Using data from our latest annual broker review which tested more than a dozen different online brokers over six months, we can compare Charles Schwab vs ChoiceTrade to determine which broker is best. Let's dive in.
First, we will break down the commission charges of both brokers for placing stock and options trades. Charles Schwab and ChoiceTrade charge the same amount for regular stock trades, $0. With options, the base fee is $0 for both Charles Schwab and ChoiceTrade. ChoiceTrade's per contract rate of $0.40 is less than Charles Schwab which charges $0.65. Instead of flat rate fees, several brokers charge a per-share fee instead. For a complete review of trading charges, read our full online broker reviews.
Next, investors want to make sure they can trade the investment vehicle they want. ChoiceTrade supports Stock Trading and Options Trading while Charles Schwab supports Stock Trading, Options Trading, Mutual Funds and Futures Trading. As far as mutual funds go, Charles Schwab boasts an offering of 5846 mutual funds compared to ChoiceTrade's 0 available funds.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. ChoiceTrade has virtual trading, Charles Schwab doesn't. For mobile trading, ChoiceTrade offer clients access to an iPhone App and Android App while Charles Schwab has an iPhone App, iPad App and Android App. Online banking is also used by many customers, and multiple full-service brokerages provide these services. Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are available to clients of Charles Schwab while ChoiceTrade offers customers none of these.
Overall, between Charles Schwab and ChoiceTrade, Charles Schwab is the winner.
Charles Schwab Review