Broker

A licensed intermediary that executes buy and sell orders on behalf of investors in exchange for a commission or fee. The brokerage industry was revolutionized in 2019 when Charles Schwab, followed by TD Ameritrade, E*TRADE, and others, eliminated commissions on stock trades, making zero-commission trading the new standard. This shift, combined with fractional shares and mobile-first platforms like Robinhood, opened markets to a new generation of retail traders.