In this guide
- Our verdict
- Frequently asked questions
- Ask an expert
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By Matt Miczulski
Updated
Fact checked
4.1
★★★★★
Finder score
Go to site
- Stock trade fee
- $0
- Minimum deposit
- $100
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Our verdict
Invest yourself or automatically with M1 Finance, with no commissions and no management fees.
Consider M1 Finance if you want an easy-to-use investing platform that prioritizes long-term wealth-building, with commission-free trades, taxable and tax-advantaged account options and a mix of self-directed and automated investing features. Look elsewhere if you are a frequent trader or want a more extensive lineup of investment options.
Best for: Long-term, self-directed investors who want automated investing features.
Pros
-
Commission-free stock, ETF and crypto trades
-
Self-directed and automated investing
-
Numerous account types
-
Earn a 5% APY with an M1 Finance high-yield savings account
-
Ready-made portfolios for easy investing
-
Fractional share trading
Cons
-
No tax-los harvesting
-
Trade windows make M1 Finance unsuitable for frequent traders
-
More investing flexibility and on-demand crypto trading for a monthly fee
-
$50 inactivity fee
In this guide
- Our verdict
- Frequently asked questions
- Ask an expert
How we rate SoFi Invest’s features
| Fees | ★★★★★ | Commission-free stock, ETF and crypto trades, but account fees are on the high end. |
| Available securities | ★★★★★ | Stocks, ETFs and crypto. |
| Customer support | ★★★★★ | Quickly reach support by phone and email. |
| Mobile app | ★★★★★ | Both Apple and Android users give the M1 Finance mobile app high marks. |
| Research and tools | ★★★★★ | Basic charts, key data, watchlists and news, but nothing by way of analyst reports or ratings or screeners. |
| Reliability | ★★★★★ | No major outages have been reported. |
To learn how our star ratings are calculated, read our methodology at the bottom of the page.
M1 Finance is best for long-term investors who want a mix of autonomy and automation
M1 Finance’s commission-free investing and fractional shares lower the barrier to entry for many investors. Meanwhile, its mix of self-directed and automated investing features keeps the decision-making with investors but saves the legwork of trading for M1.
What you can trade on Charles Schwab
- Stocks
- Exchange-Traded Funds (ETFs) stocks
- Cryptoccurency
Account types available with Charles Schwab
- Brokerage
- Joint brokerage
- Trust
- Custodial
- Traditional, Roth, SEP and 401(k) rollover IRAs
- Crypto
Where M1 Finance shines
M1 Finance offers long-term investors a user-friendly platform to invest in stocks, ETFs and crypto, with taxable and tax-advantaged accounts and zero commission trading. M1 combines aspects of self-directed and automated investing, keeping overall decision-making with investors but undertaking trades on your behalf depending on targets you set. It’s not a robo-advisor — M1 doesn’t recommend investments and doesn’t sell any of your holdings to rebalance your portfolio. You need to manually choose to rebalance your portfolio, but then M1 will sell what’s overweight and use the proceeds to buy what’s underweight.
Ultimately, M1 Finance is a sensible option for investors who want a little more autonomy over their portfolio but aren’t quite ready or don’t have the time for full-blown active trading.
M1 Standard vs. M1 Plus
The M1 Standard account is free to use and has almost everything you need to hit the ground running, including unlimited commission-free trades, automated rebalancing and fractional investing. The main difference between M1 Standard and M1 Plus — besides the $36 annual fee or $3 monthly — is that Plus gives you an extra trading window, 0.25% discount on borrowed funds and 1% APY on your M1 checking account.
| Plans | Yearly fee | Minimum deposit | Features |
|---|---|---|---|
| M1 Standard | Free | $100 for self-directed accounts $500 for retirement accounts |
|
| M1 Plus | $36 yearly or $3 monthly | $100 for self-directed accounts $500 for retirement accounts | Everything in M1 Standard, plus:
|
Where M1 Finance falls short
M1 Finance is limited to stocks, ETFs and crypto, and it requires a $100 minimum deposit for its individual brokerage, joint brokerage, custodial and crypto accounts. Traditional IRAs, Roth IRAs and SEP IRAs all require a $500 minimum deposit.
Even though M1 offers automated investing features, it doesn’t help offset taxes with tax-loss harvesting options. And because it uses trade windows to process trades, M1 isn’t a suitable platform for frequent traders. Accounts with up to $50 and no trading or deposit activity for more than 90 days will also be subject to a $50 inactivity fee.
M1 Finance’s fees
| Minimum deposit | $100 for taxable accounts; $500 for retirement accounts |
| Annual fee | $0; $3/month for M1 Finance Plus |
| Stock, ETF and crypto trade fees | $0 |
| Crypto spread | 1% |
| Inactivity fee | $50 fee on accounts with up to $50 and no trading or deposit activity for more than 90 days |
| Domestic wire transfer | $25 |
| Outgoing account transfer fee | $100 |
| IRA termination fee | $100 per event |
Is M1 Finance legit?
Yes, M1 Finance is a legit broker founded in 2015. It’s registered with the US Securities and Exchange Commission (SEC) and regulated by the Financial Industry Regulatory Authority (FINRA).
And your investments are insured up to $500,000 by the SIPC and your check accounts are insured up to $250,000 by the FDIC: So you can feel confident banking and investing with M1 Finance.
M1 Finance’s platform is easy to use
These are some of the tools you’ll be able to view and use with M1 Finance:
- Basic chart
- Key data, including current price, market cap and P/E ratio
- Price ranges
- Company profile
- News
- Watchlist
M1 Finance’s app store reviews
| App store | Rating | Total reviews |
|---|---|---|
| Google Play | 4.47 | 24,587 |
| Apple Store | 4.70 | 59,429 |
M1 Finance’s customer support
Connect with M1 Finance support in two ways:
- Phone
How to open an account with M1 Finance
- Select the Sign up now button below, and then select Get Started.
- Enter your email, create your password and select Sign up now.
- Confirm your email address and select Continue.
- Choose which pies you want to use in your portfolio and assign a percentage weight to each of your pies. Select Continue.
- Follow the steps to verify your identity and fund your account.
Eligibility and required information
- At least 18 years old
- Social Security number
- US citizen or resident with a valid US residential address
Sign up now
How safe is M1 Finance?
M1 Finance is considered safe and secure. Its data is protected with military-grade 4096-bit encryption, and it offers two-factor authentication (2FA) for additional protection.
Compare M1 Finance to other platforms
M1 Finance
★★★★★
Finder rating 4.1 / 5
Go to site
Available asset types
Stocks, ETFs, Cryptocurrency
Stock trade fee
$0
Minimum deposit
$100
Complete signup bonus
Wealthfront
★★★★★
Finder rating 4 / 5
Go to site
Available asset types
Stocks, ETFs
Stock trade fee
$0
Minimum deposit
$500
Complete signup bonus
Acorns
★★★★★
Finder rating 4 / 5
Go to site
Available asset types
Stocks, ETFs
Stock trade fee
$0
Minimum deposit
$0
Complete signup bonus
Get a $20 bonus when you set up an account and make your first recurring investment (min. $5)
How we rate trading platforms
★★★★★ 5/5 — Excellent
★★★★★ 4/5 — Good
★★★★★ 3/5 — Average
★★★★★ 2/5 — Subpar
★★★★★ 1/5 — Poor
We analyze top online trading platforms and rate them one to five stars based on factors that are most important to you. These factors include fees, securities available for trade, customer support, customer feedback, platform resources and overall reliability.
For a complete breakdown of how we score each category, read the full methodology of how we rate stock trading platforms.
Frequently asked questions
-
M1 Finance is an American financial services company based in Chicago, Illinois.
-
Money transfer from an M1 Invest Account to an external bank account can take 2-5 business days.
M1 Plus Free Trial: Your free trial (a $9 value) begins the date you enroll in the M1 Plus subscription, and ends 3 months after (“Free Trial”). Upon expiry of the Free Trial, your account is automatically billed a monthly subscription fee of $3 unless you elect annual billing of $36 or cancel your subscription under your Membership details in the M1 Platform. We'll remind you when your renewal date is approaching.M1 Plus is a paid membership that confers benefits for products and services offered by M1 Finance LLC, M1 Spend LLC and M1 Digital LLC, each a separate, affiliated, and wholly-owned operating subsidiary of M1 Holdings Inc. "M1" refers to M1 Holdings Inc., and its affiliates.
Matt Finder
Editor, Investments
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Matt Miczulski
Editor, Investments
Matt Miczulski is an investments editor at Finder. With over 450 bylines, Matt dissects and reviews brokers and investing platforms to expose perks and pain points, explores investment products and concepts and covers market news, making investing more accessible and helping readers to make informed financial decisions. Before joining Finder in 2021, Matt covered everything from finance news and banking to debt and travel for FinanceBuzz. His expertise and analysis on investing and other financial topics has been featured on CBS, MSN, Best Company and Consolidated Credit, among others. Matt holds a BA in history from William Paterson University.See full profile
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