Vanguard
investor.vanguard.com
Investor-owned US brokerage known for low-cost index funds and ETFs, with $0 online stock and ETF trades and options at $1 per contract.
What it is
Vanguard is the company behind many of the most widely held index funds and ETFs, and its brokerage is built around holding them for the long term. A brokerage account has no opening minimum and gives access to Vanguard and other companies' mutual funds, ETFs, individual stocks, bonds, CDs and options, alongside IRAs, 529 education plans and a Cash Plus account. Margin and options are available by separate application.
Online stock and ETF trades cost nothing at every asset level. Options cost $1 per contract with no base fee; clients with $1 million or more in qualifying Vanguard assets get their first 25 options trades a year free, and $5 million or more gets 100. Vanguard's own mutual funds and no-transaction-fee funds from other companies are free to trade online, while other funds cost $20 a trade for most clients. Trades placed by phone can carry a $25 broker-assisted charge for clients under $1 million, and there is a $25 annual account fee that is waived if you choose electronic documents.
The web site and mobile app handle buying and selling, watchlists and fund comparisons, and Vanguard presents them as tools for long-term investors; it does not list an advanced charting or active-trading platform. Advice is available through Digital Advisor from $100 and Personal Advisor from $50,000.
Key features
- Vanguard funds and ETFs
- Direct access to Vanguard's own index mutual funds and ETFs with no transaction fee online; Vanguard ETFs can be bought for the price of one share.
- Commission-free stocks and ETFs
- $0 online commissions on stocks and ETFs from any company, at every asset level.
- Options trading
- Available after an options application is approved, in three permission levels; $1 per contract, with free trades each year for $1M+ and $5M+ clients.
- Mutual fund marketplace
- Funds from other companies, many with no transaction fee; transaction-fee funds cost $20 online for clients under $1M.
- Retirement and education accounts
- IRAs, 529 plans and taxable brokerage accounts, plus a Cash Plus account for savings.
- Mobile app
- iOS and Android app to trade, check deposits, track a watchlist, compare funds and enrol in advice.
- Advisory services
- Digital Advisor (robo-advice, from $100) and Personal Advisor with human advisers (from $50,000).
Pricing
| Plan | Price | What you get |
|---|---|---|
| Stocks and ETFs (online) | $0 | All asset levels |
| Options | $1 per contract | No base fee; $1M+ clients get 25 free trades a year, $5M+ clients get 100 |
| Transaction-fee mutual funds | $20 per trade | Clients under $1M; Vanguard and no-transaction-fee funds are $0 online |
| Broker-assisted trades | $25 | May apply to phone orders for clients under $1M |
| Account service fee | $25/yr | Waived with e-delivery or $1M in qualifying assets |
Fee schedule effective July 10, 2026. Margin requires a separate application and at least $2,000 of equity. Fund expense ratios are charged separately by each fund.
Checked September 25, 2026 on investor.vanguard.com. Prices change; confirm on the provider's site before you subscribe.
Strengths
- No account minimum and $0 online stock and ETF commissions
- Direct access to Vanguard's own low-cost index funds with no transaction fee
- Options at $1 per contract with no base charge
- A wide range of account types, including IRAs and 529 plans, under one login
Limitations
- Vanguard describes its web and app tools in terms of buying, selling, watchlists and fund comparison; it lists no advanced charting or active-trading platform
- Outside transaction-fee mutual funds cost $20 a trade for clients under $1M
- Phone orders can cost $25 for clients under $1M
- Options and margin each need a separate approval application
- Vanguard's product list covers stocks, ETFs, options, funds, bonds and CDs, not futures, forex or crypto
Good fit for
- Buy-and-hold investors building a portfolio of index funds and ETFs
- Retirement savers who want IRAs and taxable accounts in one place
- Investors who occasionally trade stocks or simple options such as covered calls
Look elsewhere if
- Active day traders who need fast charts, hotkeys or advanced order tools
- Futures, forex or crypto traders
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Vanguard questions
Does Vanguard charge commissions on stock trades?
No. Online stock and ETF trades are $0 at every asset level. Phone orders may carry a $25 charge for clients with under $1 million.
How much does Vanguard charge for options?
$1 per contract with no base fee. Clients with $1 million or more in qualifying assets get 25 free options trades a year, and $5 million or more gets 100.
Is there a Vanguard account fee?
There is a $25 annual account service fee, waived if you choose electronic delivery of documents or have $1 million in qualifying assets.
Is there a minimum to open a Vanguard account?
No. A brokerage account has no opening minimum, though some Vanguard mutual funds require $1,000 or more to buy.
Can I trade options at Vanguard?
Yes, after an options application is approved for each account. Vanguard has three options permission levels, starting with covered calls, protective puts and cash-secured puts.
Written from Vanguard's own website and documentation. All Trading Tools lists and compares tools; it does not recommend trades or give financial advice. Sources: investor.vanguard.com, investor.vanguard.com/investing/trading-fees-commissions, investor.vanguard.com/investing/vanguard-brokerage, investor.vanguard.com/investment-products/stocks, investor.vanguard.com/stocks/options, investor.vanguard.com/client-benefits/mobile-apps.