Charles Schwab Review

Charles Schwab has earned its crown as the best overall brokerage firm, scoring top marks in nearly every category we evaluate. With the acquisition and seamless integration of TD Ameritrade, Schwab has entered a new era, delivering an unbeatable combination of advanced trading platforms, robust research, and investor-focused tools.

Schwab has something for every investor, and that’s no small feat. Need in-depth research? Schwab delivers. Fixed-income tools or advanced trading platforms? Check and check. Looking for education that’s not only top-notch but actually makes sense? Done. Schwab doesn’t just keep pace with the industry — it sets the standard, blending substance and value to be the best overall brokerage firm in the industry.

Pros & Cons

Overall summary

Charles Schwab is a top-rated broker on the following guides

• Best Stock Brokers
• Best Trading Apps
• Best for Beginners
• Best for Penny Stocks
• Best for High Net Worth
• Best for Day Trading
• Best for Futures
• Best for Options
• Best for Paper Trading

Range of Investments

From my point of view, Charles Schwab is the ultimate full-service brokerage firm, and that’s not a term I use lightly. When I think “full service,” I expect a wide array of investment products and account types, all of which Schwab delivers.

From an investment product perspective, you’ll find stocks (including fractional shares via “Stock Slices”), ETFs, mutual funds, options, bonds, CDs, futures, and even access to forex through thinkorswim. The only noticeable gap is cryptocurrency trading, but for most investors, Schwab’s expansive range of offerings more than compensates for it.

When it comes to account types, Schwab has too many to list. Individual accounts, traditional and Roth IRAs, rollover IRAs, spousal and beneficiary IRAs, 529 plans, custodial accounts, small business accounts, charitable accounts — you name it, they’ve got it. For even more details on its retirement services, head on over to our in-depth review of Charles Schwab's IRA.

One of Schwab’s standout features, though not unique to them, is their commitment to personalized support. Local branches, specialized representatives for fixed income and active trading, and dedicated high-net-worth advisors ensure you’re never left figuring things out on your own. Having spent years on an active trader desk myself, I know firsthand how invaluable access to these experts can be for investors navigating the market.

I also found Schwab’s Investor Starter Kit intriguing. It’s Investing 101 with a clever twist. When you open and fund your account, Schwab gives you $101 to split equally across the top five stocks in the S&P 500, along with tools and education to guide your next steps. It’s a creative way to help new investors hit the ground running. Schwab also offers automated investing options and tax-efficient strategies, making it accessible to every type of investor.

Commissions and fees

At Schwab, listed stock and ETF trades are $0, and options trades are priced at $0.65 per contract, standard pricing that aligns with the rest of the industry. In my opinion, zero-dollar commissions on stocks and ETFs are the baseline these days. What really sets Schwab and other brokerages apart isn’t the price point but the tools and research they offer.

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.

Mobile trading apps

In my view, Schwab’s mobile suite doesn’t just meet expectations — it exceeds them. While thinkorswim mobile may cater primarily to active traders, I’d argue it’s powerful enough to satisfy even the most demanding professionals. The flagship Schwab Mobile app, meanwhile, strikes a perfect balance for long-term and occasional investors, offering enough depth without overwhelming users.

Schwab Mobile: Everyday Investors

The flagship Schwab Mobile app is responsive, intuitive, and well-designed. It’s packed with data, live video feeds, and research to keep you informed. Upon opening the app for the first time, I was asked to choose my preferred start screen, and I immediately navigated to the market research page. This is smart integration. The market research within the app is a standout feature, with Schwab delivering a rich lineup that includes live videos from CNBC and the Schwab Network, daily market updates, and in-house commentary.

Schwab's leading education is fully integrated into the app. I could listen to one of the many podcast episodes, take a mobile-friendly course, and browse their Onward Magazine. When analyzing a stock, all the research I needed, including valuation metrics and in-depth research reports, was available directly in the app.

For those unsure of where to start, Schwab offers solutions to help you choose investments that go beyond simply highlighting market movers. You can even explore investment themes in greater depth, with themes presented as baskets of stocks with specific, predefined weightings — a nice and thoughtful integration.

thinkorswim Mobile: Active Traders

For active traders and technical analysis enthusiasts, the thinkorswim mobile app is a must have. With over 350 chart studies, real-time data, and customizable watchlists offering hundreds of column options, it’s a tool that can keep up with the most demanding trading styles. You can also take advantage of ladder trading, advanced order tickets, and pattern recognition for candlesticks and classic chart setups.

Options traders will appreciate the ability to build multi-leg spreads directly within the app, supported by 26 predefined strategies. While thinkorswim has fewer predefined strategies (17) than Schwab Mobile, it offers comprehensive customization with 31 columns for its options chain. The risk diagram, while tucked away at the bottom of the order ticket, provides sufficient functionality for assessing potential trades.

Schwab Assistant

The Schwab Assistant, an AI-powered tool within the Schwab Mobile app, adds a layer of convenience. You can use voice commands to check quotes, access market news, or even connect with a live representative. During my tests, it worked seamlessly, making basic tasks quicker and more intuitive.

Tap to see a demo of Schwab's mobile trading app in action.

Other trading platforms and tools

Now that the merger with TD Ameritrade is complete, thinkorswim (TOS) has taken Schwab’s trading tools to an entirely new level. Now part of Schwab’s lineup, the platform delivers unmatched depth and versatility.

Thinkorswim’s introduction to the self-directed landscape was a monumental moment for advanced traders. The trading platform was sold in 2009 and has only gotten better. One of thinkorswim’s most underrated features — and a key differentiator from competitors — is its ability to chart economic data like unemployment rates, inflation metrics, and manufacturing trends. These fundamental forces drive the technicals, and being able to visualize them alongside charts of the broader markets offers traders a richer understanding of what’s moving price. For technical enthusiasts who sometimes focus too heavily on patterns and indicators, this feature brings balance to market analysis.

Another standout is the earnings analysis tool, a personal favorite of mine. This tool overlays price action and volatility trends from past earnings reports with Wall Street analyst estimates and crowd-sourced ratings. For traders analyzing implied moves and historical performance (which, as we all know, is not indicative of future results), this tool is truly invaluable.

That said, thinkorswim’s sheer depth and pure awesomeness can be overwhelming for new users. My advice? Skip the trial-and-error approach and dive straight into the tutorials as they’re comprehensive and worth every second. Once you get the hang of it, the payoff is nothing short of transformative.

Schwab continues to innovate with tools that cater to all types of investors. Key additions like paper trading for Schwab users help bridge the gap for those looking to refine their skills before committing real capital. Features like social sentiment charts, real-time stock scans, and workspace sharing highlight the depth and thoughtfulness behind Schwab’s trading experience.

Research

When I assess the quality of research at a brokerage firm, I’m not just looking at the breadth of offerings. I’m asking: Is it useful? Is it written in plain language instead of foreign finance jargon? Can it translate into actionable decisions for the self-directed investor? Schwab’s research faced these tough questions and came out with a near-perfect score.

Macro Research (Broader Markets)

Let’s start with the macro. Schwab’s daily market update provides exactly the information I need to understand what’s moving the markets and where to focus my attention. It’s the first thing I want to read every morning. Schwab even offers an end-of-day podcast (yes, I subscribed) which provides a perfect mix of opinion, commentary, and education. Additionally, what sets the research apart is the “how to use this” methodology section, explaining how their insights can translate into actionable decisions.

The earnings calendar is another standout, offering a detailed view of prior year earnings, sorted by market cap and revenue. This layout made it easy for me to identify which companies and reports might have the biggest market-moving potential.

Idea Generation and Screeners

Next, I wanted to see how Schwab’s research helps investors turn macro insights into trade ideas. Schwab offers traditional screeners, predefined screens, and even screens for preferred securities.

The stock screener was phenomenal. I could filter for S&P 500 stocks based on forward-year P/E ratios, EPS growth, and revenue growth. It also does so not just for historical data, but for future projections too (which means it’s actually useful). While it’s full of acronyms, Schwab integrates dynamic explanations as you build the screen, making it a learning experience, too. This blend of functionality and contextual education is top-notch.

The fixed income screener was equally impressive and one of my favorite among brokers I’ve tested. It visualized the trade-offs between risk, duration, and yield in a way that was easy to understand. I could build a ladder with CDs or Treasurys and even view a yield curve complete with insights on the economic factors impacting it. Schwab also smartly included bond funds as a call-to-action for those who might prefer funds over individual fixed-income products.

Micro Research (Individual Securities)

Beyond baseline data, I had access to detailed analyst reports, consolidated analyst opinions, forward P/E ratios, short interest, dividend details, and an array of valuation metrics. Schwab also provides side-by-side comparisons with the company’s competitors, which is more than most brokers offer.

Funds and fixed-income products were given the same meticulous treatment. My favorite small feature? Schwab creates tabs for the securities and funds you’re analyzing, making it easy to switch between them without losing track of your research.

Fixed Income Analysis

Analyzing fixed income at Schwab is a dream. When searching for a bond, I was first presented with insights from Schwab’s experts on the state of the market, including macro trends like the Yen’s influence, historical bond prices, and yield curve peaks before Fed rate cuts. This level of depth helps bridge the gap between market events and individual investment decisions. Schwab’s tools provide ratings, watchlist alerts from agencies, and contextual education for corporate bonds, bond funds, CDs, munis, and Treasurys. It’s clear, actionable, and incredibly helpful for any investor navigating the fixed-income space.

Education

The standout feature for me was Schwab's educational courses. I typically open a course, skim through it, and move on. Not this time. I found myself fully engaged for four hours straight while exploring the Leading Economic Indicators course. It was that good. Schwab offers eight courses, each spanning 3 to 5 hours, with progress tracking, a table of contents, and assessment quizzes at the end.

For those who prefer live learning, Schwab is one of the few brokerages that offers a wide array of live and on-demand webinars. These sessions are frequent, interactive, and feature live Q&A, providing incredible value for investors looking to learn in real time. Schwab’s commitment to offering constant and accessible webinars nicely complements its broader educational offerings.

While Schwab’s content covering stocks, funds, and options is excellent, the organization could use some work. Important note: this is a theme with most brokerage firms. However, Schwab’s bond section is a notable exception. It’s structured in a way that makes learning about bonds intuitive and logical. The content flows from understanding who issues bonds and types of bonds to the role of the Federal Reserve and how market mechanics influence them.

Schwab’s macro education is polished, visually engaging, and incredibly useful. I stumbled across a video explaining how economic indicators work, and it was a masterclass in simplicity and clarity. The video used graphics and real-time market examples to break down complex topics, leaving self-directed investors with a clear understanding of how to apply what they learned.

Despite the occasional lack of organization, Schwab excels at strategically placing contextual education throughout the user experience. This integration, whether on research pages or within tools, matters more than having perfectly ordered categories. It ensures that when you need guidance or an explanation, it’s right there, woven seamlessly into the process.

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, 130 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 for prospective customers, 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: 9.1 / 10
• Average Professionalism Score: 9.0 / 10
• Overall Score: 9.08 / 10
• Ranking: 2nd of 13 brokers

Banking services

Charles Schwab’s banking solutions are thoughtfully designed for the modern investor. The Schwab Bank Investor Checking™ account offers unlimited ATM fee rebates worldwide and no foreign transaction fees—perfect for those who love to travel. It’s seamlessly linked to a Schwab One® brokerage account, making it easy to manage your finances in one place. Best of all, there are no monthly service fees or minimum balance requirements. Additionally, Schwab’s banking services have over 400 service locations and is a registered member of the Federal Deposit Insurance Corporation (FDIC), which insures bank deposits up to $250,000.

Final thoughts

Charles Schwab has set a new standard for what it means to be a full-service brokerage firm. From its seamless integration of thinkorswim for advanced trading to its best-in-class research and education, Schwab caters to investors of all levels with a thoughtful, well-rounded approach. Whether you’re diving into macroeconomic trends, exploring individual securities, or utilizing Schwab’s intuitive mobile and desktop platforms, the tools and resources are designed to empower self-directed investors to make confident, informed decisions.

Schwab’s ability to balance innovation with simplicity is what truly sets it apart. While there’s room for improvement, like expanding fractional shares and cryptocurrency offerings, it’s hard to deny the immense value Schwab provides. With its top-notch educational content, robust research tools, and a commitment to serving both beginner and high-net-worth clients, Schwab proves that it’s more than just a brokerage — all too well.

Here are my top three takeaways for Charles Schwab in 2025:

1. Thinkorswim Integration: The addition of thinkorswim has elevated Schwab’s trading tools to a whole new level. Whether you’re charting economic data, analyzing earnings, or exploring advanced trading strategies, thinkorswim provides the depth and versatility active traders need to succeed.
2. Comprehensive Research and Education: Schwab offers a variety of research “flavors,” from macro insights to detailed stock and fixed-income analysis. Its educational offerings, including immersive courses and live webinars, are polished, practical, and empowering, making it a standout for self-directed investors.
3. Full-Service Experience: Schwab seamlessly combines investing and banking with thoughtful features like the Schwab Bank Investor Checking™ account and top-tier services for high-net-worth clients. Its personalized support and attention to detail ensure that all investors feel supported and valued.

Read next

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• Best Futures Trading Platforms for 2025
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Popular Stock Broker Reviews

Did Charles Schwab buy TD Ameritrade?

Yes, Schwab entered into an agreement to buy TD Ameritrade for approximately $26 billion of Schwab stock in November 2019. The deal closed in October 2020. Schwab clients now gain access to TDA’s excellent thinkorswim platforms as well as vastly upgraded trading abilities and educational content.

Is Charles Schwab good for beginners?

Charles Schwab is rated as our best trading platform for beginners. New investors will benefit from Schwab's excellent research, education, and support. There’s even live coaching for traders via Schwab Coaching on YouTube.

Does thinkorswim have a Mac version?

Yes, I personally tested thinkorswim on both my MacBook Pro and MacBook Air, and it runs smoothly. There’s also a dedicated thinkorswim mobile app for iPhones and iPads, making it a great platform for Apple aficionados. thinkorswim also nabbed our award for the #1 Desktop Trading Platform for 2025 thanks to its powerful tools and features — an experience that extends seamlessly to Mac users.

Mac Users:

• Requires OS X 10.11 or later (Check by clicking the Apple menu > "About This Mac").
• Download and install the thinkorswim .dmg file from the official site.

Apple iPhone (iOS) Users:

• thinkorswim mobile is available for iPhone, iPad, and iPod Touch.
• Download it from the App Store by searching "thinkorswim" and tapping "Get."
• Once installed, the thinkorswim icon will appear on your device.

Does Schwab have hidden fees?

Schwab does not have hidden fees. Schwab’s pricing page is filled with footnotes that explains every intricacy of the fees charged for clarity. The broker also makes money from payment for order flow, or PFOF, which is normal for the industry with only a few notable exceptions like Fidelity.

Is Charles Schwab safe?

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.

Can you buy fractional shares on Charles Schwab?

Yes, Schwab’s fractional shares, called “Stock Slices,” allow smaller 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. That said, some brokers allow fractional share purchases of exchange-traded funds, which can offer even more diversification.

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.

About Charles Schwab

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 36 million active brokerage accounts, 5.4 million workplace plan participant accounts, 2.0 million banking accounts, and $9.92 trillion in client assets as of October 2024. In October 2020 Schwab acquired fellow online broker TD Ameritrade, now a Schwab subsidiary.

Charles Schwab 2025 Results

For the StockBrokers.com 2025 Annual Awards, announced on Jan. 28, 2025, all U.S. equity brokers we reviewed were assessed on over 200 different variables across seven areas: Range of Investments, Platforms & Tools, Research, Mobile Trading, Education, Ease of Use, and Overall.

StockBrokers.com also presented “Best in Class” awards to brokers in the following additional categories: Active Traders, Bank Brokerage, Beginners, Casual Investors, Customer Service, Futures Trading, High Net Worth Investors, Investor Community, Options Trading, Passive Investors, Retirement Accounts. A “Best in Class” designation means finishing in the top five brokers for that category.

For more information, see how we test.

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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.

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 or about StockBrokers.com.

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.

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