Fidelity Investments Review 2023 - NerdWallet (2023)

Where Fidelity shines

Where Fidelity falls short

What Fidelity is best for

Fidelity at a glance

Full details about Fidelity

Is Fidelity right for you?

How we review brokers: our methodology

Where Fidelity shines

Well-rounded offering: Fidelity Investments offers $0 trading commissions, no account fees that can erode returns, a swath of research offerings and an easy-to-use platform that also can be customized for more advanced traders.

Mutual funds: Fidelity has a strong reputation for its mutual funds: The broker scores well across every funds category with a large selection of no-transaction-fee funds, including its Fidelity Zero index funds, which have no expense ratio and no minimum investment requirement. These investor-friendly practices save customers a lot of money.

Educational resources for all levels of investor: The educational resources and research options on offer from Fidelity are some of the strongest among the brokers we review with strong resources for both beginning retirement investors and active stock traders.

Where Fidelity falls short

Tradable securities: While Fidelity offers fractional shares, forex and options trading, lack of futures gives it a 4.5-star rating for tradable securities. New in 2023, Fidelity now offers trading access to Bitcoin and Ethereum.

Broker assisted trade fees: Fidelity's broker-assisted trade fee is higher than we like to see, at $32.95.

Fidelity is best for:

  • Frequent traders.

  • Beginner investors.

  • Research and data.

  • Retirement planning assistance.

Fidelity at a glance

Account minimum


Stock trading costs


Options trades

No base commission; $0.65 per contract.

Account fees (annual, transfer, closing, inactivity)


Number of no-transaction-fee mutual funds

More than 3,300 no-transaction-fee mutual funds.

Tradable securities

• Stocks. • Bonds. • Mutual funds. • ETFs. • Fractional shares. • Options. • FOREX. • Bitcoin and Ethereum.

Trading platform and Active Trader Pro. Both free for all customers.

Mobile app

Available for iOS and Android; advanced features.

Research and data

Free and extensive.

Customer support options (includes how easy it is to find key details on the website)

Phone, email and live chat 24/7; more than 200 local branches.

More detail about Fidelity's ratings

Account minimum: 5 out of 5 stars

Fidelity's account minimum is $0*, which has become the industry standard for brokers we review, as many no longer have a required minimum to open or maintain your account. Some investment choices, such as mutual funds, may require a minimum initial investment.

Stock trading costs: 5 out of 5 stars

Fidelity was already a leader for low-cost commissions, but the company eliminated commissions in 2019 for U.S. stock, ETFs and options trades.

Options trades: 4 out of 5 stars

Options trades are commission-free, but they still carry a contract charge, which is $0.65. Fidelity doesn’t offer volume discounts on options.

Account fees: 5 out of 5 stars

Fidelity has done away with nearly all account fees, including the transfer and account closure fees that are commonly charged by brokers.

Number of no-transaction-fee mutual funds: 4 out of 5 stars

The war among brokers to cut mutual fund fees has brought good changes to Fidelity: The company was the first broker to bring to market index funds with absolutely no expense ratio: the Fidelity Zero Total Market Index Fund, the Fidelity Zero International Index Fund, the Fidelity Zero Large Cap Index Fund and the Fidelity Zero Extended Market Index Fund.

Investors could build a balanced — and virtually free — retirement portfolio with these zero-expense-ratio funds alone, but even the Fidelity index funds that do charge an expense ratio undercut much of the competition on price.

Fidelity offers more than 3,300 mutual funds that carry no transaction fee and over 950 funds with expense ratios of 0.50% or less. Those funds come from Fidelity and other mutual fund companies. Mutual funds that charge transaction fees will cost $49.95 to buy, $0 to sell.

Tradable securities available: 4.5 out of 5 stars

Fidelity allows investors to trade stocks, bonds, mutual funds, ETFs, options, forex, Bitcoin and Ethereum. The company also allows traders to purchase fractional shares, which gives investors an option to diversify into higher-cost stocks by purchasing a slice of a share rather than the full amount.

The company does not offer futures trading and its cryptocurrency offering is limited. While lack of those features would not dissuade most retirement investors, they are options that active stock traders would like to have in their investing toolkit.

Trading platform: 5 out of 5 stars

Fidelity has two trading platforms, and Active Trader Pro. Both are free for all customers. Highlights include advanced screeners using research and strategy-testing tools based on 10 years of historical data.

Active Trader Pro is downloadable desktop platform. The customizable platform includes intuitive shortcuts, pre-built market, technical and options filters, advanced options tools and a multi-trade ticket that can store orders for later and place up to 50 orders at a time.

Mobile app: 5 out of 5 stars

Our star rating here is based on how iOS and Android users score the broker's mobile apps. Fidelity’s highly rated app includes real-time quotes, multi-leg options trading, a consolidated version of the company’s research offerings, and a notebook where you can save ideas and articles from your mobile browser.

The company recently updated its apps to streamline and simplify trading, portfolio monitoring and research, including a customizable newsfeed. You can use the app to schedule an appointment with your existing Fidelity advisor.

Not rated here, but worth noting: Fidelity also launched a new mobile app, Fidelity Spire, designed for young adults. The app includes the ability to trade with more contextual explainers on trading topics and terms, like "bid price” and “dividends.”

Research and data: 5 out of 5 stars

Fidelity is strong here, with stock research from more than 25 third-party providers, including Zacks Investment Research, Morningstar and Moody's Investment Service. The company offers ETF research from multiple providers and options strategy ideas from options analysis software LiveVol.

Stock quote pages show an Equity Summary Score, which is a consolidation of the ratings from these research providers. It gives an “accuracy-weighted sentiment derived from the ratings of independent research providers on"

This number of research firm offerings might seem like too much to wade through, but investors can take a short quiz to identify providers that match their investment style. A research firm scorecard evaluates the accuracy of the provider's recommendations.

Customer support options: 5 out of 5 stars

Fidelity earns strong marks for educational tools and customer service options, including a network of more than 200 branches for in-person advice and educational options, and 24/7 phone, chat and email support. Fidelity’s Online Learning Center was overhauled to include a more customized experience, using machine learning to surface educational materials that match the customer’s investing behavior.

Other Fidelity details you should know

Fidelity Youth Account: The Fidelity Youth Account is an investment account designed for teenagers (ages 13 to 17)**. The account, which allows a parent or guardian to monitor the teenager's activity, offers access to stocks and ETFs, including fractional shares. Teenage account holders can also invest in select Fidelity mutual funds (including Fidelity ZERO funds, which have no expense ratio). Importantly, the account also puts some risky investments and investment strategies off limits, including options and margin trading.

Alongside the Fidelity Youth Account, Fidelity offers a customized mobile app experience, with in-app educational resources, articles on investing and online research tools. Once the account holder reaches 18, the account will be a standard brokerage account.

Is Fidelity right for you?

Fidelity is the rare broker that's able to serve both active traders and beginner retirement investors alike. The company brings it on every level, starting with a mutual fund selection that stacks up to any other broker and even includes free offerings. But Fidelity also offers features that matter to stock traders, including strong trading platforms, zero trade commissions and a wide range of research offerings. We can't think of an investor who won't be well-served by Fidelity.

How do we review brokers?

NerdWallet’s comprehensive review process evaluates and ranks the largest U.S. brokers by assets under management, along with emerging industry players. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgements on which ones will best meet your needs. We adhere to strict guidelines for editorial integrity.

We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists’ hands-on research, fuel our proprietary assessment process that scores each provider’s performance across more than 20 factors. The final output produces star ratings from poor (one star) to excellent (five stars).

For more details about the categories considered when rating brokers and our process, read our full methodology.

*$0.00 commission applies to online U.S. equity trades and Exchange-Traded Funds (ETFs) in a Fidelity retail account only for Fidelity Brokerage Services LLC retail clients. Sell orders are subject to an activity assessment fee (from $0.01 to $0.03 per $1,000 of principal). Other exclusions and conditions may apply. See for details. Employee equity compensation transactions and accounts managed by advisors or intermediaries through Fidelity Clearing & Custody Solutions® are subject to different commission schedules.

**The Fidelity Youth Account can only be opened by a parent/guardian. Account eligibility limited to teens aged 13-17.

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