| Website |
https://www.interactivebrokers.com/ |
https://www.m1finance.com |
| Pros |
- Apps for every platform.
- Just about every trading option you can imagine.
- Lots of day trading options.
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- No advisor fee, trading fee, or monthly fee.
- Concept of “Pies” - preset portfolios you can pick with a single click.
- Automatic investing enables rebalancing your portfolio as you make new contributions.
- Borrow against your portfolio with a low-interest loan.
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| Cons |
- So much security, you’ll need to confirm your account 10x to just get setup.
- Advanced configuration and options require training to use.
- Extreme overkill if you’re aiming to just invest in ETFs and mutual funds for retirement.
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- No tax-loss harvesting
- By adding multiple pies you can easily create an overly complicated portfolio of portfolios that duplicates investments.
- Limited trading time - On a free account, all of your transactions will happen in the morning. With an M1 Plus account, you can also trade in the afternoon.
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| Promotions |
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| Fees |
- Depending on your tier, free trades for ETFs and mutual funds.
- Minimum $0.35 per stock trade.
- Somewhat confusing fee structure.
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- No management fee - M1 Finance changes no advisor fee.
- $125/yr fee for an M1 Plus Account.
- Additional Fees for various other one-off services like wire transfers, paperwork, or account conversions.
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