Comparing brokers side by side is no easy task. For our 2017 Broker Review
, we factored in 308 different variables to assess 16 different brokers. So when taking a look at Charles Schwab vs ChoiceTrade, there is a huge database of information available to us.
To start this comparison, first we will take a look at the broker commission rates for placing regular stock and options trades. ChoiceTrade charges $5.00 per stock trade which is $0.05 more than Charles Schwab which charges clients $4.95 per trade. For options trading, ChoiceTrade has a base fee of $5.00, and Charles Schwab a base fee of $4.95. At a difference of $0.15 per contract, ChoiceTrade's per contract rate of $0.50 is less than Charles Schwab which charges $0.65. Not all brokers charge a flat rate fee per trade though, so it is important to read the full commission notes to know the complete breakdown (go to any online broker review
page, then scroll to the "Commissions Notes" section).
Next to commission rates, being able to trade the instrument you want is important. ChoiceTrade provides its clients with Stock Trading, Options Trading and Mutual Funds while Charles Schwab gives clients access to Stock Trading, Options Trading, Mutual Funds and Futures Trading. Looking at mutual funds, ChoiceTrade trails Charles Schwab by 4,665.00 total funds, with Charles Schwab offering 5165 and ChoiceTrade offering 500. Commission free ETFs also should not be forgotten, Charles Schwab offers 229 versus ChoiceTrade's total of 0.
Lastly, taking a look at popular features and functionality, we can go a bit deeper to really break down the difference of both brokers. ChoiceTrade has virtual trading, Charles Schwab doesn't. Taking a look at mobile trading, Charles Schwab supports the iPhone App, iPad App and Android App while ChoiceTrade supports the none of these. Not to be left out, online banking is also a nice benefit for many investors, and some brokerages provide these services to clients. Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are offered by Charles Schwab while ChoiceTrade offers none of these. On the whole, when it comes to tools, research, and trading on the go, Charles Schwab was rated for Best in Class - Platforms & Tools and Best in Class - Research in 2014, while ChoiceTrade was rated for none of these.
Overall, Charles Schwab boasts 4.50 stars versus ChoiceTrade's 2.00 stars.