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 SpeedTrader 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. SpeedTrader charges $4.49 per stock trade which is $4.49 more than Charles Schwab which charges customers $0 per trade. With options, the base fee is $0 for both Charles Schwab and SpeedTrader. Each option contract then costs $0.65 at Charles Schwab and $0 at SpeedTrader. 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. SpeedTrader offers clients Stock Trading and Options Trading while Charles Schwab offers 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 SpeedTrader 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. SpeedTrader makes virtual trading available to clients, while Charles Schwab does not. For mobile trading, SpeedTrader supports the iPhone App and Android App while Charles Schwab supports the iPhone App, iPad App and Android App. Online banking is also used by many customers, and multiple full-service brokerages provide these services. Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are offered by Charles Schwab while SpeedTrader offers none of these.
Overall, between Charles Schwab and SpeedTrader, Charles Schwab is the winner.
Charles Schwab Review