Charles Schwab Review

Long before investing disruptors E-Trade and Betterment came on the scene, there was Charles Schwab & Co., Inc. A maverick since its inception in 1973, Charles Schwab brokerage cut its fees by half when the Securities and Exchange Commission (SEC) deregulated the securities industries. Here is everything you need to know about Schwab’s brokerage offering.

If you’re looking for a hands-on approach to investing, a financial advisor can help you create a financial plan for your needs and goals. 

Charles Schwab Overview

Charles Schwab is a full-service brokerage and investment advisor. It offers online access and 24-hour client support, with no-commission online U.S. stock trades and the ability to trade fractions of stocks.

Technically, the Charles Schwab brokerage offering is comprised of two different platforms: thinkorswim and Schwab. The former, which came under the company’s umbrella following its acquisition of TD Ameritrade, operates as its primary active-trading platform, offering more in-depth tools and features for experienced investors. Meanwhile, Schwab.com and the Schwab mobile is branded as the brokerage’s everyday investing and trading option. .

Investor’s Business Daily named Charles Schwab, which houses 38.5 million brokerage accounts, the “#1 Broker Overall” in its 2025 survey. U.S. News & World Report also named it the U.S. News named it the “Best Investing Platform Overall” for 2025. .

Fees Under Charles Schwab

To stay competitive with newcomer e-brokers and free investing apps, Charles Schwab has cut  its online U.S. stock trade commission to $0. It also eliminated its commissions for exchange-traded funds (ETFs) and options.

One of the first volleys in the no-commission digital brokerage wars, the move has since caused TD Ameritrade, E-Trade, Ally Invest and Fidelity to follow suit. (Charles Schwab has since upped the ante, announcing that it would allow clients to buy fractional shares of stocks.)

As you would expect of the original discount broker, Charles Schwab’s fees are on the low end, particularly for online trades. Its service charge for broker-assisted trades has come down to $25, which is standard for other large brokerages but high compared to investing apps like Robinhood that charge $0. Charles Schwab also charges up to $74.95 for each purchase of a mutual fund that is not part of its family or network of mutual funds. It has no fees or minimums for opening an account, however.

Charles Schwab Transaction Fees

Additionally, the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) impose their own transaction fees. These are far lower than typical commissions and service charges (less than a penny per share) and are only significant when you’re trading large blocks of shares.

Charles Schwab Services and Features

Charles Schwab’s services are as comprehensive as you would expect from one of the oldest and largest brokerages in the country. It provides access to the investing universe; proprietary online research for experienced investors; educational resources for rookies; online access to accounts; robo-investing and more.

For people who need help designing and implementing portfolios and want the human touch, the brokerage provides a plethora of choices, from its own advisors to affiliate advisors to affiliate firms.

In fact, if there is one criticism to be made of Charles Schwab’s services, it’s that there are so many options that it can be hard to know where to start. This is particularly true if you are entirely new to investing and don’t know what you need — and what you don’t know that you don’t need. The company does offer 24-hour telephone and e-chat help, but keep in mind that representatives are ultimately there to help open accounts and drive sales.

If you are an experienced investor, though, you will probably appreciate the platform, and its proprietary research and no-commission trades. If you are not sure about what you are doing, you might benefit from hiring a financial advisor, or at least talking to a few. 

Our financial advisor firm reviews can give you some context if you’re interested, and our free tool will match you with up to three advisors based on your needs.

Charles Schwab Services and Features

Charles Schwab Online Experience

Charles Schwab’s website has all the bells and whistles you would want: watchlists, fundamental and technical research, charting, screening and more. It is designed for sophisticated investors, but it has an intuitive design so that less sophisticated DIYers can explore and learn.

When you start, you are looking at the simplest dashboard, an overview of your accounts. As you tab over, you will be in windows that offer more and more technical functionality, with options like Bollinger rings and 20-day moving charts. If you have the time and inclination, you can apply the analytical tools that professional stockpickers use, and if you don’t, you can be in, place your trade and be out.

Charles Schwab offers the option of downloading its software or accessing its cloud-based platform over the Internet. The downloadable version is for PCs only. To work on your computer, you’ll need either an operating system that is Windows 11 or later, or, for Mac users, an operating system of Mac OS 14 or later. 

Charles Schwab Mobile Experience

Schwab Mobile, the app, is not as robust as the online platform, of course, but it provides what an investor would need on the go, and then some. In addition to being able to place trades, track your positions and the market and see real-time quotes, you can do things like livestream CNBC, use analytical tools like technical indicators and overlays and get options ideas from what Schwab calls the “idea hub.”

The version for iPhones has a 4.8-star rating (from 1.1 million ratings). Meanwhile, the version for Androids has a considerably lower 2.9-star rating (from 28,700 ratings). Schwab Mobile also works on Apple Watches and iPads.

Charles Schwab Customer Support

As you would expect of one of the largest brokerages in the country, Charles Schwab’s customer support is the gold standard. Online help is available 24 hours a day, and the response time was immediate the two times that SmartAsset submitted a question. Of course, there’s also an 800 number. For people who just opened an account and prefer to speak on the phone, there’s even a dedicated phone number for new client concierge services.

Additionally, all account holders have free access to trading specialists with expertise in areas like fixed income, options and futures. These brokers do not provide advice, but they can help you review and evaluate your choices and strategies. If they place a trade for you, however, there will be a $25 service charge.

Who Is Charles Schwab For?

Charles Schwab positions itself as being for every kind of investor, from newbies to savvy, high-volume traders. It offers 24/7 support (and hand-holding) over the phone,  online and in person at its physical branches during business hours. 

However, that level of  support is not necessarily free, despite the $0 commissions and $0 account maintenance fees. The free trades are for those that occur online. If a broker assists you with a transaction, it will come with a $25 service charge. And if you sign on with an investment advisor, there will be annual management fees that are generally charged as a percentage of your invested assets. 

This is all to say that while Charles Schwab offers great customer service, it may actually be the best deal for savvy investors who can place their trades online without any help.

How Does Charles Schwab Compare?

In the race to be the brokerage with the lowest costs, Charles Schwab is leading the pack. It was the first of the big players to eliminate online commissions. But as more brokerages cut their online commissions to $0, the head start is just a head start, and not necessarily that much of one either..

Instead, the competition seems to be in technological advances. In that regard, Charles Schwab is certainly not letting its age affect its innovation. With its robust online platform and app, the company is holding its own among e-brokers, robo-advisors and investment apps that are on the cutting edge. But Schwab does have something many of them lack: comprehensive customer support, available 24/7, online and over the phone.

Brokerage Comparison

Charles Schwab: What’s the Catch?

For all the attention Charles Schwab received for slashing its online commissions to $0, it still has a $25 service charge for broker-assisted trades and a $5 service charge for automated phone trades. Those fees are low compared to what they once were. But they can still hurt if you are a frequent trader (remember: you pay when you buy and when you sell) or if your gains are small.

Additionally, while its research tools are impressive, you will need to know something about investing to benefit from them. If you are new to investing, you may be better off calling the firm than looking online, since the options online can be overwhelming.

Charles Schwab Disclosures

With a history as long as Charles Schwab’s, it’s not surprising that it has disclosures on its record: 58 regulatory events, 3 civil events and 250 arbitrations. Fines for these events ranged widely in amount. 

In one example of an arbitrated dispute, a trust claimed breach of contract and warranties, among other things, regarding its investment in a Schwab mutual fund. The company denied the allegations, but the FINRA panel ruled that Charles Schwab pay compensatory damages of $604,094, plus the trust’s attorney fees and other costs.

Charles Schwab: Bottom Line

Though it’s one of the oldest and largest brokerages in the country, Charles Schwab is still nimble and at the top of its games. It’s making investing accessible to the masses by cutting commissions, offering fractions of shares available and providing online platforms with powerful analytical tools. At the same time, it’s not letting up on the quality of its customer support.

Tips for Finding a Financial Advisor

• Finding a financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
• Ask how candidates get paid. Advisors whose only compensation is client fees will likely have fewer conflicts of interest than those who also receive commissions. That said, if any advisors say they are fiduciaries, that means they will work in your best interests.

Photo Credit: ©Charles Schwab