America's Largest Public Broker by Assets
Charles Schwab was founded in 1971 and is the largest publicly-listed US broker by assets under management ($9 trillion+). Listed on NYSE (SCHW), Schwab acquired TD Ameritrade in 2020, making it one of the most comprehensive platforms available. It offers $0 commissions on stocks and ETFs, the powerful thinkorswim trading platform, robo-advisory, and all major retirement account types. Schwab is particularly well-regarded for beginner-friendliness and customer service via its large branch network.
| 🏛️ Founded | 1971 |
| 📍 Headquarters | Westlake, Texas, USA |
| 📈 Listed on | NYSE (SCHW) |
| 📜 Regulators | SEC, FINRA, SIPC (USA) |
| 💵 Min. Deposit | $0 |
| 💰 Stock/ETF Commission | $0 for US stocks and ETFs |
| 💱 FX / Spread | N/A (no forex trading) |
| 😴 Inactivity Fee | None |
| 🏧 Withdrawal Fee | Free |
| 🖥️ Platforms | Schwab.com, thinkorswim (desktop/mobile), Schwab Mobile |
| 🎮 Demo Account | Yes (paperMoney on thinkorswim) |
| 🛡️ Investor Protection | SIPC: $500,000 (including $250k cash) + additional SIPC excess coverage. |
| 👥 Clients | 35,000,000+ |
Schwab offers three platforms: Schwab.com (web, suitable for most investors with research tools and mutual fund screeners), thinkorswim (inherited from TD Ameritrade — a professional-grade platform for active traders with advanced options analytics, paper trading/demo, and algorithmic strategies), and Schwab Mobile (iOS/Android). All platforms are free. thinkorswim is one of the most powerful desktop platforms available to retail US investors, particularly for options trading.
Schwab offers US stocks and ETFs ($0 commission), 4,000+ no-transaction-fee mutual funds, options ($0.65/contract), futures ($2.25/contract), bonds, CDs, IRAs, Schwab Intelligent Portfolios (robo-advisor with no advisory fee, $5,000 minimum), and Schwab Intelligent Portfolios Premium ($30/month with a CFP advisor). Fractional shares (Schwab Stock Slices) available from $5 on S&P 500 stocks. No forex or crypto.
$0 commissions on US stocks and ETFs. Options: $0.65/contract. Futures: $2.25/contract. Mutual funds: no fee for 4,000+ funds ($49.95 for transaction-fee funds). No inactivity fee. No account minimum. Robo-advisor: no advisory fee (cash allocation minimum applies). International trades: $15 online / $25 broker-assisted. Wire transfer: $25 outgoing.
| Stocks & ETFs | $0 for US stocks and ETFs |
| Forex / Spread | N/A (no forex trading) |
| Inactivity fee | None |
| Withdrawal fee | Free |
| Min. deposit | $0 |
Charles Schwab is regulated by the SEC and FINRA, Nasdaq-listed (SCHW), and SIPC-insured up to $500,000. With $9 trillion+ in AUM, Schwab is systemically important and closely monitored. In March 2023, Schwab stock fell amid Silicon Valley Bank concerns (though Schwab itself remained sound). SIPC protection and additional SIPC excess insurance provide strong client protection. Schwab has operated for 53 years and is one of the most regulated entities in US finance.
| Regulators | SEC, FINRA, SIPC (USA) |
| Investor Protection | SIPC: $500,000 (including $250k cash) + additional SIPC excess coverage. |
| Publicly Listed | NYSE (SCHW) |
Primarily available for US residents. Some international accounts available. Acquired TD Ameritrade in 2020.
Charles Schwab is ideal for US beginners and intermediate investors who want $0 commissions, a vast mutual fund selection, strong customer service (branch network), and a robo-advisor option. thinkorswim makes it compelling for advanced options traders too. The main drawbacks are limited international access and no forex or crypto offering.
* Investing involves risk, including possible loss of principal. Options involve risk and are not suitable for all investors.