Interactive Brokers vs Charles Schwab Review
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 Interactive Brokers 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 charges more than Interactive Brokers for placing regular stock trades ($4.95 and $0 (the broker charges a per share rate instead), respectively). Looking at trading options, Interactive Brokers's base fee is $0 while Charles Schwab's is $4.95. Each option contract then costs $0.70 at Interactive Brokers and $0.65 at Charles Schwab. 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. Charles Schwab and Interactive Brokers provide clients with Stock Trading, Options Trading, Mutual Funds and Futures Trading. As far as mutual funds go, Charles Schwab trails Interactive Brokers by 4,542 total mutual funds, with Interactive Brokers offering 10051 and Charles Schwab offering 5509. And, commission free ETFs deserve a comparison, with Charles Schwab having the upper hand thanks to its 244 available commission free ETFs compared to Interactive Brokers's offering of 45.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Interactive Brokers makes virtual trading available to clients, while Charles Schwab does not. For mobile trading, Charles Schwab and Interactive Brokers both have a iPhone App, iPad App and Android App. Online banking is also used by many customers, and multiple full-service brokerages provide these services. Debit Cards are offered by Interactive Brokers while Charles Schwab offers Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans. All factors considered, when it comes to platform tools, research, and mobile trading, neither Charles Schwab nor Interactive Brokers were rated Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, both Charles Schwab and Interactive Brokers are rated 4.50 stars.
First, we will break down the commission charges of both brokers for placing stock and options trades. Charles Schwab charges more than Interactive Brokers for placing regular stock trades ($4.95 and $0 (the broker charges a per share rate instead), respectively). Looking at trading options, Interactive Brokers's base fee is $0 while Charles Schwab's is $4.95. Each option contract then costs $0.70 at Interactive Brokers and $0.65 at Charles Schwab. 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. Charles Schwab and Interactive Brokers provide clients with Stock Trading, Options Trading, Mutual Funds and Futures Trading. As far as mutual funds go, Charles Schwab trails Interactive Brokers by 4,542 total mutual funds, with Interactive Brokers offering 10051 and Charles Schwab offering 5509. And, commission free ETFs deserve a comparison, with Charles Schwab having the upper hand thanks to its 244 available commission free ETFs compared to Interactive Brokers's offering of 45.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Interactive Brokers makes virtual trading available to clients, while Charles Schwab does not. For mobile trading, Charles Schwab and Interactive Brokers both have a iPhone App, iPad App and Android App. Online banking is also used by many customers, and multiple full-service brokerages provide these services. Debit Cards are offered by Interactive Brokers while Charles Schwab offers Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans. All factors considered, when it comes to platform tools, research, and mobile trading, neither Charles Schwab nor Interactive Brokers were rated Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, both Charles Schwab and Interactive Brokers are rated 4.50 stars.
Overall
Commissions & Fees
Offering of Investments
Platforms & Tools
Research
Customer Service
Mobile Trading
Ease of Use
Education
Order Execution
Banking
Minimum Deposit
Stock Trade Fee (flat)
Options Base Fee
Options Per Contract Fee
Mutual Fund Trade Fee
Broker Assisted Trades Fee
IRA Annual Fee
IRA Closure Fee
Stock Trading
OTCBB / Pink Sheets
Options Trading
Complex Options Max Legs
Futures Trading
Forex Trading
Commission Free ETFs
Mutual Funds (No Load)
Mutual Funds (Total)
Bonds (US Treasury)
Bonds (Corporate)
Bonds (Municipal)
Advisor Services
International Trading
Order Type - Market
Order Type - Limit
Order Type - Stop
Order Type - Trailing Stop
Order Type - Contingent
Order Type - MultiContingent
Order Type - OCO
Order Type - OTO
Order Type - OTOCO
Order Type - Algo
Desktop Platform (Windows)
Desktop Platform (Mac)
Web Platform
Virtual Trading
Watch Lists - Total Fields
Two-Factor Authentication Login
Charting - Trade Off Chart
Charting - Drawing Tools
Charting - Indicators / Studies
Charting - Historical Trades
Charting - Save Profiles
Charting - Study Customizations
Charting - Custom Studies
Option Chains - Total Columns
Option Chains - Greeks Viewable
Option Analysis - P&L Charts
Option Positions - Rolling
Heat Mapping
Stock Alerts - Basic Fields
Stock Alerts - Advanced Fields
Streaming Time & Sales
Streaming TV
Direct Market Routing - Stocks
Direct Market Routing - Options
Ladder Trading
Trade Hot Keys
Level 2 Quotes - Stocks
Level 2 Quotes - Options
Trade Ideas - Backtesting
Client Liquidity Rebates
Screener - Stocks
Screener - ETFs
Screener - Mutual Funds
Screener - Options
Screener - Bonds
Misc - Portfolio Allocation
Misc - Portfolio Builder
Equity Research - Earnings
Equity Research - SEC Filings
Equity Research - Insiders
Equity Research - Social
Equity Research - Reports
ETF Research - Top 10 Holdings
ETF Research - Reports
ETF Research - Ratings
Mutual Fund Research - Reports
iPhone App
iPad App
Android App
Android Tablet App
Apple Watch App
Trading - Stocks
Trading - After-Hours
Trading - Conditional Orders
Trading - Mutual Funds
Trading - Simple Options
Trading - Complex Options
Trading - Option Rolling
Touch ID
Watch List Syncing
Stock Alerts - Basic Fields
Stock Alerts - Advanced Fields
Charting - After Hours
Charting - Study Customizations
Customizable Homescreen
Heatmapping
Stream Live TV
Barcode Lookup
Retail Locations
Member FDIC
Checking Accounts
Savings Accounts
Credit Cards
Debit Cards
Mortgage Loans
No Fee Banking
Under $24,999.99
$25,000.00 to $49,999.99
$50,000.00 to $99,999.99
$100,000.00 to $249,999.99
$250,000.00 to $499,999.99
Above $1,000,000.00
$500,000.00 to $999,999.99
Has Education - Stocks
Has Education - ETFs
Has Education - Options
Has Education - Mutual Funds
Has Education - Fixed Income
Has Education - Retirement
Videos
Client Webinars (Monthly Avg)
Client Webinars (Archived)
Live Seminars
Progress Tracking
Interactive Learning - Quizzes
Client Magazine
Comparing 2 brokers
Interactive Brokers
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Yes
Yes
Yes
8
Yes
No
45
8770
10051
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
453
Yes
Yes
9
121
Yes
Yes
6
No
37
4
Yes
Yes
No
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
1
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
No
Yes
Yes
Yes
No
Yes
Yes
No
No
No
No
0
No
No
No
No
Yes
No
No
2.66%
2.66%
2.66%
2.36%
2.26%
1.66%
2.21%
Yes
No
Yes
No
No
No
Yes
25
Yes
No
No
Yes
No
Charles Schwab
Yes
Yes
Yes
4
Yes
No
244
5509
5509
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
108
Yes
Yes
15
41
No
Yes
6
No
34
5
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
No
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
8
Yes
Yes
Yes
Yes
Yes
Yes
Yes
No
Yes
Yes
Yes
No
Yes
Yes
Yes
No
Yes
Yes
No
No
No
Yes
No
Yes
Yes
No
335
Yes
Yes
Yes
Yes
Yes
Yes
Yes
8.58%
8.08%
7.13%
7.08%
6.83%
6.25%
6.58%
Yes
Yes
Yes
Yes
Yes
Yes
Yes
50
Yes
Yes
No
No
Yes
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All pricing data was obtained from a published web site as of 02/20/18 and is believed to be accurate, but is not guaranteed. The StockBrokers.com staff is constantly working with its online broker representatives to obtain the latest pricing data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page. For stock trade rates, advertised pricing is for a standard order size of 500 shares of stock priced at $30 per share. For options orders, an options regulatory fee per contract may apply.
