Charles Schwab review 2024
- Stock trade fee
- $0
- Minimum deposit
- $0
Our verdict
Access commission-free stock trades, top-tier research tools and the Thinkorswim trading platform with Charles Schwab.
Consider Charles Schwab if you want a well-known, full-service broker that offers easy-to-use trading platforms and complimentary premium research, analysis and insights. With Schwab's acquisition of TD Ameritrade, you'll also find the popular Thinkorswim trading platform. Look elsewhere if you want to trade crypto or want a robo-advisor with lower or no minimum deposit requirements.
Best for: Traders and investors of all skill levels who value premium research and tools and want a diverse lineup of products and services.
Pros
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Extensive lineup of investment options and account types
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Top-tier third-party research
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Robo-advisor
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Fractional shares
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Global investing
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Popular Thinkorswim trading platform
Cons
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No crypto trading
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$5,000 minimum to access Schwab's robo-advisor
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High margin rates
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Poor ratings from Android users
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Low interest on uninvested cash
How we rated Charles Schwab’s features
| Investment options | ★★★★★ |
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| Trading platforms and technology | ★★★★★ |
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| Trading costs | ★★★★★ |
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| Account fees | ★★★★★ |
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| Customer support | ★★★★★ |
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| Mobile app rating and security | ★★★★★ |
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| Features and amenities | ★★★★★ |
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| Cash sweep rates | ★★★★★ | Offers a cash sweep program but rates of only 0.45% APY |
| Account types and minimums | ★★★★★ |
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To learn how our star ratings are calculated, read our methodology at the bottom of the page.
Charles Schwab is best for all types of traders and investors
Charles Schwab caters to a wide range of investors thanks to its large investment selection, commission-free stock and exchange-traded fund (ETF) trades, user-friendly web and mobile trading platforms and in-depth research tools.
- Beginners will appreciate fractional shares, commission-free trades, extensive educational resources and 24/7 live support.
- Intermediate and advanced traders can leverage dedicated trading software, including the popular thinkorswim trading platform, and premium research from Charles Schwab and other quality third-party research providers to trade a broad lineup of assets.
What you can trade on Charles Schwab
- Stocks, US-listed and international
- ETFs
- Mutual funds
- Fixed income
- Options
- Futures
- Forex
- CDs
- IPOs
Account types available with Charles Schwab
- Individual, joint and custodial brokerage
- Traditional, Roth, rollover, custodial, SEP and SIMPLE IRAs
- 529 plans
- Trust
Latest Charles Schwab updates
January 14, 2024: The Charles Schwab-TD Ameritrade combination is expected to conclude in 2024. Schwab customers should now have access to TD Ameritrade’s thinkorswim trading platform, branch network and other features.
Where Charles Schwab shines
Charles Schwab is a leading US brokerage firm, with around 34 million brokerage accounts and over $7 trillion in total client assets. With big broker Charles Schwab, investors will find an extensive lineup of tradable investments, nearly every account type available and several trading platforms. It offers Schwab Stock Slices, Schwab’s version of fractional shares that lets you trade stocks for as little as $5, with the ability to buy fractional shares of up to 30 companies each time you place an order. Plus, access to a free robo-advisor with tax-loss harvesting capabilities and other optional portfolio management services.
Schwab’s collection of premium research tools and educational resources is vast and impressive: market commentary and analysis from in-house Schwab experts, investment research from Morningstar, Thomson Reuters, Argus and other third-party providers and a learning center with educational articles and daily live programming covering a range of trading and investing topics.
Schwab is also one of just a few US brokers that offers trading directly in foreign markets. While most brokers limit access to foreign stocks to American depository receipts (ADRs), Schwab customers can also trade OTC-listed global securities from up to 30 markets or trade in the local currency of 12 foreign exchanges using a Schwab Global Account.
Where Charles Schwab falls short
While Charles Schwab offers most investment options, cryptocurrency isn’t one of them. It offers a crypto-themed ETF, but its holdings are in companies that operate in the crypto space, not crypto itself. The company has said in the past that it would like to see more regulatory clarity before throwing its hat in the ring with other brokers that offer digital assets.
Further, Schwab’s StreetSmart Edge platform looks and feels outdated. There’s also no Mac desktop version of the software, so Mac users will either need to run a Windows emulator or access StreetSmart Edge by downloading the cloud computing software, Citrix. This could change once Charles Schwab finishes absorbing TD Ameritrade and its trading platform Thinkorswim.
Lastly, Schwab requires a minimum account balance of $5,000 minimum investment requirement to use its free robo-advisor. Though we commend the broker for making it’s robo-advisor available at no cost — few brokers do — the $5,000 minimum is a bit steep.
Charles Schwab’s fees
| Minimum deposit | $0 |
| Annual fee | $0 |
| Stock and ETF trade fees | $0 |
| Mutual fund trade fees | $0 for Schwab Mutual Fund OneSource; Up to $74.95 for all other mutual funds |
| Options trade fees | $0 + $0.65 per contract fee |
| Futures trade fees | $2.25 per contract |
| Treasuries trade fees | $0 |
| Bond trade fees | $1 per bond; $10 minimum |
| OTC trade fees | $6.95 |
| Canadian securities | $6.95 |
| Foreign stock transactions placed on the OTC market | $50 foreign transaction fee |
| Foreign stock transactions placed directly on local exchanges | The greater of $100 or 0.75% of principal, with no maximum |
| Inactivity fee | $0 |
| Wire transfer (domestic and international) | $15 |
| Outgoing account transfer fee | $50 |
Managed portfolios
| Details | Account minimum | Fees | |
|---|---|---|---|
| Schwab Intelligent Portfolios | Robo-advisor | $5,000 | None |
| Schwab Intelligent Portfolios Premium | Robo-advisor with unlimited one-on-one guidance from a certified financial planner | $25,000 | $300 one-time planning fee; $30 monthly advisory fee |
| Schwab Wealth Advisory | Personalized wealth management from a dedicated advisor | $1 million | Fees start at 0.80% |
Is Charles Schwab legit?
Yes, Charles Schwab is a legitimate broker and company. Founded in 1973 and headquartered in Westlake, Texas, Charles Schwab is one of the largest brokers in the US in terms of total client assets.
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 in the event a broker fails.
Charles Schwab’s platforms are easy to use
Between its sophisticated but user-friendly web and mobile platforms and its flagship trading software, Charles Schwab is well-equipped to serve a variety of investors. Included in its wide swath of research tools and features are:
- Stock screeners. Filter stocks by numerous metrics to narrow down your options and create watchlists.
- Options chains. Access real-time options chains, build spreads and identify potential risks and rewards.
- Advanced charts. Perform technical analysis with indicators, real-time quotes and pattern-based intraday analysis.
- Schwab Equity Ratings. Explore Schwab’s exclusive in-house equity ratings on over 3,000 US stocks.
- Index performance snapshot. View real-time performance data of US, European and Asian market indexes.
- Schwab Market Update podcast. Airs twice per day at market open and market close and provides a summary of each day’s trading and financial news.
- Third-party research. Ratings and research reports from Morningstar, Thomson Reuters, Argus, and other providers.
- Thematic lists. Browse more than 40 themes to identify investment ideas.
Schwab.com web platform
Investors using Schwab.com will find robust trading tools, features and in-depth research on a streamlined web trading platform. View fundamental and technical data, follow market news and research, place and monitor trades and your portfolio.
Schwab Mobile platform
Explore trade and investment opportunities with in-depth research and interactive charts, trade stocks, ETFs, mutual funds, and options and follow market news.
StreetSmart Edge platform
StreetSmart Edge is Schwab’s advanced trading platform available as downloadable software or accessible through online cloud-based technology provider, Citrix. It offers a professional and customizable trading experience, with built-in fundamental and technical tools, Schwab’s All-in-One Trade Ticket for trading stocks, ETFs, options, futures and futures options all from one trade window and advanced options trading tools like Idea Hub for identifying opportunities by market trends and generating trading ideas.
Thinkorswim Mobile
Now at Schwab with its acquisition of TD Ameritrade, thinkorswim is available via mobile, desktop and web, and gives Schwab customers access to one of the most popular trading platforms on the market. Thinkorswim Mobile is one of the most advanced, if not the most advanced, mobile trading platforms available, with fully-customizable charts boasting 300+ technical charts and indicators, watchlists, live market news risk-analysis features and more. It’s both powerful and user-friendly, and should satisfy the needs of most traders.
Charles Schwab’s app store reviews
Schwab Mobile
| Google Play app reviews | 2.4/5 stars based on over 25,000 reviews |
| Apple App Store app reviews | 4.8/5 stars based on over 779,300 reviews |
StreetSmart Mobile
| Google Play app reviews | 2.1/5 stars based on over 300 reviews |
| Apple App Store app reviews | 1.5/5 stars based on over 300 reviews |
Thinkorswim Mobile
| Google Play app reviews | 3.2/5 stars based on over 11,950 reviews |
| Apple App Store app reviews | 4.7/5 stars based on over 317,400 reviews |
Charles Schwab’s customer support
Connect with Charles Schwab support in three ways:
- Phone
- Live chat
How to open an account with Charles Schwab
- Click the “Sign up now” button below, choose an account type and select Get started.
- Enter your name, date of birth, Social Security number and contact information, and then select Continue.
- Pick your account features, and select Next.
- Review and agree to the terms and conditions.
- Fund your account and start trading.
Eligibility and required information
- At least 18 years old
- Valid phone number and residential and email address
- Existing bank to fund your account
- Valid Social Security number
How safe is Charles Schwab?
Charles Schwab is considered safe and secure. It employs various encryption methods, automated alerts, account monitoring and advanced identity verification processes to help keep customer information and money safe. In the event of unauthorized activity, Schwab will cover any resulting losses.
Compare Charles Schwab to other platforms
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★★★★★
Finder rating 4.5 / 5
Available asset types
Stocks, Bonds, Options, Mutual funds, ETFs, Futures, Treasury Bills
Stock trade fee
$0
Minimum deposit
$0
Complete signup bonus
SoFi Invest®
★★★★★
Finder rating 4.1 / 5
Available asset types
Stocks, Mutual funds, ETFs, Alternatives
Stock trade fee
$0
Minimum deposit
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Complete signup bonus
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Tastytrade
★★★★★
Finder rating 4.6 / 5
Available asset types
Stocks, Options, ETFs, Cryptocurrency, Futures, Treasury Bills
Stock trade fee
$0
Minimum deposit
$0
Complete signup bonus
Get $100-$5,000 when you open and fund an account with $5,000 to $1,000,000+
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.
Frequently asked questions
Matt Finder
Editor, Investments
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