Comparing brokers side by side is no easy task. For our annual broker review, we assess over a dozen brokers on hundreds of different variables to find the best online broker. Yielding a database of over 4,000 data points, let's compare Charles Schwab vs TradeStation.
To start this comparison, first, we will take a look at the online broker commission rates for placing regular stock and options trades. Charles Schwab and TradeStation both cost $0 per trade. For options trading, both Charles Schwab and TradeStation charge the same base fee of $0. Option contracts are pricier at Charles Schwab, costing $0.65 versus $0.50 at TradeStation. It's important to note that not all brokers charge a flat fee per trade. Thus, it is important to read the full commission notes for each broker, which we include with each online broker review.
Next to commission rates, being able to trade what you want is important. Charles Schwab and TradeStation provide clients with Stock Trading, Options Trading, Mutual Funds and Futures Trading. Looking at mutual funds, Charles Schwab boasts an offering of 9978 mutual funds compared to TradeStation's 4357 available funds.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. TradeStation makes virtual trading available to clients, while Charles Schwab does not. Taking a look at mobile trading, Both Charles Schwab and TradeStation offer clients access to an iPhone App, iPad App and Android App. Not to be left out, online banking is also a nice benefit for many investors, and some brokerages provide these services to clients. Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are offered by Charles Schwab while TradeStation offers none of these.
Overall, between Charles Schwab and TradeStation, Charles Schwab is the winner.
Charles Schwab Review