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Best options trading platforms for investors looking to expand their portfolio



Best options trading platforms for investors looking to expand their portfolio

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Options trading is an advanced investing strategy that allows investors to take their portfolios to the next level. Options have more risk than most investments, but also offer an excellent opportunity to increase your profits or hedge your portfolio risk.

But if you’re ready to start trading options, you might notice that this trading strategy isn’t available through every online brokerage firm, and the fees can vary from one broker to the next. Here are some of the best options trading platforms on the market right now.

Best Options Trading Platforms

TD Ameritrade

TD Ameritrade is one of the largest brokerage firms on the market. It’s been serving customers for almost 50 years and was one of the first to offer online self-directed investing. The broker offers affordable online options trading at just $0.65 per contract, as well as plenty of online education and analytics tools to help you understand options trading.

Key Features

Low fees: TD Ameritrade offers no commission and a low $0.65 fee for options contracts.

Options statistics: TD Ameritrade’s online tools allow you to use options statistics to create your strategy and identify potential price movements. You can also weigh the potential risk and reward of your trade by testing various “what-if” scenarios.

Broker-assisted options: If you’d rather not go it alone, you can have a broker assist you in options trading for an additional $25 per contract on top of the existing $0.65.

Education: TD Ameritrade offers a variety of educational tools and resources to help you learn about options before using them.

Who It’s For

TD Ameritrade is perfect for investors who want advanced tools, including options statistics, probabilities and the ability to weigh multiple scenarios.


  • No commission and low contract fee on options trades
  • Free options statistics and analytics tools
  • Broker-assisted options trading is available


  • TD Ameritrade’s advanced trading platform may be too difficult for beginner options traders


E*TRADE was founded in 1982 and began online trading just a year later, making it a veteran in the online trading space. The company, now owned by Morgan Stanley, offers commission-free trading and affordable options contracts that make it an attractive option if you’re looking for an options platform.

Key Features

Low fees for equity and index options contracts: You pay just $0.50 a contract when buying more than 30 trades a quarter. If buying less, it’s $0.65 per contract. 

$1.50 fee for futures options contracts: If trading futures, E*TRADE charges a reasonable fee. 

Advanced trading tools: E*TRADE offers award-winning trading tools for options including the ability to weigh risk and rewards, create a customizable options chain, hone your strategy and more.

Dime buyback Program: E*TRADE allows you to close short options positions without a contract fee if they’re priced at $0.10 or less.

Cryptocurrency trading:  With E*TRADE, you can also trade cryptocurrency future options for $2.50 per contract. 

Who It’s For

Like TD Ameritrade, E*TRADE is well-suited to advanced options investors who can take advantage of its analytics and scenario tools. Because E*TRADE offers discounts for high trade volume, it’s also best for those who plan to trade 30 or more options contracts per quarter.


  • Cheaper options trades for those with more than 30 trades per quarter
  • Advanced options trading tools
  • Ability to trade crypto futures


  • More expensive options trading for those with fewer than 30 trades per quarter
  • Futures options are more expensive


TradeStation has one of the most powerful online trading platforms on the market. Like many other platforms, it offers commission-free trading and some of the most advanced trading tools. TradeStation specifically offers a robust options trading tool with plenty of educational resources to help you get started.

Key Features

Fee structure: TradeStation charges between $0.50 – $0.60 for equity and index options contracts, and $1.50 fee for futures options contracts.

Multiple account structures: When you sign up for TradeStation, you can have either a TS GO or TS SELECT account depending on your initial deposit. TS GO customers get cheaper options contracts.

OptionStation Pro: TradeStation’s desktop platform provides advanced trading analytics and the ability to run different scenarios before quickly placing trades. 

Educational tools: TradeStation offers plentiful educational tools and resources to help you learn options trading, including a free downloadable guide.

Who It’s For

TradeStation offers plenty of advanced analytics features, making it perfect for investors who can take advantage of them. Because TS SELECT customers get cheaper options contracts, TradeStation is especially affordable for those who can meet the funding requirement for a TS SELECT account.


  • Discounted options contracts for TS GO customers
  • Highly customized trading and analytics features
  • Cheap options contracts compared to competitors


  • You pay more for options contracts when you’re a TS SELECT customer
  • Large minimum balance to become a TS SELECT customer


For many online trading platforms, options contracts are just one of the investment products they offer. But for Tastyworks, options are their bread and butter. The founders were options traders at the Chicago Board Options Exchange and helped pioneer options trading for retail investors. As a result, it’s no surprise they have an excellent options trading platform.

Key Features

Fee structure: Tastyworks charges a $1.00 fee to open a stock or exchange-traded fund (ETF) option, $2.50 to open a futures option and $1.50 to open a micro futures contract.There is no closing commission on options trades.

In-app trading inspiration: Tastyworks allows you to see exciting new trades to help inspire you for your next options trade.

Tech features: Tastyworks has a variety of trading and analytics features, including curve analysis, quick roll, order adjustments and more.

Who It’s For

Tastyworks has a unique pricing structure where you pay a commission to open a contract, but not to close one. They also cap the commission at $10, which can reduce costs for higher-volume options traders.


  • Focus on options trading
  • No closing commission on options trades


  • Higher per-contract fees
  • Could be confusing for new options investors

Interactive Brokers

Interactive Brokers consistently ranks as one of the top trading platforms for options and other securities because of its transparency, low trading fees, and trading tools and analysis. They offer both tiered and fixed pricing structures, where you’ll either pay a fixed per-contract amount or an amount that’s based on your options trading volume.

Key Features

Fixed and tiered pricing: Interactive Brokers charges a $0.65 fee for options contracts with fixed pricing, and $0.15 – $0.65 fee for options contracts with tiered pricing.

OptionsTrader: OptionsTrade is Interactive Broker’s robust trading tool where you can create and manage your options orders.

Options Strategy Builder: The company has strategy tools to help you plan your next trade, access different trade combinations, forecast, and more.

Who It’s For

Interactive Brokers is ideal for sophisticated active traders who can take advantage of their robust tools, as well as those with IBKR Pro accounts who can enjoy the tiered pricing.


  • Tiered pricing allows for more affordable contracts for high-volume traders
  • Tools dedicated to options traders
  • Educational tools and resources


  • Advanced trading platform may be too confusing for beginners
  • Complicated pricing structure


Robinhood is a well-known trading platform used by retail investors. Its commission-free investing made it popular during a time where few were offering that. It focuses on the investments enjoyed by active traders, including stocks and options contracts. Robinhood has the simplest platform of all the brokers with the fewest tools and resources, but it has the benefit of entirely free trading.

Key Features

No commission or contract fees: Unlike other platforms on this list, Robinhood does not charge fees for options trading. 

Easy to use app and interface: While many companies offer robust but complex interfaces for traders, Robinhood’s app is streamlined for ease-of-use.

Who It’s For

Robinhood is for the investor who wants a simple platform and no commission or contract fees.


  • No commission or fees
  • No account minimum
  • Simple and easy-to-understand interface


  • Limited customer support
  • Limited educational tools and resources


Similar to Robinhood, Webull is a simple online brokerage firm that offers commission-free trading on select types of securities, including Webull. The service appeals to investors who prefer to do their trading on the app. Despite its simplicity and mobile-first attitude, Webull still offers an in-depth analysis tool to help you plan your trades.

Key Features

No commission or contract fees: Webull does not charge fees for options trading. 

In-depth analysis tool: Webull partners with Nasdaq to bring premier market data to its customers.

Who It’s For

Webull offers the simplicity and fee-free trading that Robinhood offers, but with more in-depth analysis tools to help investors learn the market.


  • No commissions or contract fees on options trades
  • Simple, easy-to-use platform
  • In-depth analysis tool


  • Fewer analysis and educational tools than some competitors

How Did We Choose Them?

With all of the trading platforms on the market today, you may be wondering how we choose the trading options platforms on this list. Two of our priorities when crafting this list were fees and analysis tools. 

Some platforms like TD Ameritrade, E*TRADE and TradeStation really shine in both areas. Each offers affordable contracts with excellent digital tools. Other platforms, such as Robinhood and Webull, have less robust tools but fees that simply can’t be beaten.

Where Can You Practice Options Trading?

Options is an advanced trading strategy that comes with more risk than simply trading stocks. Because of that, it’s important that you fully understand how these investments work before you get started. Options trading simulators allow you to practice trading options. You’ll get to know exactly how these contracts work, how to execute them and what the potential risks are. 

Two of the best platforms to practice trading options and learn the ropes are TD Ameritrade’s paperMoney platform and E*TRADE’s Power E*TRADE. If you plan to use TD Ameritrade or E*TRADE for your options trading, you’ll already have a good understanding of the platforms.

Find out more >>> An Overview of Options Trading

The Bottom Line

Options trading can be confusing and definitely isn’t right for beginner investors, but it can be an exciting investment strategy once you’re prepared. Part of being prepared for options trading is finding the best options trading platform.

While not every online broker offers options trading, there are many excellent choices to choose from. Each one has something unique to offer, so when you’re choosing a platform, be sure to consider your specific needs. Some platforms are better for beginners, thanks to their educational resources. Others are perfect for experienced pros and offer advanced analysis tools. The good news is that there’s a platform for every options trade.

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Bitwage’s Stellar implementation will improve millions of lives



Bitwage’s Stellar implementation will improve millions of lives

The CEO of Bitwage CEO said the company would be improving millions of lives after its recent implementation on the Stellar blockchain

Crypto payroll provider Bitwage announced on Thursday, August 11th, that it is now offering the digital dollar (USDC) stablecoin to be distributed via the Stellar blockchain on their platform.

Thanks to this latest development, companies across the world now have a fully compliant, easy-to-use, and frictionless solution when it comes to paying their employees and contractors globally. 

Following this implementation, Bitwage aims to provide a new solution that makes it easier for companies to hire alent across different continents and countries

At the moment, both companies and workers suffer from issues such as the loss of certain percentage of funds when using the global banking systems, the long waiting time to receive payments and more. 

The issue discourages some companies from hiring talents outside their countries. However, Bitwage’s latest announces means that  workers are now able to receive any percentage of their salaries they want in digital dollars, via USDC. 

This latest development means that companies and employees would enjoy lower costs, same-day deposits of their funds, the ability to store their savings in USD, and the ability to get local currency exactly when they need it.

Credit Bitwage CEO Jonathan Chester exclusively told Coinjournal that;

“It’s been great working with the stellar team. Together, we’ll be empowering millions to receive wages in the currencies they want, faster and cheaper than traditional methods”

By taking advantage of USDC on the Stellar blockchain, workers are given access to USDC on a low-fee blockchain that has one of the longest histories in the industry.

Chester added that;

“USDC on the Stellar network has lower fees, so you can receive your money faster, cheaper and keep it as digital dollars for saving. Our users have been asking for low-cost options for stablecoins and we are very excited to deliver. Now, companies can guarantee cheaper, faster and better payment options to all their workforce. This option is fully regulated and compliant so all companies have to worry about is how to keep their employees happy and not worry about payments issues. Thanks to USDC over Stellar, digital dollars will make a huge change to people’s lives.”

Bitwage said although it made a name for itself in the Bitcoin payroll space, empowering people to get paid in USDC is a great alternative. 

The company concluded that using Bitwage for USDC payroll with Stellar gives both individuals and companies a low-risk option to partake in the crypto payroll revolution.

Bitwage is a San Francisco-based company that offersBitcoin, cryptocurrency and stablecoin payroll services including invoicing and benefits services. The company also offers resources to employers, employees, and freelancers with their robust, online platform.

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Investment obtains a monetary licence in the Cayman Islands


on obtains a monetary licence in the Cayman Islands is now a registered virtual asset service provider in the Cayman Islands a few weeks after obtaining its licence in Dubai., one of the world’s fastest-growing cryptocurrency platforms, announced on Thursday, August 11th, that it had received registration and regulatory approval as a Virtual Asset Service Provider from the Cayman Islands Monetary Authority. 

Tha ks to this latest development, can offer a suite of products and services in compliance with local regulations.

Kris Marszalek, Co-Founder and CEO of, commented that;

“This regulatory approval in the Cayman Islands is the latest example of’s commitment to compliance and our constructive approach to regulator engagement. We look forward to expanding our suite of offerings and services available, and continuing to work with stakeholders across sectors on advancing blockchain technology.”

The cryptocurrency exchange has been expanding its presence globally and now has over 50 million users on its platform. said today’s announcement comes after it received in-principle approval for a Major Payment Institution License from the Monetary Authority of Singapore, provisional approval of its Virtual Asset License from the Dubai Virtual Assets Regulatory Authority, Electronic Financial Transaction Act and Virtual Asset Service Provider registration in South Korea.

Furthermore, is also registered in Italy under the Organismo Agenti e Mediatori (OAM), registered in Greece by the Hellenic Capital Market Commission, and registered in Cyprus by the Securities and Exchange Commission. has been around since 2016 and currently serves millions of traders and investors globally. 

The Cayman Islands is one of the most cryptocurrency-friendly countries in the world. Virtual assets (cryptocurrencies and other digital assets) in the Cayman Islands are accepted as digital representations of value that can be electronically traded and used for investment purposes. said it is committed to accelerating the adoption of cryptocurrency via innovation and empowering the next generation of builders, creators, and entrepreneurs.

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M1 Finance Review 2022 | A Robo Advisor & Brokerage Hybrid



M1 Finance Review 2022 | A Robo Advisor & Brokerage Hybrid

Advertising Disclosure
This article/post contains references to products or services from one or more of our advertisers or partners. We may receive compensation when you click on links to those products or services

M1 Finance can perhaps be described best as a hybrid robo advisor and traditional investment brokerage firm. However, we’re going to classify it as the former, since we think this may well be the future of the robo advisor sector.

But this platform also offers the ability to borrow and spend your money alongside investing tools. Our M1 Finance review is covering how all of these features work, the pros and cons, and how to ultimately decide if this hybrid robo advisor is right for you.

Commissions & Fees – 10

Customer Service – 7

Ease of Use – 9

Tools & Resources – 7.5

Investment Options – 9.5

Asset Allocation – 9


Although it doesn’t offer tax-loss harvesting or mutual fund investing and is not ideal for active traders, M1 is a top-notch robo-advisory service. Its fees are low, it charges no commissions, and there’s no required minimum deposit.

Invest for FREE with M1 Finance

Pros & Cons


  • M1 doesn’t charge broker fees or commissions.
  • A low $100 minimum investment requirement.
  • M1 lets you select your own investments and applies automated portfolio management.
  • There’s no fee for buying and selling securities within each Pie.
  • M1 maintains your investment allocations using fractional shares thereby fully investing your money.


  • M1 doesn’t recognize certain investments, such as employer-sponsored retirement plans.
  • M1 isn’t for active traders like day-traders.
  • No tax-loss harvesting.

What Is M1 Finance?

M1 Finance is a versatile financial services company that began in 2015. It offers both a robo advisor but elements of an online broker, plus the ability to borrow money and use a credit card. The fact you can customize your portfolio but also rely on prebuilt M1 portfolios also makes it one of the more flexible robo advisors out there.

Overall, M1 Finance caters to both hands-off and active investors. And with its low fees and a $100 investing minimum, it’s also very beginner-friendly.

M1 Features

Minimum Investment $0
Fees None
  • Taxable
  • Joint
  • Traditional IRA
  • Roth IRA
  • Rollover IRA
  • 401(k)
  • Solo 401(k)
  • Trusts
  • Limited Partnerships
  • Partnerships
  • Coverdell
  • 529
  • Custodial
  • Non-Profit
  • 401(k) Guidance
401(k) Assistance
Tax Loss Harvesting
Portfolio Rebalancing
Automatic Deposits

Daily, Weekly, and Monthly

Advice Automated
Smart Beta
Socially Responsible
Fractional Shares
Customer Service Phone: M-F 9A-5P CT; Email
  • Dividends — All dividend income will be reinvested in your portfolio once it reaches at least $10.
  • Tax reporting — M1 integrates directly with H&R Block and TurboTax.
  • Margin account status — Since M1 doesn’t hold any of your portfolios in cash, your account is established as a margin account if it has a balance of over $2,000. The margin account status enables you to withdraw money quickly from your account without having to liquidate asset positions.
  • Free consultation — You can schedule a free consultation with a product specialist who will show you around the platform and discuss how it will benefit you.
  • Possible ETFs and stocks used — M1 has over 6,000 ETFs and stocks available for you to choose from, with individual stocks that are available on either the New York Stock Exchange or the Nasdaq (preferred stocks are excluded).
  • Account protection — The SIPC covers up to $500,000, including $250,000 in cash, against broker failure.

How Does M1 Finance Work?

M1 departs from other robo advisors in that it gives you complete control over the investment process in your portfolio. That even includes security selection. M1 manages your ongoing investment flow. But you are in complete control of how your money is invested. You can even make changes after the fact.

M1 Investment Portfolio Templates

M1’s robo investing element provides investment portfolio templates, referred to as “Pies.” The Pies are based on Modern Portfolio Theory (MPT). Most robo advisors use MPT in their algorithms. But unlike other robo advisors, with M1, there’s no questionnaire used to determine your investment risk tolerance.

You can invest all of your money in one of these prebuilt templates or customize it in any way that you want. M1 then automatically manages your account by maintaining your allocations within the Pie through rebalancing and allocating your new contributions.

But M1 works more like a traditional investment brokerage platform in that you can choose your own investments for your Pies. You can even purchase individual stocks and exchange-traded funds (ETFs) within your account — as well as the prebuilt Pies.

M1 Pie Investing

As mentioned above, “Pies” are the basis of investing with M1. During the signup process, you will be offered a suggested Pie with preselected investment categories. Each Pie is a collection of as many as 100 “slices.” Each slice represents an investment — be it a stock, an ETF or even another pie.

M1 Finance: The Author's Pie

The Pie then becomes the tool that you will use to manage your portfolio. M1 has more than 60 pre-built pies for you to choose from. You can also customize them by adding any stocks or ETFs that trade on either the New York Stock Exchange or the Nasdaq.

Once you’ve made your Pie selections, M1 will automatically buy your investments in the correct proportions, both when you initially fund your account and when you add additional funds.

Available Investment Categories

M1 has Pies available from all of the following categories:

  • General Investing — a diversified portfolio based on your own risk tolerance
  • Plan for Retirement — invest for your target retirement date
  • Responsible Investing — options for the socially responsible investor
  • Income Earners — builds a portfolio based on dividends and income returns
  • Hedge Fund Followers — mimics investment strategies from some of the most successful investors and reputable hedge funds
  • Industries and Sectors — enables you to invest in specific sectors
  • Just Stocks and Bonds — builds a diversified portfolio with two ETFs, focused on stocks and bonds
  • Other Strategies — additional investment strategies to help you find what works best for you

Each of these general Pie categories also offers variations. For example, the Just Stocks & Bonds Pie offers nine different Pies. You can choose a mix of 10% stocks and 90% bonds, 20% stocks and 80% bonds, and all the variations up to and including 90% stocks and 10% bonds.

M1 Finance: The Stocks and Bonds Pies
M1 Finance: The Stocks and Bonds Pies

Each Pie listed also includes the dividend yield, historical performance and risk level.

Outlining all of these options helps you pick the Pie composition that best fits your investing goals and level of risk tolerance.

Filling Your Pie

You can also customize your Pie. M1 offers nearly 2,000 ETFs that you can use in its construction. You can just check off the fund from the list and add it to your Pie. You can also add individual stocks from a similar display.

I chose the 70/30 Pie, which accounted for 50% of my custom Pie, and then added three stocks and one bond ETF. The Pie looked like this:

Once you have constructed your Pie, you save the changes, and it forms the basis of your investment portfolio going forward. You can also create different Pies for various investment goals. There’s no limit to how many Pies you can own in your account (yet another departure from other robo advisors).

Other M1 Finance Features

Automated investing with M1’s Pie system is what this robo advisor is known for. However, there are several other banking features you can take advantage of.

M1 Spend

Another feature M1 Finance provides is a free rewards checking account. This account pays 1% cash back and 1.70% APY if you’re an M1 Plus member, which is the platform’s $125 premium annual plan.

This APY is competitive with many high-yield savings accounts, so it’s a nice option for parking idle cash before investing.

You use a Visa debit card for transactions, and you get other perks like:

  • Early direct deposit up to two days early
  • $0 balance requirement
  • One free ATM withdrawal per month (four for M1 Plus members)
  • No foreign transaction fees for M1 Plus members
  • Up to $250,000 in FDIC-insurance

The Owner’s Rewards Card by M1

As part of M1 Spend, you can also open a rewards credit card to maximize your cash-back.

With The Owner’s Rewards Card by M1 you earn up to 10% cash back when you spend money at companies you own. M1 Finance organizes 70+ brands in to three different reward tiers:

  • Tier One (10% Cash Back): Includes companies like AMC, Dollar General, Netflix, Spotify, and Tesla.
  • Tier Two (5% Cash Back): Includes companies like American Airlines, BP, Etsy, Nike, Starbucks, and Wayfair.
  • Tier Three (2.5% Cash Back): Includes companies like Apple, Airbnb, Amazon, DoorDash, and Target.

You only need to own $0.01 of a share in a company to earn cash-back when you purchase from it. And your Owner’s Rewards Card also pays 1.5% cash back everywhere else.

The main downside of this card is cash-back rewards cap at $200 per month. But you can automatically reinvest cash back into your M1 portfolio, putting your money to work faster. And you also get perks from Visa, like Visa Zero Liability and access to its Signature Luxury Hotel Collection.

There’s a $95 annual fee for this card, but M1 waives the fee for Plus members.

M1 Borrow

Customers can borrow money against their investments, with a line of credit equal to 40% of portfolio value. Rates depend on if you’re a regular M1 customer or an M1 Plus customer. Regular customers get a borrowing rate of 4.25% while Plus customers get a 2.75% rate.

You also get a flexible payment schedule; there isn’t a minimum monthly loan repayment amount. You can also create an automated payback schedule to gradually pay off your loan.

Note that M1 Borrow is only available for margin accounts with at least $2,000 invested. It’s not available for retirement, custodial, or trust accounts.

Tax Minimization

M1 doesn’t offer tax-loss harvesting (TLH). But they do offer a new feature called “Tax Minimization” standard on all accounts. This feature enables you to sell asset positions in the most tax-favorable way.

Whenever you sell an investment, M1 prioritizes the sale in a way that will minimize your taxes. The order of assets sold looks like this:

  1. Lots that don’t result in a tax liability
  2. Lots that result in long-term gains
  3. Lots that result in short-term gains

While it’s likely that this strategy will, in fact, minimize your taxes, it doesn’t seem likely to have the same consistent benefit that’s provided by TLH.

M1 Crypto Investing

In July 2022, M1 Finance announced that cryptocurrency investing is coming to the platform. If you have a funded M1 Invest account, you can apply sign up for early access to a M1 Crypto account when it becomes available. This account will offer:

    • Expert Crypto Pies: Create M1 Pies based on different strategies like DeFi, Web3, and various large-cap cryptocurrencies. You can also set target percentages for different pies in your M1 Crypto portfolio.
    • Automated Trading: Since crypto trades 24/7, M1 Crypto users will be able to place their own orders and create automated trading rules to run their portfolio.
    • Dynamic Rebalancing: M1 can rebalance your portfolio when you make a deposit to help keep you on target with your goals.
    • Commission-Free Trading: M1 Crypto doesn’t charge any trading fees. However, Apex Crypto, the custodian that actually securely holds your crypto, charges a 1% or 100 basis points fee to all crypto transactions.

Once you sign up for early access to M1 Crypto, you get notified via the app and email when you’re eligible to start investing.

Branching into crypto alongside stock and ETF trading is a massive improvement for M1 Finance. FTX is leading the charge at the moment for stock and crypto investing under one platform alongside investment apps like Robinhood and Public. But M1 Finance is one of the first hybrid brokers and robo advisors to branch into cryptocurrency trading.

M1 Finance Fees: M1 Basic vs. M1 Plus

M1 Finance doesn’t charge portfolio management fees or trading fees. This is one of its main competitive advantages since most robo advisors charge annual fees.

The main fee you can pay is for M1 Plus, which costs $125 per year. M1 Plus customers get perks like cash-back with their Visa debit card, 1.70% APY on the checking account, and better borrowing rates.

Additionally, M1 Plus customers can use its Smart Transfer feature. This lets you set rules to manage your various accounts so you have the right amount of money when you need it. For example, you can create a rule to deposit a specific amount of money in your checking account to cover monthly expenses but to automatically invest the rest so you’re not over-saving.

Here’s how M1 Basic and M1 Plus compare against one another:

M1 Basic
M1 Plus
Annual Cost
Trading Windows
AM only
AM and PM
Borrow Rate
Checking APY
Checking Cash Back
Owner’s Rewards Card Fee
$95 annually
Smart Transfers

Other potential M1 fees you can encounter include:

  • Inactivity Fee: $20 for accounts with up to $20 and no activity for at least 90 days.
  • IRA Termination: $100.
  • Outgoing Account Transfers: $100.
  • Wire Transfer: $25.

Right now, M1 Finance is giving customers a free year of Plus, so it’s the perfect time to maximize the rewards you can get.

Opening an M1 Account

In order to sign up for an account with M1, you first need to create a password. Once you do, you’ll be directed into the first part of a three-step process:

  1. Build Portfolio
  2. Create Brokerage Account
  3. Fund Your Account

The Build Portfolio part introduces you to the M1 Pie concept. At that phase of the signup, you will determine your portfolio as described above. Once you have created your portfolio, you then complete the application process and fund your account.

How to Contact M1 Finance

You can reach M1 Finance customer support by using the live chat widget or submitting an email support ticket on its website. You can also call M1 Finance at 312-600-2883. Customer support hours are Monday through Friday from 9:00am to 4:00pm ET unless there’s a market holiday.

Is M1 Finance Safe?

M1 Finance is a safe, and the company is a registered broker/dealer with FINRA and a member of the SIPC. This means you get up to $500,000 in SIPC insurance for your investments and up to $250,000 in FDIC insurance for cash in your M1 Spend account.

Furthermore, M1 Finance says all data is encrypted to protect your privacy. Users can also enable extra security features like two-factor authentication to keep their accounts safe.

Best Alternatives

We think M1 Finance is one of the best robo advisors on the market because of its lack of fees and the control it gives you to pick your investments.

However, other robo advisors and wealth management companies might be superior depending on the types of portfolios you want to invest in or if you want human advice. Here’s how M1 Finance compares to Betterment and Personal Capital, two other popular options for investing and building wealth.

Betterment is an excellent alternative that also offers a variety of investment ETF portfolios at an affordable price. Their portfolios are based on modern portfolio theory and they also offer an SRI portfolio called the Broad Impact portfolio. This portfolio focuses more on companies that meet specific social, environmental and governance goals. Betterment costs 0.25% annually but includes features like tax-loss harvesting.

As for Personal Capital, it offers professional wealth management services for clients with over $100,000 to invest. If you want human advice and a tailored portfolio, this is your best option. Plus, Personal Capital also has a host of free tools like an investment fee analyzer, retirement planner, and budgeting software.

The Bottom Line

M1 is one of the more interesting of the automated investment platforms that have been coming out in the last few years. You choose the investments that go into your portfolio.

The platform then performs all of the day-to-day management of your account, including regular rebalancing. Plus, it’s now free. That’s right — there are no longer any broker fees or commissions.

Since you select your own investments (though you could simply default to the pre-built pies), it isn’t quite the fire-and-forget platform that pure robo advisors, such as Betterment and Wealthfront are.

M1 is primarily for buy-and-hold investors who prefer to select their own investments. At the same time, it can enable you to have control over your investments, without having the day-to-day responsibility of managing the portfolio.

If M1 allowed investment in mutual funds, offered tax-loss harvesting, and retirement planning tools, we’d be giving this platform a higher rating. But apart from those three missing pieces, M1 is very much worthy of consideration.

Frequently Asked Questions

Is M1 Finance Free?

M1 Financ doesn’t charge commission on stock and ETF trades or annual management fees for its robo-advisor. This makes most of its core offerings free. However, it charges $125 per year for the M1 Plus membership and $95 annually for the Owner’s Rewards Card.

How Does M1 Finance Make Money?

M1 Finance generates money in several ways, including interest on cash, interest on lending securities, M1 Borrow, and payment for order flow. The company also makes money from M1 Plus membership fees.

Is M1 Finance Legit?

M1 Finance is a legitimate company that’s also a FINRA Regulated broker-dealer. It provides commission-free trading and a no-fee robo advisor. The company is transparent about how it generates revenue and what also provides customers with protection like FDIC-insurance on cash balances. Overall, it’s a safe and legitimate way to invest.

The Owner’s Rewards Card by M1 Disclosure – M1 Owner’s Rewards Card by M1 Powered by Deserve and issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC.


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