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For most of stock market history, getting in on an initial public offering (IPO) at the ground floor was a privilege reserved for institutional investors, hedge funds, and the ultra-wealthy.
But that's changed. A new wave of retail-friendly brokers has quietly opened the IPO door wider than it's ever been.
At Motley Fool Money, we've analyzed dozens of brokerages, and the difference in IPO access between platforms is stark. Some make it genuinely easy. Others make it technically possible but practically difficult.
Short on time? Here are a couple of our favorite picks:
Robinhood -- Allows all account holders to participate in IPOs, even those with small accounts.
SoFi Active Investing -- All account holders, regardless of balance, have IPO access -- but it layers in an advantage for people already using SoFi®'s broader ecosystem.
Our team of experts assessed 45+ trading platforms
We evaluate all brokerage accounts across the same 4 key criteria: user experience, cost efficiency, product variety, and support and security
Our brokerage ratings are never influenced by our advertising partners
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased
4.90/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.90/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Best For:
The all-in-one crowd
Fees:
$0 for stocks, $0 for options contracts
Get up to $1,000 in stock when you fund a new account.
Customer must fund their Active Invest account with at least $50 within 45 days of opening the account. Probability of member receiving $1,000 is 0.026%. Percentages for the $1,000 are subject to decrease.
4.80/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.80/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Best For:
Beginners
Fees:
$0 on trades of stocks, ETFs and their options. Other fees may apply.
1 Free Stock after linking your bank account (stock value range $5.00-$200)
4.90/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.90/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Best For:
High-profile IPOs
Fees:
Commission-free; other fees apply
SPECIAL OFFER
Open and fund a brokerage account and get up to $1,500. Terms apply.
Open a new eligible E*TRADE brokerage account, fund your account within 60 days of opening, and earn a cash credit of up to $1,500, depending on the size of your deposit. Offer good for one use per customer, on a single account. Please read full terms and conditions on our website.
4.80/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.80/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.80/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Bottom Line
A top pick for beginners, Robinhood combines $0 commission trades, an easy-to-use app, and a rare retirement deposit match.
Why we like it: Robinhood democratized stock trading when it launched commission-free investing, and it's brought that same energy to IPO access. Unlike legacy brokers that gatekeep IPO participation behind high account minimums, Robinhood lets essentially any account holder participate -- with no minimum balance required.
To request IPO shares, the process is really easy. You first indicate your interest, request shares, and if you're allocated some, they show up in your account before the stock starts trading. It's about as frictionless as IPO investing gets.
One thing to know: Robinhood has a 30-day "flipping rule." If you sell your IPO shares within 30 days of the offering, you could be locked out of future IPO participation on the platform.
Who it's best for: Robinhood is a natural fit for newer investors or those with smaller accounts who want a genuine shot at IPO shares without needing to maintain a six-figure balance. If you've ever felt like the big IPOs weren't built for you, Robinhood is trying to change that.
Best for the all-in-one crowd: SoFi Active Investing
4.90/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Bottom Line
This brokerage is a clear standout for its well-rated mobile app and also has unique investment offerings like IPOs, options, and fractional shares.
Get up to $1,000 in stock when you fund a new account.
Customer must fund their Active Invest account with at least $50 within 45 days of opening the account. Probability of member receiving $1,000 is 0.026%. Percentages for the $1,000 are subject to decrease.
Why we like it: SoFi®'s IPO access is open to all account holders regardless of balance. Terms apply. To get started, you'll need a funded SoFi Active Investing account -- which you can open in the app with no minimum. From there, navigate to the "Invest" tab, select "IPO Investing," and submit an Indication of Interest (IOI) for any available offering.
Our analysts have personally bought IPO shares through SoFi® and found the whole experience refreshingly smooth: intuitive, fast, and well-integrated into the app.
Who it's best for: SoFi®'s biggest draw is its wider product ecosystem. If you're already banking, borrowing, or investing with SoFi®, adding IPO participation is a natural extension of what you're already doing. Everything lives in one app, which makes it effortless to manage IPO activity alongside the rest of your financial life.
Best for high-profile IPOs: E*TRADE from Morgan Stanley
4.90/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Bottom Line
E*TRADE offers low fees and tons of account types. If you need it, chances are, E*TRADE has it. You can access advanced features through its popular Power E*TRADE platform. Open an E*TRADE account to trade fee-free mutual funds and do all your investing in one place.
Open and fund a brokerage account and get up to $1,500. Terms apply.
Open a new eligible E*TRADE brokerage account, fund your account within 60 days of opening, and earn a cash credit of up to $1,500, depending on the size of your deposit. Offer good for one use per customer, on a single account. Please read full terms and conditions on our website.
Why we like it: E*TRADE has made a deliberate push to bring IPO access to retail investors, and it shows. Backed by the institutional muscle of Morgan Stanley -- one of Wall Street's most active IPO underwriters -- E*TRADE is increasingly positioned to land allocations in major offerings.
As of early 2026, E*TRADE is reportedly the frontrunner to manage the retail portion of the SpaceX IPO -- potentially one of the largest public offerings in history. That's a notable signal of where E*TRADE stands in the IPO landscape right now.
Who it's best for: Investors who already have a meaningful portfolio and want access to marquee IPOs backed by serious institutional underwriting. If you're a serious retail investor looking to level up your IPO game -- and you're comfortable with a more traditional brokerage experience -- E*TRADE is worth a hard look.
4.80/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Bottom Line
Webull is a standout mobile investing app. You can access advanced trading tools on desktop and mobile. Basic trades are commission-free, so it's competitive with similar apps. The mobile app offers Lite mode, a simpler interface for beginner investors. Consider opening a Webull account for its advanced toolset, more powerful than its closest competitors'.
Why we like it: Webull's IPO access is open to all account holders -- though you'll need at least $100 in settled cash to place an IPO order, and the minimum purchase is $100. Beyond that low bar, Webull punches above its weight as a trading platform. It offers advanced charting, real-time data, extended hours trading, and a more technical interface than most apps in this category -- tools that come in handy when you're researching a company ahead of its public debut.
Who it's best for: Active traders or more research-minded investors who want a feature-rich experience without a big account requirement. If you find simpler apps too basic but aren't ready to commit to a full-service brokerage, Webull hits a nice middle ground.
At Motley Fool Money, brokerages are rated on a scale of one to five stars. We primarily focus on fees, available assets, and user experience; however, we also take into account features like research, education, tax-loss harvesting, and customer service. Our highest-rated brokerages generally include low fees, a diverse range of assets and account types, and useful platform features.
Our aim is to maintain a balanced best-of list featuring top-scoring brokerages from reputable brands. Ordering within lists is influenced by advertiser compensation, including featured placements at the top of a given list, but our product recommendations are NEVER influenced by advertisers. Learn more about how Motley Fool Money rates brokerage accounts.
At Motley Fool Money, brokerages are rated on a scale of one to five stars. We primarily focus on fees, available assets, and user experience; however, we also take into account features like research, education, tax-loss harvesting, and customer service. Our highest-rated brokerages generally include low fees, a diverse range of assets and account types, and useful platform features.
Our aim is to maintain a balanced best-of list featuring top-scoring brokerages from reputable brands. Ordering within lists is influenced by advertiser compensation, including featured placements at the top of a given list, but our product recommendations are NEVER influenced by advertisers. Learn more about how Motley Fool Money rates brokerage accounts.
What about Schwab and Fidelity?
Both Schwab and Fidelity are two of our top-rated brokers for buying stocks, so it's fair to wonder why they're not on this list of best IPO access brokers.
Charles Schwab technically has an IPO access portal for existing customers, but deal flow has been essentially nonexistent for years. I'm personally a Schwab client and called their IPO services line to confirm any new offerings, but the rep told me none were available currently.
Fidelity is a different story -- it does participate in IPOs, but it's not designed for the average retail investor. Fidelity requires a minimum account balance of $100,000 to $500,000, depending on the underwriters issuing stock. Unless you're already a high-balance Fidelity client, this one isn't accessible to most readers.
How to choose the right broker for IPO investing
Here's what to look for when evaluating an online trading platform when you're specifically looking for IPO access:
No (or low) account minimums: You don't need to work with a high-cost broker just to get access to IPOs. In fact all the brokers on our list are low-cost and give access to everyday investors.
Track record of allocations: A broker can offer IPO access without actually getting meaningful share allocations. So look for platforms with a history of participation in notable deals.
Flipping policies: Some brokers restrict how quickly you can sell IPO shares. Just make sure to know the rules before you participate.
Process simplicity: IPOs move fast. A clunky app or a confusing indication-of-interest process can cause you to miss a window. So make sure you get familiar with how the app works and are comfortable with the trading interface.
What to know before investing in an IPO
IPOs can be exciting, and genuinely lucrative. But they can also disappoint.
A few things to keep in mind:
You may not get the shares you request. IPO allocations are often oversubscribed. So even if you indicate interest, there's no guarantee you'll receive an allocation, especially for high-demand offerings.
The first-day pop isn't guaranteed. Some IPOs surge on day one. Others fall flat or drop below their offering price. Buying at the IPO price isn't automatically a winning trade.
Lock-up periods apply to insiders, not you. That being said, insider selling after the lock-up expirations (typically 90-180 days post-IPO) can create downward price pressure worth watching.
Do your homework. A good rule of thumb is don't invest in anything you don't fully understand. Deep research is key for successful IPO trading -- not just following news headlines or hype.
Alternatives to Consider
We recommend comparing brokerage options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of our best trading platforms of 2026.
Broker
Best For
Commissions
Learn More
5.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Full-service investing at every experience level
$0 commission for online U.S. stock and ETFs*. No account fees****.
4.90/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Low-cost investing with a full-featured platform
$0 stock, ETF, and Schwab Mutual Fund OneSource® trades. No fees to buy fractional shares.
4.80/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Low fees on stocks, ETFs, crypto, and options
$0 on trades of stocks, ETFs and their options. Other fees may apply.
As of early 2026, E*TRADE is currently the frontrunner to manage the retail portion of the SpaceX IPO, according to multiple reports citing sources familiar with the deal.
Reports suggest SpaceX founder Elon Musk is considering allocating 30% of the IPO to retail investors -- which would be triple the amount most IPOs allot to everyday buyers. Things could change, but E*TRADE might be a good account if you have your eye on SpaceX IPO access.
Generally, there's no fee to request or receive IPO shares on these platforms. But some brokers offer "flipping" fees if you sell shares too soon after you buy them.
SoFi®, for example, may charge a $50 fee if you sell allocated IPO shares within 120 days of the offering. Robinhood doesn't charge a fee for early selling, but may restrict your IPO access for 60 days.
Nothing happens. You simply won't receive any shares, and no money is taken from your account. You can still buy shares after the company begins trading on the open market, though you'll pay whatever the market price is at that point rather than the IPO price.
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Motley Fool Stock Disclosures
Charles Schwab is an advertising partner of Motley Fool Money. Citigroup is an advertising partner of Motley Fool Money. Joel O'Leary has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Intuit. The Motley Fool recommends Charles Schwab and Flow and recommends the following options: short June 2026 $97.50 calls on Charles Schwab. The Motley Fool has a disclosure policy.
Robinhood Disclosure:
Robinhood disclosure
Margin borrowing increases your level of market risk, as a result it has the potential to magnify both your gains and losses. Before using margin, customers must determine whether this type of strategy is right for them given their investment objectives and risk tolerance. Regardless of the underlying value of the securities you purchased, you must repay your margin loan. Robinhood Financial can change its maintenance margin requirements at any time without prior notice. If the equity in your account falls below the minimum maintenance requirements (varies according to the security), you’ll have to deposit additional cash or acceptable collateral. If you fail to meet your minimums, Robinhood Financial may be forced to sell some or all of your securities, with or without your prior approval. For more information please see Robinhood Financial’s Margin Disclosure Statement, Margin Agreement and FINRA Investor Information.
Margin trading involves risk and may not be suitable for all investors. Borrowing on margin increases your level of market risk and can amplify both gains and losses.
Robinhood Financial may change maintenance margin requirements at any time without prior notice. If the equity in your account falls below minimum maintenance requirements, you may need to deposit additional cash or collateral. If those requirements are not met, Robinhood Financial may sell securities in your account without prior approval.
The 3% matching on annual contributions requires a subscription with Robinhood Gold ($5/mo) and customers must stay subscribed to Gold for 1 year from the date of the first eligible deposit to keep the full Gold match. The funds that earned the match must be kept in the account for at least 5 years to avoid a potential Early IRA Match Removal Fee. Match rate subject to change. Non-Gold customers receive a 1% match. Offer only applies to self-directed IRAs. For more information refer to the IRA Match FAQ.
You must have compensation (wage income) in order to contribute to an IRA. Funds being contributed into or distributed from retirement accounts may entail tax consequences. Contributions are limited and withdrawals before age 59 1/2 may be subject to a penalty tax. Robinhood does not provide tax advice; please consult with a tax adviser if you have questions.
The Robinhood IRA is available to any U.S. customer with a Robinhood brokerage account in good standing.
The 3% matching on annual contributions requires a subscription with Robinhood Gold ($5/mo) and customers must stay subscribed to Gold for 1 year from the date of the first eligible deposit to keep the full Gold match. The funds that earned the match must be kept in the account for at least 5 years to avoid a potential Early IRA Match Removal Fee. Match rate subject to change. Non-Gold customers receive a 1% match. Offer only applies to self-directed IRAs. For more information refer to the IRA Match FAQ.
You must have compensation (wage income) in order to contribute to an IRA. Funds being contributed into or distributed from retirement accounts may entail tax consequences. Contributions are limited and withdrawals before age 59 1/2 may be subject to a penalty tax. Robinhood does not provide tax advice; please consult with a tax adviser if you have questions.
The Robinhood IRA is available to any U.S. customer with a Robinhood brokerage account in good standing.
Robinhood Strategies charges an annual management fee of 0.25% on the net portfolio value of each managed account. Eligible Robinhood Gold subscribers pay no management fees on the portion of their managed account net portfolio value that exceeds $100,000, thereby limiting the annual management fee to $250. Other fees apply.
All investments involve risk and loss of principal is possible.
Brokerage services are offered through Robinhood Financial LLC, ("RHF") a registered broker dealer (member SIPC) and clearing services through Robinhood Securities, LLC, ("RHS") a registered broker dealer (member SIPC).
RHF and RHS are not banks. All are separate but affiliated entities. Securities offered by RHF are not FDIC insured and involve risk, including possible loss of principal.
Robinhood Gold is a subscription-based membership program of premium services offered through Robinhood Gold, LLC.
Portfolio management of managed accounts by Robinhood Asset Management, LLC (“Robinhood Strategies”), an SEC-registered investment advisor.
Options involve risk and are not suitable for all investors. Please read Characteristics and Risks of Standardized Options before trading options.
Cryptocurrency trading is offered through Robinhood Crypto, LLC (NMLS ID 1702840). Trading and holding digital assets involves significant risk, including the risk of substantial loss. Cryptocurrency held through Robinhood Crypto is not FDIC insured or SIPC protected.
*Trading and owning digital assets involves significant risk, including the risk of substantial loss. Cryptocurrency trading is offered through an account with Robinhood Crypto, LLC (NMLS ID 1702840). Robinhood Crypto is licensed to engage in virtual currency business activity by the
New York State Department of Financial Services. Cryptocurrency held through Robinhood Crypto is not FDIC insured or SIPC protected.
** Network fees may apply. Availability may be subject to regulatory approval in certain states.
E*TRADE from Morgan Stanley Disclosure:
E*TRADE services are available just to U.S. residents.
Fidelity Disclosure:
Fidelity disclosure Investing involves risk, including risk of loss
* - $0.00 commission applies to online U.S. equity trades and exchange-traded funds (ETFs) in a Fidelity retail account only for Fidelity Brokerage Services LLC retail clients. Sell orders are subject to an activity assessment fee (historically from $0.01 to $0.03 per $1,000 of principal). Other exclusions and conditions may apply. A limited number of ETFs are subject to a transaction-based service fee of $100. See full list at Fidelity.com/commissions. Employee equity compensation transactions and accounts managed by advisors or intermediaries through Fidelity Institutional® are subject to different commission schedules.
**Fidelity Crypto® is offered by Fidelity Digital Assets®. Investing involves risk, including risk of total loss. Crypto as an asset class is highly volatile, can become illiquid at any time, and is for investors with a high risk tolerance. Crypto may also be more susceptible to market manipulation than securities. Crypto is not insured by the Federal Deposit Insurance Corporation or the Securities Investor Protection Corporation. Investors in crypto do not benefit from the same regulatory protections applicable to registered securities. Fidelity Crypto® accounts and custody and trading of crypto in such accounts are provided by Fidelity Digital Asset Services, LLC, which is chartered as a limited purpose trust company by the New York State Department of Financial Services to engage in virtual currency business (NMLS ID 1773897). Brokerage services in support of securities trading are provided by Fidelity Brokerage Services LLC (“FBS”), and related custody services are provided by National Financial Services LLC (“NFS”), each a registered broker-dealer and member NYSE and SIPC. Neither FBS nor NFS offer crypto as a direct investment nor provide trading or custody services for such assets. Fidelity Crypto and Fidelity Digital Assets are registered service marks of FMR LLC.
***Options trading entails significant risk and is not appropriate for all investors. Certain complex options strategies carry additional risk. Before trading options, please read Characteristics and Risks of Standardized Options. Supporting documentation for any claims, if applicable, will be furnished upon request. ****Zero account minimums and zero account fees apply to retail brokerage accounts only. Expenses charged by investments (e.g., funds, managed accounts, and certain HSAs) and commissions, interest charges, or other expenses for transactions may still apply. See Fidelity.com/commissions for further details.
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