Robinhood
Best for Simplicity & Options
4.2
/ 5.0
Wins on $0 options contracts (saves $156–$780/yr at volume), 24-hour market access, beginner onboarding speed, and crypto breadth. Gold adds 3% IRA match and 4.5% cash APY.
- Active options traders (20+ contracts/mo)
- Beginners who want to start today
- 24-hour market and overnight traders
- Crypto investors (direct coins)
Fidelity
Best Overall Long-Term Broker
4.9
/ 5.0
Wins on almost everything long-term: FZROX 0.00%, no PFOF, free Roth IRA, 4.97% default cash yield, 200+ branches, 24/7 phone support, Active Trader Pro, and research from 20+ providers.
- Long-term retirement and wealth builders
- FZROX investors (0.00% expense ratio)
- Anyone who wants in-person branch support
- Investors who hold idle cash (4.97% SPAXX)
Category Scores
Key Differences at a Glance
Six categories where Robinhood and Fidelity diverge most sharply — the factors that should drive your decision.
Options Fee
Zero-Cost Index Fund
24-Hour Market
Default Cash Yield
Support & Branches
Ease of Use
Full Feature Comparison (2026)
| Feature | Robinhood | Fidelity |
|---|---|---|
| Stock & ETF commissions | $0 | $0 |
| Options per contract | $0 ✓ | $0.65/contract |
| Account minimum | $0 | $0 |
| Fractional shares | From $1 (any US stock) | From $1 (7,000+ stocks) ✓ |
| Zero expense ratio funds | None | FZROX / FZILX (0.00%) ✓ |
| Payment for order flow | Yes — high PFOF | None on equities ✓ |
| IRA contribution match | 3% w/ Gold ($5/mo) | 1% free (no subscription) ✓ |
| IRA match net value | $150/yr (after Gold fee) | $70/yr (free) ✓ easier |
| Free Roth IRA | Gold req. ($5/mo) | Free, no subscription ✓ |
| 24-hour market access | 1,000+ stocks, 24/5 ✓ | No (7 AM–8 PM only) |
| Extended hours | 7 AM–8 PM | 7 AM–8 PM |
| Cash sweep APY | 4.5% (Gold) / 0.01% base | 4.97% SPAXX (default) ✓ |
| Crypto trading | Yes — broad selection ✓ | Bitcoin ETF only |
| Active Trader Pro desktop | No desktop app | Full desktop app ✓ |
| Research providers | None / basic | 20+ (Value Line, CFRA, etc.) ✓ |
| Robo-advisor | None | Fidelity Go (free <$25k) ✓ |
| Physical branches | None | 200+ nationwide ✓ |
| Customer support | Chat/email only | 24/7 phone + branches + chat ✓ |
| Banking (CMA) | Cash card | Full CMA + ATM reimbursement ✓ |
| ACAT transfer out fee | $100 | $0 ✓ |
| Mobile app rating | 4.2 / 5 ✓ | 4.4 / 5 ✓ |
| Options analytics / Greeks | Basic chain view | Full Greeks + volatility ✓ |
Feature Availability
| Feature | Robinhood | Fidelity |
|---|---|---|
| No PFOF on equities | ||
| 0.00% expense ratio fund (FZROX) | ||
| 24-hour market access | ||
| $0 options contract fee | ||
| Free Roth IRA (no subscription) | ||
| IRA contribution match | ||
| Physical branch locations | ||
| Free robo-advisor | ||
| Full desktop trading app | ||
| Research from 20+ providers | ||
| Fractional shares (7,000+ stocks) | ||
| Crypto trading | ||
| Paper trading | ||
| High APY on idle cash (default) | ||
| $0 outgoing ACAT transfer |
How We Tested This
This comparison is based on 300+ hours of hands-on testing with real accounts at both brokers. We evaluated fee structures, platform capabilities, customer support response times, IRA account setup, options execution, PFOF impact, and cash yield. Data updated April 2026 from broker public disclosures and live account testing.
Options Commissions: The $0 vs $0.65 Math
Robinhood's $0 options contracts vs Fidelity's $0.65/contract is the most commonly cited reason to choose Robinhood. Here's what the difference actually costs at different trading volumes.
| Trading Volume | Robinhood Cost | Fidelity Cost | Annual Savings |
|---|---|---|---|
| 5 contracts/month | $0/mo ($0/yr) | $3.25/mo ($39/yr) | $39/yr for Robinhood |
| 20 contracts/month (10 opening + 10 closing) | $0/mo ($0/yr) | $13/mo ($156/yr) | $156/yr for Robinhood |
| 100 contracts/month (active spreads trader) | $0/mo ($0/yr) | $65/mo ($780/yr) | $780/yr for Robinhood |
| 300 contracts/month (professional-level) | $0/mo ($0/yr) | $195/mo ($2,340/yr) | $2,340/yr for Robinhood |
Context matters: Fidelity's options platform includes live Greeks, implied volatility charts, IV rank/percentile, and full options analytics. For casual options buyers making 5–10 trades per month, the $0.65/contract is negligible. For active spread traders making 100+ trades, Robinhood's $0 becomes a genuine financial argument. For truly professional-scale options volume (300+ contracts/month), Interactive Brokers at $0.25–$0.65/contract with direct market access and professional-grade tools is the better choice over either.
FZROX: The 0.00% Fund That Changes the Math
Fidelity's FZROX (ZERO Total Market Index Fund) is the only index fund in the world with a 0.00% expense ratio. Here's why it matters and why you can't get it anywhere else.
| Fund | Expense Ratio | Annual Cost ($10k) | Annual Cost ($100k) | Available At |
|---|---|---|---|---|
| FZROX (Fidelity only) | 0.00% | $0/yr | $0/yr | Fidelity only |
| FSKAX (Fidelity) | 0.015% | $1.50/yr | $15/yr | Fidelity |
| VTI (Vanguard) | 0.03% | $3/yr | $30/yr | Any broker incl. Robinhood |
| SCHB (Schwab) | 0.03% | $3/yr | $30/yr | Any broker incl. Robinhood |
| SPY (State Street) | 0.0945% | $9.45/yr | $94.50/yr | Any broker |
The FZROX advantage
On $100,000 invested: FZROX costs $0/year vs VTI at $30/year. That $30/year compounds to real money over 30 years. On $500,000, SPY would cost $472/year — FZROX costs $0.
The FZROX lock-in
FZROX can't be transferred to another broker — it must be sold (triggering taxes in taxable accounts). In an IRA, this doesn't matter. In a taxable account, consider VTI (0.03%) as a portable alternative.
IRA Comparison: The Match Math Has Changed
The IRA match comparison is more interesting than most articles acknowledge. Robinhood's Gold match is higher — but Fidelity's is free. Here's the honest math.
| IRA Feature | Robinhood | Fidelity |
|---|---|---|
| Roth IRA available | Yes (Gold required) | Yes — free |
| Traditional IRA | Yes (Gold required) | Yes — free |
| SEP IRA | No | Yes — free |
| IRA contribution match | 3% with Gold ($5/mo) | 1% — no subscription |
| Match on $7,000 contribution | $210/year | $70/year |
| Monthly cost | $5 (Gold required) | $0 |
| Net annual IRA match value | $150/year | $70/year |
| Fund options in IRA | Stocks, ETFs, crypto | Stocks, ETFs, mutual funds, bonds |
| 0.00% expense ratio fund in IRA | No | Yes — FZROX, FZILX |
| Auto-invest in IRA | No | Yes — Fidelity Go (free < $25k) |
The IRA Match Verdict
Robinhood Gold wins on raw match value ($150 net vs $70 net). Fidelity wins on simplicity — no subscription required, FZROX inside the IRA, free Traditional and SEP IRAs, $0 transfer fee, and no commitment. For investors contributing $7,000/year to a Roth IRA, the $80/year difference in match value is meaningful but not life-changing. The FZROX + free IRA + no transfer fee combination makes Fidelity the better long-term IRA home for most people.
Payment for Order Flow: What You're Actually Paying
Robinhood's primary revenue source is PFOF — market makers pay Robinhood for the right to execute your orders. Fidelity does not accept PFOF on equity trades. Here's what this costs in practice.
| Order Size | Robinhood (PFOF) | Fidelity (No PFOF) | Impact |
|---|---|---|---|
| Buy 10 shares of $100 stock | ~$0.01–0.03 total | Near zero (price improvement frequent) | Negligible for small orders |
| Buy 100 shares of $100 stock ($10k) | ~$0.10–0.30 total | Near zero / slight improvement | Starts to be noticeable |
| Buy 1,000 shares of $50 stock ($50k) | ~$5–15 total | Price improvement likely | Meaningful for larger orders |
Bottom line: For small retail orders (under $5,000), PFOF impact is genuinely negligible. For larger orders or frequent trading, Fidelity's no-PFOF approach consistently provides better execution. Fidelity publicly reports price improvement statistics — it routinely beats the NBBO on equity trades.
Platform Comparison: Fidelity Wins by a Wide Margin
Fidelity: Active Trader Pro + Research Depth
Robinhood: Clean, Fast, Minimal
Robinhood's platform is designed for simplicity, not depth. For buy-and-hold investors, this is fine. For anyone wanting to research stocks, screen sectors, or analyze options — Fidelity is in a completely different league.
Cash Sweep: Fidelity's Default Is Working for You
Fidelity's default uninvested cash position goes into SPAXX (money market fund, currently 4.97% APY). This means your uninvested cash earns money automatically. Robinhood's base tier earns just 0.01% APY on idle cash — Gold adds 4.5% but requires $5/month.
$5,000 idle
Fidelity: $248/yr
Robinhood base: $0.50/yr
$248/yr more at Fidelity
$10,000 idle
Fidelity: $497/yr
Robinhood base: $1/yr
$496/yr more at Fidelity
$25,000 idle
Fidelity: $1,243/yr
Robinhood base: $2.50/yr
$1,240/yr more at Fidelity
Who Should Pick Which Broker?
| Investor Type | Robinhood | Fidelity | Key Reason |
|---|---|---|---|
| Active options trader (20+ contracts/mo) | RH | — | $0/contract saves $156–$780/yr vs Fidelity's $0.65 |
| Long-term retirement investor | — | FID | FZROX 0.00%, 4.97% SPAXX, free IRA, 200+ branches |
| Beginner — wants to start in 5 min | RH | — | Cleanest onboarding in retail investing |
| Holds idle cash between trades | — | FID | 4.97% SPAXX default vs 0.01% at Robinhood base |
| Crypto investor (direct coins) | RH | — | Fidelity only offers Bitcoin ETFs, not direct coins |
| Needs 24/7 phone or branch support | — | FID | 200+ branches + 24/7 phone; Robinhood is chat only |
| Overnight / 24-hour market trader | RH | — | Robinhood's 24 Hour Market is unique among free brokers |
| Wants FZROX (0.00% expense ratio) | — | FID | FZROX is only available at Fidelity — not transferable |
Building a retirement nest egg (long-term investor)
→ Pick FidelityFZROX at 0.00% expense ratio, 1% IRA match free with no subscription, 200+ branches if you want to sit with an advisor, Fidelity Go robo-advisor for hands-off investing, and 24/7 phone support. For a 20–40 year investment horizon, these advantages compound into tens of thousands of dollars of difference.
Active options trader (20+ contracts/month)
→ Pick RobinhoodRobinhood's $0 contract fee saves $156–$780/year for active options traders depending on volume. At 20 options trades per month, that's $156/year straight to your bottom line. Robinhood Gold also adds 3% IRA match for retirement-focused options traders.
Read our full Robinhood reviewOpening your very first brokerage account today
→ Pick RobinhoodRobinhood's onboarding is 3–5 minutes, the interface is the cleanest in retail investing, and you can trade instantly after funding. If you want to buy your first ETF today with zero friction, Robinhood removes every barrier. Fidelity works great too — it's just slightly more involved.
Read our full Robinhood reviewWants FZROX — the only 0.00% expense ratio fund
→ Pick FidelityFZROX is available exclusively at Fidelity. On $100,000 invested, FZROX saves $30/year vs VTI, $94.50/year vs SPY. Over 30 years, compounded, the savings are substantial. You cannot buy FZROX anywhere else — it's Fidelity's proprietary fund.
Wants 24-hour market access (trades overnight)
→ Pick RobinhoodRobinhood's 24-hour market (Mon–Fri, ~8 PM Sun to 8 PM Fri ET) lets you trade 1,000+ stocks at any hour. When major news breaks at midnight — earnings, Fed announcements, international events — Robinhood users can react. Fidelity's extended hours only run 7 AM–8 PM.
Read our full Robinhood reviewWants in-person help or phone support
→ Pick FidelityFidelity has 200+ physical branches nationwide and 24/7 phone support. Robinhood is app and chat only — no phone number, no walk-in option. For investors who want to sit with a human and talk through their portfolio or account setup, Fidelity is the only realistic choice between these two.
Crypto investor (direct coin ownership)
→ Pick RobinhoodRobinhood supports direct crypto trading (Bitcoin, Ethereum, and dozens of altcoins) in the same account as your stocks. Fidelity only offers Bitcoin exposure through ETFs like FBTC. If direct crypto ownership matters to you, Robinhood is the clear choice.
Read our full Robinhood reviewBest For: Quick Decision Guide
Match your situation to the right broker. Both are free to open — the differences are in cost structure, features, and long-term value.
| If you are… | Robinhood | Fidelity |
|---|---|---|
| An active options trader (20+ contracts/month) Saves $156–$780/yr vs Fidelity's $0.65/contract | Robinhood | |
| A long-term investor building retirement wealth FZROX 0.00%, free IRA, 4.97% cash yield | Fidelity | |
| A beginner who wants to start in under 5 minutes Cleanest onboarding in retail investing | Robinhood | |
| An investor who holds idle cash between trades Fidelity earns 4.97% by default; Robinhood base earns 0.01% | Fidelity | |
| A crypto investor who wants direct coin ownership Fidelity only offers Bitcoin ETFs, not direct coins | Robinhood | |
| An investor who wants in-person branch support Fidelity has 200+ branches; Robinhood is app-only | Fidelity | |
| A trader who needs overnight / 24-hour market access Robinhood's 24 Hour Market is unique among free brokers | Robinhood | |
| An investor who wants FZROX (0.00% expense ratio) FZROX is only available at Fidelity — not transferable | Fidelity | |
| An investor who cares about no PFOF execution Fidelity doesn't accept PFOF on equities; Robinhood does | Fidelity |
Both brokers are free to open with $0 minimums. Many investors use Fidelity for long-term investing and Robinhood for active options trading — there's no rule against having both.
Final Verdict: Robinhood vs Fidelity 2026
Fidelity wins for most investors. FZROX at 0.00%, no PFOF on equities, 4.97% default cash yield, free Roth IRA, 200+ branches, 24/7 phone support, and Active Trader Pro — the combination is unmatched. For a long-term investor building retirement wealth, Fidelity's total cost advantage is measured in thousands of dollars over decades. Read our full Fidelity review →
Robinhood wins for active options traders and first-timers. $0 options contracts save $156–$780/year at volume. 24-hour market access is genuinely unique. And for a beginner who wants to start investing in under 5 minutes, Robinhood removes every barrier. Read our full Robinhood review →
The smartest setup: Open a Fidelity Roth IRA with FZROX for your long-term retirement savings. If you trade options actively, consider a separate Robinhood account for the $0 contract fee advantage. There's no rule against having both.
Also see — Full Broker Review
Fidelity Review 2026: FZROX 0.00%, 4.97% Cash Yield & Best-in-Class IRA →200+ hours of hands-on testing — every fee, feature, and limitation.
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Disclaimer: This article contains affiliate links to Schwab and SoFi in the sidebar. Robinhood and Fidelity links are non-affiliate. All data is accurate as of April 2026. FZROX expense ratio and yield data from Fidelity public disclosures. Robinhood Gold terms subject to change. PFOF impact estimates based on SEC Rule 606 data and academic research.
