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Charles Schwab vs. TD Ameritrade
It’s a close call — but TD Ameritrade edges out the competition.
These platforms are formidable opponents. Both have sweeping account selections, 24-hour customer support and commission-free trades. But one has a few features on deck that may sway advanced traders.
Which one is better?
- Choose Charles Schwab if you want direct access to international stocks.
- Choose TD Ameritrade if you want access to the forex market.
Put two powerful, well-established platforms into the ring together and what do you get? One heck of a close call. Both platforms are more than capable of satisfying a variety of investors. Whether you’re new to the market or an experienced trader swapping derivatives, both Charles Schwab and TD Ameritrade can deliver. New traders will appreciate that both platforms offer round-the-clock customer support, no account minimums and no maintenance fees. Advanced traders can take advantage of similarly solid lineups of tradable securities and extensive research and analysis tools. There honestly isn’t much that separates these platforms. But the differences that do exist can help investors decide which platform is right for them. For investors who want to buy and sell international stocks, Charles Schwab’s Global Account offers direct access to 12 international markets in their corresponding currencies. But unless foreign securities are your bread and butter, TD Ameritrade might be the better choice. TD Ameritrade offers five trading platforms to Schwab’s three. It also offers paper trading, access to the forex market and boasts some of the most sophisticated research and analysis software on the market, courtesy of its Thinkorswim platform. Both of these brokerages are robust enough to satisfy many types of traders. But when push comes to shove, TD Ameritrade edges out its competitor with better charting tools and a greater selection of platforms.
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.
Overview
| Charles Schwab | TD Ameritrade | |
|---|---|---|
Fees | ★★★★★ 4/5 | ★★★★★ 3.8/5 |
Available securities | ★★★★★ 5/5 | ★★★★★ 5/5 |
Customer support | ★★★★★ 5/5 | ★★★★★ 5/5 |
Mobile app | ★★★★★ 4.8/5 | ★★★★★ 4.6/5 |
Research and tools | ★★★★★ 5/5 | ★★★★★ 5/5 |
Reliability | ★★★★★ 3/5 | ★★★★★ 3/5 |
Bonus star | ★ 1 We awarded a bonus star for access to paper trading. |
To learn how our star ratings are calculated, read the methodology at the bottom of the page.
How do Charles Schwab and TD Ameritrade compare?
A look at features, fees, benefits and drawbacks for these two trading platforms:
| Charles Schwab | TD Ameritrade | |
|---|---|---|
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| |
Finder’s rating | ★★★★★ 4.4/5 Charles Schwab is a well-known broker offering commission-free online trades, extensive research and around-the-clock phone support to a range of investors. It caters to a wide range of investors including active traders and fundamental traders. | ★★★★★ 4.4/5 TD Ameritrade is an online brokerage service designed for beginner investors and active traders. It features user-friendly trading platforms and a variety of mutual funds. It may be best for new investors, frequent traders and advanced traders. |
Stock trade fee | $0 | $0 |
Option trade fee | $0 + $0.65/contract or $25 Broker-assisted | $0 + $0.65/contract or $25 Broker-assisted |
Annual fee | 0% | 0% |
Minimum deposit to open | $0 | $0 |
Benefits |
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Drawbacks |
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Tools and research |
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Reputation and customer reviews |
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Apple App Store reviews | ★★★★★ 4.8/5 | ★★★★★ 4.5/5 |
Google Play Store reviews | ★★★★★ 4.2/5 | ★★★★★ 3.3/5 |
Support |
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Learn more |
Bottom line
When brokerages are this well matched, it can be tough to know which platform is right for your investments. For most traders, TD Ameritrade is the better-equipped of the two. But if you’re interested in international stocks, Charles Schwab is your best bet. Compare your brokerage account options to find the account best suited to your investment goals.
Frequently asked questions
Finder Scores: What they mean
If you want peace of mind, this rating will give it to you. These products offer the best value and outcomes considering various product features, terms, conditions and price.
Well-balanced products that provide what you need, offering a healthy mix of competitive features at a good price. However, they're not quite the best in class.
Bottom line: You can find better, but these products still offer reasonable value and have the basics sorted.
These products may not offer much value in the long run, and there are better options available.
Paid non-client promotion. Finder does not invest money with providers on this page. If a brand is a referral partner, we're paid when you click or tap through to, open an account with or provide your contact information to the provider. Partnerships are not a recommendation for you to invest with any one company. Learn more about how we make money.
Finder is not an advisor or brokerage service. Information on this page is for educational purposes only and not a recommendation to invest with any one company, trade specific stocks or fund specific investments. All editorial opinions are our own.
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