Using data from the StockBrokers.com 2017 Broker Review which tested 16 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. ChoiceTrade charges more than Charles Schwab for placing regular stock trades ($5.00 and $4.95, respectively). For options trading, ChoiceTrade has a base fee of $5.00, and Charles Schwab a base fee of $4.95. ChoiceTrade's per contract rate of $0.50 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 provides its clients with Stock Trading, Options Trading and Mutual Funds while Charles Schwab provides clients access to Stock Trading, Options Trading, Mutual Funds and Futures Trading. As far as mutual funds go, Charles Schwab boasts an offering of 5165 mutual funds compared to ChoiceTrade's 500 available funds. And, commission free ETFs deserve a comparison, Charles Schwab offers 229 commission free ETFs versus ChoiceTrade's total of 0.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. ChoiceTrade offers virtual trading while Charles Schwab does not. For mobile trading, Charles Schwab offers the iPhone App, iPad App and Android App while ChoiceTrade offers the none of these. Online banking is also used by many customers, and multiple full-service brokerages provide these services. Clients can have Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans at Charles Schwab while customers at ChoiceTrade can have none of these. All factors considered, when it comes to platform tools, research, and mobile trading, Charles Schwab posted awards Best in Class - Platforms & Tools and Best in Class - Research in 2017, while ChoiceTrade found itself with none of these.
Overall, Charles Schwab takes the upper hand with 4.50 stars over ChoiceTrade's 2.00 stars.