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