Does Vanguard charge for stock trades?

Does Vanguard charge for stock trades?

Does Vanguard charge for stock trades? Short answer: Vanguard generally offers $0 online commissions for trading U.S. stocks and ETFs through Vanguard Brokerage Services, but that zero-commission policy has important exceptions and other costs that can affect the effective price of a trade. This article explains what “commission-free” covers, the typical exceptions (broker-assisted trades, some mutual fund or bond fees, product-specific charges), trade execution quality considerations, and practical steps to avoid or minimize fees.

As of January 10, 2026, according to Vanguard’s Investment Fees & Costs page and its Brokerage Services commission & fee schedule, Vanguard lists $0 online commissions for U.S. stock and ETF trades placed online. As of January 20, 2026, NerdWallet’s Vanguard Review 2026 summarizes the same core policy while highlighting common supplemental fees and product-specific charges.

Overview of Vanguard’s commission policy

Vanguard’s core policy for equity and ETF trading is straightforward: online trades of U.S. exchange-listed stocks and U.S.-listed ETFs placed through Vanguard Brokerage Services are commission-free. That means Vanguard does not charge a per-trade commission fee when you place qualifying orders online through the broker’s web or mobile platforms.

This $0 online commission policy applies to retail orders placed through Vanguard’s online trading interfaces. It does not automatically remove other trade-related costs (for example, bid-ask spreads, market impact, or certain regulatory or exchange fees that may appear on specific transactions). The policy also does not eliminate fees for non-stock products, broker-assisted trades, or some mutual fund and fixed-income transactions.

Does Vanguard charge for stock trades? For routine online purchases and sales of U.S. stocks and ETFs, the answer is effectively no commission—but you should read the fee schedule and product prospectuses to understand exceptions and other costs.

What “commission-free” covers and common exceptions

The phrase “commission-free” at Vanguard commonly covers:

• Online trades of U.S.-listed stocks placed through Vanguard Brokerage Services.
• Online trades of U.S.-listed ETFs placed through Vanguard Brokerage Services.
• Many Vanguard mutual funds purchased online and many no-transaction-fee (NTF) funds offered through Vanguard.

Common exceptions and other trade-related charges include:

• Broker-assisted trades: placing an order through a Vanguard representative (phone/assisted) rather than online usually triggers a per-trade broker-assisted fee (for example, many broker-assisted trades are subject to a $25 fee; check the current fee schedule for exact amounts and thresholds).
• Certain mutual-fund purchase and redemption fees: a small subset of mutual funds may impose short-term trading fees or purchase/redemption fees (often a percentage meant to discourage rapid trading, e.g., 0.25%–1.00% on some funds).
• Fixed-income securities and secondary-market bonds: bond trades may include per-bond transaction fees, dealer markups/markdowns, or minimum charges that differ from stock commissions.
• Product-specific charges: options contracts, futures, and other derivative products have per-contract or per-trade fees that are separate from stock commission policy.
• Account and service fees: wire fees, paper statement fees, account transfer (ACAT) fees, and other service charges can add to the cost of investing and trading.

The zero-commission promise refers to commissions for eligible online equity/ETF trades and does not remove market-implied costs like spreads or slippage.

Broker-assisted trades and thresholds

Broker-assisted trades—orders placed with the help of a Vanguard representative—are commonly subject to a broker-assisted commission. Vanguard’s publicly shared fee schedules have historically listed a broker-assisted trade fee (often shown as an amount such as $25 for many retail broker-assisted trades). Large or institutional accounts, or clients meeting certain balance thresholds, may receive different pricing or fee waivers for broker-assisted services.

If you need human assistance for an order (for example, to handle complex routing, restricted shares, odd-lots, or emergency trade requests), be aware that broker-assisted fees can convert a previously commission-free online trade into one with an explicit per-trade charge. For frequent traders who rely on assisted orders, that cost can add up.

Mutual funds, transaction-fee funds, and purchase/redemption charges

Many Vanguard mutual funds are available without transaction fees when bought or redeemed online through Vanguard. Vanguard also provides access to a lineup of no-transaction-fee (NTF) third-party funds. However, a small subset of funds maintains purchase or redemption fees to deter short-term trading and protect longer-term investors. These fees are typically expressed as a percentage of the transaction (for example, commonly 0.25%–1.00% on funds that implement short-term redemption fees).

Before buying a mutual fund, check the fund’s prospectus and the Vanguard fund pages for any short-term redemption fees, purchase fees, or minimum investment requirements. If you plan frequent mutual-fund trades, those fees and the minimum-holding rules can have a material effect on returns.

Fixed-income (bonds) and other security-specific fees

Fixed-income securities and secondary-market bond trades often carry fees or dealer spreads that differ from stock commissions. Typical characteristics to be aware of:

• Secondary-market bond trades: these trades sometimes involve per-bond transaction fees or minimum commissions that can make small bond trades relatively expensive compared with stock trades.
• Dealer spreads and markups: dealers or market makers provide liquidity in the bond market and may price bonds with markups or markdowns; these are not labeled as “commissions” but are an execution cost.
• Minimum purchase sizes: some fixed-income offerings or Treasury auctions have minimum purchase or lot-size requirements.

Because bond markets are different from centralized stock exchanges, the economics of buying a $1,000 bond can be very different than buying $1,000 of a stock or ETF. Vanguard’s fee schedule and fixed-income trading disclosures identify the rules and applicable fees for these transactions.

Options, margin, and other product-specific charges

Non-stock products carry their own fee schedules that are separate from the zero-commission stock and ETF policy. Key points:

• Options: Vanguard charges per-contract fees and may also charge exercise/assignment fees. These per-contract charges are separate from stock commission policy and should be confirmed in the current commission schedule.
• Margin interest: borrowing on margin accrues margin interest according to the broker’s margin rates; margin interest is not a commission but a financing cost that affects net returns.
• Futures and other derivatives: futures, swaps, or other advanced derivatives, if available, will have their own fee, clearing, and margin requirements.

Always check Vanguard’s latest commission & fee schedule for current per-contract options rates and margin interest tiers.

Account and service fees that affect trading costs

Even if a stock trade has $0 commission, account-level and service fees can increase your effective cost of investing. Common items to watch:

• Wire-transfer fees for withdrawals.
• Paper-statement or paper-trade confirmation fees (some brokers charge for mailed documents; opting for electronic delivery often avoids these fees).
• Account transfer (ACAT) or account termination fees for moving assets to another brokerage.
• Inactivity fees (less common among major brokers but possible for certain account types) and custodial fees for retirement or specialty accounts.

For many retail clients, these service fees are infrequent, but if you move accounts often or require physical paperwork, they can accumulate.

Trade execution quality and order routing

A $0 commission does not guarantee a single uniform execution price. Execution quality depends on multiple factors:

• Best execution duty: Vanguard, like other broker-dealers, is required to seek best execution for client orders. That generally means acting to obtain the most favorable terms reasonably available under the circumstances.
• Order routing and venues: brokers route orders to exchanges, market makers, or internalizers. The chosen route affects the speed and price at which an order is filled.
• Price improvement: some orders receive price improvement where the execution price is better than the national best bid or offer; other orders may receive worse fills, particularly for large or illiquid orders.
• Market conditions and spreads: during volatile markets or for thinly traded stocks, bid-ask spreads widen and market impact increases, which raises the effective cost of trading even with $0 commissions.

Vanguard publishes execution quality disclosures and summary statistics about execution performance. If execution quality for a particular security or order type matters to you, review those disclosures and consider order type choices (limit vs. market) to control price outcomes.

How to avoid or minimize fees

Practical steps to keep your trading costs low:

• Place trades online (not broker-assisted) whenever possible to avoid broker-assisted fees.
• Use no-transaction-fee mutual funds and Vanguard funds when feasible to avoid purchase/redemption fees.
• Be mindful of short-term redemption rules—hold periods under a fund’s short-term trading policy can trigger fees.
• For bond trading, consolidate orders to meet minimums and reduce per-trade cost impact.
• Choose electronic delivery of statements and confirmations to avoid paper fees.
• If you require frequent broker assistance, ask Vanguard about fee waivers for high-balance clients or different service tiers.

These steps help ensure you benefit from the $0 commission policy while minimizing ancillary charges.

Recent industry context and comparisons

The U.S. brokerage industry shifted to zero-commission trading for U.S. stocks and ETFs several years ago, and Vanguard’s $0 online commissions align with that industry norm. As of early 2026, major retail brokerages generally offer commission-free online trading for U.S. stocks and ETFs, though product offerings, research tools, mobile apps, and pricing for other products (options, fixed income, mutual funds) differ across firms.

When comparing brokers, don’t focus solely on headline commission numbers. Consider execution quality, available order types, asset coverage, research and education resources, margin rates, and non-commission service fees. If your needs include crypto trading or Web3 tools, consider Bitget for crypto services and Bitget Wallet for on-chain custody and management.

Does Vanguard charge for stock trades? Compared to the industry standard, Vanguard’s commission policy is competitive, but its differentiated strengths are often Vanguard’s low-cost mutual funds and long-term investor focus rather than trading platform bells and whistles.

Where to find official, up-to-date fee information

Because fees and policy details change, always consult Vanguard’s official brokerage commission & fee schedules, fund prospectuses, and the Broker-Dealer’s disclosures before trading. Vanguard publishes:

• Commission & fee schedules that list broker-assisted fees, options fees, fixed-income fees, and account/service charges.
• Fund prospectuses and shareholder reports that show any purchase, redemption, or short-term trading fees for specific funds.
• Execution quality and order-routing disclosures.

As of January 10, 2026, Vanguard’s official pages remain the authoritative source for current fee amounts and thresholds. Third-party reviews, including NerdWallet and SmartAsset comparisons, provide summaries and context but are not a substitute for the broker’s official fee documents.

Example scenarios (illustrative)

Scenario 1 — A $0 online equity trade

• You place a market or limit order online to buy 100 shares of a U.S.-listed ETF via Vanguard’s web platform. Vanguard charges $0 commission for that qualifying online trade. Your effective cost will still include the market price, any spread between bid and ask, and taxes or regulatory fees if applicable.

Scenario 2 — Broker-assisted trade fee applies

• You call Vanguard and have a representative place the order on your behalf. Vanguard applies a broker-assisted trade fee (for many retail cases, brokers historically list an amount such as $25 per assisted trade). The trade itself may still trade on the same exchange, but the assisted-service fee is added.

Scenario 3 — Mutual-fund short-term redemption fee

• You buy a mutual fund and redeem it within a fund’s short-term holding period. The fund imposes a redemption fee (commonly a percentage charged to the transaction, for example 0.25%–1.00% on funds that employ such fees). Vanguard or the fund company enforces this fee to discourage rapid turnover.

Scenario 4 — Secondary-market bond trade

• You purchase $2,000 face value of a corporate bond on the secondary market. Fixed-income trades can carry per-bond transaction fees or minimum charges and dealer markups. Even if Vanguard charges no equity commission, the bond trade may include explicit transaction fees or implicit execution cost via dealer spread.

These examples illustrate that a $0 stock commission does not guarantee zero trading costs across all products and scenarios.

References and further reading

Primary sources used for this article (consult these official materials for current details):

• Vanguard — Investment fees & costs (Vanguard’s informational page covering fees and costs).
• Vanguard — Investing in individual stocks & other ETFs (Vanguard guidance on trading equities and ETFs online).
• Vanguard — How to invest in stocks online (steps and platform guidance for placing trades online).
• Vanguard — Brokerage services commission & fee schedules (official commission and fee PDF outlining broker-assisted fees, options fees, fixed-income fees, and service charges).
• NerdWallet — Vanguard Review 2026 (third-party review summarizing fees and products; cited for contextual comparison). As of January 20, 2026, NerdWallet’s overview confirms the $0 online-commission policy while flagging common exceptions.
• SmartAsset — E*TRADE vs. Vanguard comparison (used for fee-comparison context and to illustrate that product-fee differences matter beyond headline commission numbers).

For current fee figures and exact amounts, review Vanguard’s commission & fee schedule and the prospectus for any mutual fund or fixed-income offering you intend to trade.

Practical checklist before you place a trade

• Confirm whether your order is being placed online (eligible for $0 commission) or through a broker representative (likely broker-assisted fee).
• Verify the security type: U.S.-listed stock or ETF (typically commission-free online) versus options, bonds, or non-U.S. securities (may have fees).
• Check mutual fund prospectus for short-term trading or redemption fees if you plan frequent buys/redemptions.
• Choose limit orders if execution price control is important—market orders can fill at wider spreads in volatile markets.
• Review account-level fees if you expect to wire funds, request paper statements, or transfer accounts.

Final notes and recommended next steps

Does Vanguard charge for stock trades? For most retail investors placing online trades of U.S. stocks and ETFs through Vanguard Brokerage Services, there is no per-trade commission. However, the real cost of trading includes execution quality, spreads, product-specific fees (options, bonds, mutual fund redemption fees), and account-service charges.

To confirm current fee levels and any recent changes, consult Vanguard’s official commission & fee schedule and the applicable fund prospectuses. For crypto-focused activity and Web3 tools, explore Bitget and Bitget Wallet for crypto trading and custody features.

If you want, I can:

• Expand any section with direct examples or a step-by-step guide to placing a $0 online trade at Vanguard.
• Create a short FAQ answering common user questions like “Will I pay to buy 100 shares of an S&P 500 ETF?” or “How much does Vanguard charge to trade bonds?”

Sources: Vanguard (Investment fees & costs; Brokerage commission & fee schedules), NerdWallet (Vanguard Review 2026), SmartAsset (E*TRADE vs. Vanguard comparison). As of January 10–20, 2026, these sources confirm the policies and exceptions described above.