Charles Schwab Review (2025): New platform, New Features, Same Superior Service

No. This is not your father’s broker anymore. Don’t get me wrong, it’s still one of the most highly rated brokers around with a reputation for low costs and excellent customer service.

But with the acquisition of TD Ameritrade and its vaunted thinkorswim trading platform, Schwab made a quantum leap in technology, putting it among the top choices for investors and traders of every stripe. If you’ve always looked at Schwab as a competent but boring choice, it’s time for a second look. 

In this Charles Schwab review, I’ll show you everything you need to know about their amazing customer experience, cutting-edge trading platform, and unrivaled tools, education and resources. By the end, you’ll know if Charles Schwab is the right fit for your trading and investing needs.

Let’s dive in.

Charles Schwab, a discount brokerage with a premium experience

Charles Schwab’s newly revamped look and feel is more than just a shiny coat of paint. This full-service broker has always nailed the fundamentals. But new trading technology and a customer experience that’s second to none make it a leading contender for all but the most specialized traders.

About Charles Schwab:
Charles Schwab has been around since 1971. As of August 2024, it was the largest US broker in terms of assets under management, boasting over 36 million active brokerage accounts and a whopping $9.4 trillion in AUM. Despite its full-service chops, it operates as a discount brokerage with zero-commission trades and thousands of no-transaction-fee mutual funds. Its customer-centric focus shines through in its easy-to-use, award-winning trading platforms, comprehensive education and research resources, and 24/7 live customer service.

Pros
Award-winning trading platforms and apps
Access to wide range of assets including forex and some international markets
Excellent educational resources including live coaching
Top-notch original and third-party research
Fully integrated banking and borrowing services plus advisory services at budget-friendly prices
Cons
Low yield on uninvested cash
High margin rates
No direct access to crypto
Fractional shares limited to S&P 500 stocks
INVESTMENT OPTIONS & MARKETS
88 %
COMMISSIONS & FEES
95 %
TRADING PLATFORM
90 %
TRADING APP
92 %
TOOLS & RESOURCES
99 %
FAST FACTS
Account Minimum:
$0
Interest on Uninvested Cash:
0.5%
Inactivity Fee: None
Platforms: thinkorswim web, desktop & mobile; Schwab web and mobile app
Commission-Free Trading: Stocks, ETFs, mutual funds, options
(+ $0.65 contract fee)
Futures Fees:
$2.25
Options Fees: $0 commission, $0.65 per contract; $25 broker-assisted trade fee
Margin Rates: As of 9/20/24,
base rate of 11.25% plus 1.825% for debit balance up to $25,000,
+1.325% for $25,000-$50,000;
+0.325% for $50,000-$100,000,
+0.325% for $100,000-$250,000;
+0.075% for $250,000-$500,000
Cryptocurrency Trading: No direct access, can trade crypto mutual funds and ETFs, crypto coin trusts, and crypto futures in futures-enabled accounts
Geographic Availability: USA
Other Unique Features: Schwab offers Stock Slices fractional shares for as little as $5,
zero-fee robo-advisor Intelligent Portfolios, wealth management and private banking services,
plus seamlessly integrated full-service banking and borrowing solutions
Disclaimer

Trading carries significant risks, including the potential loss of your initial capital or more. Most traders lose money, and trading is not a guaranteed path to wealth. Products like FOREX and CFDs are complex and involve leverage, which can magnify gains and losses. CFD trading is banned in many countries, including the United States.

Our take

If there’s such a thing as a broker that’s suitable for just about everyone, Charles Schwab might be it.

Whether you are an active trader, an experienced long-term investor, or a newbie looking for a fast and easy way to invest your pocket change, Schwab has platforms and products for you. 

Schwab gets a lot of things right, most especially its educational content and resources. Its already comprehensive education offering got a huge boost with the acquisition of TD Ameritrade. The Schwab Knowledge Center covers everything from technical analysis and derivatives strategies to robo portfolios and retirement planning in the formats you prefer: articles, podcasts, webinars, in-person events, and more.

Even better, Schwab offers free access to trading professionals in a live, interactive environment with Schwab Coaching. Research tools are equally solid and thoughtful, with access to insights and analysis by Schwab and top independent providers. 

The flagship Schwab.com and Schwab mobile app are well-designed, user-friendly platforms with a host of essential and nice-to-have features including screeners, alerts, research, and commentary. Everyday investors have everything they need in one intuitive package. 

While some long-time Schwab clients were sad to see the end of the legacy StreetSmart trading platforms, the general consensus is thinkorswim represents a massive upgrade. With a customizable workspace and more than 350 chart studies, thinkorswim is on par with top-of-the-line active trading platforms like TradeStation. Only the most sophisticated traders will find any functionality gaps. 

As a full-service broker, Schwab offers virtually every type of account, including retirement, education, small business, and custodial. They are also widely recognized for their seamless banking and borrowing integration and innovative wealth management solutions. And they have a strong brick-and-mortar presence with over 400 US locations, so you can do business in person if you prefer or by phone with a live agent 24/7

There are some pricing transparency issues, especially around mutual funds. While there are no commissions on mutual funds on the OneSource platform, you can pay up to $74.95 if you purchase other funds. Other unexpected fees include a $5 charge for trades placed with the automated phone system—but really, who does that anymore?—and $50 for a full transfer out of assets. 

What we love about Schwab is that it’s such an easy fit for just about every type of trader or investor. If you’re new to the market and you need a lot of hand-holding and support, Schwab has you covered. If you’re an experienced trader looking for advanced technology and tools, Schwab’s got that, too. 

On the other hand, if you’re a crypto trader or specialize in one of the currencies or markets outside the Schwab Global Account or International Trading Desk, you are out of luck. 

Ultimately, Charles Schwab was always an excellent choice for investors, but the addition of TD Ameritrade’s trading tech catapulted it to the top for traders, too. If you’ve always thought of Schwab as the solid but stodgy broker your grandparents prefer, it’s time you reconsidered. 

Charles Schwab: A Quick Overview

Minimum deposit
$0

No account minimum and no maintenance fees; fast and easy account opening
Types of accountsBrokerage, retirement (traditional, Roth, rollover, small business, inherited, self-directed brokerage account), educational, custodial, among others
Investment Options and Tradable Markets
88%
Stocks, fractional shares (S&P 500 only), OTC stocks, ETFs, mutual funds, bonds, options, futures, forex, global (30 markets), robo portfolios. Note: No direct crypto access
Commission and fees
95%
$0 commission trades for listed stocks, ETFs, and OneSource mutual funds$6.95 OTC stocks$0.65 options contracts$2.25 futures contracts$0 commission forex (applied spread)$1 bond/$25 minimum/$250 maximum
Trading platform
90%
Two platforms, one for everyday investors, one for intermediate to advanced users; both well-designed with easy-to-use interfaces
Mobile app
92%
Two versions to match the trading platforms; full-featured with superior UX
Trading tools and resources
99%
350+ charting studies, 24 drawing tools, 35 customizations, 450 technical indicators, Level II quotes, predefined and customized screeners, original and third-party commentary, live-streaming news, on-demand and live education
Paper trading account
✅ 
Yes, available with thinkorswim
Customer reviews
1.5/5 on Trustpilot https://www.trustpilot.com/review/schwab.com
Surprisingly low score with no consistent theme; some complaints about retiring StreetSmart and glitches with the thinkorswim rollout.

Investment Options and Markets

Charles Schwab offers a broad range of investment options, catering primarily to US-focused traders. Here’s a breakdown:

Trading InstrumentAvailabilityDescription
Stocks✅ Easily trade listed and OTC US stocks, plus buy and sell in 30 global OTC markets with the Schwab Global Investing Desk. Trade directly in 12 global markets with a Schwab Global Account. Additional fees apply for international trades.
Fractional Shares✅ Schwab Stock Slices permits fractional shares with as little as $5; however, fractional shares are currently limited to S&P 500 stocks
ETFs✅ Trade 2,000+ $0 commission ETFs across a broad range of markets plus 25 low-cost Schwab ETFs. ESG ETFs also available.
Options✅ Available with options-enabled accounts. Platform allows single and multi-leg orders and includes options screeners, indicators, and studies, plus tools to see liquidity changes and simulate risk. Over 25 strategies built in under the Options tab. 
Futures✅ Available with thinkorswim platform/app in a futures-enabled account; futures tools include a bid/ask ladder, one-click order entry, advanced order types, and customized charting. 
Forex✅ Trade 65+ currency pairs commission-free; specialized forex education and tools on thinkorswim. Forex specialists available by phone 24/7 Monday through Friday.
CryptocurrenciesNo direct crypto trading; however, you can trade crypto ETFs and mutual funds as well as cryptocurrency futures and crypto coin trusts. 
Commodities✅ You can trade certain commodity futures and ETFs
CFDsCFDs are banned in the U.S.
Margin Trading✅ Margin trading is available with at least $2,000 in cash or securities in your account. Maximum leverage of 2:1. Schwab also requires that the equity in the account is at least 30% of the current market value of the security. 
Short Selling✅ You can take short positions with a margin-enabled account. Schwab may charge a stock borrow fee. 
Automated TradingYes, you can create automated trading algorithms in thinkorswim
International Markets✅ Trade in 30 international markets with the Global Investing Desk (fees apply) or directly trade in 12 international markets with a Schwab Global Account

Broker’s Commissions and Fees

Charles Schwab offers zero-commission trading for stocks, ETFs, and mutual funds, making it a competitive choice for budget-conscious investors. However, fees for options and futures trading are on par with other discount brokers. If you’re a high-volume trader, you might find more favorable rates elsewhere, particularly for per-contract pricing. One potential downside is that funds outside Schwab’s OneSource mutual fund platform can cost as much as $74.95 to purchase.

For margin traders, it’s worth noting that Schwab’s margin rates tend to be higher than average, while yields on uninvested cash are relatively low. As of this review, the margin rate was around 13% for debit balances up to $25,000, and cash yield was a modest 0.5%.

Schwab offers competitive pricing, but if fees and commissions are a deciding factor for you, don’t miss our Schwab vs. Interactive Brokers comparison to see which broker provides the best value.

Trading Platform

The Schwab.com trading platform is designed to be user-friendly, featuring an uncluttered interface and easy navigation. The account summary page provides a comprehensive view of your holdings, and you can even link external accounts to get a holistic financial snapshot. The customizable positions page lets you quickly buy, sell, chart, and set alerts, making it efficient for managing multiple accounts. On the app, streaming market data is readily available on the positions screen.

The platform’s customizable watchlist feature is robust, allowing up to 50 watchlists, each with 300 symbols and 15 data points. For research enthusiasts, the research tab is packed with Schwab’s proprietary research, third-party reports, and comprehensive screeners for stocks, funds, and mutual funds. If you’re new to investing, the “how-to” tab offers clear tutorials on using these tools effectively.

A standout feature is the SnapTicket tab, which gives you instant access to streaming data and enables quick trade execution without leaving your workflow. SnapTicket also supports single and multi-leg options chains, and the integrated trade ticket offers handy features like a trade and probability calculator.

The new integration of the thinkorswim platform elevates Schwab’s offering significantly. It boasts powerful charting and drawing tools, a library of nearly 450 technical indicators, and a unique Price Time Filtering bar chart available exclusively on thinkorswim. Since acquiring thinkorswim, Schwab has been actively enhancing the platform, adding new features like a sticky header on the positions page that helps keep your columns visible as you scroll through your holdings.

For options traders, the new OC (Options Chain) button on the chart page opens a fully tradable options chain right beneath the stock chart, making it easy to view and trade options in real-time. If you’re a fan of the classic thinkorswim layout from the TD Ameritrade days, the familiar dark color scheme and customizable fonts are still available, ensuring a smooth transition for long-time users.Of note, thinkorswim has a very robust paper trading feature available in both the web and mobile app. Paper trading is not available on the flagship platform. 

Mobile App

Schwab offers two mobile trading apps that provide a nearly seamless experience when transitioning from desktop to mobile. Available on iOS and Android, the apps are intuitive and user-friendly, though some advanced desktop functionalities, like certain order types and predefined options strategies, are not fully mirrored. Despite this, the mobile apps are equipped to handle most trading activities, ensuring you can stay on top of your portfolio anytime, anywhere.

Customizing watchlists is straightforward, and setting up alerts is just a few taps away. The thinkorswim app, in particular, stands out for its robust options trading capabilities, supporting 17 predefined strategies and over 30 customizable columns, with up to four legs per trade.

Schwab’s Market Insights page offers a wealth of market commentary, research, and live video feeds from the Schwab Network and CNBC. It’s a great way to digest market analysis when you need a break from trading. Additionally, the Schwab Assistant—an AI-powered tool in the Schwab mobile app—responds to voice commands, helping you access quotes, answer basic questions, or connect with a live agent if needed.

Trading Tools & Resources

It goes without saying that both trading platforms offer a full array of order types to support most every trading strategy. Placing trades with the all-in-one ticket is easy and intuitive, the order routing process is transparent, and execution is fast. Schwab claims an execution quality rating of 96.6% on its website. Note that they do make money on payment for order flow (PFOF). 

We’ve already touched on the impressive array of charting capabilities; thinkorswim rivals standouts like Fidelity in the charting department. You can also code your own using ThinkScript if you can’t find what you need (highly unlikely). 

paperMoney, the virtual trading experience, is new this year. You get $100k to play with and you can practice with stocks, options, futures, and forex using real-time market data to perfect your strategies. 

Thinkorswim desktop has advanced features like social sentiment charts and earnings analysis that plot price action, volatility, and earnings per share estimates over actual results. My personal favorite is the thinkOnDemand backtesting tool that lets you simulate trading with historical data going back as far as 2009. Using it is as simple as clicking the OnDemand button on the upper right side of your trading screen. 

These features are desirable but not entirely unique to Schwab, though. You’ll find variations of them with most of the premier online brokerages. What the competition doesn’t have, however, is Schwab Coaching. I’ve found this to be an incredible value-add and a true differentiator. 

Every week, Schwab hosts about 30 live interactive webcasts and virtual workshops with trading experts that help you become a better trader or investor. Topics run the gamut from economic insights and analysis to technical indicators and advanced options strategies. There’s frequently a live Q&A and an opportunity to watch over the expert’s shoulders as they demonstrate new features and favorite strategies. You can even participate in in-person events at locations around the country where you can meet like-minded traders and swap war stories.

And if you’re the sort who likes a little more personal guidance and you have $25,000 to invest, you can get Schwab Intelligent Portfolios Premium, a robo-portfolio with unlimited guidance from a Certified Financial Planner that costs just $30 a month with a one-time $300 set-up fee. 

Charles Schwab Customer Reviews

Charles Schwab is one of the largest and most respected brokers in the US—their 36 million active accounts and $9.6 trillion in assets under management dwarf competitors like Fidelity ($5.5 trillion in AUM) and e-Trade ($480 billion in AUM). 

So it’s somewhat surprising that reviewers on Trustpilot take such a dim view of the company. Charles Schwab has a desultory rating of 1.5 out of 5 stars with users complaining about everything from the $50 transfer out fee to the unpaid promotional credit for new account opening. 

I want to advise others to be very cautious about Charles Schwab’s promotions. Their customer service is unreliable, and the process feels like a trick to get people to sign up without delivering on the advertised offer.”  September 18, 2024

“During the crowdstrike debacle Schwab was down for an entire day of options expiration. They would not fix the problem satisfactorily. I then transferred my assets to etrade. And, on the way out they charged me 50 bux to do the paperwork.” August 24, 2024

“ There was no reason why Charles Schwab could not keep the TdAmeritrade interface or even let users select which interface they would like to have. I miss my old brokerage account that was taken from me.” August 5, 2024

On the other hand, some customers give Schwab rave reviews:

“We have brokerage and bank accounts. Have found their 24/7 phone help excellent.”  August 22, 2024

“Gold Standard for Customer Service. Schwab is the best. Period. They hire smart, motivated, hardworking people, train them well, and teach them to solve problems, not create them. Sure, I’ve had some issues with Schwab in the past, but each time I’ve called and got a real human being who actually knew their job! And wanted to help. And did help.” June 2, 2024

“I’ve been with Charles Schwab since 2006. While they were behind the times then, they made up for it with excellent customer service which is why I kept them as my main bank/broker. Since then, they have really grown significantly technology-wise, and really love their current features in both banking and trading/investment.” May 20, 2024

Final thoughts

Charles Schwab excels at everything most investors and traders want from a broker.

It’s a discount broker with a premium trading experience and state of the art technology. Its educational resources and customer service are virtually unrivaled. And with its full suite of banking and borrowing services, you really don’t need to go anywhere else to manage your money. 

If you’re in the 1% of traders who specialize in niche markets or trade options or futures in high volumes, you might be better served with a broker that specializes in your particular trading style. While contract fees for options and futures are low and competitive, there are other brokers who can beat them for volume traders. The lack of direct crypto access will also be a deal-breaker for some. 

But for everyone else, there’s something to love about Charles Schwab. Beginners get the extremely easy-to-use and intuitive flagship platform and app, a vast array of educational content and how-to guides, and a knowledgeable, friendly voice at the other end of the phone 24 hours a day. Advanced traders get award-winning tech packed with powerful features, access to more assets and markets than competitors in the class, and order execution that preserves profit margins. No matter where you are in your investing and trading journey, Charles Schwab is worth a serious look. 

author
Sheila Olson

Sheila has been a key figure in health IT, collaborating with innovators in healthcare since the 1990s. Her expertise extends to writing on healthcare trends, public policy, and biotech innovations for industry publications. Her deep understanding of healthcare significantly informs her investment strategies, particularly in biotechnology and pharmaceutical sectors.

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