About us

Brokerage built for you

A simple but powerful way to trade. $0 commissions. That’s how we’ve built the Vanguard Brokerage Account—for you.

We strive to give you the best price on trades with:


Effective over quoted spread*

Effective over quoted spread (E/Q) is the industry measurement for trade quality. The lower the percentage, the better. We're constantly working to give you the best price on trades, and those efforts are reflected in our low E/Q.

What this means


Of Vanguard ETFs® traded at midpoint**

A trade at the midpoint of the quoted spread is generally considered the best price available. We provided midpoint pricing on over 95% of Vanguard ETF® trades.**

What this means


Savings per 100-share order

Competitive trades add up to real savings. On average, investors would have saved $1.70 for a 100-share order compared to the National Best Bid and Offer (NBBO).** More shares mean more savings, with $17.04 for 1,000 shares.

What this means

View the quarterly reports for Vanguard Brokerage Services®†

4 ways Vanguard Brokerage Services puts you first

Give you information designed to help you stay the course.

We provide all investors a long-term perspective and trading strategies to advance their goals.

How this benefits you: 

It helps you stay committed to the future you envisioned for your money.

Strive to get you the best price for your orders.

We route orders to the market centers that consistently execute at a price better than NBBO.  We're never compensated for routing your orders to specific market centers.

How this benefits you: 

We don't have a financial incentive to encourage you to trade.

Offer world-class, carefully curated products and services.

We tie our product offerings to our mission. That's why we focus on high-quality, low-cost mutual funds, ETFs (exchange-traded funds), and more.

How this benefits you: 

You'll gain exposure to products that have enduring investment merit, not pushed toward the flashy trends.

Help you minimize trading costs and taxes on stocks and ETFs.

We offer $0 commission on stocks and ETFs traded online. To keep taxes low, you can easily trade within your IRA or use first-in, first-out accounting.

How this benefits you: 

You enjoy low costs across the board—we don't raise costs someplace else to make up the difference.

Not sure where to start? Try our investor quick-start tool to see what’s best for your investment journey.

*For market orders on the S&P 500 Index sizes 100–499 for the 12-month period ending December 31, 2023.

**For all marketable orders with a share size of 1–1,999.

†These reports disclose where we route orders and the nature of our routing relationships. See our reports.

For more information about Vanguard mutual funds and ETFs, visit Vanguard mutual fund prospectuses or Vanguard ETF prospectuses to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.

Commission-free trading of Vanguard ETFs applies to trades placed both online and by phone. Commission-free trading of non-Vanguard ETFs applies only to trades placed online; most clients will pay a commission to buy or sell non-Vanguard ETFs by phone. It also excludes leveraged and inverse ETFs, which can't be purchased through Vanguard but can be sold with a commission. Commission-free trading of non-Vanguard ETFs also excludes 401(k) participants using the Self-Directed Brokerage Option; see your plan's current commission schedule. Vanguard Brokerage reserves the right to change the non-Vanguard ETFs included in these offers at any time. All ETFs are subject to management fees and expenses; refer to each ETF's prospectus for more information. Account service fees may also apply. All ETF sales are subject to a securities transaction fee. See Vanguard Brokerage Services® commission and fee schedules the for full details.

All investing is subject to risk, including the possible loss of the money you invest.

You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) or through another broker (which may charge commissions). See the Vanguard Brokerage Services commission and fee schedules for full details. Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or selling an ETF, you will pay or receive the current market price, which may be more or less than net asset value.

Vanguard Brokerage Account Agreement