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Charles Schwab vs Interactive Brokers 2023

StockBrokers.com

Written by StockBrokers.com

January 23, 2023

Is Charles Schwab better than Interactive Brokers? After testing 17 of the best online brokers over three months, Charles Schwab (94.51%) is better than Interactive Brokers (91.92%). As the granddaddy of discount brokers, Charles Schwab understands how to deliver value to its customers, providing a comprehensive roster of tools, advice and actionable ideas at reasonable cost.

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Overall RatingCharles SchwabInteractive Brokers
Overall 4.5/5 Stars 4.5/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 5/5 Stars 5/5 Stars
Platforms & Tools 4.5/5 Stars 5/5 Stars
Mobile Trading Apps 4.5/5 Stars 5/5 Stars
Research 5/5 Stars 5/5 Stars
Customer Service 4.5/5 Stars 4/5 Stars
Education 4.5/5 Stars 4.5/5 Stars
Ease Of Use 5/5 Stars 4/5 Stars
Winner check_circle
Review Charles Schwab Review Interactive Brokers Review
Trading FeesCharles SchwabInteractive Brokers
Minimum Deposit $0.00 $0.00
Stock Trades $0.00 $0.00
Penny Stock Fees (OTCCB) $6.95 $0.00
Mutual Fund Trade Fee Varies $14.95
Options (Base Fee) $0.00 $0.00
Options (Per Contract) $0.65 $0.65
Futures (Per Contract) $2.25 $0.85
Broker Assisted Trade Fee $25 $30
Margin RatesCharles SchwabInteractive Brokers
Margin Rate Under $25,000 11.33% 4.58%
Margin Rate $25,000 to $49,999.99 10.83% 4.58%
Margin Rate $50,000 to $99,999.99 9.88% 4.58%
Margin Rate $100,000 to $249,999.99 9.83% 4.08%
Margin Rate $250,000 to $499,999.99 9.58% 4.08%
Margin Rate $500,000 to $999,999.99 7.83% 4.08%
Margin Rate Above $1,000,000 7.50% 3.83%
Account FeesCharles SchwabInteractive Brokers
IRA Annual Fee $0.00 $0.00
IRA Closure Fee $0.00 $0.00
Account Transfer Out (Partial) $25.00 $0.00
Account Transfer Out (Full) $50.00 $0.00
Options Exercise Fee $0.00 $0.00
Options Assignment Fee $0.00 $0.00
Investment OptionsCharles SchwabInteractive Brokers
Stock Trading Yes Yes
Margin Trading Yes Yes
Fractional Shares Yes Yes
OTCBB / Pink Sheets Yes Yes
Options Trading Yes Yes
Complex Options Max Legs 4 6
Futures Trading Yes Yes
Forex Trading No No
Crypto Trading No Yes
Crypto Trading - Total Coins 0 4
Mutual Funds (No Load) 14996 10882
Mutual Funds (Total) 17912 11160
Bonds (US Treasury) Yes Yes
Bonds (Corporate) Yes Yes
Bonds (Municipal) Yes Yes
Advisor Services Yes No
International Countries (Stocks) 12 33
Order TypesCharles SchwabInteractive Brokers
Order Type - Market Yes Yes
Order Type - Limit Yes Yes
Order Type - After Hours Yes Yes
Order Type - Stop Yes Yes
Order Type - Trailing Stop Yes Yes
Order Type - OCO Yes Yes
Order Type - OTO Yes Yes
Order Type - Broker Assisted Yes Yes
BeginnersCharles SchwabInteractive Brokers
Education (Stocks) Yes Yes
Education (ETFs) Yes Yes
Education (Options) Yes Yes
Education (Mutual Funds) No No
Education (Bonds) Yes Yes
Education (Retirement) Yes Yes
Retirement Calculator Yes No
Investor Dictionary Yes Yes
Paper Trading No Yes
Videos Yes Yes
Webinars Yes Yes
Webinars (Archived) Yes Yes
Progress Tracking No Yes
Interactive Learning - Quizzes No Yes
Stock Trading AppsCharles SchwabInteractive Brokers
iPhone App Yes Yes
Android App Yes Yes
Apple Watch App Yes Yes
Trading - Stocks Yes Yes
Trading - After-Hours Yes Yes
Trading - Simple Options Yes Yes
Trading - Complex Options Yes Yes
Order Ticket RT Quotes Yes Yes
Order Ticket SRT Quotes No Yes
Stock App FeaturesCharles SchwabInteractive Brokers
Market Movers (Top Gainers) Yes Yes
Stream Live TV Yes Yes
Videos on Demand Yes Yes
Stock Alerts No Yes
Option Chains Viewable Yes Yes
Watch List (Real-time) Yes Yes
Watch List (Streaming) No Yes
Watch Lists - Create & Manage Yes Yes
Watch Lists - Column Customization No Yes
Watch Lists - Total Fields 130 640
Stock App ChartingCharles SchwabInteractive Brokers
Charting - After-Hours No Yes
Charting - Can Turn Horizontally Yes Yes
Charting - Multiple Time Frames Yes Yes
Charting - Technical Studies 32 97
Charting - Study Customizations Yes Yes
Charting - Stock Comparisons Yes No
Trading PlatformsCharles SchwabInteractive Brokers
Active Trading Platform StreetSmart Edge Trader Workstation (TWS)
Desktop Trading Platform Yes Yes
Desktop Platform (Mac) No Yes
Web Trading Platform Yes Yes
Paper Trading No Yes
Trade Journal Yes Yes
Watch Lists - Total Fields 130 640
Stock Chart FeaturesCharles SchwabInteractive Brokers
Charting - Adjust Trades on Chart Yes Yes
Charting - Indicators / Studies 41 121
Charting - Drawing Tools 15 85
Charting - Notes Yes Yes
Charting - Index Overlays Yes Yes
Charting - Historical Trades No Yes
Charting - Corporate Events Yes Yes
Charting - Custom Date Range Yes Yes
Charting - Custom Time Bars Yes Yes
Charting - Automated Analysis Yes Yes
Charting - Save Profiles Yes Yes
Trade Ideas - Technical Analysis Yes Yes
Charting - Study Customizations 7 5
Charting - Custom Studies No No
Day TradingCharles SchwabInteractive Brokers
Streaming Time & Sales Yes Yes
Streaming TV Yes Yes
Direct Market Routing - Stocks Yes Yes
Ladder Trading No Yes
Trade Hot Keys Yes Yes
Level 2 Quotes - Stocks Yes Yes
Trade Ideas - Backtesting Yes Yes
Trade Ideas - Backtesting Adv No Yes
Short Locator Yes Yes
Order Liquidity Rebates No Yes
Research OverviewCharles SchwabInteractive Brokers
Research - Stocks Yes Yes
Research - ETFs Yes Yes
Research - Mutual Funds Yes Yes
Research - Pink Sheets / OTCBB Yes Yes
Research - Bonds Yes Yes
Screener - Stocks Yes Yes
Screener - ETFs Yes Yes
Screener - Mutual Funds Yes Yes
Screener - Bonds Yes Yes
Misc - Portfolio Allocation Yes Yes
Stock ResearchCharles SchwabInteractive Brokers
Stock Research - PDF Reports 7 7
Stock Research - Earnings Yes Yes
Stock Research - Insiders Yes Yes
Stock Research - Social Yes Yes
Stock Research - News Yes Yes
Stock Research - ESG Yes Yes
Stock Research - SEC Filings Yes Yes
ETF ResearchCharles SchwabInteractive Brokers
ETFs - Strategy Overview Yes Yes
ETF Fund Facts - Inception Date Yes Yes
ETF Fund Facts - Expense Ratio Yes Yes
ETF Fund Facts - Net Assets Yes Yes
ETF Fund Facts - Total Holdings Yes Yes
ETFs - Top 10 Holdings Yes Yes
ETFs - Sector Exposure Yes Yes
ETFs - Risk Analysis Yes Yes
ETFs - Ratings Yes Yes
ETFs - Morningstar StyleMap Yes Yes
ETFs - PDF Reports Yes Yes
Mutual Fund ResearchCharles SchwabInteractive Brokers
Mutual Funds - Strategy Overview Yes Yes
Mutual Funds - Performance Chart Yes Yes
Mutual Funds - Performance Analysis Yes Yes
Mutual Funds - Prospectus Yes Yes
Mutual Funds - 3rd Party Ratings Yes Yes
Mutual Funds - Fees Breakdown Yes Yes
Mutual Funds - Top 10 Holdings Yes Yes
Mutual Funds - Asset Allocation Yes Yes
Mutual Funds - Sector Allocation Yes Yes
Mutual Funds - Country Allocation Yes Yes
Mutual Funds - StyleMap Yes Yes
Options TradingCharles SchwabInteractive Brokers
Option Chains - Basic View Yes Yes
Option Chains - Strategy View Yes Yes
Option Chains - Streaming Yes Yes
Option Chains - Total Columns 44 44
Option Chains - Greeks 5 12
Option Chains - Quick Analysis Yes Yes
Option Analysis - P&L Charts Yes Yes
Option Probability Analysis Yes Yes
Option Probability Analysis Adv Yes Yes
Option Positions - Greeks Yes Yes
Option Positions - Greeks Streaming Yes Yes
Option Positions - Adv Analysis Yes Yes
Option Positions - Rolling Yes Yes
Option Positions - Grouping Yes Yes
BankingCharles SchwabInteractive Brokers
Bank (Member FDIC) Yes No
Checking Accounts Yes No
Savings Accounts Yes No
Credit Cards Yes No
Debit Cards Yes Yes
Mortgage Loans Yes No
Customer ServiceCharles SchwabInteractive Brokers
Phone Support (Prospect Customers) Yes Yes
Phone Support (Current Customers) Yes Yes
Email Support Yes Yes
Live Chat (Prospect Customers) No No
Live Chat (Current Customers) Yes Yes
24/7 Support Yes No
OverallCharles SchwabInteractive Brokers
Overall 4.5/5 Stars 4.5/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 5/5 Stars 5/5 Stars
Platforms & Tools 4.5/5 Stars 5/5 Stars
Mobile Trading Apps 4.5/5 Stars 5/5 Stars
Research 5/5 Stars 5/5 Stars
Education 4.5/5 Stars 4.5/5 Stars
Ease Of Use 5/5 Stars 4/5 Stars
Winner check_circle
Review Charles Schwab Review Interactive Brokers Review
  • check_box_outline_blankcheck_boxAlly Invest
  • check_box_outline_blankcheck_boxCharles Schwab
  • check_box_outline_blankcheck_boxE*TRADE
  • check_box_outline_blankcheck_boxeToro
  • check_box_outline_blankcheck_boxFidelity
  • check_box_outline_blankcheck_boxFirstrade
  • check_box_outline_blankcheck_boxInteractive Brokers
  • check_box_outline_blankcheck_boxJ.P. Morgan Self-Directed Investing
  • check_box_outline_blankcheck_boxMerrill Edge
  • check_box_outline_blankcheck_boxRobinhood
  • check_box_outline_blankcheck_boxSofi Invest
  • check_box_outline_blankcheck_boxtastyworks
  • check_box_outline_blankcheck_boxTD Ameritrade
  • check_box_outline_blankcheck_boxTradeStation
  • check_box_outline_blankcheck_boxTradier
  • check_box_outline_blankcheck_boxVanguard
  • check_box_outline_blankcheck_boxWebull
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Charles Schwab vs Interactive Brokers Comparison

Comparing brokers side by side is no easy task. For our 2023 annual broker review, we spent hundreds of hours assessing 17 brokerages to find the best online broker. Let's compare Charles Schwab vs Interactive Brokers.

Is Charles Schwab or Interactive Brokers better for beginners?

Interactive Brokers offers more comprehensive new investor education for beginner investors than Charles Schwab. Charles Schwab offers investors access to Videos, Education (Stocks), Education (ETFs), Education (Options), Education (Bonds) and Education (Retirement), while Interactive Brokers offers investors access to Paper Trading, Videos, Education (Stocks), Education (ETFs), Education (Options), Education (Bonds) and Education (Retirement), neither have Education (Mutual Funds).

What about Charles Schwab vs Interactive Brokers pricing?

Charles Schwab and Interactive Brokers charge the same amount for regular stock trades, $0.00. Charles Schwab and Interactive Brokers both charge $0.65 per option contract. For a complete commissions summary, see our best brokers for free stock trading guide.

Does Charles Schwab or Interactive Brokers offer a wider range of investment options?

Charles Schwab offers investors access to Stock Trading, Fractional Shares, Options Trading, OTCBB / Pink Sheets, Mutual Funds, Futures Trading and Advisor Services, while Interactive Brokers offers investors access to Stock Trading, Fractional Shares, Options Trading, OTCBB / Pink Sheets, Mutual Funds and Futures Trading, neither have Forex Trading. Looking at Mutual Funds, Interactive Brokers trails Charles Schwab in its offering of no transaction fee (NTF) mutual funds, with Charles Schwab offering 7168 and Interactive Brokers offering 4329.

Which trading platform is better: Charles Schwab or Interactive Brokers?

To compare the trading platforms of Charles Schwab and Interactive Brokers, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, Interactive Brokers offers a better experience. With research, Charles Schwab offers superior market research. Finally, we found Interactive Brokers to provide better mobile trading apps.

Does either broker offer banking?

Online banking can be a benefit for investors, and some brokerages do provide banking services to customers. Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are offered by Charles Schwab while Interactive Brokers offers Debit Cards.

Is Charles Schwab good?

As the granddaddy of discount brokers, Charles Schwab understands how to deliver value to its customers, providing a comprehensive roster of tools, advice and actionable ideas at reasonable cost.

Is Interactive Brokers good?

Interactive Brokers is a go-to choice for professionals because of its institutional-grade desktop trading platform, high-quality trade executions and rock-bottom margin rates.

Charles Schwab vs Interactive Brokers Winner

Overall winner: Charles Schwab

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