IRAs make saving for retirement cheaper and simpler — provided you’re working with the right platform. While all of these tax-advantaged tools are getting easier to access, it can be confusing for new investors to pick the right type of IRA and the best broker. From traditional and Roth IRAs to SEP and SIMPLE accounts, finding the best IRA trading platform can take serious time and study.
We did the work for you. Here are the best IRA accounts
Best IRA accounts
- Best IRA account overall: Interactive Brokers
- Great for active traders: tastytrade
- Great for active traders: TradeStation
- Great for most investors: Fidelity
- Great for most investors: Empower
- Great for most investors: E*TRADE
- Great for most investors: Vanguard
- Great for beginners: SoFi
- Great for beginners: Webull
- Great for beginners: Robinhood
Best IRA account overall: Interactive Brokers
Fast facts:
- Account minimum: $0
- Minimum investment: $0
- Fees: Varies by asset and account; no specific IRA fees
- Assets available: Stocks, ETFs, mutual funds, options, commodities, futures, forex, crypto, hedge funds, private equity, foreign stocks
- Account types: Roth IRA, Traditional IRA, Rollover IRA, Inherited IRA (Traditional & Roth), SEP IRA, SIMPLE IRA
- Robo-advisor: Yes
Interactive Brokers pros and cons
- Easy to diversify assets: IBKR has many asset categories available for trading, including stocks, bonds, mutual funds and options.
- Lower fees: You don’t have to worry about commissions on stocks and ETFs or annual IRA fees with an IBKR account.
- Technical trading tools: Day and swing traders love IBKR’s advanced charting tools, including Trader Workstation (TWS), as well as precise buy-and-sell orders.1
- Not beginner-friendly: Although IBKR has a wealth of educational resources, the interface isn’t the most intuitive for newcomers.
- Nuanced fee schedule: It takes some time to read through and understand the fee implications for different assets and IBKR account types.
Great for active traders: tastytrade
Fast facts:
- Account minimum: $0
- Minimum investment: $0
- Fees: Commission-free trading; contract-based fees, IRA closing fee, and ACAT transfer fee
- Assets available: Stocks, ETFs, options, futures, cryptocurrency
- Account types: Roth IRA, Traditional IRA, Rollover IRA, SEP IRA
- Robo-advisor: No
tastytrade pros and cons
- Tons of technical indicators: From popular indicators like RSI and MACD to more complex ones like Ichimoku Clouds, you’ll have plenty of tools to tailor price charts to your trading style.
- Top-tier educational content: Paired with the tastytrade network’s daily shows, IRA traders get a constant feed of strategy ideas and market news.
- Attractive and transparent fees: There are no commissions on stocks and ETFs, low costs for options, and zero annual fees for IRAs.
- Lacks paper trading: One feature active traders miss on tastytrade is a paper trading portal to test their ideas in a risk-free environment.2
- No advisory services: This is a DIY platform. So, you can’t rely on an advisor — human or robot — to help with your IRA.
- Can’t trade mutual funds: For those interested in adding mutual funds to an IRA, you won’t find them on tastytrade.3
Great for active traders: TradeStation
Fast facts:
- Account minimum: $0
- Minimum investment: $0
- Fees: $35 annual IRA administration fee; $50 IRA termination fee; $125 outgoing account transfer fee; $10 monthly inactivity fee
- Assets available: Stocks, ETFs, options, mutual funds, bonds, futures, cryptocurrencies
- Account types: Roth IRA, Traditional IRA, SEP IRA, SIMPLE IRA, Rollover IRA
- Robo-advisor: No
TradeStation pros and cons
- Powerful strategy builder: Active traders can create, backtest and optimize their trading strategies using TradeStation’s many strategy-building tools.4
- Self-directed IRA option: To broaden access to alternative assets, TradeStation offers a “self-directed IRA” feature, which helps traders interested in categories like futures and even crypto.5,6
- Low costs and commission-free trading: TradeStation offers $0 commissions on stocks and ETFs and competitive fees on options and futures.
- IRA fees: Factor in TradeStation’s yearly IRA fees for administration and the one-time closure fee into potential profits.7
- Mutual fund transaction fees: TradeStation has particularly high fees per transaction for those interested in mutual funds.8
- No robo-advisor: You can only take a hands-on approach with TradeStation since there’s no robo-advisory feature for IRA holders.
Great for most investors: Fidelity
Fast facts:
- Account minimum: $0
- Minimum investment: $0
- Fees: $0 annual IRA fees; commission-free stock and ETF trades; other fees vary by asset and service
- Assets available: Stocks, ETFs, options, mutual funds, bonds, CDs, precious metals, REITs, crypto, select international trading
- Account types: Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, SIMPLE IRA
- Robo-advisor: Yes
Fidelity pros and cons
- Attractive fees: There are no annual IRA fees on Fidelity, and you won’t pay commissions for stocks, ETFs or Fidelity-sponsored mutual funds.
- Strong retirement planning tools: The many calculators, projections, and goal tracking on Fidelity make retirement forecasting a breeze.
- Advisory options: You can offload responsibility for your IRA to Fidelity’s robo-advisor or human staff depending on your comfort level.
- Customer service complaints: There are hundreds of negative reviews on Trustpilot and the BBB over Fidelity’s customer service standards.10
- Some fund options have higher fees: While many mutual funds are low cost, some actively managed funds might have higher-than-average expense ratios to consider.
- Broker-assisted trade fees: For those who work with Fidelity advisors, there is a high fee to consider for broker-assisted trades.11
Great for most investors: Empower
Fast facts:
- Account minimum: $0
- Minimum investment: $0
- Fees: Trading, service, management, and advisory fees; no annual fee, but transfer fees may apply
- Assets available: Stocks, bonds, ETFs, mutual funds
- Account types: Roth IRA, Traditional IRA, Rollover IRA, SIMPLE IRA, SEP IRA
- Robo-advisor: Yes
Empower pros and cons
- Offers hands-off investing: While you could choose your investments, Empower also offers ways to get involved with robo-advisor and human advisory services.
- Comprehensive net worth tracker: The Personal Wealth tracker gives great insights into budgeting, net worth, retirement planning and investment performance.
- Tax optimization strategies: Empower uses many tax-efficient investment strategies like tax-loss harvesting and smart withdrawal features to help minimize liabilities.13
- Complex and high fees: Be sure to review the annual maintenance and advisory fees for different IRA accounts on Empower and how they could impact your profits.14
- High minimum for advisors: To take advantage of the full Empower Wealth Management suite, you need at least $100K.15
- Geared for large account balances: Both the flat fees and high minimums make Empower less attractive for people starting with small savings.
Great for most investors: E*TRADE
Fast facts:
- Account minimum: $0
- Minimum investment: $0 for self-directed IRAs; $500 for Core Portfolios (robo-advisor)
- Fees: No annual IRA fees; $0 commissions for online U.S.-listed stock, ETF, and mutual fund trades; options contracts $0.50–$0.65 each; Core Portfolios robo-advisor charges 0.30% annual advisory fee
- Assets available: Stocks, ETFs, options, mutual funds, bonds, futures
- Account types: Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, SIMPLE IRA, Inherited IRA, IRA for minors
- Robo-advisor: Yes (Core Portfolios) 
E*TRADE pros and cons
- Attractive fees: You don’t have to pay commissions on stock and ETF trades, plus E*TRADE doesn’t charge annual IRA fees.
- Core Portfolios option: If you’d prefer a robo-advisor, E*TRADE gives you this choice with its Core Portfolios.
- Diverse investments: Beyond stocks and ETFs, you can access mutual funds, bonds and options with an E*TRADE IRA.
- No fractional shares: For people with smaller accounts, there’s no way to buy fractional shares of stocks on E*TRADE.17
- Extra fees: Watch out for extra fees on mutual funds, as well as the slightly higher-than-average advisory fee for Core Portfolios.
- High Trustpilot complaints: There are numerous negative Trustpilot reviews that point out issues with E*TRADE service and support.18
Great for most investors: Vanguard
Fast facts:
- Account minimum: $0 (to open a Vanguard IRA Brokerage Account)
- Minimum investment: $0 to open an account, but there are minimum investment amounts for various Vanguard funds
- Fees: $0 commission for online trades of Vanguard ETFs and stocks; $25 annual account service fee, waived with e-delivery enrollment
- Assets available: Vanguard and non-Vanguard mutual funds, ETFs, stocks, bonds, CDs, options
- Account types: Roth IRA, Traditional IRA, Rollover IRA, SEP IRA, SIMPLE IRA
- Robo-advisor: Yes (Vanguard Digital Advisor® and Vanguard Personal Advisor Services®)
Vanguard pros and cons
- Strong history and reputation: As an innovator in indexed investing, Vanguard has a special reputation in finance and a multi-decade history.
- Advisory services: You can take advantage of robo-, hybrid and personal financial advisors on Vanguard.
- Low-cost funds: Vanguard is famous for its low expense ratios on mutual funds and ETFs, which can significantly boost long-term IRA returns.
- Primarily focuses on ETFs and mutual funds: While great for diversification and long-term investing, you won’t find as many trading tools or assets outside of these conservative categories.
- Higher minimums on some funds: Many Vanguard mutual funds have a $1,000 to $3,000 minimum investment, which might be a hurdle for new investors.19
- Customer service complaints: Numerous negative Trustpilot reviews point out issues with Vanguard’s customer service.20
- Annual account fee: While not extremely high, Vanguard has an annual account fee to factor into your expenses.21
Great for beginners: SoFi
Fast facts:
- Account minimum: $0 (no minimum to open a SoFi IRA)
- Minimum investment: $5 for Active Investing IRAs; $50 for Automated Investing (robo-advisor) IRAs
- Fees: $0 commission for stocks and ETFs; $100 IRA closing fee; $2 per paper confirmation (and $5 per paper statement); No maintenance fee for self-directed IRA; 0.25% annual advisory fee for robo-advisor IRA; $25 inactivity fee if no login for 6 months
- Assets available: Stocks, ETFs, mutual funds, bonds, alternative assets, IPOs
- Account types: Roth IRA, Traditional IRA, SEP IRA, Rollover IRA
- Robo-advisor: Yes (Automated Investing with a 0.25% annual advisory fee)
SoFi pros and cons
- User-friendly design: SoFi put a lot of attention into usability both for its desktop and mobile app.
- Robo-advisor service: You have the option to open a robo-advisor service if you’d prefer a more passive approach.23
- Low minimums and no stock trading fees: Zero commissions on stocks and ETFs, plus minimums of $5 for self-directed IRAs or $50 for robo-advisory IRAs, make SoFi accessible.
- Free financial advisor call: Members of SoFi get a rare complimentary session with a financial planner.24
- Inactivity fee: SoFi users have to open their account once every six months or face an inactivity fee.25
- Less established track record: Despite SoFi’s growth, it has a shorter track record in investments compared with names like Vanguard or Fidelity.
- No automated tax-loss harvesting: Unlike some competitors, SoFi’s automated investing portal doesn’t have tax-loss harvesting tools.26
Great for beginners: Webull
Fast facts:
- Account minimum: $0
- Minimum investment: $5 (minimum for purchasing fractional shares)
- Fees: $0 commissions for stocks, ETFs, and options; no account maintenance fees; regulatory and other fees may apply
- Assets available: Stocks, ETFs, options, fractional shares
- Account types: Roth IRA, Traditional IRA, Rollover IRA
- Robo-advisor: Yes (Webull Advisors)
Webull pros and cons
- Low fees and fractional shares: It’s easy to get started with a small account on Webull thanks to commission-free stock and ETF trading, zero annual IRA fees, and fractional share investing.27
- Advanced trading tools: While they’re optional, Webull has plenty of in-depth charting tools, technical indicators and screeners to help those getting into advanced strategies.
- Webull Smart Advisor: If you want hands-off investing, the Smart Advisor feature offers a way to put your IRA into the hands of a robo-advisor.28
- No mutual funds: Webull focuses on stocks, options and ETFs, so those who prefer mutual funds should look elsewhere.
- Newer platform: Webull history only goes back to 2016, which is much shorter than many established financial firms.
- Limited IRA types: Currently, Webull only focuses on three major IRA categories (Traditional, Roth and Rollover).29
Great for beginners: Robinhood
Fast facts:
- Account minimum: $0
- Minimum investment: $0; however, a minimum of $20 is required to invest in recommended portfolios
- Fees: $0 commissions for stocks and ETFs; $100 ACAT transfer fee; no annual IRA fee
- Assets available: Stocks, ETFs, options (no mutual funds or bonds)
- Account types: Roth IRA, Traditional IRA, Rollover IRA
- Robo-advisor: No
Robinhood pros and cons
- Attractive IRA match: There’s no denying that Robinhood’s 1% to 3% IRA match is an alluring perk.
- Intuitive mobile app: It’s easy for beginners to navigate Robinhood’s mobile app and make their first trades with an IRA.
- Competitive fees: A major reason Robinhood gained popularity was for its commission-free trades on stocks and ETFs. Plus, it has no annual fees on IRAs.
- Catch with IRA match: Keep in mind you need to pay for Robinhood’s Gold membership to get the 3% IRA match.
- Robo-advisor doesn’t offer IRA match: The robo-advisor Robinhood Strategies feature doesn’t offer an IRA match.31
- No mutual funds: Robinhood users have plenty of ETFs to buy, but there aren’t any mutual funds.
How many different types of IRAs are there?
The Traditional IRA got the ball rolling in the 1970s, but many more types of IRA accounts have become available for different purposes. Each plan works similarly, but they carry unique tax implications and are tailored for different individual or employer-employee contexts.
- Traditional IRA: Offers tax-deductible contributions, but you pay taxes after retirement age on withdrawals.
- Roth IRA: This IRA reverses the tax implications. You pay contributions with after-tax dollars to take out tax-free withdrawals.
- Rollover IRA: When you want to move funds from an employer-sponsored 401(k) retirement plan, you have to initiate a “rollover” on a trading platform.
- SEP IRA: These IRAs are for self-employed or small business owners and come with higher contribution limits than Traditional IRAs.
- SIMPLE IRA: A SIMPLE IRA is for small businesses with employees and has a requirement for employer contributions.
- Self-directed IRA (SDIRA): With a SDIRA, you can invest in assets that aren’t available in standard IRA accounts, including real estate, crypto and precious metals.
IRA vs. Roth IRA
Although “IRA” refers to the entire category of tax-advantaged retirement investment vehicles, people often use it to refer to Traditional IRAs. These IRAs let you make tax-deductible contributions and pay income tax on withdrawals. Roth IRAs came out in the 1990s and offer tax-free withdrawals, but you have to contribute after-tax dollars.
Which IRA account is right for you?
Even if a brokerage accepts IRAs doesn’t mean it offers the features you need. Be sure you know how each IRA trading platform differs and whether it’s right for your retirement money.
IRA company
Who is it for and why?
Interactive Brokers
A good all-around option for global investors who want advanced tools, low fees and a wide pool of assets.
tastytrade
Ideal for active traders who put a heavy emphasis on technical analysis and derivatives.
TradeStation
Best for technical traders who want a customizable platform with plenty of automated strategies.
Fidelity
This well-established financial firm is perfect for long-term investors who want low fees and wide investment selection.
Empower
Good for hands-off investors who are primarily interested in ETFs and want a highly-rated net-worth tracker.
E*TRADE
E*TRADE works for beginners and intermediate investors looking for a user-friendly platform with plenty of retirement-friendly assets and tools.
Vanguard
Known for its mutual funds, Vanguard is best for hands-off investors who prioritize low-cost index funds.
SoFi
An attractive choice for young investors or beginners looking for a simple app with no commissions and free financial planning.
Webull
Tailored toward tech-savvy investors who want a sleek interface, low fees and access to high-yield savings.
Robinhood
Best for casual, mobile-first investors interested in commission-free trading and an IRA match perk.
Know before you invest
I’ll admit that searching for an IRA platform is intimidating, especially if you’re new to investing. All the acronyms, fine print and platforms promising the “best experience” is a lot to digest. However, there are a few pro tips to consider as you get started to make your quest a little easier:
- Try an IRA calculator: First, you have to figure out what type of IRA works best for you. A simple way to answer this question is to use a free IRA calculator online that compares options like Traditional versus Roth. Put in all your details — including income, age and contributions — and see whether the tax benefits will save you more up front or during withdrawals. Spending a few minutes of number-crunching on these tools can help solidify your choice on the best IRA option.
- Get out a fine-tooth comb for fees: One area where you want to do your research is fees. Why? The whole point of opening an IRA is to save money! Even if you keep money from taxes, you could end up negating these costs with unreasonable fees. Take time to compare the rates on different sites and look out for hidden fees like maintenance, transfers and inactivity.
- Literally give your IRA team a call: Even if you’re a super-experienced solo trader, it’s good to know your IRA provider has your back 24/7. That’s why I’d suggest reaching out to any IRA company you’re interested in via chat and phone to see how responsive they are. Put together a list of questions you have about your IRA experience and see how well each company answers. This is a great way to get a feel for how professional and responsive your IRA team will be. Remember, this platform is going to be your partner for the long-haul, so you want to know they’re there for you whenever you need them.
FAQs
Eric Esposito
Contributor
Eric Esposito is a freelance contributor on MoneyWise with an interest in financial markets, investing, and trading. In addition to MoneyWise, Eric’s work can be found on financial publications such as WallStreetZen and CoinDesk. When not researching the latest stock market trends, Eric enjoys biking, walking his dog, and spending time with family in Central Florida. Eric holds a BA in English from Quinnipiac University.
Latest Articles
Disclaimer
The content provided on Moneywise is information to help users become financially literate. It is neither investment, tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities, enter into any loan, mortgage or insurance agreements or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.
†Terms and Conditions apply.