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. Charles Schwab, with its regular stock trades costing $4.95, is more expensive than SpeedTrader's rate of $4.49 per trade. Looking at trading options, Charles Schwab's base fee is $4.95 while SpeedTrader's is $N/A. 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 boasts an offering of 5846 mutual funds compared to SpeedTrader's 0 available funds.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. SpeedTrader has virtual trading, Charles Schwab doesn't. For mobile trading, SpeedTrader offer clients access to an iPhone App and Android App while Charles Schwab has an 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. All factors considered, when it comes to platform tools, research, and mobile trading, Charles Schwab along with SpeedTrader both finished with awards Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, between Charles Schwab and SpeedTrader, Charles Schwab is the winner
Charles Schwab Review