Things to consider
There are many aspects to assessing a broker’s services in general, maybe even too many to list. Below, we’ll focus on the most important criteria that should be taken into account when determining whether a broker is good for beginners.
A beginner-friendly broker should have:
- an excellent web and mobile trading platform
- low fees
- great educational tools
- good customer service
- an easy account opening process
- low minimum deposit
Legitimacy is also very important, but since we recommend only legit brokers regulated by top-tier financial authorities, this is one thing you don’t have to worry about.
More and more people are looking to become a player on financial markets either as traders or investors. However, when researching the basics, it can be easy to feel overwhelmed by the sheer amount of information available online.
This is where BrokerChooser offers a helping hand. The reason is simple: choosing the right service, especially when you are taking your first steps in trading, is highly important.
In this article we’ll check whether Charles Schwab is the right choice for a starting trader.
Confused about fees? Use this tool to see what the commission fee of a specific stock trade would be at Charles Schwab. To check and compare fees at other brokers, go to our main Fee calculator page.
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Is Charles Schwab good for beginners
Is Charles Schwab good for beginners?
Based on our scoring methodology, Charles Schwab is a broker that we can recommend for beginners.
Let's take a look at its services one by one, following the criteria we set above, to get the whole picture.
- 💻 When it comes to its web platform, Charles Schwab might suit the needs of beginners: User-friendly. Clear fee report. Price alerts. Overall, this platform may be an optimal choice for beginners.
- 📱 Sadly, Charles Schwab's mobile platform is not its strongest side, but there are a few positive aspects to it: User-friendly. Touch/Face ID login. Order confirmation. On the other hand, there are some things that could be improved: No price alerts.
- 🕖 An account opening process is great when it is seamless from the get-go. Charles Schwab does an excellent job in this area: Fast. Fully digital. No minimum deposit.
- 📚 Charles Schwab's education materials are a great place to start: Demo account. Trading platform tutorial. Educational videos. This makes Charles Schwab's material worthy reading.
- 📞 When you need help, one thing you should have immediate access to is customer service. Charles Schwab's customer service generally scored well on these points: Phone support. Live chat. Fast response time.
- 💰 Low minimum deposits and low-cost transactions are attractive for new traders. Charles Schwab's deposit and withdrawal processes have some good things to offer: Free withdrawal. No deposit fee. User-friendly. Nevertheless, its services could be improved in other areas: High fee for wire (bank transfer) withdrawals.
Is Charles Schwab good for beginners
Overview of Charles Schwab's services
Let’s take an overall look at how Charles Schwab compares to its peers when it comes to platforms, fees, account opening and education tools. Our scores are on a scale of 1.0 to 5.0, from worst to best.
| Charles Schwab | E*TRADE | Fidelity | |
|---|---|---|---|
| Web platform score | 4.3 stars | 4.5 stars | 4.5 stars |
| Mobile platform score | 4.2 stars | 4.5 stars | 5.0 stars |
| Fees | Low | Low | Low |
| Account opening score | 4.6 stars | 4.2 stars | 4.2 stars |
| Education score | 4.5 stars | 2.4 stars | 5.0 stars |
| Customer service score | 5.0 stars | 1.7 stars | 3.9 stars |
| Deposit and withdrawal score | 2.2 stars | 2.2 stars | 3.8 stars |
If you wish to read more about Charles Schwab, click 'Visit Broker' to go to the broker's website. We also have a detailed review of the broker that you can read by clicking on the 'More' button.
Is Charles Schwab good for beginners
Is Charles Schwab legit?
We hear more and more stories each day about clients who lost their money to scammers from Telegram or through unregulated services. BrokerChooser only features brokers that have top-tier financial regulators. As such, Charles Schwab is a legit and trusted broker.
If you’d like to know more, check out our deeper dive into Charles Schwab's legitimacy.
Is Charles Schwab good for beginners
Where can I find more information?
If Charles Schwab is not the right broker for you, go ahead and check out our picks for Best Brokers for Beginners in 2023 for some alternatives.
Also, if you feel that some things weren’t clear when it comes to the brokerage world, no worries. We have lots of content to cover your questions. You can find our articles in the Education section of our site.
For example, if you want to know how to buy shares online and how the whole process works, there’s an article about that. If you’d like to learn more about investing in stocks or what short selling is, we have articles about these topics too.
We have also written a few materials that focus on recent events in the news, like what a short squeeze is.
We hope you found all of the information above useful. If you have any questions, we’d love to hear from you, just write to us at [email protected]. See you there!
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