The best alternatives to Charles Schwab are
- E*TRADE - US stockbroker
- Fidelity - US stockbroker
- Merrill Edge - US discount broker
- TD Ameritrade - US-based stockbroker
Let's see in a bit more detail how the Charles Schwab alternatives compare to Charles Schwab and each other:
| Charles Schwab | E*TRADE | Fidelity | Merrill Edge | TD Ameritrade | |
|---|---|---|---|---|---|
| Overall score | 4.8 stars | 4.7 stars | 4.8 stars | 4.8 stars | 4.9 stars |
| Fees score | 4.2 stars | 4.1 stars | 3.7 stars | 4.4 stars | 4.1 stars |
| Account opening score | 4.6 stars | 4.2 stars | 4.2 stars | 5.0 stars | 4.0 stars |
| Deposit and withdrawal score | 2.2 stars | 2.2 stars | 3.8 stars | 2.2 stars | 2.2 stars |
| Web platform score | 4.3 stars | 4.5 stars | 4.5 stars | 4.3 stars | 4.3 stars |
| Markets and products score | 3.1 stars | 2.9 stars | 4.0 stars | 2.5 stars | 3.9 stars |
| Visit broker | Visit broker | Visit broker | Visit broker |
Why are these brokers considered good alternatives to Charles Schwab? There are many areas based on which Charles Schwab can be compared with others. When we say a given online broker is a good alternative to Charles Schwab we mean these brokers are comparable in the following areas:
- The products they offer, meaning you can buy mostly the same things, i.e. stocks, CFDs, options, etc.
- The type of clients they target, i.e. beginners, experienced investors, or day traders.
Charles Schwab alternatives recommendations
Brokers are different in a number of ways, which means each of them may be suitable for different people. Here's how they compare overall:
- Charles Schwab is recommended for investors and traders looking for solid research, low fees and great customer service
- E*TRADE is recommended for investors and traders looking for solid research and a great mobile trading platform
- Fidelity is recommended for investors and traders looking for solid research and great trading platforms
- Merrill Edge is recommended for investors and traders looking for low fees, quick account opening and simple platforms
- TD Ameritrade is recommended for investors and traders looking for solid research and a well-equipped desktop trading platform
Important factors of finding Charles Schwab alternatives
So far BrokerChooser has reviewed 101 online brokers in detail, which gives this comparison a solid starting point.
Not only that, but all of these brokers are reviewed using the exact same broker review methodology, which makes everything easily comparable. For each broker, we
- open a live account
- check over 100 criteria, with weighting based on readers' preferences
- refresh data regularly
Whether Charles Schwab or one of its alternatives is the best choice for you is on the following five broker characteristics that most interest people:
Fees. There are different types of fees that your online brokerage may charge, and both the number and the size of these fees may vary significantly from broker to broker. Both of these aspects can impact your returns and your overall experience. Charles Schwab is one of the cheaper brokers, so if this is an important consideration for you, make sure you pick a similarly low-cost Charles Schwab alternative.
Account opening. To open an account some brokers require at least €50,000 to be invested, while others don't set a minimum first-time deposit. The time it takes to open your account can be very different as well. At Charles Schwab this is not a problem as you can have it ready on the same day you registered.
Deposit/withdrawal. The number of ways that you can deposit or withdraw money to or from your account matters a lot. For example, while you cannot make a deposit with your credit card at Charles Schwab, some alternatives might allow you to do that.
Web trading platform. While online brokers are usually available on various platforms like mobile apps, tablet apps or desktop software, most people use them through their web platform in a browser. User-friendly trading platforms that offer many different resources can significantly increase your trading comfort.
Markets and products. A lot of people have specific products they would like to invest in. Knowing whether stocks, forex, mutual funds, and other products are available at the given Charles Schwab alternative is a must.
Now let's dive into the details of how Charles Schwab and its alternatives perform in the most important areas!
Charles Schwab alternatives
E*TRADE
E*TRADE is a US-based stockbroker founded in 1982. It is regulated by top-tier financial authorities such as the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
E*TRADE is considered safe because it has a long track record, is listed on a stock exchange, has a banking background, discloses its financials, and is overseen by top-tier US regulators.
In February 2020, E*TRADE was acquired by Morgan Stanley. To find out more about the motives behind the acquisition and about the wider market context, check out our article about the deal.
Recommended for investors and traders looking for solid research and a great mobile trading platform
| Pros | Cons |
|---|---|
|
• Low trading fees (free stock and ETF trading)
|
• Only US markets, no forex
|
|
• User-friendly mobile trading platform
|
• Only bank transfer
|
|
• Great research tools
|
• No email or live chat
|
Fees
E*TRADE offers free stock and ETFs trades; some bonds and mutual funds are also free to trade. Non-trading fees are low. On the negative side, fees for mutual funds that aren't free are high.
| Pros | Cons |
|---|---|
|
• Free stock and ETF trading
|
• High fees for non-free mutual funds
|
|
• Some mutual funds and bonds are free
|
|
|
• Low non-trading fees
|
|
| E*TRADE | Charles Schwab | |
|---|---|---|
| Apple benchmark fee | $0.3 | $0.3 |
| Vodafone benchmark fee | - | - |
| EURUSD benchmark fee | - | - |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX
Account opening
Account opening at E*TRADE (only available for US clients) is fully digital and user-friendly, but the account verification process is slow.
| Pros | Cons |
|---|---|
|
• Fully digital
|
• Slow account verification
|
|
• No minimum deposit
|
|
|
• User-friendly
|
|
| E*TRADE | Charles Schwab | |
|---|---|---|
| Minimum deposit | $0 | $0 |
| Time to open account | 1-3 days | 1 day |
If you are interested more in E*TRADE minimum deposit, this overview will help you.
Deposit and withdrawal
E*TRADE charges no deposit fees and transferring money is easy. On the negative side, you can only use bank transfer and there is a high fee for wire transfer withdrawals.
| Pros | Cons |
|---|---|
|
• No deposit fee
|
• Credit/Debit card not available
|
|
• User-friendly
|
• High fee for wire transfer withdrawal
|
| E*TRADE | Charles Schwab | |
|---|---|---|
| Bank transfer | Yes | Yes |
| Credit/debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal fee | $0 | $0 |
Web trading platform
E*TRADE has a great, user-friendly web trading platform, offering a clear fee report. On the negative side, it cannot be customized.
| Pros | Cons |
|---|---|
|
• User-friendly
|
• Limited customizability (for charts, workspace)
|
|
• Clear fee report
|
|
|
• Two-step (safer) login
|
|
| E*TRADE | Charles Schwab | |
|---|---|---|
| Web platform score | 4.5 stars | 4.3 stars |
| Mobile platform score | 4.5 stars | 4.2 stars |
| Desktop platform score | - | 4.0 stars |
Learn more about E*TRADE's web trading platform in the detailed E*TRADE review.
Markets and products
You can trade plenty of asset classes at E*TRADE from stocks to futures, but only on the US market; in addition, forex trading is not available.
| E*TRADE | Charles Schwab | |
|---|---|---|
| Stocks | Yes | Yes |
| ETFs | Yes | Yes |
| Forex | No | No |
| Funds | Yes | Yes |
| Bonds | Yes | Yes |
| Options | Yes | Yes |
| Futures | Yes | Yes |
| CFDs | No | No |
| Crypto | Yes | Yes |
Verdict
E*TRADE is one of the biggest US stockbrokers and is regulated by top-tier authorities.
E*TRADE offers commission-free trading for stocks and ETFs. The research functions are of high quality and channel a lot of tools, including trading ideas and strategy builders. We liked the easy handling and the customizable features of the mobile trading platform.
E*TRADE has some drawbacks though. It doesn't accept credit/debit cards and electronic wallets for money transfers and its product portfolio covers only US markets. In addition, its customer service lacks email or live chat and is not available 24/7.
As trading fees are generally low, research tools are great and no inactivity fee is charged, feel free to try E*TRADE.
| E*TRADE | |
|---|---|
| Summary | E*TRADE is a US stockbroker regulated by top-tier authorities SEC and FINRA. The company is listed on NASDAQ and has a banking background. |
| Fees score | 4.1 stars |
| Recommended for | Investors and traders looking for solid research and a great mobile trading platform |
Charles Schwab alternatives
Fidelity
Fidelity is a US stockbroker founded in 1946. It is regulated by top-tier authorities like the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
Fidelity is considered safe because it has a long track record and is regulated by top-tier financial authorities.
Recommended for investors and traders looking for solid research and great trading platforms
| Pros | Cons |
|---|---|
|
• Commission-free US stocks and ETFs
|
• High mutual fund fees and margin rates
|
|
• Great trading platforms and research
|
• Slower account verification
|
|
• US and international stocks
|
• Some products not available (e.g. futures)
|
Fees
Fidelity has low trading and non-trading fees, including commission-free US stock trading. On the negative side, margin rates and fees for some mutual funds can be high.
| Pros | Cons |
|---|---|
|
• Free stock and ETF trading
|
• High fees for non-free mutual funds
|
|
• Low bond fees
|
• High margin rates
|
|
• No inactivity fee
|
|
| Fidelity | Charles Schwab | |
|---|---|---|
| Apple benchmark fee | $0.3 | $0.3 |
| Vodafone benchmark fee | $21.1 | - |
| EURUSD benchmark fee | - | - |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX
Account opening
Opening an account at Fidelity is easy and there is no minimum deposit. You can also choose from many account types. However, account verification is a bit slow.
| Pros | Cons |
|---|---|
|
• No minimum deposit
|
• Slower account verification
|
|
• User-friendly
|
• Not fully digital in some cases
|
|
• Many account types
|
|
| Fidelity | Charles Schwab | |
|---|---|---|
| Minimum deposit | $0 | $0 |
| Time to open account | 1-3 days | 1 day |
If you are interested more in Fidelity minimum deposit, this overview will help you.
Deposit and withdrawal
Fidelity offers an exceptionally wide range of base currencies. On the negative side, credit/debit cards are not accepted.
| Pros | Cons |
|---|---|
|
• Free withdrawal
|
• Credit/Debit card not available
|
|
• No deposit fee
|
|
|
• Several account base currencies
|
|
| Fidelity | Charles Schwab | |
|---|---|---|
| Bank transfer | Yes | Yes |
| Credit/debit card | No | No |
| Electronic wallets | Yes | No |
| Withdrawal fee | $0 | $0 |
Web trading platform
Fidelity's web platform is easy to use, has many order types and provides two-step authentication. On the negative side, it is not customizable.
| Pros | Cons |
|---|---|
|
• User-friendly
|
• Limited customizability (for charts, workspace)
|
|
• Clear fee report
|
|
|
• Two-step (safer) login
|
|
| Fidelity | Charles Schwab | |
|---|---|---|
| Web platform score | 4.5 stars | 4.3 stars |
| Mobile platform score | 5.0 stars | 4.2 stars |
| Desktop platform score | 4.3 stars | 4.0 stars |
Learn more about Fidelity's web trading platform in the detailed Fidelity review.
Markets and products
Fidelity offers a lot of different trading products, from stocks to options, including international stocks. However, forex and futures trading is not available.
| Fidelity | Charles Schwab | |
|---|---|---|
| Stocks | Yes | Yes |
| ETFs | Yes | Yes |
| Forex | No | No |
| Funds | Yes | Yes |
| Bonds | Yes | Yes |
| Options | Yes | Yes |
| Futures | No | Yes |
| CFDs | No | No |
| Crypto | Yes | Yes |
Verdict
Fidelity is one of the biggest US stockbrokers and is regulated by top-tier authorities.
Fidelity offers commission-free US stocks and ETFs. The trading platforms and research are outstanding, with many tools including trading ideas and detailed fundamental data. The offered range of products includes international stock exchanges in addition to the US market, which is not common among US brokers.
Fidelity has some drawbacks, though. Some mutual funds have high fees, and the margin rates are high as well. You can't trade forex or futures.
As it has great research tools, a user-friendly web trading platform, and charges no inactivity fee, feel free to try Fidelity's services.
| Fidelity | |
|---|---|
| Summary | Fidelity is a US stockbroker. It is regulated by top-tier authorities SEC and FINRA. |
| Fees score | 3.7 stars |
| Recommended for | Investors and traders looking for solid research and great trading platforms |
Charles Schwab alternatives
Merrill Edge
Merrill Edge is a US-based brokerage platform launched in 2010 by Bank of America (BofA). BofA acquired Merrill Lynch during the 2008 financial crisis, and launched Merrill Edge to combine its online investing arm and Merrill Lynch's investment expertise.
Merrill Edge offers US stocks, ETFs, options and bonds. It is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
Merrill Edge is considered safe because its parent company is a bank with a long track record and solid reputation, it discloses its financials, and is regulated by top-tier authorities.
Recommended for investors and traders looking for low fees, quick account opening and simple platforms
| Pros | Cons |
|---|---|
|
• Low trading fees
|
• Limited to US clients and products
|
|
• Easy and seamless account opening
|
• No demo account
|
|
• Strong parent company
|
• Few options for deposit/withdrawal
|
Fees
Merrill Edge has overall low trading and non-trading fees, including commission-free stock and ETF trades. However, fund fees are quite high.
| Pros | Cons |
|---|---|
|
• Commission-free trading (stocks, ETFs)
|
• High fund fees
|
|
• Low non-trading fees
|
|
| Merrill Edge | Charles Schwab | |
|---|---|---|
| Apple benchmark fee | $0.3 | $0.3 |
| Vodafone benchmark fee | - | - |
| EURUSD benchmark fee | - | - |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX
Account opening
Account opening at Merrill Edge is seamless and fully digital; it took us less than a day to have an open account. Only US clients are accepted.
| Pros | Cons |
|---|---|
|
• Fast
|
• Only US clients are accepted
|
|
• Fully digital
|
|
|
• No minimum deposit
|
|
| Merrill Edge | Charles Schwab | |
|---|---|---|
| Minimum deposit | $0 | $0 |
| Time to open account | 1 day | 1 day |
If you are interested more in Merrill Edge minimum deposit, this overview will help you.
Deposit and withdrawal
Merrill Edge has an easy-to-use deposit and withdrawal system with a bank account connection. Unfortunately, credit/debit cards cannot be used to fund the account.
| Pros | Cons |
|---|---|
|
• Free withdrawal
|
• Credit/Debit card not available
|
|
• No deposit fee
|
• Slow withdrawal - over 3 days
|
|
• User-friendly
|
|
| Merrill Edge | Charles Schwab | |
|---|---|---|
| Bank transfer | Yes | Yes |
| Credit/debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal fee | $0 | $0 |
Web trading platform
Merrill Edge has a user-friendly and simple trading platform with a secure login and price alerts. However, it offers only limited customizability and the search function is not so advanced.
| Pros | Cons |
|---|---|
|
• User-friendly
|
• Limited customizability (for charts, workspace)
|
|
• Clear fee report
|
|
|
• Two-step (safer) login
|
|
| Merrill Edge | Charles Schwab | |
|---|---|---|
| Web platform score | 4.3 stars | 4.3 stars |
| Mobile platform score | 4.8 stars | 4.2 stars |
| Desktop platform score | 4.3 stars | 4.0 stars |
Learn more about Merrill Edge's web trading platform in the detailed Merrill Edge review.
Markets and products
Merrill Edge has a limited product portfolio that consists of stocks, ETFs, mutual funds and bonds. Unfortunately, the product lineup covers only the US market.
| Merrill Edge | Charles Schwab | |
|---|---|---|
| Stocks | Yes | Yes |
| ETFs | Yes | Yes |
| Forex | No | No |
| Funds | Yes | Yes |
| Bonds | Yes | Yes |
| Options | Yes | Yes |
| Futures | No | Yes |
| CFDs | No | No |
| Crypto | No | Yes |
Verdict
Overall, Merrill Edge is a solid, easy-to-use trading platform created by Bank of America, one of the US's largest banks.
We rated Merrill Edge highly due to its low fees, easy process of account opening, and reliability.
Some of the drawbacks include its limited product range, research capabilities and deposit/withdrawal options.
As trading and non-trading fees are generally low, the research tools are great and the account opening is seamless, feel free to try it.
| Merrill Edge | |
|---|---|
| Summary | Merrill Edge is a US-based broker owned by Bank of America (BofA). It is regulated by the top-tier SEC and FINRA; BofA is listed on the NYSE. |
| Fees score | 4.4 stars |
| Recommended for | Investors and traders looking for low fees, quick account opening and simple platforms |
Charles Schwab alternatives
TD Ameritrade
If you are an experienced trader looking for solid research and a well-equipped desktop trading platform, we definitely recommend TD Ameritrade.
Founded in 1975, TD is one of the biggest US-based stockbrokers and is regulated by top-tier authorities like the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) and the Commodity Futures Trading Commission (CFTC).
This online broker is considered safe as it has a long track record, is listed on a stock exchange, has a banking background, discloses its financials and is overseen by top-tier regulators.
Recommended for investors and traders looking for solid research and a well-equipped desktop trading platform
| Pros | Cons |
|---|---|
|
• Low trading fees (free stock and ETF trading)
|
• You can trade only on US markets
|
|
• Superb desktop trading platform
|
• Accounts mostly limited to US residents
|
|
• Great customer support
|
• No credit/debit cards and electronic wallets for money transfer
|
Fees
TD Ameritrade offers free stock and ETF trading, while forex, bond and options fees are also low. On the other hand, it charges high fees for non-free funds and futures.
| Pros | Cons |
|---|---|
|
• Low trading fees
|
• High fund fees
|
|
• Low non-trading fees
|
|
|
• Free stocks and ETFs
|
|
| TD Ameritrade | Charles Schwab | |
|---|---|---|
| Apple benchmark fee | $0.3 | $0.3 |
| Vodafone benchmark fee | - | - |
| EURUSD benchmark fee | $15.1 | - |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX
Account opening
TD Ameritrade offers many different account types and there is no minimum deposit for US citizens.
| Pros | Cons |
|---|---|
|
• Fully digital
|
None |
|
• No minimum deposit
|
|
|
• Many account types
|
|
| TD Ameritrade | Charles Schwab | |
|---|---|---|
| Minimum deposit | $0 | $0 |
| Time to open account | 1-3 days | 1 day |
If you are interested more in TD Ameritrade minimum deposit, this overview will help you.
Deposit and withdrawal
The account funding is user-friendly with no deposit fees; however, USD is the only available base currency and wire transfers incur a high fee.
| Pros | Cons |
|---|---|
|
• Free withdrawal
|
• Credit/Debit card not available
|
|
• No deposit fee
|
• Only one account base currency
|
|
• User-friendly
|
• High withdrawal fee for wire transfers
|
| TD Ameritrade | Charles Schwab | |
|---|---|---|
| Bank transfer | Yes | Yes |
| Credit/debit card | No | No |
| Electronic wallets | No | No |
| Withdrawal fee | $0 | $0 |
Web trading platform
TD Ameritrade offers a good web trading platform with a clean design. On the flip side, the platform is not customizable.
| Pros | Cons |
|---|---|
|
• User-friendly
|
• Limited customizability (for charts, workspace)
|
|
• Two-step (safer) login
|
|
|
• Good variety of order types
|
|
| TD Ameritrade | Charles Schwab | |
|---|---|---|
| Web platform score | 4.3 stars | 4.3 stars |
| Mobile platform score | 4.8 stars | 4.2 stars |
| Desktop platform score | 4.5 stars | 4.0 stars |
Learn more about TD Ameritrade's web trading platform in the detailed TD Ameritrade review.
Markets and products
You can trade many asset classes, from stocks to futures and forex, while nice extras include social trading and robo-advisory. On the other hand, only the US market is covered.
| TD Ameritrade | Charles Schwab | |
|---|---|---|
| Stocks | Yes | Yes |
| ETFs | Yes | Yes |
| Forex | Yes | No |
| Funds | Yes | Yes |
| Bonds | Yes | Yes |
| Options | Yes | Yes |
| Futures | Yes | Yes |
| CFDs | No | No |
| Crypto | Yes | Yes |
Verdict
TD is one of the biggest US online brokers and it charges no commission on stock and ETF trades.
Research and education are outstanding, the thinkorswim desktop platform is one of the best on the market, and customer service is great.
There are a few drawbacks, most notably high financing (margin) rates, and the fact that credit/debit cards and electronic wallets are not accepted for money transfers. Furthermore, the product portfolio covers only US markets.
We definitely recommend giving TD a try, especially as their education tools include a demo account.
| TD Ameritrade | |
|---|---|
| Summary | TD Ameritrade is a US stockbroker regulated by top-tier authorities SEC and FINRA. The company is listed on NASDAQ and has a banking background as part of the TD Group. The brokerage was acquired by Charles Schwab Corporation in 2020. Client account conversion is expected between April and September of 2023. |
| Fees score | 4.1 stars |
| Recommended for | Investors and traders looking for solid research and a well-equipped desktop trading platform |
Charles Schwab alternatives
Charles Schwab
Charles Schwab is a US discount broker that was founded in 1971 and is listed on the New York Stock Exchange.
It is regulated by several top-tier financial authorities, such as the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
Recommended for investors and traders looking for solid research, low fees and great customer service
| Pros | Cons |
|---|---|
|
• Free stock and ETF trading
|
• High fees for some mutual funds
|
|
• Outstanding research
|
• Only US/Canada markets available
|
|
• Great customer service
|
|
Fees
Charles Schwab offers free trading for stocks and ETFs, as well as some mutual funds and bonds, while non-trading fees are low. On the negative side, futures and some fund fees are high.
| Pros | Cons |
|---|---|
|
• Free stock/ETF trading
|
• High fees for non-free mutual funds
|
|
• Free trading for some funds/bonds
|
• High futures fees
|
|
• Low non-trading fees
|
|
| Charles Schwab | E*TRADE | Fidelity | Merrill Edge | TD Ameritrade | |
|---|---|---|---|---|---|
| US stock | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 |
| UK stock | - | - | $10.2 | - | - |
Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k
Account opening
Opening an account at Charles Schwab is easy, fast and fully digital. There is no minimum deposit for US clients, but other clients have to transfer a $25,000 minimum to start.
| Pros | Cons |
|---|---|
|
• Fast
|
• $25,000 minimum deposit for non-US clients
|
|
• Fully digital
|
|
|
• No minimum deposit
|
|
| Charles Schwab | E*TRADE | Fidelity | Merrill Edge | TD Ameritrade | |
|---|---|---|---|---|---|
| Minimum deposit | $0 | $0 | $0 | $0 | $0 |
| Time to open account | 1 day | 1-3 days | 1-3 days | 1 day | 1-3 days |
Learn more about Charles Schwab minimum deposit here.
Deposit and withdrawal
Funding your account is easy and user-friendly at Charles Schwab and there is no deposit fee, and withdrawal is free. Unfortunately, there is no option to use credit/debit cards or electronic wallets for deposits.
| Pros | Cons |
|---|---|
|
• Free withdrawal
|
• High fee for wire (bank transfer) withdrawals
|
|
• No deposit fee
|
|
|
• User-friendly
|
|
| Charles Schwab | E*TRADE | Fidelity | Merrill Edge | TD Ameritrade | |
|---|---|---|---|---|---|
| Bank transfer | Yes | Yes | Yes | Yes | Yes |
| Credit/debit card | No | No | No | No | No |
| Electronic wallets | No | No | Yes | No | No |
| Withdrawal fee | $0 | $0 | $0 | $0 | $0 |
Web trading platform
Charles Schwab offers a good web-based trading platform with a clean design. On the negative side, the platform is not customizable.
| Pros | Cons |
|---|---|
|
• User-friendly
|
• Limited customizability (for charts, workspace)
|
|
• Clear fee report
|
|
|
• Price alerts
|
|
| Charles Schwab | E*TRADE | Fidelity | Merrill Edge | TD Ameritrade | |
|---|---|---|---|---|---|
| Web platform score | 4.3 stars | 4.5 stars | 4.5 stars | 4.3 stars | 4.3 stars |
| Mobile platform score | 4.2 stars | 4.5 stars | 5.0 stars | 4.8 stars | 4.8 stars |
| Desktop platform score | 4.0 stars | - | 4.3 stars | 4.3 stars | 4.5 stars |
Learn more about Charles Schwab's web trading platform in the detailed Charles Schwab review.
Markets and products
At Charles Schwab, you can trade a lot of different asset classes, from stocks to futures. Unfortunately, the product portfolio covers only US and Canadian markets.
| Charles Schwab | E*TRADE | Fidelity | Merrill Edge | TD Ameritrade | |
|---|---|---|---|---|---|
| Stocks | Yes | Yes | Yes | Yes | Yes |
| ETFs | Yes | Yes | Yes | Yes | Yes |
| Forex | No | No | No | No | Yes |
| Funds | Yes | Yes | Yes | Yes | Yes |
| Bonds | Yes | Yes | Yes | Yes | Yes |
| Options | Yes | Yes | Yes | Yes | Yes |
| Futures | Yes | Yes | No | No | Yes |
| CFDs | No | No | No | No | No |
| Crypto | Yes | Yes | Yes | No | Yes |
Verdict
Charles Schwab is one of the biggest discount US brokers, regulated by top-tier authorities.
It was one of the first brokers, starting in late 2019, to charge no commissions for stock and ETF trades. Its research is outstanding, covering many tools, including trading ideas, Morgan Stanley analyst reports on equities, and detailed fundamental data. Customer service is great, providing relevant answers within a short time.
It does have some drawbacks, though. Except for the around 4,000 mutual funds that are free to trade, mutual fund costs are high and the product portfolio covers only US and Canadian markets. Lastly, the educational platform is not well-structured.
As trading and non-trading fees are generally low, research tools are great and the account opening is seamless, feel free to try Charles Schwab.
| Charles Schwab | |
|---|---|
| Summary | Charles Schwab is a US discount broker, regulated by top-tier US authorities the SEC and FINRA. The company is listed on the New York Stock Exchange and holds a banking license. |
| Fees score | 4.2 stars |
| Recommended for | Investors and traders looking for solid research, low fees and great customer service |
Charles Schwab alternatives
Bottom line
Based on our analysis, there are several good alternatives to Charles Schwab. They all offer similar products and target similar customers. Here's a recap of the results in a table.
| Broker | Info | Recommended for |
|---|---|---|
| Charles Schwab | US discount broker | Investors and traders looking for solid research, low fees and great customer service |
| E*TRADE | US stockbroker | Investors and traders looking for solid research and a great mobile trading platform |
| Fidelity | US stockbroker | Investors and traders looking for solid research and great trading platforms |
| Merrill Edge | US discount broker | Investors and traders looking for low fees, quick account opening and simple platforms |
| TD Ameritrade | US-based stockbroker | Investors and traders looking for solid research and a well-equipped desktop trading platform |
Still unsure? Use our broker finder and find the best broker for you or learn more about investing your money.
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