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M1 Finance Online Stock Broker Review


ConsumersAdvocate.org Rating: 3.9 / 5 (Very good)
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M1 Finance is a personal finance platform offering investment services, retirement accounts, interest-bearing checking accounts, and loans. All securities are insured by the Securities Investor Protection Corporation (SIPC) up to $500,000 and checking accounts are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000.
 
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How is M1 Finance rated?

Breakdown

3.8/5
Investment Products
4.2/5
Features
4.0/5
Pricing and Fees
4.0/5
Customer Support and Reputation

Overall Rating: 3.9 / 5 (Very good)

M1 Finance's Invest platform enables users to quickly begin investing, even if they don't have a lot of money or don't know that much about it. It offers over 80 expertly curated investment portfolios for beginners to choose from, but those with a little more experience can adopt a more hands-on approach. M1 Finance offers over 6,200 stocks and exchange-traded funds (ETFs). There are several platforms providing investment services like these, but what sets M1 Finance apart is that it's free to all users, except for the government transaction fees you legally must pay. There is a premium service for $125 per month if you want more advanced features, but if you're just interested in trying investing out, M1 Finance is a great place to start.

M1 Finance Features

Features - 4.2 / 5

M1 Finance is primarily designed for beginning investors who want to grow their wealth without needing a lot of investing knowledge. Its selection of stocks and exchange-traded funds (ETFs) make it competitive with many of the top robo-advisors on the market, but it sets itself apart by also enabling more knowledgeable investors to build their own personalized investment portfolios rather than choosing from the curated portfolios. M1 Finance also offers checking accounts and several types of IRAs, which aren't things you typically find among its competitors.
Portfolio Management
Self-Directed
Fully Automated
Investment Products
Stocks
ETFs
Types of Accounts
Brokerage
IRA
Roth IRA
Checking
SEP IRA
Mobile App
Yes
Margin Lending
Yes

Trading Tools

Over 80 expertly curated portfolios, curated news for investors

M1 Finance Fees and Commissions

Pricing and Fees - 4 / 5

Perhaps the thing that most differentiates M1 Finance from other online stock brokers is that it's free. While there are some federal regulatory fees that it must legally take out from every transaction, these are small and the company doesn't impose any trading fees on its own. It also enables you to get started with as little as $100, so it's open to virtually anyone. Those interested in tapping all of M1 Finance's robust features might want to consider upgrading to M1 Plus. This is a premium subscription-based service that costs $125 per year and includes a 1.5% APY checking account, discounts on M1 Borrow, and more investing options.
Minimum to Open Account
$100
Fees
Annual Fee

Fees (Additional Info)

Users must pay the Securities Exchange Commission (SEC) fee and Financial Industry Regulatory Authority (FINRA) Trading Activity Fee on every transaction with every broker. This is automatically debited from the proceeds of any sale. M1 Finance Plus has a $125 annual fee.

M1 Finance Financial Strength and Customer Experience

Customer Support and Reputation - 4 / 5

M1 Finance is still a relatively young company, having been around only since 2015. There aren't many reviews about it currently, so it's hard to gauge what customers think yet. Its investing platform is free for most users, though, so you can always try it out with a small amount of money and see what you think before you begin investing a lot. You can also reach out to the company via email if you have any questions. It doesn't currently offer any methods where you can get live support, but it does its best to respond to each email promptly.
Year Founded
2015
SIPC Membership
Yes
BBB Rating
C+
BBB Total Complaints
5
BBB Resolved Complaints
1
Consumer Financial Protection Board (CFPB) Complaints
0
Live Help 24/7
No
Contact Methods
Email
Date Collected
2019-09-26

Company Profile

Full Name
M1 Finance Online Stock Broker
Company Website
https://www.m1finance.com/
Headquarters
213 W Institute Pl., Ste. 301, Chicago, IL, 60610

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Our Partner

$0 commissions and no management fee

  • Provides 1% cash back with M1 Plus
  • Allows users to buy fractional shares
  • Insured by the SIPC and the FDIC
  • Offers over 80 expertly curated investment portfolios for beginners
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