Broker Fine PrintBroker fee grades, A to F
Last updated · 22 official sources (listed below)
One letter for what a broker charges when you leave or a stock you hold reorganizes, computed only from fees quoted on its official pages. 12 brokers are graded; 5 don't publish enough fees to grade.
Formula: Each sourced fee scores 100 − fee ÷ 2 (so $0 = 100, $100 = 50, $200 or more = 0); the grade is the weighted average (full transfer-out 40%, partial transfer-out, mandatory reorg and voluntary reorg 20% each) over the fees the broker publishes: A 90+, B 80–89, C 70–79, D 60–69, F below 60. A broker needs its full transfer-out fee and at least 3 of the 4 fees sourced, or it's "Not graded". More on grades.
| Broker | Grade | Score | Fees used | Full ACATS transfer-out fee | Partial transfer-out fee | Reverse split / mandatory reorg fee | Voluntary reorg / odd-lot tender fee |
|---|---|---|---|---|---|---|---|
| Fidelity | Fee grade A | 100 | 4 of 4 | $0 | $0 | $0 | $0 |
| Interactive Brokers | Fee grade A | 100 | 4 of 4 | $0 | $0 | $0 | $0 |
| Charles Schwab | Fee grade A | 90 | 4 of 4 | $50 | $0 | $0 | $0 |
| Merrill Edge | Fee grade B | 87 | 4 of 4 | $49.95 | $0 | $0 | $30 |
| Ally Invest | Fee grade C | 75 | 3 of 4 | $50 | $50 | Not published | $50 |
| Webull | Fee grade C | 72.5 | 4 of 4 | $75 | $75 | $0 | $50 |
| E*TRADE | Fee grade C | 71.8 | 3 of 4 | $75 | Not published | $38 | $38 |
| tastytrade | Fee grade D | 65.6 | 3 of 4 | $75 | $75 | Not published | $50 |
| Robinhood | Fee grade D | 62.5 | 3 of 4 | $100 | $100 | Not published | $0 |
| Public | Fee grade D | 60 | 4 of 4 | $100 | $100 | $50 | $50 |
| SoFi Invest | Fee grade F | 56.2 | 3 of 4 | $100 | $100 | Not published | $50 |
| TradeStation | Fee grade F | 54.5 | 4 of 4 | $125 | $125 | $30 | $50 |
| Firstrade | Fee grade Not graded | – | 2 of 4 | $75 | $55 | Not published | Not published |
| J.P. Morgan Self-Directed (Chase) | Fee grade Not graded | – | 1 of 4 | $75 | Not published | Not published | Not published |
| Vanguard | Fee grade Not graded | – | 1 of 4 | $100 (may charge) | Not published | Not published | Not published |
| Wealthfront | Fee grade Not graded | – | 2 of 4 | $0 | $0 | Not published | Not published |
| moomoo | Fee grade Not graded | – | 2 of 4 | $100 | $100 | Not published | Not published |
A grade is not a "best broker" rating: it ignores cash rates, commissions, features and service. Click a grade for the broker's scorecard and every source quote.
Related: cost to switch brokers · transfer-out fees ranked · compare brokers
Questions
Which brokers get an A for fees?
Fidelity, Interactive Brokers and Charles Schwab get an A: their published transfer-out and reorg fees are low or $0.
How is the fee grade calculated?
Each sourced fee scores 100 − fee ÷ 2 (so $0 = 100, $100 = 50, $200 or more = 0); the grade is the weighted average (full transfer-out 40%, partial transfer-out, mandatory reorg and voluntary reorg 20% each) over the fees the broker publishes: A 90+, B 80–89, C 70–79, D 60–69, F below 60. A broker needs its full transfer-out fee and at least 3 of the 4 fees sourced, or it's "Not graded".
Why is a broker 'Not graded'?
It doesn't publish enough of the four fees on official pages we read (Firstrade, J.P. Morgan Self-Directed (Chase), Vanguard, Wealthfront and moomoo). We don't fill in missing fees, so these stay ungraded until the broker publishes them.
Sources
- https://cdn.robinhood.com/assets/robinhood/legal/RHF%20Fee%20Schedule.pdf
- https://investor.vanguard.com/client-benefits/investment-fees
- https://mlaem.fs.ml.com/content/dam/ML/pdfs/me-self-directed-fees.pdf
- https://public.com/disclosures/fee-schedule
- https://robinhood.com/us/en/support/articles/transfer-your-assets-out/
- https://support.sofi.com/hc/en-us/articles/4408306213773-How-do-I-transfer-assets-out-of-my-SoFi-Invest-account-as-an-ACAT
- https://support.wealthfront.com/hc/en-us/articles/115003462743-Can-I-transfer-the-securities-in-my-account-to-another-firm
- https://tastytrade.com/commissions-and-fees/
- https://us.etrade.com/what-we-offer/pricing-and-rates
- https://www.ally.com/invest/commissions-and-fees/
- https://www.chase.com/personal/investments/online-investing/pricing
- https://www.fidelity.com/trading/commissions-margin-rates
- https://www.firstrade.com/trading/pricing/special-services
- https://www.interactivebrokers.com/en/pricing/other-fees.php
- https://www.merrilledge.com/pricing
- https://www.moomoo.com/us/support/topic4_758
- https://www.schwab.com/legal/schwab-pricing-guide-for-individual-investors
- https://www.sofi.com/wealth/assets/documents/sofi-invest-fee-schedule.pdf
- https://www.tradestation.com/pricing/service-fees/
- https://www.webull.com/help/faq/10845-Participation-in-Voluntary-Corporate-Actions
- https://www.webull.com/help/faq/431-Corporate-Actions-Introduction
- https://www.webull.com/pricing
Each source was read on or before Nov 3, 2026. Fees and rates change; confirm on the broker's site before acting.