| Website |
https://www.m1finance.com |
https://www.webull.com/ |
| Pros |
- 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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- Low cost.
- Easy to use.
- No account minimum.
- Good for day trading.
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| Cons |
- 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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- Relatively new (started in 2017).
- No mutual funds.
- Slower account setup than Robin Hood.
- Not great for retirement or long-term investing.
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| Promotions |
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- 2 Free stocks on deposit of at least $100 (valued between $8 and $1,600)
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| Fees |
- 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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- SEC Trading Fee - $0.0000221 * Total $ Trade Amount (Min $0.01) on sells only.
- FINRA Trading Fee - $0.000119* Total Trade Volume (Min $0.01 per - Max $5.95 per) on sells only.
- Options - $0.0000221 * Total $ Trade Amount (Min $0.01)(Sells Only)
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