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Our top alternative brokers to Charles Schwab
Interactive Brokers
4.9
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Chase You Invest
4.6
Our top alternative brokers to Charles Schwab
Interactive Brokers
4.9
Open account
Chase You Invest
4.6
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 4.6 4.7
Fees score 4.4 stars 4.0 stars 5.0 stars 4.1 stars
Account opening score 4.4 stars 3.4 stars 5.0 stars 5.0 stars
Deposit and withdrawal score 2.2 stars 3.5 stars 2.2 stars 2.3 stars
Web platform score 4.3 stars 4.3 stars 2.9 stars 4.5 stars
Markets and products score 3.3 stars 5.0 stars 2.1 stars 2.7 stars
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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 78 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 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), the Financial Industry Regulatory Authority (FINRA) and the UK's 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 Only US/Canada markets available
Great customer service Poorly-structured educational platform

Fees
4.4

Charles Schwab offers free stock and ETF trading, some mutual funds and bonds are also free, while non-trading fees are low. On the negative side, some mutual fund fees are quite high.
Pros Cons
Free stock/ETF trading High fees for non-free mutual funds
Some mutual funds and bonds are free
Low non-trading fees
Charles Schwab alternatives trading fees
Charles Schwab Interactive Brokers Chase You Invest TradeStation
US stock $0.0 $1.0 $0.0 $1.0
UK stock - $7.8 - -

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
4.4

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 alternatives minimum deposit and account open times
Charles Schwab Interactive Brokers Chase You Invest TradeStation
Minimum deposit $0 $0 $0 $1
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
2.2

Funding your account is easy and user-friendly at Charles Schwab and there is no deposit fee. However, you can only use bank transfer and there is a high fee for wire 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 $0

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Web trading platform
4.3

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 - Web trading platform
Charles Schwab and alternatives trading platform scores
Charles Schwab Interactive Brokers Chase You Invest TradeStation
Web platform score 4.3 stars 4.3 stars 2.9 stars 4.5 stars
Mobile platform score 4.2 stars 3.5 stars 3.9 stars 4.8 stars
Desktop platform score 4.0 stars 3.0 stars - 2.5 stars

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

Markets and products
3.3

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 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 No
Options Yes Yes Yes Yes
Futures Yes Yes No Yes
CFD No Yes No No
Crypto Yes Yes No Yes

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

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 4.4 stars
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, Interactive Brokers is considered safe. 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
Low trading fees Complicated account opening process
Wide range of products Complex desktop trading platform
Many great research tools High inactivity fee

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Fees
4.0

Interactive Brokers has low trading fees; 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
Free stock and ETF trading for US clients
Low margin rates
Charles Schwab vs. Interactive Brokers: Trading fees
Interactive Brokers Charles Schwab
Apple benchmark fee $2.3 $0.3
Vodafone benchmark fee $16.3 -
EURUSD benchmark fee $11.2 -

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
3.4

IB's account opening process is fully digital and the required minimum deposit is low. On the negative side, the process is complicated, and account verification takes relatively long.
Pros Cons
Fully digital Not user-friendly
No minimum deposit for most account 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
3.5

Interactive Brokers offers many account base currency options and one free withdrawal per month. The main drawback is that you can only use bank transfer.
Pros Cons
No deposit fee Credit/Debit card not available
Several account base currencies
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
4.3

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 4.3 stars 4.3 stars
Mobile platform score 3.5 stars 4.2 stars
Desktop platform score 3.0 stars 4.0 stars

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, and all product types are 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 Yes

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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 mainly for advanced traders.

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

There are some drawbacks, though: there is a high inactivity fee, and the account opening process is complicated. The desktop platform is complex and hard to get a handle on, especially for beginners.

If you have experience navigating complex platforms and enjoy 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 stars
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 established by J.P. Morgan in 2018. The parent company, J.P. Morgan, is one the biggest global Tier 1 investment banks 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
Commission-free US stocks, ETFs, funds and bonds Available only to US clients
Fast and fully digital account opening Limited product portfolio
Well-established parent company Basic research tools

Fees
5.0

Chase You Invest offers commission-free trading, but transaction and other smaller fees may apply.
Pros Cons
Low non-trading fees Low fees like transaction costs may be applied
Low stock and ETF fees
Commission-free stock, ETF, fund, and bond trades
Charles Schwab vs. Chase You Invest: Trading fees
Chase You Invest Charles Schwab
Apple benchmark fee $0.4 $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

More

Account opening
5.0

Account opening at Chase You Invest is seamless and fully digital. It took us one day to open an account, however 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
2.2

At Chase You Invest there is no deposit fee and transferring money is simple and easy, although withdrawal options could be more numerous.
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 accounts
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
2.9

Chase You Invest's web trading platform is exceptionally easy to use and it boasts a great search function. On the flip side, two-step authentication is missing, there are no clear fee reports and users can't set price alerts.
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 2.9 stars 4.3 stars
Mobile platform score 3.9 stars 4.2 stars
Desktop platform score - 4.0 stars

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

Markets and products
2.1

Chase You Invest has a limited product portfolio including stocks, ETFs, funds, bonds and options. Unfortunately, the product portfolio only includes assets traded on 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 Yes Yes
Futures No Yes
CFD No No
Crypto No Yes

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Verdict

Chase You Invest offers awesome fees: the broker does not charge additional fees for trading US stocks, ETFs, mutual funds and US bonds. Some very low charges may apply to cover costs imposed by regulatory or stock exchange authorities (e.g. $0.01 - $0.03 per $1,000 principal for US stocks and ETFs). 

The fully digital account opening is easy and fast, on-boarding is seamless. 

Chase You Invest's parent company, J.P. Morgan, has a banking background, is listed on the New York Stock Exchange and is regulated by the SEC. 

Chase You Invest has some drawbacks, though. It is only available to US residents, the product portfolio is limited, with a heavy focus on US markets and the research tools are basic. 

In a nutshell, Chase You invest offers low-cost trading and has one of the most solid parent companies. Your money will be safe, feel free to give it a try. 

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 stars
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 investor protection per account (including cash up to $250,000).

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 Okayish customer service

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Fees
4.1

TradeStation has low trading fees, and you can choose from multiple fee structures. On the negative side, withdrawals are costly and non-trading fees can be high.
Pros Cons
Low trading fees Withdrawal fee
Low stock and ETF fees Non-trading fees can be high
Multiple fee structures to choose from
Charles Schwab vs. TradeStation: Trading fees
TradeStation Charles Schwab
Apple benchmark fee $2.3 $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

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Account opening
5.0

TradeStation account opening is fully digital, user-friendly and fast. On the other hand, USD is the only available base currency (except for futures accounts).
Pros Cons
Fast Only USD accounts (unless you trade futures)
Fully digital
User-friendly
Charles Schwab vs. TradeStation: Minimum deposit, time to open an account
TradeStation Charles Schwab
Minimum deposit $1 $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
2.3

TradeStation's deposit and withdrawal functions are somewhat limited, as you can use only bank transfer; and the fee for wire transfer withdrawals is high.
Pros Cons
No deposit fee Credit/Debit card not available
Deposit and withdrawal in cryptocurrencies High fee for wire withdrawal
Only USD accounts (unless you trade futures)
Charles Schwab vs. TradeStation: Withdrawal options
TradeStation 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
4.5

TradeStation has a nice-looking, user-friendly web trading platform with a safe login process, but 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 4.5 stars 4.3 stars
Mobile platform score 4.8 stars 4.2 stars
Desktop platform score 2.5 stars 4.0 stars

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

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Markets and products
2.7

TradeStation grants access to a wide variety of US products, but its non-US market coverage is poor. Also, forex and CFDs are not available.
Charles Schwab vs. TradeStation: Markets and products
TradeStation Charles Schwab
Stock Yes Yes
ETF Yes Yes
Forex No No
Fund Yes Yes
Bond No Yes
Options Yes Yes
Futures Yes Yes
CFD No No
Crypto Yes Yes

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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. On top of that, TradeStation's education materials are well-structured and high quality.

On the other hand, the deposit and withdrawal functions are not user-friendly as you can only use bank transfer. There is no forex trading, and customer service has room for improvement.

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

TradeStation
Summary TradeStation is a US stockbroker regulated by FINRA, a top-tier US regulatory body.
Fees score 4.1 stars
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.

Author of this article

Ádám Nasli

Author of this article

Ádám is a motivated finance expert with over two years of experience in banking and investment, and a professional degree in this field. He's eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible.

Ádám Nasli

Broker Expert

Ádám is a motivated finance expert with over two years of experience in banking and investment, and a professional degree in this field. He's eager to help people find the best investment provider for them, and to make the investment sector as transparent as possible.

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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