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Charles Schwab vs Lightspeed 2019

StockBrokers.com | November 15th, 2019

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  3. Charles Schwab vs Lightspeed Review

Is Lightspeed better than Charles Schwab? After scoring brokers in nine separate categories for our 2019 review, Charles Schwab (84.06%) is better than Lightspeed (51.8%).

Charles Schwab

Best for IRA accounts - Open Account
Special Offer: $0 online stock, ETF, and options commissions at Schwab.

For investors seeking access to $0 stock and ETF trades alongside excellent research tools for performing market analysis, Charles Schwab will not disappoint. Charles Schwab is also our number one pick for IRA accounts and broader retirement investing. Read full review

Lightspeed

2.5 Stars Overall
Lightspeed is a direct-access, online discount brokerage that focuses on serving active and professional traders through its in-house and third-party trading platforms. Casual traders beware though, not trading enough will mean getting stuck paying high monthly platform fees. Read full review.

Overall Rating

Feature Charles Schwab Lightspeed
Overall 4 2.5
Charles Schwab Review Lightspeed Review

Trading Fees

Feature Charles Schwab Lightspeed
Minimum Deposit $0.00 $10,000.00
Stock Trade Fee (per trade) $0.00 $4.50
ETF Trade Fee $0.00 $4.50
Options Base Fee $0.00 $0.00
Options Per Contract Fee $0.65 $0.60
Mutual Fund Trade Fee $49.95 N/A
Broker Assisted Trades Fee $25.00 $25.00
Commissions & Fees 4.5 3
Winner check_circle

Margin Rates

Feature Charles Schwab
Open Account 		Lightspeed
Under $24,999.99 9.33% 8.50%
$25,000.00 to $49,999.99 8.83% 8.50%
$50,000.00 to $99,999.99 7.88% 7.50%
$100,000.00 to $249,999.99 7.83% 7.50%
$250,000.00 to $499,999.99 7.58% 6.75%
$500,000.00 to $999,999.99 6.08% 6.25%
Above $1,000,000.00 5.75% 6.00%
Commissions & Fees 4.5 3
Winner check_circle

Account Fees

Feature Charles Schwab Lightspeed
IRA Annual Fee $0.00 $35.00
IRA Closure Fee $50.00 $95.00
Returned ACH Fee $25.00 $30.00
Returned Wire Fee $25.00 $30.00
Stock Certificate Processing Fee $100.00 $75.00
Stock Certificate Delivery Fee N/A $50.00
Paper Statement Fee $0.00 $5.00
Paper Confirmation Fee $0.00 $2.00
Domestic Wire Fee $25.00 $20.00
International Wire Fee $25.00 $50.00
Commissions & Fees 4.5 3

Investment Options

Feature Charles Schwab Lightspeed
Stock Trading
 Yes Yes
OTCBB / Pink Sheets
 Yes Yes
Options Trading
 Yes Yes
Complex Options Max Legs
 4 4
Futures Trading
 Yes Yes
Forex Trading
 No No
Commission-Free ETFs all 0
Mutual Funds (No Load)
 7291 0
Mutual Funds (Total)
 9978 0
Bonds (US Treasury)
 Yes Yes
Bonds (Corporate)
 Yes No
Bonds (Municipal)
 Yes No
Advisor Services
 Yes No
International Trading
 Yes No
Offering of Investments 4.5 3
Winner check_circle

Order Types

Feature Charles Schwab Lightspeed
Order Type - Market
 Yes Yes
Order Type - Limit
 Yes Yes
Order Type - Stop
 Yes Yes
Order Type - Trailing Stop
 Yes Yes
Order Type - Contingent
 Yes Yes
Order Type - MultiContingent
 Yes Yes
Order Type - OCO
 Yes Yes
Order Type - OTO
 Yes Yes
Order Type - OTOCO
 Yes Yes
Offering of Investments 4.5 3
Winner check_circle

Trading Platforms

Feature Charles Schwab Lightspeed
Desktop Platform (Windows)
 Yes Yes
Desktop Platform (Mac)
 Yes Yes
Web Platform
 Yes Yes
Paper Trading
 No Yes
Trade Journal
 Yes No
Watch Lists - Total Fields
 125 141
Heat Mapping
 Yes No
Platforms & Tools 4.5 3
Winner check_circle

Charting Features

Feature Charles Schwab Lightspeed
Charting - Trade Off Chart
 Yes Yes
Charting - Indicators / Studies
 41 20
Charting - Drawing Tools
 15 8
Charting - Historical Trades
 No Yes
Charting - Corporate Events
 Yes No
Charting - Automated Analysis
 Yes No
Charting - Save Profiles
 Yes Yes
Charting - Study Customizations
 7 4
Charting - Custom Studies
 No No
Platforms & Tools 4.5 3
Winner check_circle

Day Trading

Feature Charles Schwab Lightspeed
Stock Alerts - Basic Fields
 Yes Yes
Stock Alerts - Advanced Fields
 Yes No
Streaming Time & Sales
 Yes Yes
Streaming TV
 Yes No
Direct Market Routing - Stocks
 Yes Yes
Direct Market Routing - Options
 No Yes
Ladder Trading
 No No
Trade Hot Keys
 Yes Yes
Level 2 Quotes - Stocks
 Yes Yes
Level 2 Quotes - Options
 Yes Yes
Trade Ideas - Backtesting
 Yes No
Short Locator
 No Yes
Order Liquidity Rebates
 No Yes
Winner check_circle

Mobile Trading Apps

Feature Charles Schwab Lightspeed
iPhone App
 Yes Yes
Android App
 Yes Yes
Apple Watch App
 Yes No
Trading - Stocks
 Yes Yes
Trading - After-Hours
 Yes No
Trading - Conditional Orders
 No No
Trading - Mutual Funds
 Yes No
Trading - Simple Options
 Yes No
Trading - Complex Options
 Yes No
Trading - Option Rolling
 No No
Touch / Face ID
 Yes No
Winner check_circle

Mobile App Features

Feature Charles Schwab Lightspeed
Watch List Syncing
Yes No
Stock Alerts
 No No
Charting - After Hours
 No No
Charting - Drawing
 No No
Charting - Study Customizations
Yes No
Heatmapping
 Yes No
Stream Live TV
 Yes No
Barcode Lookup
 No No
Mobile Trading 4 1.5
Winner check_circle

Research Overview

Feature Charles Schwab Lightspeed
Research - Stocks
 Yes Yes
Research - ETFs
 Yes No
Research - Mutual Funds
 Yes No
Research - Pink Sheets / OTCBB
 Yes No
Research - Fixed Income
 Yes No
Screener - Stocks
 Yes Yes
Screener - ETFs
 Yes No
Screener - Mutual Funds
 Yes No
Screener - Options
 Yes No
Screener - Bonds
 Yes No
Misc - Portfolio Builder
 Yes No
Misc - Portfolio Allocation
 Yes No
Research 5 1
Winner check_circle

Stock Research

Feature Charles Schwab Lightspeed
Stock Research - Reports
 8 0
Stock Research - Earnings
 Yes No
Stock Research - Insiders
 Yes Yes
Stock Research - Metric Comp
 Yes No
Stock Research - SEC Filings
 Yes No
Stock Research - Social
 Yes Yes
Stock Research - Balance Sheet
 Yes No
Stock Research - Cash Flows
 Yes No
Stock Research - News
 Yes Yes
Stock Research - ESG
 No No
Research 5 1
Winner check_circle

ETF Research

Feature Charles Schwab Lightspeed
ETFs - Strategy Overview
 Yes No
ETFs - Top 10 Holdings
 Yes No
ETFs - Sector Exposure
 Yes No
ETFs - Risk Analysis
 Yes No
ETFs - Performance Analysis
 Yes No
ETFs - Ratings
 Yes No
ETFs - Morningstar StyleMap
 Yes No
ETFs - Reports
 Yes No
Research 5 1
Winner check_circle

Mutual Fund Research

Feature Charles Schwab Lightspeed
Mutual Funds - Strategy Overview
 Yes No
Mutual Funds - Prospectus
 Yes No
Mutual Funds - Reports
 Yes No
Mutual Funds - Fees Breakdown
 Yes No
Mutual Funds - Top 10 Holdings
 Yes No
Mutual Funds - Asset Allocation
 Yes No
Mutual Funds - Sector Allocation
 Yes No
Mutual Funds - Country Allocation
 Yes No
Mutual Funds - StyleMap
 Yes No
Mutual Funds - 3rd Party Ratings
 Yes No
Research 5 1
Winner check_circle

Options Trading

Feature Charles Schwab Lightspeed
Option Chains - Streaming
 Yes Yes
Option Chains - Total Columns
 44 60
Option Chains - Greeks
5 5
Option Chains - Quick Analysis
 Yes Yes
Option Analysis - P&L Charts
 Yes Yes
Option Probability Analysis
 Yes No
Option Probability Analysis Adv
 Yes No
Option Positions - Greeks
Yes Yes
Option Positions - Adv Analysis
 Yes No
Option Positions - Rolling
 Yes Yes
Option Positions - Grouping
 Yes Yes
Platforms & Tools 4.5 3
Winner check_circle

Beginners

Feature Charles Schwab Lightspeed
Has Education - Stocks
 Yes Yes
Has Education - ETFs
 Yes No
Has Education - Options
 Yes Yes
Has Education - Mutual Funds
 Yes No
Has Education - Fixed Income
 Yes No
Has Education - Retirement
 Yes No
Paper Trading
 No Yes
Videos
 Yes Yes
Webinars (Monthly Avg)
 50 1
Webinars (Archived)
 Yes Yes
Live Seminars
 Yes No
Progress Tracking
 No No
Interactive Learning - Quizzes
 No No
Investor Magazine
 Yes No
Education 4.5 2.5
Winner check_circle

Banking

Feature Charles Schwab Lightspeed
Retail Locations
 357 0
Member FDIC
 Yes No
Checking Accounts
 Yes No
Savings Accounts
 Yes No
Credit Cards
 Yes No
Debit Cards
 Yes No
Mortgage Loans
 Yes No
No Fee Banking
 Yes No
Banking 4.5 0.5
Winner check_circle

Overall

Feature Charles Schwab Lightspeed
Charles Schwab Review Lightspeed Review
Overall 4 2.5
Winner check_circle

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 Lightspeed 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. Lightspeed, with its regular stock trades costing $4.50, is more expensive than Charles Schwab's rate of $0 per trade. With options, the base fee is $0 for both Charles Schwab and Lightspeed. Option contracts are pricier at Charles Schwab, costing $0.65 versus $0.60 at Lightspeed. 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. Lightspeed provides its clients with Stock Trading, Options Trading and Futures Trading while Charles Schwab provides clients access to Stock Trading, Options Trading, Mutual Funds and Futures Trading. As far as mutual funds go, Charles Schwab offers its clients access to 5846 different mutual funds while Lightspeed has 0 available funds, a difference of 5,846.

Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Lightspeed makes virtual trading available to clients, while Charles Schwab does not. For mobile trading, Charles Schwab and Lightspeed 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. Clients can have Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans at Charles Schwab while customers at Lightspeed can have none of these.

Overall, between Charles Schwab and Lightspeed, Charles Schwab is the winner.

Charles Schwab Review
Lightspeed Review

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All pricing data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. 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.

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