposit to open account | $0 ($0 for Rollover IRA; $2,500 or $200 per month for ROTH and Traditional IRA) |
Fidelity Advantages
Fidelity is one of the best values among brokerage firms. They offer stock and ETF trades for $0 and options for just 65¢ per contract. In addition to low commissions, Fidelity provides 24/7 customer service. Clients who prefer in-person service will also appreciate the firm’s more than 180 branch locations across the U.S. These locations offer seminars on a wide range of topics, including global investing, annuities, and charitable giving. New investors can benefit from the broker's website, which offers extensive financial education resources. These include videos, articles, self-guided courses, webinars, and infographics covering topics such as ETF valuation and retirement accounts.
Mutual fund investors will find much to like at Fidelity. The firm offers over 11,500 mutual funds, with around 1,800 available with no load and no transaction fee. The broker’s screener helps narrow down choices based on criteria like Morningstar rating, fund family, expense ratio, and return history. Results can be sorted based on any search criteria. Fidelity also offers all ETFs free to trade.
For investors seeking guidance, Fidelity provides professional investment advice and portfolio management. Clients needing help with education savings or retirement planning will find good resources here, including several education accounts like UGMA/UTMA accounts and the 529 plan. Retirement savers can open various Individual Retirement Accounts, and the firm offers services for 401(k) plans. Additionally, Fidelity’s website provides resources for life insurance and long-term care planning. Combined with an excellent cash management account, this broker is a solid all-around financial services company.
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Fidelity Promotion Offer
Get $0 trades + 65₵ per options contract at Fidelity.
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Charles Schwab Pricing
| Investments | Commissions |
|---|
| Stocks and ETFs | $0 |
| Stocks and ETFs broker assisted | $29.95 |
| US Over-The-Counter (OTC) Equities | $6.95 |
| Options | $0.65 per contract |
| Mutual funds | $49.95/$74.95 to buy, $0 to sell |
| Futures | $2.25 per contract |
| CDs, Corporate Bonds, Municipal Bonds, Government Agencies, Zero-Coupon Treasuries, including STRIPS and Mortgage-Backed Securities | $1 per bond, $10 minimum, $250 maximum |
| Commercial Paper and Foreign Bonds, Unit Investment Trusts | call for pricing |
| Investments |
stocks, bonds, mutual funds, futures, Treasury issues, options, CDs, insurance, ETFs, futures,
annuities, non-U.S. securities and ADRs, WEBs and Canadian foreign orders
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| Charles Schwab minimum deposit to open account | $0 for cash account, $2,000 for margin account |
Charles Schwab Advantages
Schwab offers a strong selection of mutual funds, with over 5,100 to choose from. Of these, more than 3,100 have no load and no transaction fee. Schwab’s selection of mutual and exchange-traded funds that are free to trade is among the largest in the industry. Despite its focus on funds, Schwab is also a great choice for equity traders, with $0 stock transactions and options priced at 65¢ per contract.
Beyond trading securities, customers can do extensive research and learning on the Schwab website. The broker offers excellent educational resources, including articles, videos, and live webinars. Schwab’s subsidiary, optionsXpress, provides futures trading, and the website offers futures information. Schwab also has a community forum where clients can discuss trading issues and economic news, with a representative available to answer account-related questions. Learning the broker’s advanced desktop platform, thinkorswim, is easy with educational videos and webinars. The platform requires only a $1,000 account balance and is more user-friendly than TD Ameritrade’s system. Additionally, Schwab offers a mobile app, a simple web-based platform, and an app for Apple Watch.
Schwab also excels in customer service. A representative is available 24/7, and service is provided over the phone and through online chat. Some representatives speak Mandarin and Cantonese. For those needing in-person service, there are over 325 Schwab branch locations across the U.S. Customers can also open a retirement account or an FDIC-insured bank account, making Schwab a convenient one-stop financial solution.
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Charles Schwab Website
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TD Ameritrade Pricing
| Investments | Commissions |
|---|
| Stocks and ETFs | $0 |
| Stocks and ETFs broker assisted | $25 |
| Mutual funds | $49.99 to buy, $0 to sell |
| Treasuries at auction | $25 |
| All other bonds and CMOs, CDs | on a net yield basis |
| Futures | $2.25 per contract plus exchange & regulatory fees |
| Forex | Non-commission currency pairs trade in increments of 10,000 units (and do not contain a "#" symbol suffix). There are no additional fees or charges. |
| Investments | stocks, mutual funds, ETFs, bonds, CDs, UITs, futures, and forex |
| TD Ameritrade minimum deposit to open account | $0 |
TD Ameritrade Closed Its Doors
TD Ameritrade Advantages
New investors who want to practice trading before using real money should check out TD Ameritrade's
Paper Trade. This platform lets users experiment with various orders, such as trailing stop, one triggers other, and stop on quote. Equities can be sold short, and futures can be traded on the platform. It’s a great way to try out different products and strategies, and it’s free for all customers. The system starts with $100,000 of virtual currency, and account balances change as orders are completed, allowing users to see how trades impact balances.
The broker's charting software is highly advanced and works within the web browser. Charts can be detached and enlarged to full screen for greater detail. There are many technical studies available, including linear regression trendline, acceleration bands, and time series forecast. Drawing tools are also included, such as channels, resistance lines, and pitchforks. Chart duration can range from 1 day to 10 years, and time intervals can be as short as tick-by-tick. The software is fully customizable, and charts can be printed or saved. Price history of another security can be overlaid for comparison.
The TD Ameritrade website has excellent search tools for futures. For example, Idea Hub searches thousands of available futures based on bullish or bearish sentiment and generates a probability graph. A trade button automatically fills in the appropriate trade ticket. Futures research and educational resources are also available on the TD Ameritrade website. Educational videos help traders learn to use all these tools. Investors who want to try the broker's great features can get $0-commission trades by opening a new account and making a deposit.
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Updated on 7/22/2024.
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