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Charles Schwab Review
Commission-free trades and a rich suite of research tools make this a great platform for many, but it lacks access to the forex and crypto markets.
finder.com’s rating: 4.3 / 5.0
- Choose Charles Schwab if you’re an intermediate to advanced investor seeking sophisticated research tools.
- Consider something else if you’re interested in forex or cryptocurrency trades.
|Option trade fee||$0 + $0.65/contract, |
or $25 if it is a broker-assisted trade
|Asset types||Stocks, Bonds, Options, Mutual funds, ETFs|
|Account types||Brokerage, Retirement|
|Government bond trade fee||$1|
|Corporate bond trade fee||$1|
|Stocks are commission-free and fees for options, bonds, funds and futures are competitive.|
|Schwab brokerage accounts can trade everything but forex and crypto.|
|Support can quickly be reached in three ways.|
|Charles Schwab’s mobile platform is well-liked by both Google and Apple users.|
|Research and tools|
|Schwab’s investment tools and research offerings are robust.|
|A couple of service outages have been reported for this platform.|
To learn how our star ratings are calculated, read the methodology at the bottom of the page.
What investments does Charles Schwab offer?
You can swap a wide variety of assets with a Charles Schwab brokerage account — with the exception of forex and crypto.
- Mutual funds
- Futures options
Who is Charles Schwab best for?
Charles Schwab caters to a wide range of investors including:
- Active traders. Schwab’s low-cost commission structure allows you to actively trade without having to worry about excessive fees.
- Fundamental traders. If you rely on quality equity research in your decision-making process, Schwab offers a host of proprietary research reports to guide your decisions.
Fees and costs
Charles Schwab’s trading fees are competitive. Like many brokers, it has done away with commissions on stocks and ETFs. Its fees for trading mutual funds are the same as what you’d pay at TD Ameritrade and Fidelity, and its fees for derivatives contracts are on par with most trading platforms.
You can open an account with any amount, and Charles Schwab’s account transfer fees are better than most — brokers typically charge $75 for account transfers.
|Stocks and ETFs trading fee||$0|
|Options trading fee||$0.65 per contract|
|Futures trading fee||$1.50 per contract|
|Futures options trading fee||$1.50 per contract|
|No-load mutual fund trading fee||$49.95|
|Account transfer fee||$15 – $25|
Charles Schwab offers a spectrum of portfolio and wealth management services for hands-off investors. If you’re ready to entrust your portfolio to a human or robo-advisor, be prepared to meet the corresponding portfolio minimums and cover any one-time or annual management fees associated with the service.
|Schwab Intelligent Portfolios||Robo-advisor||$5,000||None|
|Schwab Intelligent Portfolios Premium||Robo-advisor with unlimited one-on-one guidance with a financial planner||$25,000||$300 one-time planning fee, $30 monthly advisory fee|
|Schwab Advisor Network||Portfolio guidance from a financial planner or analyst inside the Schwab Advisor Network||$500,000||Fees vary by advisor|
|Schwab Private Client||Portfolio management from a team of dedicated financial consultants, advisors and wealth strategists||$1 million||0.80%|
How do I sign up?
Sign up for an account with Charles Schwab either online or by visiting a branch location.
To sign up online:
- Visit the Charles Schwab website and select Open an Account.
- Choose whether you’re opening an Individual or Joint account and select Continue.
- Indicate whether you have an existing Schwab account by selecting, Yes, I have a login ID. Or, select: No, I’m new to Schwab.
- Enter your personal information and select Next.
- Pick your account features and select Next.
- Review and agree to the terms and conditions.
- Fund your account and start trading.
You must meet the following eligibility criteria to open an account with Charles Schwab:
- At least 18 years old
- Valid Social Security number
- Residential US address
- Existing bank or brokerage account for account transfers
Have the following information ready when you set up your Charles Schwab account:
- Driver’s license
- Social Security number or Tax Identification Number
- Employer’s name and address
- Bank login information
Charles Schwab is well-equipped to serve a variety of investors with a wide swath of research tools and features.
- Stock screener. Filter stocks by numerous metrics to narrow down your options and create watchlists.
- Fundamental research. Review fundamental stock data, including company earnings, dividends, analyst ratings and more.
- Options chains. Access real-time options chains, build spreads and identify potential risks and rewards.
- Gain/loss analyzer. Assess trade performance with Schwab’s gain/loss analyzer.
- Idea Hub. Generate trading ideas and identify opportunities by market trends.
- Charting tools. Perform your own technical analysis with real-time quotes and pattern-based intraday analysis.
- All-in-One Trade Ticket. Submit equity and options trades, bracket orders and conditional orders from the same window.
- Schwab Equity Ratings. Explore Schwab’s exclusive in-house equity ratings on over 3,000 US stocks.
Charles Schwab trading platforms
You have three options when executing trades through Charles Schwab: its mobile app, its web platform and its desktop platform. All platforms have the ability to execute trades, but each offers a unique blend of features to help you research and monitor your positions.
- Web trading. Filter stocks, track real-time market positions, review breaking news and submit orders.
- Mobile trading. Browse sector information and volatility trends, monitor news, review stock charts and execute trades.
- Desktop software. Tap into advanced charting tools, custom alerts and screeners and more through Charles Schwab’s desktop software, StreetSmart Edge.
Charles Schwab’s mobile app
Charles Schwab’s mobile app isn’t exclusively designed for investing, which makes it difficult to isolate feedback about the app’s trading interface. That said, its mobile app ratings still provide practical insight into the app as a whole.
Charles Schwab’s reputation among Apple users is far superior to its standing with Android users — although the sheer volume of Apple App Store ratings far outweighs those left on Google Play.
|Apple App Store||Google Play Store|
Based on 424,700 reviews
Based on 19,287 reviews
Pros and cons
- Low commissions. It offers commission-free trades on stocks and ETFs and low expense ratios on proprietary index fund offerings.
- No investment minimum. Investing is accessible to everyone with a $0 minimum deposit.
- Research tools. Charles Schwab has its own proprietary equity rating service, plus third-party data from Market Edge, Ned Davis and Morningstar.
- Limited investment options. This platform offers all the essentials but lacks access to the forex and crypto markets.
- Lukewarm reviews. Charles Schwab earns a B- based on the Better Business Bureau and has a TrustScore of 1.9 out of 5 based on complaints about abrupt account closures.
Compare Charles Schwab to similar brokers
These brokers trade some of the same securities and offer similar services to Charles Schwab.
JPMorgan Self-Directed Investing
Brokerage, Retirement, Robo-Advisor
Stocks, Options, ETFs, Cryptocurrency
Stocks, ETFs, Cryptocurrency
Stocks, Bonds, Options, Mutual funds, ETFs
Charles Schwab to acquire TD Ameritrade
In 2019, Charles Schwab announced its plans to acquire TD Ameritrade in a transaction valued at $26 billion. The acquisition is moving forward as planned, with shareholders and US Justice Department officials both voting in favor of the merger.
The process is expected to take 18 to 36 months to complete. Until then, both platforms will continue to operate independently.
Is Charles Schwab legit?
Charles Schwab was founded in 1973 and is headquartered in Westlake, Texas. It’s a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC), which protects securities for customers up to $500,000 or $250,000 for claims for cash.
Charles Schwab lacks Better Business Bureau (BBB) accreditation but receives an A+ rating based on its length of time in business and responsiveness to BBB complaints. It has 207 complaints to its name on the Consumer Financial Protection Bureau (CFPB), most of which are about its banking products. CFPB complaints about Charles Schwab’s investment platform are few and far between.
Charles Schwab reviews and complaints
Customer reviews of Charles Schwab are mixed. As of August 2021, the Better Business Bureau (BBB) gives Ally Financial an A+ rating. The company’s Trustpilot presence is similarly lackluster.
|BBB customer rating||1.61/5 based on 31 customer reviews|
|Trustpilot score||1.8/5 out of 64 customer reviews|
|Customer reviews verified as of||August 2021|
Better Business Bureau and Trustpilot complaints mention slow customer service and transfer delays. Some reviewers say they had trouble closing their accounts and felt like they were being scammed. Happier customers note low fees and helpful support reps. It’s worth noting that feedback on these review platforms is feedback left for the company as a whole — and Charles Schwab is a lot more than an investment platform.
Reviews on Reddit are generally positive and align with sentiment found elsewhere, praising Schwab for low fees and investment options and criticizing its disappointing customer service.
How do I contact Charles Schwab support?
There are three ways to contact Charles Schwab customer service:
- Phone. Call 866-855-9102 at any time.
- Live chat. Start a chat through the website.
- Branch. Visit over 340 branches in 46 states.
Compare with a wider range of brokers
Explore your options by fees, asset types and signup bonus to find the best place for your portfolio.
*Signup bonus information updated weekly.
How we rate trading platforms
★★★★★ 5/5 — Excellent
★★★★★ 4/5 — Good
★★★★★ 3/5 — Average
★★★★★ 2/5 — Subpar
★★★★★ 1/5 — Poor
We analyze top online trading platforms and rate them one to five stars based on factors that are most important to you. These factors include fees, securities available for trade, customer support, customer feedback, platform resources and overall reliability.
For a complete breakdown of how we score each category, read the full methodology of how we rate trading platforms.
Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.
Charles Schwab is a popular online broker offering commission-free trades with no investment minimums. These low barriers to entry make it a great option for most investors — both new and experienced. Plus, it has 24/7 customer support and an extensive suite of educational resources.
But it has a B- rating with the Better Business Bureau and several customers complain about Charles Schwab closing their account without warning.