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Charles Schwab vs TradeStation 2023

StockBrokers.com

Written by StockBrokers.com

January 23, 2023

Is Charles Schwab better than TradeStation? After testing 17 of the best online brokers over three months, Charles Schwab (94.51%) is better than TradeStation (78.24%). 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 SchwabTradeStation
Overall 4.5/5 Stars 4/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 5/5 Stars 4.5/5 Stars
Platforms & Tools 4.5/5 Stars 4.5/5 Stars
Mobile Trading Apps 4.5/5 Stars 4.5/5 Stars
Research 5/5 Stars 3/5 Stars
Customer Service 4.5/5 Stars 3.5/5 Stars
Education 4.5/5 Stars 3.5/5 Stars
Ease Of Use 5/5 Stars 3/5 Stars
Winner check_circle
Review Charles Schwab Review TradeStation Review
Trading FeesCharles SchwabTradeStation
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 $0.60
Futures (Per Contract) $2.25 $1.50
Broker Assisted Trade Fee $25 $0
Margin RatesCharles SchwabTradeStation
Margin Rate Under $25,000 11.33% 11.00%
Margin Rate $25,000 to $49,999.99 10.83% 11.00%
Margin Rate $50,000 to $99,999.99 9.88% 10.00%
Margin Rate $100,000 to $249,999.99 9.83% 10.00%
Margin Rate $250,000 to $499,999.99 9.58% 10.00%
Margin Rate $500,000 to $999,999.99 7.83% 5.50%
Margin Rate Above $1,000,000 7.50% 5.50%
Account FeesCharles SchwabTradeStation
IRA Annual Fee $0.00 $35.00
IRA Closure Fee $0.00 $50.00
Account Transfer Out (Partial) $25.00 $125.00
Account Transfer Out (Full) $50.00 $125.00
Options Exercise Fee $0.00 $14.95
Options Assignment Fee $0.00 $5.95
Investment OptionsCharles SchwabTradeStation
Stock Trading Yes Yes
Margin Trading Yes Yes
Fractional Shares Yes No
OTCBB / Pink Sheets Yes Yes
Options Trading Yes Yes
Complex Options Max Legs 4 4
Futures Trading Yes Yes
Forex Trading No No
Crypto Trading No Yes
Crypto Trading - Total Coins 0 11
Mutual Funds (No Load) 14996 800
Mutual Funds (Total) 17912 4000
Bonds (US Treasury) Yes Yes
Bonds (Corporate) Yes Yes
Bonds (Municipal) Yes Yes
Advisor Services Yes No
International Countries (Stocks) 12 0
Order TypesCharles SchwabTradeStation
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 SchwabTradeStation
Education (Stocks) Yes Yes
Education (ETFs) Yes No
Education (Options) Yes Yes
Education (Mutual Funds) No No
Education (Bonds) Yes No
Education (Retirement) Yes No
Retirement Calculator Yes No
Investor Dictionary Yes No
Paper Trading No Yes
Videos Yes Yes
Webinars Yes Yes
Webinars (Archived) Yes No
Progress Tracking No No
Interactive Learning - Quizzes No No
Stock Trading AppsCharles SchwabTradeStation
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 SchwabTradeStation
Market Movers (Top Gainers) Yes Yes
Stream Live TV Yes No
Videos on Demand Yes No
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 130 335
Stock App ChartingCharles SchwabTradeStation
Charting - After-Hours No Yes
Charting - Can Turn Horizontally Yes Yes
Charting - Multiple Time Frames Yes Yes
Charting - Technical Studies 32 45
Charting - Study Customizations Yes Yes
Charting - Stock Comparisons Yes No
Trading PlatformsCharles SchwabTradeStation
Active Trading Platform StreetSmart Edge TradeStation 10
Desktop Trading Platform Yes Yes
Desktop Platform (Mac) No No
Web Trading Platform Yes Yes
Paper Trading No Yes
Trade Journal Yes No
Watch Lists - Total Fields 130 335
Stock Chart FeaturesCharles SchwabTradeStation
Charting - Adjust Trades on Chart Yes Yes
Charting - Indicators / Studies 41 290
Charting - Drawing Tools 15 23
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 12
Charting - Custom Studies No Yes
Day TradingCharles SchwabTradeStation
Streaming Time & Sales Yes Yes
Streaming TV Yes No
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 SchwabTradeStation
Research - Stocks Yes Yes
Research - ETFs Yes Yes
Research - Mutual Funds Yes No
Research - Pink Sheets / OTCBB Yes Yes
Research - Bonds Yes No
Screener - Stocks Yes Yes
Screener - ETFs Yes No
Screener - Mutual Funds Yes No
Screener - Bonds Yes No
Misc - Portfolio Allocation Yes Yes
Stock ResearchCharles SchwabTradeStation
Stock Research - PDF Reports 7 0
Stock Research - Earnings Yes No
Stock Research - Insiders Yes No
Stock Research - Social Yes No
Stock Research - News Yes Yes
Stock Research - ESG Yes No
Stock Research - SEC Filings Yes No
ETF ResearchCharles SchwabTradeStation
ETFs - Strategy Overview Yes No
ETF Fund Facts - Inception Date Yes No
ETF Fund Facts - Expense Ratio Yes No
ETF Fund Facts - Net Assets Yes No
ETF Fund Facts - Total Holdings Yes No
ETFs - Top 10 Holdings Yes No
ETFs - Sector Exposure Yes No
ETFs - Risk Analysis Yes No
ETFs - Ratings Yes No
ETFs - Morningstar StyleMap Yes No
ETFs - PDF Reports Yes No
Mutual Fund ResearchCharles SchwabTradeStation
Mutual Funds - Strategy Overview Yes No
Mutual Funds - Performance Chart Yes No
Mutual Funds - Performance Analysis Yes No
Mutual Funds - Prospectus Yes No
Mutual Funds - 3rd Party Ratings 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
Options TradingCharles SchwabTradeStation
Option Chains - Basic View Yes Yes
Option Chains - Strategy View Yes Yes
Option Chains - Streaming Yes Yes
Option Chains - Total Columns 44 32
Option Chains - Greeks 5 5
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 SchwabTradeStation
Bank (Member FDIC) Yes No
Checking Accounts Yes No
Savings Accounts Yes No
Credit Cards Yes No
Debit Cards Yes No
Mortgage Loans Yes No
Customer ServiceCharles SchwabTradeStation
Phone Support (Prospect Customers) Yes Yes
Phone Support (Current Customers) Yes No
Email Support Yes Yes
Live Chat (Prospect Customers) No Yes
Live Chat (Current Customers) Yes Yes
24/7 Support Yes No
OverallCharles SchwabTradeStation
Overall 4.5/5 Stars 4/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 5/5 Stars 4.5/5 Stars
Platforms & Tools 4.5/5 Stars 4.5/5 Stars
Mobile Trading Apps 4.5/5 Stars 4.5/5 Stars
Research 5/5 Stars 3/5 Stars
Education 4.5/5 Stars 3.5/5 Stars
Ease Of Use 5/5 Stars 3/5 Stars
Winner check_circle
Review Charles Schwab Review TradeStation Review
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Charles Schwab vs TradeStation 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 TradeStation.

Is Charles Schwab or TradeStation better for beginners?

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

What about Charles Schwab vs TradeStation pricing?

Charles Schwab and TradeStation charge the same amount for regular stock trades, $0.00. Option contracts are pricier at Charles Schwab, costing $0.65 per contract versus $0.60 per contract at TradeStation. For a complete commissions summary, see our best brokers for free stock trading guide.

Does Charles Schwab or TradeStation 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 TradeStation offers investors access to Stock Trading, Options Trading, OTCBB / Pink Sheets, Mutual Funds and Futures Trading, neither have Forex Trading. Looking at Mutual Funds, TradeStation trails Charles Schwab in its offering of no transaction fee (NTF) mutual funds, with Charles Schwab offering 7168 and TradeStation offering 0.

Which trading platform is better: Charles Schwab or TradeStation?

To compare the trading platforms of Charles Schwab and TradeStation, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, TradeStation offers a better experience. With research, Charles Schwab offers superior market research. Finally, we found TradeStation 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 TradeStation offers neither of these.

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 TradeStation good?

TradeStation supports casual traders through its web-based platform and active traders through its desktop platform. We like the web-based platform and mobile app, but the flagship desktop platform could use a refresh. TradeStation ranked among Best in Class in the Commissions and Fees and Investment Options categories in our 2023 Annual Review of online stockbrokers.

Charles Schwab vs TradeStation Winner

Overall winner: Charles Schwab

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