A discount brokerage is a type of investment firm that offers reduced fees and commissions for its clients in exchange for limited services. These firms typically do not provide personalized advice or hands-on assistance with trading, but instead allow customers to make their own investment decisions while providing them access to trade stocks, bonds, mutual funds, and other securities through a self-service online platform or by phone. Discount brokerages often target do-it-yourself investors who are comfortable making their own investment choices and prefer to minimize fees in order to maximize returns on their investments.