1. What is M1 Finance?
  2. M1 Finance Pros and Cons
  3. Is M1 Finance Safe or a Scam?
  4. Margin Trading
  5. Accounts
  6. Products
  7. Fees
  8. Commission
  9. Deposits and Withdrawals
  10. Trading Platform
  11. Customer Support
  12. Education
  13. Conclusion

Our Review Method

  • 55Brokers Financial Experts with over 10 years of experience in Stock and Forex Trading check all trading conditions, regulations and licenses, fees, spreads, platforms, customer service, and placed traders to see proposals fully to give expert opinions about M1 Finance.

What is M1 Finance?

M1 Finance is a Stock trading and Investing company that provides a combination of self-directed investing and robo-advisory services, allowing traders to buy and sell a variety of trading products, including Stocks, Shares, ETFs, Cryptocurrencies, Fractional Shares, and Securities.

Based on our research, the firm adheres to strict regulatory oversight by the US SEC, FINRA, and SIPC to ensure compliance with securities laws and provide transparent information.

Overall, the firm is known for its user-friendly interface and aims to simplify the investment process for both beginners and experienced investors.

Is M1 Finance Stock Broker?

Yes, M1 Finance is a Stock Trading brokerage platform that combines self-directed investing with robo-advisory services. It allows users to create and manage diversified portfolios, by selecting individual stocks and ETFs and offers features like fractional share investing and automatic rebalancing.

M1 Finance Pros and Cons

Per our findings, the firm has gained popularity for its innovative approach to investing, offering several advantages. One notable strength is its Pie investing feature, allowing users to easily create and manage diversified portfolios with fractional shares. The platform’s automatic rebalancing, no-commission trading, and the option to borrow against one’s portfolio through M1 Borrow are additional benefits.

For the cons, M1 Finance has fewer research tools and educational resources compared to traditional brokerage platforms, which could be a drawback for investors who rely heavily on in-depth market analysis and research. While the firm offers a wide range of Stocks and ETFs, it does not provide access to certain investment products such as mutual funds and options. This limitation could restrict investment choices for some users.

SEC, FINRA, and SIPC regulation and overseeNo 24/7 customer support
US traders and investorsLimited investment products
Competitive trading conditionsNo paper trading or demo account
Self-directed investingLimited education and research materials
Robo-advisor technology
User-friendly interface
Secure investing environment
Commission-free trading for Stocks and ETFs

M1 Finance Review Official Website

M1 Finance Review Summary in 10 Points
🏢 HeadquartersUSA
🗺️ RegulationSEC, FINRA, SIPC
🖥 PlatformsM1 Proprietary Trading Platform, Mobile Apps
📉 Trading ProductsStocks, Shares, ETFs, Cryptocurrencies, Fractional Shares, Securities
💰 Stock CommissionFrom $0
🎮 Paper Trading/ Demo AccountNo
💳 Minimum Deposit$100
💰 Base CurrenciesUSD
📚 EducationLimited
☎ Customer Support24/5

Overall M1 Finance Ranking

According to our analysis, with its automated investment approach and comprehensive solutions, M1 Finance holds a competitive position in the financial market. However, we recommend considering the specific investment needs, preferences, and potential limitations of the platform before making a decision.

  • M1 Finance Overall Ranking is 8.5 out of 10 based on our testing and compared to over 500 brokers, see Our Ranking below compared to other industry-leading brokers.
RankingM1 FinanceAJ BellQuestrade
Our Ranking⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐⭐
AdvantagesTrading ConditionsInvestment ServicesTrading Products

M1 Finance Alternative Brokers

While the firm offers competitive trading conditions for investors, other stock trading firms may offer additional benefits such as a wider range of trading products, trading platforms, etc. So, we have compiled a list of alternatives for you to consider.

  • AJ Bell – Competitive Brokerage Rates
  • Questrade – Competitive Investment Conditions
  • Moomoo – Variety of Trading Products

Is M1 Finance Safe or Scam?

No, M1 Finance is not a scam. It is a reliable Stock trading firm that follows the strict rules and guidelines established by the SEC, FINRA, and SIPC. These Top-Tier regulations safeguard client assets and provide low-risk investing.

Is M1 Finance Legit?

Yes, M1 Finance is a legitimate and regulated investing platform. It is authorized by reliable US financial authorities and has a good reputation in the financial market.

Additionally, the broker does not offer services in offshore zones, emphasizing its commitment to operating within regulated jurisdictions and providing transparency to investors.

See our conclusion on M1 Finance Reliability:

  • Our Ranked M1 Finance Trust Score is 8.5 out of 10 for the good reputation and services provided, as well as not holding licenses in offshore zones and its regulation by respected authorities.
M1 Finance Strong PointsM1 Finance Weak Points
Member of SIPCNone
Top-tier licenses
Professional investing environment
Client funds security

Client Trading Protection

The company prioritizes the security and protection of its clients’ investments by adhering to regulatory standards and industry best practices. This commitment includes implementing measures to prevent fraud, unauthorized account access, and stringent identity verification processes.

Moreover, as a member of the Securities Investor Protection Corporation (SIPC), the firm protects its customers up to $500,000 (including $250,000 in cash), providing an additional layer of security. However, investors should remain cautious, regularly monitor their investments, and practice safe online habits to enhance their trading protection further.

M1 Finance Review License

Margin Trading

We found that the firm does not provide traditional margin trading services as offered by some other brokerage platforms. While M1 Finance allows users to borrow against their portfolios through the M1 Borrow feature. This operates as a flexible and low-cost portfolio line of credit rather than a standard margin trading account.

M1 Finance Margin Levels are offered according to SEC, FINRA, and SIPC regulations:

  • US traders may use a maximum of up to 1:50 for major currency pairs.

M1 Finance Review Margin Rates

Account Types

Based on our findings, the firm offers Individual, Joint, and Custodial brokerage accounts as well as tax-advantaged retirement, Crypto, and Trust accounts to cater to a range of investor needs.

M1 Finance supports retirement accounts such as Traditional IRAs, Roth IRAs, and SEP IRAs. These tax-advantaged accounts allow investors to save for retirement while enjoying potential tax benefits.

Fast and easy account openingNo paper trading or demo account
Variety of account types
Low minimum deposit

How to Open M1 Finance Live Account?

Opening an account with a broker is considered quite an easy process, as you can log in and register within minutes. Just follow the opening account or M1 Finance login page and proceed with the guided steps:

  • Select and Click on the “Open an Account” page
  • Enter the required personal data (Name, email, phone number, etc.)
  • Verify your data by uploading documentation (residential proof, ID, etc.)
  • Complete the electronic quiz confirming your trading experience
  • Once your account is activated and proven, follow with the money deposit.

M1 Finance Review Account Types

Trading Products

The broker offers a range of investment products designed to cater to diverse investor preferences, including Stocks, Shares, ETFs, Cryptocurrencies, Fractional Shares, and Securities. This variety of trading products empowers investors to create comprehensive portfolios that align with their financial objectives and risk preferences.

  • M1 Finance Markets Range Score is 8 out of 10 for trading products overall which we rank high also for offering some unique opportunities and investment options. Yet, on the other hand, some popular asset classes are not available to invest in, so it might be good to consider alternatives too.

M1 Finance Review Trading Products

M1 Finance Fees

According to our findings, the platform is known for its fee transparency and does not charge commissions on trades, allowing users to buy and sell stocks and ETFs without incurring transaction fees.

Additionally, there are no account management fees. The firm also offers a low-cost borrowing option through M1 Borrow, where users can access a portfolio line of credit at competitive interest rates.

  • M1 Finance Fees are ranked low or average with an overall rating of 8.5 out of 10 based on our testing and compared to over 500 other brokers for all fees applied. Some services are free of charge and others may apply some charges. See more comparison details below:
FeesM1 Finance FeesAJ Bell FeesQuestrade Fees
Deposit feeYesNoYes
Withdrawal feeYesNoYes
Inactivity feeYesNoNo
Investment PlansYesYesYes
Fee rankingLow/AverageLow/AverageLow/Average

M1 Finance Review Fees

Trading Commission

Based on our test trade, M1 Finance is recognized for its commission-free trading approach, enabling traders to engage in stock and ETF transactions without incurring traditional commission fees. This model contributes to the platform’s appeal for cost-conscious investors seeking a budget-friendly trading experience.

However, trading commissions and fees can change over time and may vary based on the specific investments and market conditions. Therefore, traders should review the platform’s fee details for a comprehensive understanding of the costs associated with their investments.

  • M1 Finance Commission is ranked good with an overall rating of 8.5 out of 10 based on our testing comparison to other brokers. We found fees are competitive, transparent, and suitable for investment.
Asset/ PairM1 Finance CommissionAJ Bell CommissionQuestrade Commission
Stocks FeesFrom $0From £3,50From $4,95
Fractional SharesYesNoNo
Options Fees--From $9,95
ETFs FeesFrom $0From £3,50From $0
Free StocksYesNoNo

M1 Finance Trading Hours

We found that the broker, like many other brokerage platforms, operates in alignment with the standard trading hours of the major U.S. stock exchanges. The regular trading hours for the New York Stock Exchange (NYSE) and the NASDAQ Stock Market are from 9:30 AM to 4:00 PM Eastern Time, Monday through Friday. 

Outside of these hours, M1 Finance users can view their portfolios, make investment decisions, and set up trades, but the actual execution of trades will occur during regular market hours.

Deposits and Withdrawals

The platform supports a few funding methods to deposit money into user accounts. Users can fund their accounts through electronic bank transfers (ACH transfers) and wire transfers from linked bank accounts. These funding options provide flexibility for investors to fund their accounts conveniently.

  • M1 Finance Funding Methods we ranked good with an overall rating of 7.5 out of 10. Fees are low, and you can also benefit from popular funding methods.

Here are some good and negative points for M1 Finance funding methods found:

Fast digital depositsLimited funding methods
Low funding fees

M1 Finance Minimum Deposit

For M1 Individual Brokerage, Joint Brokerage, Custodial, and Crypto Accounts, the minimum required deposit is $100. However, for M1 Traditional IRA, Roth IRA, and SEP IRA accounts, a minimum deposit of $500 is needed to open an account.

M1 Finance minimum deposit vs other brokers

M1 Finance Most Other Brokers
Minimum Deposit $100 $500

M1 Finance Withdrawals

Per our analysis, the platform allows users to initiate withdrawals from their accounts through ACH transfers. Traders can transfer funds from their M1 Finance accounts to their linked bank accounts.

Withdraw Funds from M1 Finance

To initiate a withdrawal fund from your trading account, the firm provides a set of typical steps that can be followed:

  1. Login to your account
  2. Select Withdraw Funds’ in the menu tab
  3. Enter the withdrawn amount
  4. Choose the withdrawal method
  5. Complete the electronic request with the requirements
  6. Confirm withdrawal information and Submit
  7. Check the current status of withdrawal through your Dashboard

M1 Finance Review Bank Fees

Trading Platforms

M1 Finance provides a comprehensive and user-friendly trading experience through its proprietary trading platform, which users can access via the web. In addition to the web-based platform, M1 Finance offers mobile apps for both iOS and Android devices, empowering investors to manage their portfolios, make trades, and monitor market activity on the go.

  • M1 Finance Platform is ranked good with an overall rating of 8 out of 10 compared to over 500 other brokers. We mark it as good since the firm offers advanced trading platforms.
PlatformsM1 Finance PlatformsAJ Bell PlatformsQuestrade Platforms
Own PlatformsYesYesYes
Mobile AppsYesYesYes

M1 Finance App

According to our findings, the broker offers a robust mobile app, compatible with both iOS and Android devices. The app provides users with a streamlined and user-friendly interface, enabling them to efficiently manage their investments, execute trades, and stay informed about market developments while on the move.

With features like dynamic trading, fractional share investing, and automated portfolio rebalancing, the M1 Finance mobile app offers a versatile and comprehensive tool for investors seeking convenience and flexibility in their financial management.

M1 Finance Review Trading Platforms

M1 Finance Customer Service

The company offers 24/5 customer support through live chat, email, phone, and social media channels. The platform aims to offer responsive assistance to address user concerns, ensuring a positive and supportive experience for its investors.

  • Customer Support in M1 Finance is ranked good with an overall rating of 8 out of 10 based on our testing. We got fast and knowledgeable responses, and also easy to reach during the working days.

See our find and ranking on Customer Service Quality:

Email, live chat, phone supportNo 24/7 customer support
Supportive customer service

M1 Finance Education

In the end, the platform lacks comprehensive education and research materials, seminars, and webinars, providing only financial education articles and guides. This limitation may be considered a drawback as robust educational resources play a crucial role in the improvement of investors’ skills and knowledge.

  • M1 Finance Education ranked with an overall rating of 7 out of 10 based on our research. We suggest considering alternative brokers that offer a wider range of learning materials, as the platform’s offering is limited and may not be particularly suitable for beginner traders.

M1 Finance Review Education

M1 Finance Review Conclusion

In conclusion, M1 Finance offers comprehensive investment opportunities and stands out for its commitment to providing a commission-free and user-friendly trading experience.

While it lacks extensive educational resources and some advanced features, the broker’s transparent fee structure and emphasis on cost-effective trading make it an appealing choice for those seeking a straightforward approach to investment.

Overall, we found that the platform provides a reliable trading environment, however, we advise conducting your research and evaluating whether the firm’s offerings suit your specific trading requirements.

Based on Our findings and Financial Expert Opinions M1 Finance is Good for:

  • Traders from the US
  • Investing
  • Self-Directed Investing
  • Fractional Shares
  • Stock trading
  • Advanced traders
  • Professional trading
  • Low fees
  • Competitive conditions
  • Supportive customer service

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