There are so many U.S. brokerages—how do you decide which one to open? Start by matching your own needs:

Your biggest question What to prioritize Simple takeaway
Long-term investing and holding assets for the long run—what should I choose? Fidelity / Schwab Well-established, mature platforms that work well as a primary brokerage
It’s my first time opening a brokerage account—what’s the easiest one to use? Moomoo / Fidelity / Robinhood Moomoo has strong Chinese-language support and lots of features; Fidelity is good for long-term use; Robinhood is the simplest
I already have one brokerage account. Do I need to open another? Primary brokerage + secondary brokerage combination For many people, switching brokerages is unnecessary; adding a secondary account for a different purpose is more practical
Where should I keep idle cash to earn higher interest? Fidelity / Moomoo / Webull / Robinhood Cash yields vary a lot across brokerages, so check whether it’s automatic and whether there are any minimums
If I trade often, trade options, or use margin, which one has the lowest fees? IBKR / Moomoo / Webull / TradeUP / Robinhood Don’t look only at $0 commission; check options fees, margin rates, and platform fees
For Chinese users without an SSN/ITIN, which accounts can I open? IBKR / BBAE / BIT / Bitget Account-opening eligibility and deposit/withdrawal methods matter more than app features
Which brokerage has the best signup or transfer bonus? See current brokerage signup bonuses Signup bonuses are pretty good, and people who already have a stock account can also earn a bonus through deposits or ACATS transfers

First, let’s go through the major platforms one by one, then compare them side by side based on the questions people care about most: beginners, multiple-brokerage setups, asset safety, idle cash, trading fees, Chinese users, and signup bonuses.

Introduction to and experience with major U.S. brokerage platforms

First, a quick note: the broker-dealers behind the U.S. securities accounts we discuss below—Fidelity, Schwab, Robinhood, Chase Self-Directed, Moomoo, Webull, TradeUP, SoFi, and IBKR—are all SIPC members. BBAE’s securities entity, Redbridge Securities, is also a SIPC member. That means there is a relatively clear protection framework for customer asset segregation and brokerage failure protection. BIT and Bitget, on the other hand, are not traditional U.S. brokerages. They are closer to platforms that provide U.S. stock trading and custody services through partnered licensed brokerages and clearing firms. Bitget Stock+ users’ stocks are held separately by the U.S. clearing broker RQD Clearing; BIT’s U.S. stocks are also traded and held through the U.S. securities clearing system. Overall, these are compliant and relatively safe investing platforms.

Fidelity: one of the best primary brokerages for long-term investing

Best for: long-term investing, ETFs, retirement accounts, and people planning to hold larger assets for the long run.

Fidelity’s biggest advantage is not how flashy the app is, but how strong it is overall. U.S. stock and ETF online trades are $0 commission, and you can keep stocks, funds, IRAs, Cash Management accounts, and more within one ecosystem. It works just as well for a small account with a few thousand dollars as it does later for a long-term investing account worth hundreds of thousands—or more. Its cash management is another advantage: idle funds in a Brokerage Account can be parked in a Money Market Core Position such as SPAXX, so cash that is not yet being used to buy stocks can still earn a return.

Its weaknesses are mainly the trading experience and margin costs. If you watch the market every day and trade options or use technical analysis often, trading-focused platforms like Moomoo and Webull are more intuitive; Fidelity’s margin rates for smaller balances are not especially cheap either. Our overall view of Fidelity has always been that it is well suited for beginners, long-term passive investors, and people who like to do their own research. The Brokerage Account + Cash Management Account combination is also very practical: one account for investing, and one for everyday cash management.

Charles Schwab: beyond long-term investing, it’s also convenient for CDs and moving money around

Best for: long-term investing, index ETFs, CDs, and people who want brokerage and everyday banking features in one place.

Like Fidelity, Schwab is a platform that works well as a long-term primary brokerage. I originally used Schwab mainly to buy CDs. Its CD screening tools are convenient, and you can filter directly by different maturity dates, with a wide selection of options. If you want to build your own CD ladder, you do not need to search bank by bank. Later, my usage gradually shifted toward long-term investing, mostly buying index ETFs like VOO and QQQM and then holding them for the long run. Schwab works very well for that kind of use case.

Schwab’s downside is that its market charting and investment analysis are not as intuitive as newer platforms like Moomoo. For example, Moomoo marks its own buy points directly on the price chart, which makes it easy to look back and see when you bought and at what price. Pulling up similar information in Schwab is more cumbersome. When I research stocks, look at trends, and analyze holdings, I also clearly prefer opening Moomoo. Another drawback is that Schwab’s default yield on idle cash is relatively low; if you want a higher yield, you usually need to buy SWVXX or another Money Market Fund yourself.

That said, Schwab also has some things that feel very smooth in actual use. When I deposit funds from Bank of America, the money can turn into Buying Power very quickly, so I can almost immediately use it to buy ETFs like VOO and QQQM. The Schwab Brokerage + Checking combination is also very useful. Our author KUKU has used Schwab outside the U.S. for a long time and especially likes its Debit Card, money transfers, and worldwide ATM cash withdrawal features. So overall, I tend to think of Schwab as a long-term investing and asset-holding account rather than a primary charting tool.

Moomoo: feature-rich, with a strong experience for Chinese-speaking users and active traders

Best for: everyone from beginners to advanced users, people who like researching stocks, charting, and options, and people who want a strong Chinese-language experience.

Moomoo is one of the platforms we use the most ourselves. I originally opened Moomoo mainly to get the signup bonus, but after actually using it, my biggest impression was that it has a lot of features, and most of the commonly used ones are integrated into one app. Quotes, earnings reports, technical indicators, Level 2, options chains, paper trading, IPOs, pre-market and after-hours sessions, and more are all covered. For people who want to start with simple stock buying and gradually learn technical analysis and options, it is not easy to quickly feel that the platform lacks features. Its Chinese interface and Chinese-language support are also very friendly to Chinese-speaking users, and our overall experience with options, fractional shares, and paper trading has been consistently good.

Another thing I like is idle cash management. Money in the account that is not being used to buy stocks can keep earning interest through features like Cash Sweep, so you do not need to buy a Money Market Fund yourself the way you would with Schwab. Their signup bonuses have also consistently been strong, with good reward tiers whether you deposit a lot or a little. The very high yield on cash accounts also reduces the opportunity cost of parked funds.

Webull: fairly complete charting and active-trading features

Best for: active trading, technical analysis, options, and people who want more professional trading tools.

Webull and Moomoo have a lot of overlap in their user base, but Webull is positioned more toward active trading overall. The basic trading costs for stocks, ETFs, and plain vanilla options are relatively low, and it also offers full charting, Level 2, pre-market and after-hours trading, paper trading, and more. It is also continuing to move toward OpenAPI, AI, and quantitative tools. If your investing style is to open the app every day to check quotes, do technical analysis, or trade frequently, Webull feels much more like a real trading platform than many traditional brokerages.

We started using Webull very early, and in actual use its technical indicators, multi-platform support, and trading features are fairly complete. Its main issue is not the fee for ordinary stock trades, but that if you use margin often, trade options, or short sell, you need to compare margin rates and borrow fees carefully. You cannot assume the overall trading cost is always the lowest just because stocks are $0 commission. For long-term assets, I still prefer traditional brokerages; for charting and active trading, Webull's advantages are much more obvious.

Robinhood: simplicity is still the biggest advantage

Best for: first-time stock buyers, people who do not want to study a complicated trading app, and users who like simple apps.

Robinhood's biggest advantage has always been very clear: it is simple. Buying stocks, ETFs, fractional shares, and options is fairly straightforward, and for people with only a few hundred or a few thousand dollars who are just starting to invest in US stocks, the learning curve is very low. Robinhood Gold now also adds features like interest on idle cash and lower margin rates, so it is no longer just the "beginner stock trading app" that many people used to think of.

Its downside also comes from that same simple positioning. If you later start looking into complex options, global markets, professional charting, or more complete asset management, other platforms will give you more tools to use. Our past reviews of Robinhood on this site have also been fairly consistent: the interface is simple, beginners can pick it up easily, and the Cash Management experience is also good. But if your account and investing needs become more complex, I would rather treat it as a simple trading account than expect it to handle every long-term asset management function.

Interactive Brokers: a top-tier choice for professional trading and global investing

Best for: professional trading, multiple currencies, global markets, China residents, and people who use margin frequently.

IBKR's advantages are very clear: broad market coverage, professional trading tools, and long-term financing costs that are still quite competitive. Eligible US residents can use IBKR Lite, while IBKR Pro uses a different fee structure. People who trade frequently, use margin, or need to invest in multiple countries are actually more likely to make use of IBKR's strengths. It is also important for China residents, who can open an account using Chinese ID documents and other materials as required by the official rules. However, account-opening requirements have been tightening over the past two years, and now a visa or proof of a US address may be required.

Its biggest drawback is also that it is professional. There are many features, and the learning curve for the interface and account structure is noticeably higher than apps like Robinhood or Moomoo. If you are just buying your first $500 of stock, there is no need to start with IBKR just for the sake of being "professional". But if your account will later be used across countries, currencies, or markets, or if you use margin often, it is a platform that is hard to avoid. Our site has mostly evaluated IBKR from the product and account-opening angle so far, and has not framed it as our own long-term main account experience. So in this hub, we are also introducing it mainly based on its actual positioning.

TradeUP: low margin costs, Chinese-language support, and active trading are the main strengths

Best for: active trading, options, and people who care about Chinese-language customer support and financing costs.

TradeUP offers relatively competitive trading costs for eligible US tax residents. The basic trading costs for stocks and ETFs are low, plain vanilla stock options are also relatively inexpensive, and its margin rate is more advantageous than traditional brokerages like Fidelity and Schwab. The platform also supports Web Trading, Level 2, pre-market and after-hours trading, paper trading, and both Chinese and English service. For Chinese active traders, these features are all quite useful.

We have been covering TradeUP for quite a long time. In past hands-on use, paper trading was easy to operate, news and earnings alerts were timely, and Chinese online customer support and Web Trading were also among its more obvious strengths. However, TradeUP's fees and account-opening requirements are not exactly the same for US tax residents and non-US tax residents, so you cannot simply apply the $0 fee that US users see to everyone. If you already have Fidelity or Schwab, I would rather treat TradeUP as a secondary account for active trading or for getting a bonus, instead of moving all long-term assets over just for it.

BBAE: its biggest advantage is account opening with a Chinese ID

Best for: China residents and people without an SSN/ITIN who still want to invest in US stocks through a relatively traditional brokerage account.

BBAE's biggest advantage is not trading features, but that it is relatively friendly to Chinese and Chinese-speaking users. You can apply for an account based on China resident status, and SSN/ITIN is not required. The platform also has Chinese pages, mainland connectivity, and a web platform. For people living in China or frequently moving between China and the US, this kind of experience matters more than having a few more technical indicators. Compared with US users who can open accounts normally with Fidelity, Schwab, or Moomoo, BBAE's advantage is not as obvious; but for Chinese users, being able to open an account relatively smoothly is itself an important selling point.

We have actually gone through BBAE's account-opening process, and the overall flow was fairly smooth. Chinese-language support and use on mainland China networks were also decent. However, its biggest weakness now is fees. Although US stocks and ETFs still show $0 commission, a platform fee will be added starting in July 2026. Fractional-share trades under 1 share will be charged 1% of the trade amount, whole-share trades will be $0.0055 per share with a $1 minimum per order, and options are charged separately as well. So BBAE is better suited to users who value the convenience of opening an account with a Chinese ID, and not suitable for small-ticket high-frequency trading.

BIT: digital-asset funds can connect directly to US stocks

Best for: people in China who already hold USDT/USDC and want a more convenient way to allocate to US stocks.

BIT is not exactly the same kind of platform as Fidelity or Schwab. Its biggest difference is that it puts digital assets and US stocks on the same funding path, allowing funds such as USDT and USDC to be used to enter US stock investing. For users whose money is already in a US bank account, this advantage is not as important. But if your assets are already in the digital-asset ecosystem, and you do not need to first route through an overseas bank and then transfer to a traditional brokerage, it is much more convenient in actual use.

We previously tested BIT's China identity verification and US stock permission activation process, and the overall speed was fairly fast, so China-ID users can focus on it. Its drawback is that you cannot look only at commission. Costs such as digital-asset conversion, platform services, and settlement all need to be considered together, and its product structure is not exactly the same as traditional US brokerages like Fidelity and Schwab. So I would view BIT as a US stock investing platform with a very distinctive funding path, rather than something that simply replaces a traditional main brokerage.

Other platforms worth watching

J.P. Morgan Self-Directed Investing: Best for users who mainly buy stocks and ETFs and have relatively simple investing needs. Its biggest advantage is that it is integrated directly into the Chase / J.P. Morgan account ecosystem, and it often comes with decent sign-up and transfer bonuses. If you mainly do technical analysis, options, or active trading, its tools are not as complete as those at Moomoo, Webull, and IBKR.

SoFi Invest: Best for simple long-term investing, fractional shares on a smaller scale, and people who already use SoFi banking, credit cards, or other products. The advantages are easy account integration and simple operation. The downside is that its market data and trading tools are relatively limited, so it is better for long-term investing than for frequent trading.

Merrill Edge: Closely integrated with the Bank of America account system, especially suitable for users who already keep a large amount of assets at BofA / Merrill and use Preferred Rewards. Its trading features follow the traditional full-service brokerage model, rather than standing out for professional charting or high-frequency trading.

E*TRADE: A long-established full-service brokerage, now part of the Morgan Stanley ecosystem, with a fairly complete lineup of products such as stocks, options, and retirement accounts. Our author's actual experience with Power E*TRADE was that the platform is quite professional, especially for options, but the different trading interfaces are somewhat fragmented and take some time to get used to.

TradeStation: More geared toward professional and active traders, with advanced charting, strategy backtesting, and automated trading as its main strengths. Most long-term investors do not need to use TradeStation just for these features, but people with clear professional trading needs may want to compare it closely.

M1 Finance: Its biggest feature is the Pie and automated investing. It does not emphasize checking the market every day; instead, you first set your own stock and ETF allocation percentages and then invest automatically over the long term. If what you want is to set it up and mostly leave it alone, it fits that need better than many active-trading apps.

Bitget Stock+: Bitget itself is not a traditional U.S. brokerage. Instead, it provides a U.S. stock trading entry inside the Bitget App, with the actual securities business handled by a partner licensed institution. The real U.S. stocks purchased by users are held separately with the U.S. clearing broker RQD Clearing. Its biggest advantage is the digital-asset funding path. If you already use Bitget or hold USDC/USDT, it can be a convenient way to add U.S. stocks to your portfolio; but its account structure, fees, and investor protection differ from traditional brokerages like Fidelity and Schwab, so I would not compare them too directly. Of course, another plus is that you can now open an account with a full set of Chinese documents.

If you're opening a brokerage for the first time, which should you choose?

Beginners do not need to chase the most advanced features right away. What matters more is whether the account is easy to open and use, whether you can invest even with a small amount, and whether you will quickly feel limited later on. Fidelity, Moomoo, and Robinhood are three typical choices with different positioning: Fidelity is for people who want to open one account and keep using it for a long time, Moomoo is better for people who want a Chinese-friendly experience while slowly learning stock research and options, and Robinhood stands out for its simplicity.

Beginner type What I would look at first Why
Want one brokerage to use long term Fidelity It can still work for everything from small investments to retirement accounts and large assets
Want a Chinese-friendly platform and also want to slowly learn stocks and options Moomoo Full-featured, with a Chinese interface and research tools that are relatively friendly
Only want the simplest way to buy stocks Robinhood Lowest learning curve
Want to seriously learn chart reading and technical analysis Webull / Moomoo More complete charts, market data, and trading tools
Don't want to pick stocks, just want automated investing M1 Finance Pie and automated investing are its core features
Plan to invest globally from the start IBKR Very powerful, but the learning curve is also higher

If you are completely unsure whether you will end up trading frequently, Fidelity and Moomoo are two choices you are less likely to outgrow quickly. The former leans more toward long-term asset management, while the latter leans more toward quotes, trading, and research. This topic could also be expanded later into a more complete comparison of U.S. brokerages for beginners.

Why open two brokerages at the same time?

Most people who read this article already have a stock account, so in that case there is no need to close a main brokerage you have used for years just to switch platforms. A more practical approach is usually to keep one main brokerage for long-term assets and open a second brokerage for charting, trading, cash management, or bonuses.

  • Fidelity + Moomoo + Webull: Fidelity serves as the long-term main account and earns high yield on automatic cash sweep; Moomoo / Webull handle charting, options, and active trading, making this a fairly standard combination.
  • Schwab + Moomoo + Chase Self-Directed: Schwab holds ETFs, CDs, and large assets long term; Moomoo is used for its high sign-up bonus, market data, and high yield on idle cash; Chase can be used as an extra secondary account when there are attractive sign-up or transfer bonuses.
  • Fidelity + TradeUP + Moomoo: Fidelity holds long-term assets, TradeUP focuses on active trading and lower margin costs, and Moomoo adds Chinese market data, research tools, and cash management.
  • Robinhood + Fidelity + Moomoo: Suitable for people who started out with Robinhood. Robinhood can stay, Fidelity adds a long-term main account, and Moomoo adds market data, options, and research features.
  • IBKR + BBAE + BIT / Bitget: Better suited to Chinese users. IBKR serves as the traditional global brokerage main account, BBAE is a supplement for opening an account with a Chinese ID, and BIT / Bitget solves the need to move digital-asset funds into U.S. stocks.

For most people, one long-term main account like Fidelity or Schwab, plus one or two secondary accounts like Moomoo, Webull, TradeUP, or Chase based on your needs, is enough. Secondary accounts are mainly used to add trading tools, idle cash yield, margin cost advantages, or sign-up and transfer bonuses; there is no need to move all of your existing long-term assets.

My own setup right now, Schwab + Moomoo, is a pretty typical combination. I originally used Schwab to buy CDs, and later mainly held index ETFs like VOO and QQQM for the long term; I first opened Moomoo for the sign-up bonus, and later used it more for charting, analyzing holdings, and earning high yield on idle cash. Neither side has to replace the other; they simply solve different problems.

Using multiple brokers also has a few practical benefits. Long-term investing and active trading can be separated, and traditional brokers and trading apps can each play to their strengths. When a good new-account or transfer promotion comes along, you do not have to move the entire main account; you can simply use new funds or do a Partial ACATS. Having one extra broker also serves as a backup, so if one platform is under maintenance, needs account verification, or has funds temporarily unavailable, not all of your assets are stuck in one place.

As your assets grow, there are also SIPC and single-institution risk considerations to think about when diversifying across brokers. The standard SIPC protection limit is usually up to $500,000 per customer, per separate capacity, with cash covered up to $250,000. Opening multiple individual Brokerage Accounts with the same name at the same broker does not simply double the protection amount. As your portfolio gets larger, spreading assets across different brokers can also reduce the risk of having everything concentrated with a single custodian.

Which broker pays the highest interest on idle cash?

After trading costs have broadly come down, the yield on idle cash has become increasingly worth comparing. If you have $50,000 in cash sitting in an account for the long term, a 3% difference in yield adds up to $1,500 a year, which matters far more than saving a few dozen stock-trading commissions over the year. When comparing options, do not look only at one APY. You also need to check whether there is an automatic Cash Sweep, whether there is a membership fee or asset minimum, and whether you need to buy a Money Market Fund yourself. The higher APYs currently are all around 3%, so the table below does not list exact figures.

Platform Idle cash handling Current yield characteristics Things to note
Fidelity Money Market Core such as SPAXX Yields are usually fairly competitive Highly automated, but a Money Market Fund is not the same as an ordinary bank deposit
Moomoo Cash Sweep Often offers a relatively high APY Convenient to use, but check current eligibility and promotion terms
Robinhood High-Yield Cash Gold users usually get a higher APY Robinhood Gold has a membership fee
Webull Cash Management Has a high-yield cash option The actual rate depends on the current account plan
IBKR Pays interest directly on cash More advantageous for larger accounts The first portion of cash may not earn interest; the full rate depends on account NAV
Schwab Default Brokerage Cash The default yield is very low To get a higher yield, you usually need to buy a Money Market Fund yourself
Chase Self-Directed Bank Deposit Sweep Earns interest The default Sweep Rate is usually not the main advantage

Schwab and Moomoo are two very clear examples. In my own Schwab account, if I want to increase the yield on idle cash, I need to actively buy a Money Market Fund; Moomoo's Cash Sweep is much more convenient. When I leave some cash in the account and wait for investment opportunities, I do not need any extra action. So if you often keep a large amount of cash in your account, do not compare only which platform offers $0 stock trades. This topic will also be organized separately later into a full comparison of idle-cash interest at U.S. brokers.

For frequent traders, which broker has the lowest fees?

If you only buy ETFs a few times a year, the trading-fee differences between most platforms are no longer that important. But if you trade options, use margin, do short-term trading, or place many trades per day, fee structures can diverge quickly. Many platforms now advertise $0 stock commissions, but what really matters is Platform Fee, Options Contract Fee, Margin Rate, and Stock Borrow Fee for short sales.

Below we only compare the platforms we think are practical and that readers use most often. Rates can change, so before placing an order, it is best to click the broker's official Pricing page to confirm.

Platform U.S. stocks / ETFs Platform fee Regular stock options Margin / leverage reference Official fees
Fidelity $0 $0 $0.65 / Contract Higher interest rates for smaller balances Official Pricing
Schwab $0 $0 $0.65 / Contract Higher interest rates for smaller balances Official Pricing / Margin
Robinhood $0 $0 Regular stock options $0 Relatively competitive, tiered by balance Fee Schedule / Margin
Chase Self-Directed $0 $0 $0.65 / Contract Tiered by balance Official Pricing
Moomoo $0 $0 Equity Options $0 About 6.8% Official Pricing
Webull $0 $0 Regular stock options $0 Standard about 8.74%; other plans may be lower Official Pricing / Margin
TradeUP $0 for U.S. tax residents $0 Equity Options $0 for U.S. tax residents About 5.99% Official Pricing
SoFi Invest $0 $0 $0 / Contract Relatively higher for small accounts, declining by balance Official Pricing
IBKR Lite $0; Pro charges per share $0 Pro charges by contract and trading volume Usually one of the more competitive platforms for financing costs Commission / Margin
BBAE $0 Commission Fractional shares 1%; whole shares $0.0055/share, minimum $1/Order $0.99 / Contract, Package may reduce it Tiered by balance Official Fees / Margin
BIT Do not look only at $0 Commission There are platform, clearing, regulatory, and currency conversion costs — Use the actual account display as the reference BIT US Stocks / Fee Details
Bitget Stock+ Standard pricing is based on trade amount Subject to the current Stock+ rules Stock+ is not a traditional options account Stock+ is not compared using traditional Margin Stock+ Fees

Commission-free trading for regular stocks and ETFs is now very common, so there is no need to switch brokers just for “zero commission.” If you trade stocks and options frequently, it is worth comparing Moomoo, Webull, Robinhood, SoFi, and eligible TradeUP accounts. For long-term margin use, it is more worthwhile to compare IBKR, Robinhood, TradeUP, and Moomoo. Fidelity and Schwab are suitable for long-term assets, but their margin rates for small balances are usually much higher.

Borrow Fee for short selling is hard to turn into a fixed price table, because the borrowing cost for Hard-to-Borrow stocks changes every day with supply and demand. Users who short stocks regularly should check the Borrow Rate for the specific stock on the day they place the order. Margin, short selling, and options can all significantly amplify losses, and you should not start using them just because one platform is cheaper. We will later organize this section separately into a full comparison of U.S. brokerage trading fees.

Which U.S. stock platforms can Chinese users open?

The brokerage platforms mentioned above generally require an SSN/ITIN to open an account, but some international students do not have either number. So when choosing a U.S. brokerage, you should first confirm whether you can open the account, how you can deposit funds, whether withdrawals will work normally later, and what assets you will ultimately hold. Only after that should you look at trading features and sign-up bonuses.

Below, we introduce four U.S. brokerages that can be opened without an SSN/ITIN. All of them can be registered using Chinese documents, and a national ID card or passport is enough. None participates in China's CRS.

Platform Main advantages for Chinese users Funding method Best for
IBKR Accepts applications from Chinese residents; a traditional global brokerage (now increasingly strict) Bank transfer and other traditional brokerage methods People who want to use a global brokerage for the long term
BBAE Easy account opening with a Chinese resident ID card Bank transfer / wire transfer, etc. People without an SSN/ITIN who want to invest directly in U.S. stocks
BIT Convenient for Chinese identity verification; connects digital assets with U.S. stocks USDT / USDC / USD People who already hold digital assets
Bitget Stock+ Adds a U.S. stock entry to a digital asset account Mainly through the digital asset ecosystem People who already use Bitget and want to reduce the steps involved in traditional cross-border funding

If you want a more traditional brokerage route, I would prioritize IBKR and BBAE. IBKR's strengths are global markets, professionalism, and long-term value, but it has become increasingly strict over the past two years and is now hard to get approved for. BBAE is easier to open with a Chinese identity, but it has added a Platform Fee, so it is not suitable for making high-frequency, small-value trades your main use case. BIT and Bitget are better for people who already hold digital assets. If your funds are already in USDT/USDC, skipping one conversion step from digital assets to an overseas bank and then to a traditional brokerage is much more convenient.

We also previously summarized several ways for mainland China investors to invest in U.S. stocks; see

Brokerage account opening and transfer bonuses

In addition to the long-term use cases discussed above, if you have extra funds or energy, opening a few brokerage accounts with generous bonuses can also be a good idea. We have compiled the latest brokerage account opening bonuses for you to review:

If you already have a Fidelity, Schwab, Robinhood, or other stock account, then Transfer Bonus may be worth focusing on. Many brokerages allow you to transfer existing stocks directly to a new brokerage through ACATS; you do not need to sell the shares, and you can qualify based on the value of the transferred assets. A transfer also does not mean you must empty your original brokerage account. For example, keeping Fidelity or Schwab as your long-term primary account and transferring only part of your holdings to a new secondary broker to meet the promotion requirements is often more reasonable.

How should you choose?

If you do not have any brokerage account yet, and your focus is long-term investing, you can start with Fidelity or Schwab. If you want a Chinese-friendly interface and care about market data, research, and options tools, focus on Moomoo. If you trade actively and watch the market often, compare Moomoo and Webull. For professional trading, global markets, or Chinese residents who want a traditional brokerage route, focus on IBKR. Chinese residents without an SSN/ITIN can also compare BBAE, BIT, and Bitget and choose based on their identity, where their funds are located, and their trading needs.

If you already have a brokerage account, in most cases there is no need to move your entire account just to use another platform. Keeping one primary account suitable for long-term holding, then adding a secondary account that genuinely supplements trading features, lowers some fees, increases idle cash yield, or gets you a good account-opening and transfer bonus, is usually more practical than constantly looking for one broker that is “best at everything.”

Stock Investing Basics

Below are introductions to several commonly used U.S. stock brokerages and their signup bonuses.

Overview Signup Bonus Quick Take
Moomoo Futu Get a $350 stock card + $1,000 NVDA + 8.1% APY Comprehensive features and a strong Chinese-language experience. Quotes, Level 2 data, options, and cash management are all practical, making it suitable for everyone from beginners to active traders.
TradeUp Tiger Brokers Get 50 NVDA shares + draw for 5 shares + 4% for three months Good for active trading. For U.S. tax residents, trading fees and margin are relatively competitive. It supports Web Trading, Level 2 data, and Chinese-language customer service.
Webull 12 fractional shares + 1 month of Premium membership Strong market-watching and active-trading features. Charts, technical indicators, options, and pre-market/after-hours trading are fairly complete, making it suitable for frequent traders.
BBAE Up to $650 in rewards Convenient account opening for users in China, with no SSN/ITIN required to apply. Chinese-language support is strong, but it currently has a Platform Fee, so it is not ideal for small-balance, high-frequency trading.
Robinhood Draw 1 stock The interface is simple and easy to use, making it suitable for beginners buying U.S. stocks for the first time. Gold users also get a high yield on idle cash and a lower Margin Rate.
Interactive Brokers Up to $1,000 Highly professional, with support for global markets and multiple currencies. Margin costs are competitive, and it also supports account opening for China residents, making it suitable for advanced investors and global investors.
TradeStation $250 More geared toward professional and active trading. Advanced charting, strategy backtesting, and automated trading features are relatively strong, but ordinary long-term investors may not need them.
Schwab Get up to $1,000 Good for long-term investing and larger asset balances. Buying ETFs and CDs is convenient. Checking and global ATM access are also advantages, but the default interest rate on idle cash is relatively low.
Fidelity Brokerage Account Signup link A long-established full-service brokerage, suitable for long-term investing, ETFs, and retirement accounts. Cash management is also good, making it a strong choice as a long-term primary brokerage.
BIT (formerly Matrixport) Get $210 for deposits and trading Suitable for users in China and digital-asset users. It can be used to allocate USDT/USDC and other funds into U.S. stocks. It is not a traditional U.S. brokerage, so you should review fees and the asset custody structure separately.
SoFi Invest Get $75 for opening an account Simple to use and supports Stock Bits, making it suitable for small-balance and long-term investing. Professional market data and trading tools are limited, so it is not suitable for frequent trading.
M1 Finance Investing Get $10 for depositing money Focused on Pies and automated investing. It is suitable for long-term dollar-cost averaging after setting your stock and ETF allocations, but not for users mainly focused on active trading.

If you do not have an SSN/ITIN but still want to trade U.S. stocks, you can consider the following brokerages/platforms. They can be opened entirely with China-based documents, and you can register with an ID card or passport. They do not participate in China CRS.

  • BBAE: Chinese-user friendly, and you can open an account without an SSN/ITIN
  • BIT (formerly Matrixport): You can open an account with an ID card, and approval can be completed within a few hours.
  • Bitget platform: Identity verification can be completed with an ID card/Chinese passport

If you are in mainland China and want to invest in U.S. stocks, you can read this overview: