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Our top picks for Charles Schwab alternatives
Interactive Brokers
4.9
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Chase You Invest
4.5
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Charles Schwab Alternatives

The best alternatives to Charles Schwab are

  1. Interactive Brokers - US discount broker
  2. Chase You Invest - US-based discount broker
  3. Tradestation - US stockbroker

Let's see in a bit more detail how the Charles Schwab alternatives compare to Charles Schwab and each other:

Charles Schwab alternatives comparison
Charles Schwab Interactive Brokers Chase You Invest Tradestation
Overall score 4.8 4.9 4.5 4.7
Fees score 4.0 4.0 5.0 4.0
Account opening score 5.0 3.0 5.0 5.0
Deposit and withdrawal score 2.0 3.0 2.0 2.0
Web platform score 4.0 4.0 3.0 5.0
Markets and products score 3.0 5.0 2.0 2.0
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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
  • Interactive Brokers is recommended for traders looking for low fees and a professional trading environment
  • Chase You Invest is recommended for beginners and buy-and-hold investors focusing on the us stock market
  • Tradestation is recommended for traders focusing on us markets and buy-and-hold investing

Important factors of finding Charles Schwab alternatives

So far Brokerchooser has reviewed 57 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
Charles Schwab

Charles Schwab was founded in 1971 and it is a US discount broker listed on the New York Stock Exchange.

It is regulated by several top-tier financial authorities, such as the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA) and the Financial Conduct Authority (FCA).

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 Product selection covers only the US market
Great customer service Not well-structured educational platform

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Fees
4.0

Charles Schwab offers free stock and ETF trading, while some mutual funds and bonds are also free. Non-trading fees are also low. On the negative side, the fees for some mutual funds are quite high.
Pros Cons
Low non-trading fees High fees for non-free mutual funds
Free stock and ETF trading
Some mutual funds and bonds are free
Charles Schwab alternatives trading fees
Charles Schwab Interactive Brokers Chase You Invest Tradestation
US stock $0.0 $1.0 $3.0 $1.0
UK stock - $7.2 - -

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k

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Account opening
5.0

Opening an account at Charles Schwab is easy, fast and fully digital. For US-clients there is no minimum deposit. If you open an account outside the US, there is a $25,000 minimum deposit.
Pros Cons
Fast For non-US clients $25,000 minimum deposit
Fully digital
No minimum deposit
Charles Schwab alternatives minimum deposit and account open times
Charles Schwab Interactive Brokers Chase You Invest Tradestation
Minimum deposit $0 $0 $0 $500
Time to open account 1 day 1-3 days 1 day 1 day

Learn more about Charles Schwab minimum deposit here.

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Deposit and withdrawal
2.0

Transferring money is easy and user-friendly at Charles Schwab and there is no deposit fee. On the flip side, you can only use bank transfer and a high fee is charged for wire transfer withdrawals.
Pros Cons
No deposit fee High fee for wire (bank transfer) withdrawals
User-friendly
Charles Schwab and alternatives withdrawal options and fees
Charles Schwab Interactive Brokers Chase You Invest Tradestation
Bank Transfer Yes Yes Yes Yes
Credit/Debit card No No No No
Electronic wallets No No No No
Withdrawal fee $0 $0 $0 $35

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Web trading platform
4.0

Charles Schwab offers a good web-based trading platform with a clean design. On the flip side, there is no two-step (safer) login and the platform is not customizable.
Pros Cons
User-friendly No two-step (safer) login
Clear fee report Limited customizability (for charts, workspace)
Price alerts
Order confirmation
Charles Schwab - Web trading platform
Charles Schwab and alternatives trading platform scores
Charles Schwab Interactive Brokers Chase You Invest Tradestation
Web platform score 4.0 4.0 3.0 5.0
Mobile platform score 4.0 4.0 4.0 5.0
Desktop platform score 4.0 3.0 - 3.0

Learn more about Charles Schwab's web trading platform in the detailed Charles Schwab review.

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Markets and products
3.0

At Charles Schwab, you can trade with a lot of asset classes, from stocks to futures. Unfortunately, the product portfolio covers only US exchanges.
Charles Schwab and alternatives markets and products
Charles Schwab Interactive Brokers Chase You Invest Tradestation
Stock Yes Yes Yes Yes
ETF Yes Yes Yes Yes
Forex No Yes No No
Fund Yes Yes Yes Yes
Bond Yes Yes Yes Yes
Options Yes Yes No Yes
Futures Yes Yes No Yes
CFD No Yes No No
Crypto No Yes No No

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Verdict

Charles Schwab is one of the biggest discount US brokers regulated by top-tier regulators.

Reflecting the wave of introducing commission-free trading at the end of 2019, Charles Schwab charges no commission for stock and ETF tradesIts research is outstanding and covers many tools, including trading ideas and detailed fundamental data. The customer service is great, you will get relevant answers within a short time.

It has some drawbacks though. It charges high fees for some mutual funds and the product portfolio covers only US markets. Lastly, the educational platform is not well-structured. 

As the trading and non-trading fees are generally low, research tools are great and the account opening is seamless, feel free to try it.

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 4.0
Recommended for Investors and traders looking for solid research, low fees and great customer service

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Charles Schwab alternatives
Interactive Brokers

Interactive Brokers was founded in 1978 and is one of the biggest US-based discount brokers. The broker is regulated by several financial authorities globally, including top-tier ones like the UK's Financial Conduct Authority (FCA) and the US Securities and Exchange Commission (SEC).

As it has licenses from multiple top-tier regulators, the broker is considered safe. Also, having a long track record and publicly disclosed financials while being listed on a stock exchange are also great signs for its safety.

Recommended for traders looking for low fees and a professional trading environment

Pros Cons
Wide range of products Extremely complex desktop trading platform
Many great research tools Complicated account opening process
Regulated by several authorities Funding and withdrawal only via bank transfer

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Fees
4.0

Interactive Brokers has low trading fees and for US clients, stock and ETF trading is free. On the negative side, there is a high inactivity fee for non-US clients.
Pros Cons
Low trading fees Inactivity fee
Low stock and ETF fees
Low financing rate
Free stock and ETF trading for US clients
Charles Schwab vs. Interactive Brokers: Trading fees
Interactive Brokers Charles Schwab
Apple benchmark fee $2.2 $0.2
Vodafone benchmark fee $14.9 -
EURUSD benchmark fee $17.9 -

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

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Account opening
3.0

IB's account opening process is fully digital and the required minimum deposit is low. On the negative side, the online registration is complicated and account verification takes around 2 business days.
Pros Cons
Fully digital Not user-friendly
No minimum deposit for most accounts types Confusing messages throughout the process
Charles Schwab vs. Interactive Brokers: Minimum deposit, time to open an account
Interactive Brokers Charles Schwab
Minimum deposit $0 $0
Time to open account 1-3 days 1 day

If you are interested more in Interactive Brokers minimum deposit, this overview will help you.

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Deposit and withdrawal
3.0

Interactive Brokers offers many account base currency options and one free withdrawal per month. The main drawbacks are that you can only use bank transfer and the process is not user-friendly.
Pros Cons
No deposit fee Credit/Debit card not available
Several account base currencies Not user-friendly
First withdrawal each month free
Charles Schwab vs. Interactive Brokers: Withdrawal options
Interactive Brokers Charles Schwab
Bank Transfer Yes Yes
Credit/Debit card No No
Electronic wallets No No
Withdrawal fee $0 $0

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Web trading platform
4.0

Interactive Brokers's web platform is simple and easy to use even for beginners. On the negative side, it is not customizable.
Pros Cons
User-friendly Limited customizability (for charts, workspace)
Clear fee report
Two-step (safer) login
Web trading platform of Interactive Brokers, a Charles Schwab alternative
Charles Schwab vs. Interactive Brokers: Trading platform scores
Interactive Brokers Charles Schwab
Web platform score 4.0 4.0
Mobile platform score 4.0 4.0
Desktop platform score 3.0 4.0

Learn more about Interactive Brokers's web trading platform in the detailed Interactive Brokers review.

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Markets and products
5.0

Through Interactive Brokers you can access an extremely wide range of markets, with every product type available.
Charles Schwab vs. Interactive Brokers: Markets and products
Interactive Brokers Charles Schwab
Stock Yes Yes
ETF Yes Yes
Forex Yes No
Fund Yes Yes
Bond Yes Yes
Options Yes Yes
Futures Yes Yes
CFD Yes No
Crypto Yes No

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Verdict

Interactive Brokers is one of the biggest US-based discount brokers, regulated by several top-tier regulators globally. We recommend this broker for advanced traders.

On the plus side, IB has a vast range of markets and products available, with diverse research tools and low costs

There are some drawbacks though: you can only fund your account via wire transfer and the account opening process is complicated. The desktop platform is complex and hard-to-understand, especially for beginners.

If you have experience navigating complex platforms and you like transparent low-cost trading, Interactive Brokers could be a great fit for you.

Interactive Brokers
Summary Interactive Brokers is a US discount broker. It is listed on a stock exchange and regulated by several authorities, including top-tier ones like the FCA and the SEC.
Fees score 4.0
Recommended for Traders looking for low fees and a professional trading environment

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Charles Schwab alternatives
Chase You Invest

Chase You Invest is a  US-based discount broker released in 2018 by J.P. Morgan. The parent company, J.P. Morgan founded in 1985, is a US investment bank and is also listed on the New York Stock Exchange. It is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Chase You Invest is considered safe because the parent company has a long track record, is listed on the stock exchange, has a banking background, discloses its financials regularly and is regulated by top-tier regulators.

Recommended for beginners and buy-and-hold investors focusing on the us stock market

Pros Cons
Low trading fees Available only for US clients
Fast and fully digital account opening Limited product portfolio
Strong parent company Basic research tools

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Fees
5.0

Chase You Invest has low trading fees and low non-trading fees and you can also trade with mutual funds for free.
Pros Cons
Low trading fees None
Low non-trading fees
Low stock and ETF fees
Charles Schwab vs. Chase You Invest: Trading fees
Chase You Invest Charles Schwab
Apple benchmark fee $6.1 $0.2
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

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Account opening
5.0

Account opening at Chase You Invest is seamless and fully digital, it took us one day to have an open account but only US clients are accepted.
Pros Cons
Fast Only for US clients
Fully digital
No minimum deposit
Charles Schwab vs. Chase You Invest: Minimum deposit, time to open an account
Chase You Invest Charles Schwab
Minimum deposit $0 $0
Time to open account 1 day 1 day

If you are interested more in Chase You Invest minimum deposit, this overview will help you.

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Deposit and withdrawal
2.0

At Chase You Invest there is no deposit fee and transferring money is easy and user-friendly, but withdrawal can be improved. You can use only bank transfer and there is a high fee for wire withdrawals if you are a non-Chase client.
Pros Cons
No deposit fee Credit/Debit card not available
Quick deposit and withdrawal - within 3 days Only one account base currency
High wire withdrawal fee for non-Chase clients
Charles Schwab vs. Chase You Invest: Withdrawal options
Chase You Invest Charles Schwab
Bank Transfer Yes Yes
Credit/Debit card No No
Electronic wallets No No
Withdrawal fee $0 $0

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Web trading platform
3.0

Chase You Invest web trading platform is very easy-to-use and has a great search function. On the flip side two-step authentication, clear fee report and price alerts are missing.
Pros Cons
User-friendly No clear fee report available
Good search function No two-step (safer) login
Order confirmation Limited customizability (for charts, workspace)
Web trading platform of Chase You Invest, a Charles Schwab alternative
Charles Schwab vs. Chase You Invest: Trading platform scores
Chase You Invest Charles Schwab
Web platform score 3.0 4.0
Mobile platform score 4.0 4.0
Desktop platform score - 4.0

Learn more about Chase You Invest's web trading platform in the detailed Chase You Invest review.

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Markets and products
2.0

Chase You Invest has a limited product portfolio offering stocks, ETFs, funds and bonds. Unfortunately, the product portfolio covers only asset classes from the US market.
Charles Schwab vs. Chase You Invest: Markets and products
Chase You Invest Charles Schwab
Stock Yes Yes
ETF Yes Yes
Forex No No
Fund Yes Yes
Bond Yes Yes
Options No Yes
Futures No Yes
CFD No No
Crypto No No

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Verdict

Chase You Invest fees are great. You can trade with mutual funds for free and as a new client you have 100 commission-free trades for US-based stock and ETF in the first year. The account opening is easy, fully digital, and fast. J.P. Morgan is Chase You Invest's strong parent company. It has a banking background and listed on the New York Stock Exchange.

Chase You Invest has some drawbacks though. It is available only for US clients. The product portfolio is limited, covering only US markets and the stock, ETF, bond, and fund asset classes. Lastly, the research tools are basic. 

Speaking of account opening, the process is seamless, and Chase You Invest offers commission-free mutual funds and 100 commission-free stock and ETF trades, feel free to try it.

Chase You Invest
Summary Chase You Invest is a brokerage solution offered by J.P. Morgan Securities LLC (a J.P. Morgan affiliate), regulated by top-tier US authorities the SEC and FINRA. J.P. Morgan is a NYSE-listed company with a banking background.
Fees score 5.0
Recommended for Beginners and buy-and-hold investors focusing on the US stock market

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Charles Schwab alternatives
Tradestation

Tradestation is a US stockbroker founded in 1982. It is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Clients are eligible for up to $500,000 (cash up to $250,000) investor protection per account.

Tradestation is considered safe because it has a long track record, discloses its financials, and its parent company, the Monex Group is listed on the Tokyo stock exchange.

Recommended for traders focusing on us markets and buy-and-hold investing

Pros Cons
Great web and mobile trading platform Not user-friendly deposit and withdrawal
Low stock and ETF fees No forex trading
High-quality educational tools Poor customer service

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Fees
4.0

Tradestation has low trading fees and high non-trading fees. You can choose from multiple fee structures, but you still have to pay withdrawal.
Pros Cons
Low trading fees High non-trading fees
Low stock and ETF fees Withdrawal fee
Multiple fee structures to choose from
Charles Schwab vs. Tradestation: Trading fees
Tradestation Charles Schwab
Apple benchmark fee $2.2 $0.2
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

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Account opening
5.0

Tradestation account opening is fully digital, user-friendly, and fast. On the other hand, the minimum deposit is $500 and multiple base currencies are only available for futures accounts.
Pros Cons
Fast $500 minimum deposit
Fully digital Multiple base currencies only for futures accounts
User-friendly
Charles Schwab vs. Tradestation: Minimum deposit, time to open an account
Tradestation Charles Schwab
Minimum deposit $500 $0
Time to open account 1 day 1 day

If you are interested more in Tradestation minimum deposit, this overview will help you.

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Deposit and withdrawal
2.0

Tradestation's deposit and withdrawal could be better. For example, you can only use bank transfer and there is a high withdrawal fee. On the upside, the deposit is free and you can choose from multiple base currencies with a futures account.
Pros Cons
No deposit fee Credit/Debit card not available
Several account base currencies High withdrawal fee
Slow withdrawal - over 3 days
Charles Schwab vs. Tradestation: Withdrawal options
Tradestation Charles Schwab
Bank Transfer Yes Yes
Credit/Debit card No No
Electronic wallets No No
Withdrawal fee $35 $0

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Web trading platform
5.0

Tradestation has a good web trading platform. It is user-friendly and it looks nice, and it provides a two-step verification. On the flip side, it lacks price alerts.
Pros Cons
User-friendly No price alerts
Clear fee report
Two-step (safer) login
Web trading platform of Tradestation, a Charles Schwab alternative
Charles Schwab vs. Tradestation: Trading platform scores
Tradestation Charles Schwab
Web platform score 5.0 4.0
Mobile platform score 5.0 4.0
Desktop platform score 3.0 4.0

Learn more about Tradestation's web trading platform in the detailed Tradestation review.

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Markets and products
2.0

Tradestation gives you access to a wide variety of US products, but its non-US market coverage is not competitive. Forex, CFDs and cryptos are missing.
Charles Schwab vs. Tradestation: Markets and products
Tradestation Charles Schwab
Stock Yes Yes
ETF Yes Yes
Forex No No
Fund Yes Yes
Bond Yes Yes
Options Yes Yes
Futures Yes Yes
CFD No No
Crypto No No

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Verdict

Tradestation is a great US broker.

The web and mobile platforms are very user-friendly with many functions. It also offers low stock and ETF trading fees. Lastly, education is well-structured and high-quality. 

On the other hand, the deposit and withdrawal are not user-friendly and you can use only bank transfer. There is no forex trading, and the customer service is of poor quality.

Feel free to try Tradestation if you prefer trading on US markets. We recommend it for buy and hold investors with some experience.

Tradestation
Summary TradeStation is a US stockbroker regulated by FINRA, a top-tier US regulatory body.
Fees score 4.0
Recommended for Traders focusing on US markets and buy-and-hold investing

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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.

Charles Schwab alternatives
Broker Info Recommended for
Charles Schwab US discount broker Investors and traders looking for solid research, low fees and great customer service
Interactive Brokers US discount broker Traders looking for low fees and a professional trading environment
Chase You Invest US-based discount broker Beginners and buy-and-hold investors focusing on the US stock market
Tradestation US stockbroker Traders focusing on US markets and buy-and-hold investing

Still unsure? Use our broker finder and find the best broker for you or learn more about investing your money.

Gergely Korpos

Gergely Korpos

Co-founder, CPO

Author of this article

Gergely is the co-founder and CPO of Brokerchooser. His aim is to make personal investing crystal clear for everybody. Gergely has 10 years of experience in the financial markets. He concluded thousands of trades as a commodity trader and equity portfolio manager.

Everything you find on Brokerchooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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