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id="article-heading_1-0" class="comp article-heading mntl-text-block">Is There a Catch to Free Stock Trading?</h1> <p id="article-subheading_1-0" class="comp article-subheading mntl-text-block">Free Stock Trades Have a Few Problems</p> <div id="sponsorship-wrapper_1-0" class="comp sponsorship-wrapper mntl-block"></div> <div id="article-meta_1-0" class="comp article-meta mntl-block" data-tracking-container="true"><div id="finance-bylines_1-0" class="comp finance-bylines mntl-bylines"><div id="mntl-bylines__group_1-0" class="comp mntl-bylines__group mntl-block mntl-bylines__group--author"><div id="mntl-bylines__item_1-0" class="comp mntl-bylines__item mntl-attribution__item mntl-attribution__item--has-date"> <span class="mntl-attribution__item-descriptor">By</span> <a href="https://www.investopedia.com/contributors/53687/" rel="nocaes" data-trigger-link="true" class="mntl-attribution__item-name" tabindex="0" >Alan Farley</a> </div> <div class="mntl-attribution__item-date">Updated 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He is a Chartered Market Technician (CMT).</p> </div> </div> <div class="mntl-author-tooltip__bottom"> <span class="mntl-author-tooltip__learn-more-text">Learn about our </span> <a href="/investopedia-financial-review-board-5076269" rel="nocaes" class="mntl-author-tooltip__learn-more-link" >Financial Review Board</a> </div> </div></div> </div></div> <div id="mntl-bylines__group_3-0" class="comp mntl-bylines__group mntl-block mntl-bylines__group--fact_checker"><div id="mntl-bylines__item_3-0" class="comp mntl-bylines__item mntl-attribution__item "><svg class="icon reviewer-icon mntl-attribution__item-icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#reviewer-icon" href="#reviewer-icon"></use> </svg> <span class="mntl-attribution__item-descriptor">Fact checked by</span> <div data-tooltip="Vikki Velasquez is a researcher and writer who has managed, coordinated, and directed various community and nonprofit organizations. 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She has conducted in-depth research on social and economic issues and has also revised and edited educational materials for the Greater Richmond area. </div> </div> <div class="mntl-author-tooltip__bottom"> <span class="mntl-author-tooltip__learn-more-text">Learn about our </span> <a href="/legal-4768893#editorial-policy" rel="nocaes" class="mntl-author-tooltip__learn-more-link" >editorial policies</a> </div> </div></div> </div></div> </div></div></header> </div><div class="loc article-content"><div id="article__primary-video-container--jw_1-0" class="comp article__primary-video-container--jw mntl-block"></div> <div id="article__broad-video--jw_1-0" class="comp article__broad-video--jw mntl-jwplayer-broad mntl-block is-hidden" data-pixel-depth="100"><div id="mntl-jwplayer-broad__video_1-0" class="comp mntl-jwplayer-broad__video mntl-jwplayer mm-video lazyload" data-bgset data-sizes="auto"></div> <div id="mntl-jwplayer-broad__title_1-0" class="comp mntl-jwplayer-broad__title mntl-block"><div id="mntl-jwplayer-broad__title--text_1-0" class="comp mntl-jwplayer-broad__title--text mntl-text-block type--mouse"></div> <button id="mntl-jwplayer-broad__title-icon--close_1-0" class="comp mntl-jwplayer-broad__title-icon--close mntl-block type--shrew-bold" data-click-tracked="false"><span id="mntl-text-block_1-0" class="comp mntl-text-block">Close</span> <svg class="icon close-icon " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#close-icon" href="#close-icon"></use> </svg></button></div></div> <div id="article-body_1-0" class="comp article-body mntl-block" data-contain-tooltips="true"><div id="mntl-sc-page_1-0" class="comp mntl-sc-page mntl-block article-body-content" data-sc-sticky-offset="80" data-sc-ad-label-height="0" data-sc-ad-track-spacing="90" data-sc-min-track-height="250" data-sc-max-track-height="600" data-sc-breakpoint="50em" data-sc-load-immediate="1" data-sc-content-positions="[300, 1, 1, 1250, 1, 1, 1, 1]" data-bind-scroll-on-start="true"><p id="mntl-sc-block_1-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Investors can now trade stocks for free through most brokers. But how do brokerages make money if they’re waiving commissions? A deep dive into the <a href="https://www.investopedia.com/vanguard-also-joins-commission-free-trading-movement-4780180" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1" rel="noopener noreferrer">commission-free trading movement</a> reveals various business activities that build profits, sometimes to the disadvantage of clients. As a result, larger customers and frequent traders might want to consider paying for premium accounts. </p> <div id="mntl-sc-block_2-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_3-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_4-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-whatyouneedtoknow" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_1-0" class="comp mntl-sc-block-callout-heading mntl-text-block">Key Takeaways</h3> <div id="mntl-sc-block-callout-body_1-0" class="comp mntl-sc-block-callout-body mntl-text-block"><ul><li>Robinhood pioneered commission-free trading, and they made money from interest, margin lending, fees for upgraded services, rehypothecation, and payment for order flow.</li><li>Most other brokerages now offer commission-free trading, and their revenues from payments for order flow rose rapidly during 2020.</li><li>The payments for order flow used by brokerages to make money from commission-free trades may result in lower quality order execution, leading to slightly higher buy prices and marginally lower sell prices.</li><li>When rehypothecation is used to fund commission-free trades, it can increase risk during periods of stress in the financial system.</li></ul></div></div></div> <span class="heading-toc" id="toc-robinhood"></span><h2 id="mntl-sc-block_5-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Robinhood </span> </h2> <p id="mntl-sc-block_6-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <a href="https://www.investopedia.com/investing/is-robinhood-safe/" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">Robinhood</a> pioneered commission-free trading, offering both cash and margin accounts. The broker-dealer used to advertise that it made money by earning interest on the uninvested portion of client funds.<span class="ql-inline-citation" data-cite="4"></span> </p> <div id="mntl-sc-block_7-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_8-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> However, the return of near-zero interest rates in 2020 made that strategy far less profitable. Disclosure documents revealed other profit sources, including margin lending, monthly fees for upgraded services, and <a href="https://www.investopedia.com/terms/r/rehypothecation.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">rehypothecation</a>. Rehypothecation allowed the company to use client securities to support other financial activities.<span class="ql-inline-citation" data-cite="3"></span> </p> <div id="mntl-sc-block_9-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_10-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Rehypothecation occurs in a margin account when the broker-dealer uses an asset—stock securities in this case—as <a href="https://www.investopedia.com/terms/c/collateral.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">collateral</a> to fulfill their own obligations or interests. In other words, they can fund their own market bets or borrow money from a bank, using your stocks as collateral if things go haywire. This practice tends to work well in quiet times. On the other hand, it can have disastrous consequences when the financial system is under stress. </p> <div id="mntl-sc-block_11-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_12-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Robinhood's new customers default to margin accounts, potentially exposing them to rehypothecation. However, customers can manually downgrade them to cash accounts.<span class="ql-inline-citation" data-cite="2"></span> </p> <div id="mntl-sc-block_13-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_14-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Robinhood also has some <a href="https://www.investopedia.com/robinhood-vs-webull-6754841" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">more conventional ways to make money</a>. For example, the higher-tier Robinhood Gold charges a monthly fee, adding another profit source. Furthermore, they have fee schedules for all services not directly related to buying or selling stocks, such as wire transfers and overnight domestic check delivery. You’ll also pay for paper statements, transferring the account to another brokerage, and telephone assisted trades.<span class="ql-inline-citation" data-cite="1"></span> </p> <div id="mntl-sc-block_15-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-payment-for-order-flow"></span><h2 id="mntl-sc-block_16-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Payment for Order Flow </span> </h2> <p id="mntl-sc-block_17-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <a href="https://www.investopedia.com/terms/p/paymentoforderflow.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">Payment for order flow</a> is a primary way that brokerages make money from commission-free trades. Payments for order flow may result in lower quality order execution, leading to slightly higher buy prices and marginally lower sell prices. This practice is by no means limited to Robinhood, and it was a growing source of revenue for brokerages in 2020. For example, <a href="https://www.investopedia.com/td-ameritrade-review-4587925" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">TD Ameritrade</a> received $526.59 million in payments for order flow in the second quarter of 2020.<span class="ql-inline-citation" data-cite="5"></span> </p> <div id="mntl-sc-block_18-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_19-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Robinhood itself made $271.2 million from payments for order flow during the second quarter of 2020.<span class="ql-inline-citation" data-cite="5"></span> They told clients they're getting the best available execution price. However, Robinhood provides little detail on how they package those orders. As a result, in December 2020, the SEC charged Robinhood with violating federal securities laws, such as a lack of transparency on how the company earned revenue and failure to execute trades in the client's best interest. Robinhood had to pay $65 million in a civil penalty to the SEC.<span class="ql-inline-citation" data-cite="6"></span> </p> <div id="mntl-sc-block_20-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_21-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Robinhood is bound by Securities and Exchange Commission (SEC) <a href="https://www.investopedia.com/terms/r/regulation-nms.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">Regulation NMS</a>, which requires customers to receive the National Best Bid and Offer (<a href="https://www.investopedia.com/terms/n/nbbo.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">NBBO</a>). That promise may be harder to fulfill than it sounds, given the company’s terms and conditions.<span class="ql-inline-citation" data-cite="5"></span> </p> <div id="mntl-sc-block_22-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_23-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Even small delays in executing market orders can generate self-serving opportunities to adversely impact quality and build profits for the brokerage. They offer few frills and attract frequent customer service complaints, which are expected because ultrathin margins generate a natural conflict of interest between customer needs and the company's profitability. Even so, they've added features regularly in the last few years and have retained their enormous popularity. Many of these features come with price tags that add to profitability, including Robinhood Gold, which incurs monthly fees. </p> <div id="mntl-sc-block_24-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_25-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Mainstream brokerages, including <a href="https://www.investopedia.com/charles-schwab-review-4587888" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">Charles Schwab</a> and <a href="https://www.investopedia.com/e-trade-review-4587893" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">E*Trade</a>, also offer commission-free trading and have made substantial amounts from payment for order flow as well.<span class="ql-inline-citation" data-cite="5"></span> Ultimately, customers of all of these brokerages must decide whether it is worth paying for better <a href="https://www.investopedia.com/articles/01/022801.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="3">order execution</a>. </p> <div id="mntl-sc-block_26-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_27-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_28-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-important" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_2-0" class="comp mntl-sc-block-callout-heading mntl-text-block"></h3> <div id="mntl-sc-block-callout-body_2-0" class="comp mntl-sc-block-callout-body mntl-text-block"><p>Wealthy customers who trade frequently might save more with a premium account offering superior order execution than they do with commission-free trading.</p></div></div></div> <span class="heading-toc" id="toc-the-bottom-line"></span><h2 id="mntl-sc-block_29-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> The Bottom Line </span> </h2> <p id="mntl-sc-block_30-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Commission-free <a href="https://www.investopedia.com/what-is-stock-trading-7109934" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">stock trading</a> evolved from a market niche dominated by Robinhood to a mainstream feature in just a few years. At the same time, adding premium and fee-based features made Robinhood more like the other brokers. However, high-volume traders still need to be careful about trade execution price and quality. </p></div> <div id="textnote-placeholder_1-0" class="comp textnote-placeholder mntl-block"></div> <div id="textnote_1-0" class="comp textnote mm-ads-gpt-adunit gpt textnote "> <div id="textnote" class="wrapper" ></div> </div></div> </div><div class="loc article-post-content"><div id="article-sources_1-0" class="comp article-sources mntl-article-sources mntl-expandable-block" data-scroll-offset="100"><div class="loc toggle-content"><div id="mntl-article-sources__wrapper_1-0" class="comp mntl-article-sources__wrapper mntl-block article-sources__wrapper" data-click-tracked="true"><div id="mntl-article-sources__heading_1-0" class="comp mntl-article-sources__heading mntl-text-block article-sources__heading">Article Sources</div> <div id="mntl-article-sources__icon-wrapper_1-0" class="comp mntl-article-sources__icon-wrapper mntl-block article-sources__icon-wrapper"><div id="article-sources__show-icon_1-0" class="comp article-sources__show-icon mntl-block"></div> <div id="article-sources__hide-icon_1-0" class="comp article-sources__hide-icon mntl-block"></div></div></div> </div><div class="loc expandable-content"> <div id="article-sources__disclaimer_1-0" class="comp article-sources__disclaimer mntl-block">Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our <a href="https://www.investopedia.com/legal-4768893#EditorialPolicy" rel="nocaes" id="article-sources__disclaimer-text-link_1-0" class="article-sources__disclaimer-text-link mntl-text-link " data-tracking-container="true" ><span class="link__wrapper">editorial policy.</span></a></div> <div id="mntl-article-sources__citation-sources-1_1-0" class="comp mntl-article-sources__citation-sources-1 mntl-citation-sources mntl-sources" data-tracking-container="true"> <ol class="mntl-sources__content"> <li class="mntl-sources__source" id="citation-4"><p>Robinhood. "<a href="https://robinhood.com/us/en/about-us/how-we-make-money/" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1" rel="nofollow sponsored">How We Make Money</a>."</p></li> <li class="mntl-sources__source" id="citation-3"><p>Robinhood. "<a href="https://cdn.robinhood.com/assets/robinhood/legal/Robinhood%20Customer%20Agreement.pdf" class="pseudoStyle" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1" rel="nofollow sponsored">Robinhood Financial LLC & Robinhood Securities, LLC Customer Agreement, Revised June 15, 2021</a>," Pages 13, 18-19, 24.</p></li> <li class="mntl-sources__source" id="citation-2"><p>Robinhood. "<a href="https://robinhood.com/us/en/support/articles/robinhood-accounts/" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1" rel="nofollow sponsored">Robinhood Accounts</a>."</p></li> <li class="mntl-sources__source" id="citation-1"><p>Robinhood. "<a href="https://cdn.robinhood.com/assets/robinhood/legal/RHF%20Fee%20Schedule.pdf" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1" rel="nofollow sponsored">Robinhood Financial Fee Schedule</a>."</p></li> <li class="mntl-sources__source" id="citation-5"><p>Congressional Research Service. "<a href="https://crsreports.congress.gov/product/pdf/IF/IF11800" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">Broker-Dealers and Payment for Order Flow</a>," Pages 1-2.</p></li> <li class="mntl-sources__source" id="citation-6"><p>U.S. Securities and Exchange Commission. "<a href="https://www.sec.gov/divisions/enforce/claims/robinhood-financial.htm" data-component="link" data-source="inlineLink" data-type="externalLink" data-ordinal="1">In the Matter of Robinhood Financial, LLC: Admin. Proc. File No. 3-20171</a>."</p></li> </ol> </div> </div></div> <div id="performance-marketing_1-0" class="comp performance-marketing mntl-block "><div id="gam-ad-table_1-0" class="comp gam-ad-table ad-table mntl-block"><div id="brokertable--v2_1-0" class="comp brokertable--v2 brokertable finance-ad-table mm-ads-ad-table mntl-block ad-table--v2" data-ad-table="brokertable2-"><div id="mm-ads-ad-table__heading_1-0" class="comp mm-ads-ad-table__heading mntl-text-block">Compare Accounts</div> <div id="mm-ads-ad-table__disclosure_1-0" class="comp mm-ads-ad-table__disclosure mntl-block" data-tracking-container="true"><button id="mm-ads-ad-table__disclosure-label_1-0" class="comp mm-ads-ad-table__disclosure-label mntl-button"> Advertiser Disclosure </button> <div id="mm-ads-ad-table__disclosure-description_1-0" class="comp mm-ads-ad-table__disclosure-description mntl-block"><div id="mm-ads-ad-table__disclosure-close_1-0" class="comp mm-ads-ad-table__disclosure-close mntl-text-block">×</div> <div id="mm-ads-ad-table__disclosure-content_1-0" class="comp mm-ads-ad-table__disclosure-content mntl-text-block">The offers that appear in this table are from partnerships from which Investopedia receives compensation. 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data-targeting="{}"></div> </div></div></div> <div id="mntl-block_5-0" class="comp mntl-block"><div id="fin-billboard4-sticky-dynamic_1-0" class="comp fin-billboard4-sticky-dynamic mm-ads-sc-sticky-square scads-to-load right-rail__item" data-height="600" style="height: 600px;"><div id="mm-ads-sc-sticky-square-ad_4-0" class="comp mm-ads-sc-sticky-square-ad billboard4-dynamic mm-ads-dynamic-square mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit mm-ads-square gpt square dynamic"> <div id="square-fixed" class="wrapper" data-type="square" data-pos="btf3" data-priority="6" data-sizes="[[300, 250],"fluid"]" data-rtb="true" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div></div> <div id="mntl-block_6-0" class="comp mntl-block"><div id="fin-billboard5-sticky-dynamic_1-0" class="comp fin-billboard5-sticky-dynamic mm-ads-sc-sticky-square scads-to-load right-rail__item" data-height="600" style="height: 600px;"><div id="mm-ads-sc-sticky-square-ad_5-0" class="comp 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data-targeting="{}"></div> </div></div></div> <div id="mntl-block_8-0" class="comp mntl-block"><div id="fin-billboard7-sticky-dynamic_1-0" class="comp fin-billboard7-sticky-dynamic mm-ads-sc-sticky-square scads-to-load right-rail__item" data-height="600" style="height: 600px;"><div id="mm-ads-sc-sticky-square-ad_7-0" class="comp mm-ads-sc-sticky-square-ad billboard7-dynamic mm-ads-dynamic-square mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit mm-ads-square gpt square dynamic"> <div id="square-fixed" class="wrapper" data-type="square" data-pos="btf6" data-priority="9" data-sizes="[[300, 250],"fluid"]" data-rtb="true" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div></div> <div id="mntl-block_9-0" class="comp mntl-block"></div> <div id="mntl-block_10-0" class="comp mntl-block"></div> <div id="mntl-block_11-0" class="comp mntl-block"></div></div></div> </div></article> <div id="related-recirc-section_1-0" class="comp related-recirc-section mntl-block" 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