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Written by Sam Levine, CFA, CMT, Blain Reinkensmeyer
Edited by Carolyn Kimball
Fact-checked by Steven Hatzakis
April 03, 2024
Already one of our favorite online brokers, in our latest testing Charles Schwab rose to earn our five-star Overall rating, thanks to porting over TD Ameritrade’s excellent thinkorswim platforms and enhancing several features.
Schwab purchased TD Ameritrade in October 2020. As of January 2024, TDA’s conversion to Schwab is still not complete; some TD Ameritrade clients have yet to transfer. We’ll continue to update this review as tools, pricing, and features evolve.
Pros & Cons
thumb_up_off_alt Pros
- TD Ameritrade’s thinkorswim trading platforms are now available to Schwab customers, and the trading tech love doesn’t stop there. The flagship mobile trading app and browser platforms also got trader-friendly enhancements.
- Much of TD Ameritrade’s best trader education content and programming rolled their way to Schwab.
- Online trading coaching is available for beginners and experienced traders. That’ll put quite a few online charlatans out of business.
- Schwab’s new service model for high net worth ($1-10 million) and ultra-high net worth (over $10 million) clients is exceptional, winning our Best Broker for High Net Worth Individuals award for 2024.
- Investors and traders will find a well-stocked library of original and third-party research and commentary. Schwab came out on top for fixed income research and took home our #1 Bond Research industry award.
- Schwab’s purchase and integration of TD Ameritrade provided an opportunity for graphic designers and user experience professionals to really show their stuff. Schwab feels like a new firm and I like it.
thumb_down_off_alt Cons
- Cryptofiends must look elsewhere. There’s no cryptocurrency trading at Schwab.
- Schwab’s fractional shares, which they call “Stock Slices,” are limited to S&P 500 companies. Though this should satisfy most fractional share investors, other brokers offer many more choices.
- I can’t think of any justification for Schwab tacking on $5.00 for a trade entered through their automated phone system. It seems like a silly fee that’s targeted at older clients. It’s not a good look.
- Mutual fund transaction fees are unnecessarily complex.
Overall summary
| Feature |  |
|---|---|
| Overall |  |
| Investment Options | |
| Commissions & Fees |  |
| Mobile Trading Apps | |
| Platforms & Tools | |
| Research | |
| Customer Service | |
| Education | |
| Ease Of Use | |
feed Recent news
January 2024: Crypto ETFs. Charles Schwab now allows trading of spot bitcoin ETFs in brokerage accounts.
Investment options
Like other industry leaders, Charles Schwab delivers a full roster of products and services. Schwab offers everything from stocks (including fractional shares) and options trading to fixed income and retirement guidance. The only gaps in the offerings are cryptocurrencies and forex; Schwab tells me that forex will be available soon.
Every imaginable account type is available, including individual, traditional, Roth, rollover, spousal and beneficiary IRAs; 529 plans, charitable accounts, and estate and trust accounts are there too.
Cryptocurrency: Cryptocurrencies such as bitcoin, ethereum, and dogecoin are not available to trade at Charles Schwab.
Futures: As of December 2023, futures trading isn’t available on thinkorswim, but that should change in early 2024. Schwab recommends new futures and forex clients open an account at TD Ameritrade for now and expect that their accounts will soon transition to Schwab. That makes enormous sense, given that Schwab’s StreetSmart futures platforms will sunset, likely in Q1 2024.
Human support: Schwab has an interesting local branch setup. Some offices are owned by Schwab, while others are independently owned franchises with Schwab branding that exclusively service Schwab customers. The franchise relationship is clearly disclosed to customers. I use a local franchise office and, in the few times I’ve contacted the branch leader, found service to be excellent and notably personal.
For goal-focused investors, Intelligent Portfolios Premium offers clients with $25,000 in assets unlimited one-on-one guidance from a certified financial planner (CFP), for $30 per month and a $300 one-time planning fee. That’s darn cheap, considering that many independent CFPs routinely charge $250 per hour.
Schwab is a standout for high net worth investors. Households with over $1 million at Schwab are automatically eligible for concierge services. Those with up to $10 million are enrolled in Schwab Private Client Services, while those with over $10 million are set up with Schwab Private Wealth Services. Both levels are eligible for priority support, enhanced pricing, pledged asset lines, a sweetened American Express Platinum card, and curated experiences with Schwab thought leaders.
Private Wealth clients also get an integrated banking experience with an assigned senior banker.
| Feature | |
|---|---|
| Stock Tradinginfo | Yes |
| Margin Trading | Yes |
| Fractional Sharesinfo | Yes |
| OTC Stocksinfo | Yes |
| Options Tradinginfo | Yes |
| Complex Options Max Legsinfo | 4 |
| Bonds (US Treasury)info | Yes |
| Futures Tradinginfo | Yes |
| Forex Tradinginfo | No |
| Mutual Funds (Total)info | 18145 |
| Crypto Tradinginfo | No |
| Crypto Trading - Total Coinsinfo | 0 |
| Traditional IRAsinfo | Yes |
| Roth IRAsinfo | Yes |
| Advisor Servicesinfo | Yes |
View More
Commissions and fees
At Schwab, listed stock and ETF trades are $0, and options trades are $0.65 per contract, in line with other major brokers. Competitor tastytrade offers better stock options pricing and a terrific platform designed for option traders. That said, Schwab remains one of our top picks for free stock trading.
Penny stocks: Schwab charges $6.95 for OTC trades. If that’s what you gravitate toward, take a look at our penny stock trading guide, because some other brokers don’t tack on a fee.
Fractional shares: Customers can purchase Schwab Stock Slices, which are fractional shares of any company in the S&P 500. The minimum purchase is $5. That should satisfy most investors, but some brokers offer fractional shares of ETFs, more stock choices, and permit investing as little as a dollar into a fractional share.
Mutual funds: Mutual fund fees are complicated at Schwab. Some transaction-fee mutual funds cost as high as $79.95 to buy. However, unlike most brokers, Schwab only charges for the original purchase. There is no charge for selling, and fees are waived for transactions under $100. For investors seeking no transaction fee (NTF), no load (NL) funds, Schwab offers 3,334 OneSource funds.
Other fees: If using the Schwab automated phone system to place a trade, a $5 fee will be added to the order. There is a $25 additional fee for broker-assisted trades.
| Feature | |
|---|---|
| Minimum Deposit | $0.00 |
| Stock Trades | $0.00 |
| Penny Stock Fees (OTC)info | $6.95 |
| ETF Trade Fee | $0.00 |
| Options (Base Fee) | $0.00 |
| Options (Per Contract) | $0.65 |
| Options Exercise Fee | $0.00 |
| Options Assignment Fee | $0.00 |
| Futures (Per Contract) | $2.25 |
| Mutual Fund Trade Fee | Varies |
| Broker Assisted Trade Fee | $25 |
View More
Mobile trading apps
Schwab’s mobile suite should satisfy everyone except for the most active professionals and a few highly specialized traders. There’s Schwab Mobile for occasional and long term investors and, new for this year, thinkorswim mobile for active traders.
The flagship app is responsive, easy to navigate, and attractively designed. It’s well stocked with data, video feeds, and Schwab’s market commentary and research. There’s some killer trading content on the flagship app.
Key enhancements this year to the Schwab app include stock alerts, streaming quote data, updated watch list functionality, and more order entry choices, such as conditional orders. Thinkorswim remains one of our favorite apps for active and experienced traders.
Market research: Schwab provides a rich palette of market research in its flagship app. There’s live video from CNBC and the Schwab Network, the Schwab Market Update, and a host of third-party commentary. Be sure to hit the Market Insights page for Schwab’s in-house commentary and explainer pieces.
Active trading: The thinkorswim app is where the active trading action can be found. I counted over 350 chart studies, including candlestick and classic chart pattern recognition. When you suffer from chart fatigue, feel free to move to ladder trading, or just pop up order tickets from the real time and highly customizable watch list, which also has hundreds of column options.
Options trading: When you trade from within the Schwab mobile app, the Options tab comes with over 26 strategies, including multi-legged spreads and combinations. Building multileg positions on the fly is a much more pleasant experience on thinkorswim.
I counted only 17 predefined strategies on thinkorswim, fewer than the main mobile app, but its options chain, as you can probably guess by now, can be tweaked with a choice of 31 columns. The risk diagram is hidden at the bottom of the order ticket and doesn’t use implied volatility. It’s sufficient for casual traders, but I’d prefer to see it more visible.
Schwab Assistant: Schwab Assistant is an AI-powered tool that lets you use voice commands from within the Schwab Mobile app to carry out basic operations, such as checking quotes or market news, and you can even ask to speak to a live representative. It worked smoothly during my test.
Tap to see a demo of Schwab's mobile trading app in action.
| Feature | |
|---|---|
| iPhone Appinfo | Yes |
| Android Appinfo | Yes |
| Apple Watch Appinfo | Yes |
| Stock Alertsinfo | Yes |
| Charting - After-Hoursinfo | No |
| Charting - Technical Studiesinfo | 373 |
| Charting - Study Customizationsinfo | Yes |
| Watch List (Streaming)info | Yes |
| Watch Lists - Create & Manageinfo | Yes |
| Watch Lists - Column Customizationinfo | Yes |
Other trading platforms and tools
Schwab’s legacy trading platforms, StreetSmart Edge and StreetSmart Central, are riding off into the sunset to make room for thinkorswim. I skimmed through a few Reddit posts from StreetSmart devotees who are upset about losing them, but I see thinkorswim as a major upgrade. Casual traders might find thinkorswim Web (a sort of “thinkorswim Lite”) easier to learn than the much more complex thinkorswim desktop.
Thinkorswim desktop ran well on my Windows machine, but, as this review was being written, there were some quirks in the Mac version. An escalated call to tech support was able to resolve the issue.
Once you do get up and running, you can take two approaches to learning thinkorswim from scratch: 1) you can start by watching the extensive tutorials, or, 2) you can do it my way, which was me randomly clicking on links and buttons and windows until, yeah, finally giving up and watching the tutorials. Choose the first method and save yourself the frustration. If you do get overwhelmed, there’s always streaming video and a Tetris widget to help you reset.
Thinkorswim desktop charting: thinkorswim’s advanced charting capabilities are among the best in the business (TradeStation and Fidelity are also charting standouts). A few mouse clicks will bring up a dozen charts streaming real-time data. Even the pickiest trader will be satisfied with the astounding array of chart studies. If you can’t find what you want (that’s very unlikely), you can custom code it yourself via ThinkScript.
Thinkorswim desktop trading tools: Highlights include paper trading (new to Schwab this year), advanced earnings analysis, plotting economic (FRED) data, social sentiment charts, backtesting with thinkOnDemand, and trading against historical market data. You can create and conduct real-time stock scans, share charts and workspace layouts, and perform advanced options analysis. The rabbit hole goes deep.
Thinkorswim desktop earnings analysis: If you trade on expected earnings, the thinkorswim earnings analysis tool is a favorite for planning ahead for earnings releases and assessing each company's results afterward. It plots price action and volatility before and after previous releases and pulls data from Wall Street analysts and crowd-sourced ratings from Estimize to plot EPS estimate ranges alongside actual results.
Thinkorswim Web trading tools: While thinkorswim Web looks simple on the surface (and it is), there are a handful of advanced functions underneath the hood. For example, you can place multi-legged options orders and choose from six default strategies.
When you create an order, it is saved on the same page as the ticker symbol, so if you abandon the order, switch to another ticker, and return to the original symbol, your abandoned order will still be there until you execute or delete it. I have mixed feelings about that. It seems convenient, but it could also get confusing in a raging market.
-
| Feature | |
|---|---|
| Active Trading Platforminfo | thinkorswim info |
| Desktop Trading Platforminfo | Yes |
| Desktop Platform (Mac)info | No |
| Web Trading Platforminfo | Yes |
| Paper Tradinginfo | No |
| Trade Journalinfo | Yes |
| Watch Lists - Total Fieldsinfo | 580 |
| Charting - Indicators / Studiesinfo | 374 |
| Charting - Drawing Toolsinfo | 24 |
| Charting - Study Customizationsinfo | 35 |
| Charting - Save Profilesinfo | Yes |
| Trade Ideas - Technical Analysisinfo | Yes |
| Streaming Time & Salesinfo | Yes |
| Trade Ideas - Backtestinginfo | Yes |
View More
Research
The website’s research pages were recently redesigned. The beta research experience has an updated design for the U.S. markets, and I’ve grown to prefer it over the “classic view,” which is still available.
Stock research: Beyond offering traditional third-party ratings and reports, Schwab offers a proprietary research report that includes summary ratings from other providers and its own Schwab Equity Rating (SER). Documentation for over 20 years’ worth of SER performance is provided. It’s impressive enough for me to consider including the SERs in my investing decisions.
ETFs and mutual funds research: If you’re researching ETFs and mutual funds, there’s a lot to like at Charles Schwab. Schwab covers all the bases, including ratings, reports, and in-depth screening.
Market news and commentary: There’s Argus and Morningstar research, which is nice, but I prefer Schwab’s extensive in-house research from its all-star cast of experts, including Liz Ann Sonders, Jeffrey Kleintop and Kathy Jones. There are thematic pieces, explainers, and economic data. If you like streaming video content, you have choices. There’s CNBC and the Schwab Network.
| Feature | |
|---|---|
| Research - Stocksinfo | Yes |
| Stock Research - ESGinfo | Yes |
| Stock Research - PDF Reportsinfo | 7 |
| Screener - Stocksinfo | Yes |
| Research - ETFsinfo | Yes |
| Screener - ETFsinfo | Yes |
| Research - Mutual Fundsinfo | Yes |
| Screener - Mutual Fundsinfo | Yes |
| Research - Pink Sheets / OTCBBinfo | Yes |
| Research - Bondsinfo | Yes |
Education
Charles Schwab delivers a thorough educational experience that will satisfy beginners and inspire experienced investors to keep learning. A bargeload of useful trading content suddenly popped up on Schwab this year, with much of it likely coming from TD Ameritrade.
Learning center: The article library in Schwab's Knowledge Center covers key investing topics, from stock trading to retirement. Additionally, free webinars are offered each month to current customers, and PDFs of webinars are archived for reviewing on demand. Progress tracking and quizzes are very welcome new additions.
Schwab Coaching: I was ecstatic to see Schwab roll out live coaching. TD Ameritrade had live trading seminars that blew me away. It’s fantastic to see that at Schwab. I watched a session with James Boyd and he was on fire, asking questions of his audience and responding to them by name. That’s trading education in beast mode.
Customer service
To score Customer Service, StockBrokers.com partners with customer experience research firm Confero to conduct phone tests from locations throughout the United States. For this year's testing, 135 customer service tests were conducted over six weeks, with wait times logged for each call.
Customer service representatives were asked for assistance or details in several areas of broker services, including account opening, trading tools, apps, rollovers, active trading, and more. Here are the results for Charles Schwab.
- Average Connection Time: <1 minute
- Average Net Promoter Score: 9.3 / 10
- Average Professionalism Score: 8.6 / 10
- Overall Score: 9.1/ 10
- Ranking: 3rd of 13 brokers
Banking services
Charles Schwab offers convenient cash services. Its captive bank has over 400 service locations and is a registered member of the Federal Deposit Insurance Corporation (FDIC), which insures bank deposits up to $250,000.
| Feature | |
|---|---|
| Bank (Member FDIC)info | Yes |
| Checking Accountsinfo | Yes |
| Savings Accountsinfo | Yes |
| Credit Cardsinfo | Yes |
| Debit Cardsinfo | Yes |
| Mortgage Loansinfo | Yes |
Final thoughts
If you think of Schwab as your grandfather’s online broker (as I used to), you need a refresher (as I did). The Schwab of today feels 20 years younger. It’s now a vigorous competitor with responsive platforms, thought-provoking research and commentary, and a client experience to fit any preference.
Here are my top takeaways for Charles Schwab for 2024.
- Calling Charles Schwab an “online broker” is like calling Amazon an “online bookseller.” Schwab can provide you any level of service you want short of calling you with a hot stock tip, and, how often do hot stock tips work out, anyway?
- The TD Ameritrade acquisition is a win for Schwab customers.
- TD Ameritrade customers will be relieved to find a lot of TD Ameritrade DNA was retained by Schwab.
Is Charles Schwab good for beginners?
Charles Schwab is among our top five best trading platforms for beginners. New investors will benefit from Schwab's excellent research and support. There’s even live coaching for traders via Schwab Coaching on YouTube.
Does Schwab have hidden fees?
Schwab does not have hidden fees, but other firms, such as Fidelity, for example, do state their fees more clearly. Schwab’s pricing page is filled with footnotes. The broker also makes money from payment for order flow, or PFOF, as do almost all online brokers.
Is Schwab trustworthy?
Founded in 1971, Charles Schwab has a great history of reliability in the investment industry. It’s regulated by the Securities and Exchange Commission (SEC), the Financial Industry Regulation Authority (FINRA), and, for its banking services, the FDIC.
Does Schwab have the thinkorswim trading platform?
Yes, current Schwab clients and those coming from TD Ameritrade began to get access to the thinkorswim platforms in late 2023.
Was buying TD Ameritrade good for Schwab customers?
Based on our testing and analysis, yes. Schwab customers now have vastly upgraded trading abilities and educational content. With one less competitor in the marketplace, we could see Schwab and other large brokers testing higher fees.
Is Schwab cheaper than TD Ameritrade?
Schwab recently posted some examples of how its pricing of incidental items is less expensive than TD Ameritrade, which can be found here. Most of the cheaper items don’t occur that often (other than paper statements, which are free at Schwab).
Did Charles Schwab buy TD Ameritrade?
Yes, Schwab entered into an agreement to buy TD Ameritrade in November 2019. The deal closed in October 2020. Most TD Ameritrade accounts have already migrated to Schwab, with the remainder expected to migrate in the first half of 2024.
When will TD Ameritrade become Schwab?
TD Ameritrade is already an operating subsidiary of the Charles Schwab Corporation. If you are still a TD Ameritrade client, it’s likely because you are an active trader. We recommend you continue to use TD Ameritrade’s site until Schwab instructs you otherwise.
Can I transfer my TD Ameritrade account to Charles Schwab now?
Current TD Ameritrade clients can transfer their accounts to Charles Schwab until shortly before their account is automatically converted. That said, we don’t recommend doing so. You will save time by allowing the conversion to take place automatically, as that will allow your TD Ameritrade account preferences and information to transfer along with your assets.
What are the facts and figures for Schwab’s acquisition of TD Ameritrade? Schwab bought TD Ameritrade for approximately $26 billion of Schwab stock when the deal closed in October 2020. TD Ameritrade stockholders received 1.0837 shares of Schwab for each TD Ameritrade share. Upon closing its acquisition of TD Ameritrade in October 2020, Schwab announced the combined company held $6 trillion in customer assets within 28 million accounts and facilitated an average of five million trades daily.
How much money do you need to open a Charles Schwab account?
Schwab does not have a minimum deposit requirement to open an account. It also offers Stock Slices, which allow you to buy fractions of shares with as little as $5; and it offers mutual funds with minimum investments of $100.
Are Schwab Stock Slices worth it?
Yes, Stock Slices are worth considering, as they allow small investors to diversify their risks across different companies and industries. With over 500 stocks available, Stock Slices provide more than enough choices for individual stock investors. Some other brokers allow fractional share purchases of exchange-traded funds, which can offer even more diversification.
Is Charles Schwab good for day trading?
Charles Schwab is now an excellent broker for day trading. With Schwab’s acquisition of TD Ameritrade, Schwab customers can access the award-winning thinkorswim trading platforms and vastly expanded trading educational content.
About Charles Schwab
Schwab bought TD Ameritrade for approximately $26 billion of Schwab stock when the deal closed in October 2020. TD Ameritrade stockholders received 1.0837 shares of Schwab for each TD Ameritrade share. Upon closing its acquisition of TD Ameritrade in October 2020, Schwab announced the combined company held $6 trillion in customer assets within 28 million accounts and facilitated an average of five million trades daily.
Schwab does not have a minimum deposit requirement to open an account. It also offers Stock Slices, which allow you to buy fractions of shares with as little as $5; and it offers mutual funds with minimum investments of $100.
Yes, Stock Slices are worth considering, as they allow small investors to diversify their risks across different companies and industries. With over 500 stocks available, Stock Slices provide more than enough choices for individual stock investors. Some other brokers allow fractional share purchases of exchange-traded funds, which can offer even more diversification.
Charles Schwab is now an excellent broker for day trading. With Schwab’s acquisition of TD Ameritrade, Schwab customers can access the award-winning thinkorswim trading platforms and vastly expanded trading educational content.
Headquartered in Westlake, Texas, Charles Schwab was founded in 1971 and is one of the largest brokerage firms in the United States with more than 34 million active brokerage accounts and $7.65 trillion in total client assets as of October 2023. Charles Schwab is also a significant player in the retirement space. In October 2020 Schwab acquired fellow online broker TD Ameritrade, now a Schwab subsidiary.
Charles Schwab 2024 Results
For the StockBrokers.com 2024 Annual Awards, announced on Jan. 23, 2024, all U.S. equity brokers we reviewed were assessed on over 200 different variables across eight areas: Commissions & Fees, Investment Options, Platforms & Tools, Research, Mobile Trading, Education, Ease of Use, and Overall.
StockBrokers.com also presented “Best in Class” awards to brokers for additional categories Beginners, Options Trading, Futures Trading, Day Trading, IRA Accounts, Investor Community, Penny Stock Trading, Bank Brokerage, High Net Worth Investors, and Customer Service. A “Best in Class” designation means finishing in the top five brokers for that category.
For more information, see how we test.
Category awards
 | Overall | Research | Platforms & Tools | Mobile Trading Apps | Investment Options | Education | Ease of Use | Day Trading | Beginners | Customer Service | Futures Trading | IRA Accounts | Options Trading | Penny Stock Trading | High Net Worth Investors |
| Rank #1 | check | check | |||||||||||||
| Streak #1 | 2 | 1 | |||||||||||||
| Best in Class | check | check | check | check | check | check | check | check | check | check | check | check | check | check | check |
| Best in Class Streak | 9 | 13 | 11 | 1 | 10 | 1 | 2 | 1 | 2 | 3 | 1 | 5 | 1 | 1 | 1 |
Industry awards
| #1 Bond Research | #1 Desktop Stock Trading Platform | #1 Trader App |
|---|---|---|---|
| Rank #1 | check | check | check |
| Streak | 1 | 1 | 1 |
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StockBrokers.com Review Methodology
Our mission at StockBrokers.com is simple: provide thorough and unbiased reviews of online brokers, based on an extraordinary level of hands-on testing and data collection. Our ratings and awards are based on this data and our in-house experts’ deep authority in the field; brokers cannot pay for preferential treatment. Here’s more about trustworthiness at StockBrokers.com.
Our research team conducts thorough testing on a wide range of features, products, services, and tools for U.S. investors, collecting and validating thousands of data points in the process; this makes StockBrokers.com home to the largest independent database on the web covering the online broker industry. We test all available trading platforms for each broker and evaluate them based on a host of data-driven variables. All research, writing and data collection at StockBrokers.com is done by humans, for humans. Read our generative AI policy here.
As part of our process, all brokers had the annual opportunity to provide updates and key milestones and complete an in-depth data profile, which we hand-checked for accuracy. Brokers also were offered the opportunity to provide executive time for an annual update meeting.
Our rigorous data validation process yields an error rate of less than .001% each year, providing site visitors quality data they can trust. Learn more about how we test.
Charles Schwab fees and features data
The data collection efforts at StockBrokers.com are unmatched in the industry. The following tables show a deeper dive into the offerings available at this broker. You can also compare its offerings side-by-side with those of other brokers using our Comparison Tool.
In addition to meticulous annual data collection by our in-house analyst, every broker that participates in our review is afforded the opportunity to complete an in-depth data profile. We then audit each data point to ensure its accuracy.
Trading fees
| Feature | |
|---|---|
| Minimum Deposit | $0.00 |
| Stock Trades | $0.00 |
| Mutual Fund Trade Fee | Varies |
| Options (Base Fee) | $0.00 |
| Options (Per Contract) | $0.65 |
| Futures (Per Contract) | $2.25 |
| Broker Assisted Trade Fee | $25 |
Account fees
| Feature | |
|---|---|
| IRA Annual Fee | $0.00 |
| IRA Closure Fee | $0.00 |
| Account Transfer Out (Partial)info | $0.00 |
| Account Transfer Out (Full)info | $50.00 |
| Options Exercise Fee | $0.00 |
| Options Assignment Fee | $0.00 |
Margin rates
| Feature | |
|---|---|
| Margin Rate Under $25,000 | 13.575% |
| Margin Rate $25,000 to $49,999.99 | 13.075% |
| Margin Rate $50,000 to $99,999.99 | 12.125% |
| Margin Rate $100,000 to $249,999.99 | 12.075% |
| Margin Rate $250,000 to $499,999.99 | 11.825% |
| Margin Rate $500,000 to $999,999.99 | Varies info |
| Margin Rate Above $1,000,000 | Varies info |
Investment options
| Feature | |
|---|---|
| Stock Tradinginfo | Yes |
| Margin Trading | Yes |
| Fractional Sharesinfo | Yes |
| OTC Stocksinfo | Yes |
| Options Tradinginfo | Yes |
| Complex Options Max Legsinfo | 4 |
| Futures Tradinginfo | Yes |
| Forex Tradinginfo | No |
| Crypto Tradinginfo | No |
| Crypto Trading - Total Coinsinfo | 0 |
| Mutual Funds (No Load)info | 15163 |
| Mutual Funds (Total)info | 18145 |
| Bonds (US Treasury)info | Yes |
| Bonds (Corporate)info | Yes |
| Bonds (Municipal)info | Yes |
| Advisor Servicesinfo | Yes |
| International Countries (Stocks)info | 13 |
View More
Order types
| Feature | |
|---|---|
| Order Type - Marketinfo | Yes |
| Order Type - Limitinfo | Yes |
| Order Type - After Hoursinfo | Yes |
| Order Type - Stopinfo | Yes |
| Order Type - Trailing Stopinfo | Yes |
| Order Type - OCOinfo | Yes |
| Order Type - OTOinfo | Yes |
| Order Type - Broker Assistedinfo | Yes |
Beginners
| Feature | |
|---|---|
| Education (Stocks)info | Yes |
| Education (ETFs)info | Yes |
| Education (Options)info | Yes |
| Education (Mutual Funds)info | Yes |
| Education (Bonds)info | Yes |
| Education (Retirement)info | Yes |
| Retirement Calculatorinfo | Yes |
| Investor Dictionaryinfo | Yes |
| Paper Tradinginfo | No |
| Videosinfo | Yes |
| Webinarsinfo | Yes |
| Webinars (Archived)info | Yes |
| Progress Trackinginfo | Yes |
| Interactive Learning - Quizzesinfo | Yes |
View More
Stock trading apps
| Feature | |
|---|---|
| iPhone Appinfo | Yes |
| Android Appinfo | Yes |
| Apple Watch Appinfo | Yes |
| Trading - Stocksinfo | Yes |
| Trading - After-Hoursinfo | Yes |
| Trading - Simple Optionsinfo | Yes |
| Trading - Complex Optionsinfo | Yes |
| Order Ticket RT Quotesinfo | Yes |
| Order Ticket SRT Quotesinfo | No |
Stock app features
| Feature | |
|---|---|
| Market Movers (Top Gainers)info | Yes |
| Stream Live TVinfo | Yes |
| Videos on Demandinfo | Yes |
| Stock Alertsinfo | Yes |
| Option Chains Viewableinfo | Yes |
| Watch List (Real-time)info | Yes |
| Watch List (Streaming)info | Yes |
| Watch Lists - Create & Manageinfo | Yes |
| Watch Lists - Column Customizationinfo | Yes |
| Watch Lists - Total Fieldsinfo | 580 |
Stock app charting
| Feature | |
|---|---|
| Charting - After-Hoursinfo | No |
| Charting - Can Turn Horizontallyinfo | Yes |
| Charting - Multiple Time Framesinfo | Yes |
| Charting - Technical Studiesinfo | 373 |
| Charting - Study Customizationsinfo | Yes |
| Charting - Stock Comparisonsinfo | Yes |
Trading platforms overview
| Feature | |
|---|---|
| Active Trading Platforminfo | thinkorswim info |
| Desktop Trading Platforminfo | Yes |
| Desktop Platform (Mac)info | No |
| Web Trading Platforminfo | Yes |
| Paper Tradinginfo | No |
| Trade Journalinfo | Yes |
| Watch Lists - Total Fieldsinfo | 580 |
Trading platform stock chart features
| Feature | |
|---|---|
| Charting - Adjust Trades on Chartinfo | Yes |
| Charting - Indicators / Studiesinfo | 374 |
| Charting - Drawing Toolsinfo | 24 |
| Charting - Notesinfo | Yes |
| Charting - Index Overlaysinfo | Yes |
| Charting - Historical Tradesinfo | Yes |
| Charting - Corporate Eventsinfo | Yes |
| Charting - Custom Date Rangeinfo | Yes |
| Charting - Custom Time Barsinfo | Yes |
| Charting - Automated Analysisinfo | Yes |
| Charting - Save Profilesinfo | Yes |
| Trade Ideas - Technical Analysisinfo | Yes |
| Charting - Study Customizationsinfo | 35 |
| Charting - Custom Studiesinfo | Yes |
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Day trading features
| Feature | |
|---|---|
| Streaming Time & Salesinfo | Yes |
| Streaming TVinfo | Yes |
| Direct Market Routing - Stocksinfo | Yes |
| Ladder Tradinginfo | Yes |
| Trade Hot Keysinfo | Yes |
| Level 2 Quotes - Stocksinfo | Yes |
| Trade Ideas - Backtestinginfo | Yes |
| Trade Ideas - Backtesting Advinfo | Yes |
| Short Locatorinfo | Yes |
| Order Liquidity Rebatesinfo | No |
Investment research overview
| Feature | |
|---|---|
| Research - Stocksinfo | Yes |
| Research - ETFsinfo | Yes |
| Research - Mutual Fundsinfo | Yes |
| Research - Pink Sheets / OTCBBinfo | Yes |
| Research - Bondsinfo | Yes |
| Screener - Stocksinfo | Yes |
| Screener - ETFsinfo | Yes |
| Screener - Mutual Fundsinfo | Yes |
| Screener - Bondsinfo | Yes |
| Misc - Portfolio Allocationinfo | Yes |
Stock research features
| Feature | |
|---|---|
| Stock Research - PDF Reportsinfo | 7 |
| Stock Research - Earningsinfo | Yes |
| Stock Research - Insidersinfo | Yes |
| Stock Research - Socialinfo | Yes |
| Stock Research - Newsinfo | Yes |
| Stock Research - ESGinfo | Yes |
| Stock Research - SEC Filingsinfo | Yes |
ETF research features
| Feature | |
|---|---|
| ETFs - Strategy Overviewinfo | Yes |
| ETF Fund Facts - Inception Dateinfo | Yes |
| ETF Fund Facts - Expense Ratioinfo | Yes |
| ETF Fund Facts - Net Assetsinfo | Yes |
| ETF Fund Facts - Total Holdingsinfo | Yes |
| ETFs - Top 10 Holdingsinfo | Yes |
| ETFs - Sector Exposureinfo | Yes |
| ETFs - Risk Analysisinfo | Yes |
| ETFs - Ratingsinfo | Yes |
| ETFs - Morningstar StyleMapinfo | Yes |
| ETFs - PDF Reportsinfo | Yes |
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Mutual fund research features
| Feature | |
|---|---|
| Mutual Funds - Strategy Overviewinfo | Yes |
| Mutual Funds - Performance Chartinfo | Yes |
| Mutual Funds - Performance Analysisinfo | Yes |
| Mutual Funds - Prospectusinfo | Yes |
| Mutual Funds - 3rd Party Ratingsinfo | Yes |
| Mutual Funds - Fees Breakdowninfo | Yes |
| Mutual Funds - Top 10 Holdingsinfo | Yes |
| Mutual Funds - Asset Allocationinfo | Yes |
| Mutual Funds - Sector Allocationinfo | Yes |
| Mutual Funds - Country Allocationinfo | Yes |
| Mutual Funds - StyleMapinfo | Yes |
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Options trading overview
| Feature | |
|---|---|
| Option Chains - Basic Viewinfo | Yes |
| Option Chains - Strategy Viewinfo | Yes |
| Option Chains - Streaminginfo | Yes |
| Option Chains - Total Columnsinfo | 31 |
| Option Chains - Greeksinfo | 5 |
| Option Chains - Quick Analysisinfo | Yes |
| Option Analysis - P&L Chartsinfo | Yes |
| Option Probability Analysisinfo | Yes |
| Option Probability Analysis Advinfo | Yes |
| Option Positions - Greeksinfo | Yes |
| Option Positions - Greeks Streaminginfo | Yes |
| Option Positions - Adv Analysisinfo | Yes |
| Option Positions - Rollinginfo | Yes |
| Option Positions - Groupinginfo | Yes |
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Banking features
| Feature | |
|---|---|
| Bank (Member FDIC)info | Yes |
| Checking Accountsinfo | Yes |
| Savings Accountsinfo | Yes |
| Credit Cardsinfo | Yes |
| Debit Cardsinfo | Yes |
| Mortgage Loansinfo | Yes |
Customer service options
| Feature | |
|---|---|
| Phone Support (Prospect Customers)info | Yes |
| Phone Support (Current Customers)info | Yes |
| Email Supportinfo | Yes |
| Live Chat (Prospect Customers)info | No |
| Live Chat (Current Customers)info | Yes |
| 24/7 Supportinfo | Yes |
References
Schwab Acquisition of TD Ameritrade
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About the Editorial Team
Sam Levine, CFA, CMT
Sam Levine has over 30 years of experience in the investing field as a portfolio manager, financial consultant, investment strategist and writer. He also taught investing as an adjunct professor of finance at Wayne State University. Sam holds the Chartered Financial Analyst and the Chartered Market Technician designations and is pursuing a master's in personal financial planning at the College for Financial Planning. Previously, he was a contributing editor at BetterInvesting Magazine and a contributor to The Penny Hoarder and other media outlets.
Blain Reinkensmeyer
Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on StockBrokers.com and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets.
Carolyn Kimball
Carolyn Kimball is managing editor for Reink Media and the lead editor for the StockBrokers.com Annual Review. Carolyn has more than 20 years of writing and editing experience at major media outlets including NerdWallet, the Los Angeles Times and the San Jose Mercury News. She specializes in coverage of personal financial products and services, wielding her editing skills to clarify complex (some might say befuddling) topics to help consumers make informed decisions about their money.
Steven Hatzakis
Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.
