Charles Schwab Review 2021

Charles Schwab Review 2021
Davis J.
Robertson A.
January 2021

5

Position
in rating

Trading terminals:

WebTrader Schwab Mobile
StreetSmart Edge
5

Position in rating

9.2/10
Overall rating

Trading terminals:

WebTrader Schwab Mobile
StreetSmart Edge

Summary of Charles Schwab Trading Company

Charles Schwab is one of the largest companies in the US financial services market. It was founded in 1971 and the main office is located in San Francisco. This broker specializes in banking and brokerage services. A special electronic trading platform has been created for traders and investors. There are no fees for opening and maintaining an account, and there are no minimum deposit requirements. A vast array of built-in tools are available for work: stocks, options, ETFs, bonds, mutual funds, futures, insurance contracts (annuities), and various monetary funds.

💰 Account currency: USD
🚀 Minimum deposit: From $1
⚖️ Leverage: 1:2 subject to payment of interest on completion of related transactions
💱 Spread: Brokerage fee from 0 to 1.5 dollars per contract
🔧 Instruments: Stocks, options, ETFs, bonds, mutual funds, futures,insurance contracts (annuities), and various monetary funds
💹 Margin Call / Stop Out: No
Attention!

Traders Union works only with accounts opened through the website of the company.

👍 Advantages of trading with Charles Schwab:

  • No minimum deposit is required.
  • Working with trading instruments is possible in several ways: via the StreetSmart desktop terminal, a PC browser, and a mobile application.
  • Customer support is available 24/7 via online chat.

👎 Disadvantages of Charles Schwab:

  • There is no demo account.
  • No access to the foreign exchange market.
  • Withdrawals are in US dollars only and money is not converted into any other national currency.

Overall

Charles Schwab is a real catch for active trading in the American and international securities markets for both beginners and experienced traders.

Visit Charles Schwab

Geographic Distribution of Charles Schwab Traders

Charles Schwab Latest Comments for 2021

13
1
3

Positive reviews increase standing and, of course, any negative reviews decrease its position in the ratings.

Just register and get authorized to submit a review of the broker’s activities and conditions on its platform. Everyone can and is invited to submit a review. All reviews of Charles Schwab published on the website in 2021 are verified and confirmed by Traders Union as reliable comments by real traders.

Charles Schwab has a lot of useful goodies for everyone. For example, you can connect a special robot advisor that will form a diversified portfolio especially for you. The site has a magazine OnInvesting, and there are many ideas and trading strategies in there. In terms of conditions, the broker charges a fee of $0.65 per option contract. At the same time, there are no hidden fees — everything is fair and square. I have been working with Charles Schwab for several years now. The income is quite stable, and the withdrawal of funds is not delayed, so I can recommend this broker to both active traders and passive investors.

Charles schwab feels stable even during quarantine. And then everyone is everywhere on the nerves, solid negative, but here it seems that storms are not raging. And this positive overlaps small shortcomings in the work of the company, but not significant ones. And as a result of more active trading, profits increased, although before everything was little by little.

I have been trading with Charles Schwab for three years. Before that, I took a loan from them to buy a home. I realized that the company is reliable and works honestly, that's why I decided to open a trading account here. I started trading in futures, but then the broker announced a new offer — zero fees on stocks and ETFs. I decided to try it and it was right for me. In addition, the absence of a trading commission does not in any way affect the speed or quality of execution.

I have been cooperating with Charles Schwab for a long time and quite fruitfully. I trade the S&P 500 here, and over the past year, the execution speed has increased significantly, and the prices are jaw-dropping. There is a lot of useful information on the broker's website. I got hooked on podcasts, they are published here for entire seasons. You can withdraw your money as quick as a flash. I am used to using Western Union for these purposes, and the funds are credited to the wallet of this system within a few hours. So far, I don't see any reason to look for another broker, because I am comfortable working with Charles Schwab.

At the beginning of my trading journey, there were some issues with margin trading. Instead of leverage, they offered some kind of loan, also at a rate of 8%. Later, I figured it out. You just give the broker a percentage for the assets acquired on the loan. I'm not sure that such conditions are my cup of tea, so for now I trade only with my own money. Shortly, I plan to try trading micro shares. However, to work with the investment portfolios of Schwab Stock Slices, you need to deposit at least five thousand dollars, so for now I am bringing home the bacon by active trading.

I am not an investment guru yet, so I chose Charles Schwab because of the opportunity to get advice from professionals in this sphere. In addition, expert advice is not that expensive: $300 as an initial fee, plus $30 per month. Of course, $5,000 seems to be a bit too much for the minimum deposit, but it’s up to you to decide. There are complaints about the technical support specialists but, in principle, the broker's service is quite suitable. So far, the trading conditions of Charles Schwab are quite satisfactory to me, so I do not plan to open an account with another company.

Charles Schwab is a standard stockbroker, but not my favorite. There are free analytics, news, and research. The training is user-friendly and the fees are average for the market. What I don't like is the recurring technical problems. When trading through the web terminal, delays often occur, although it was a walk in the park when I opened transactions through the desktop StreetSmart.

2 3 >

Expert Review of Charles Schwab

Analysis of Charles Schwab broker’s conditions and its website showed that the company is equally focused on active online trading and investment. You can start on the stock market with a zero deposit, besides, it has its training program, so the broker is a real catch for newbies. The support service is available around the clock.

The Charles Schwab broker offers a slightly different approach to margin trading. Instead of leverage, the size of which is calculated concerning the deposit, a margin lending system is applied. Hence, the client takes out a loan to buy securities and upon completion of the related transactions pays the broker interest at a rate of 8%.

For instance, a client buys shares for $5,000, which allows him to buy the same amount on a loan. After the sale of these securities, he is obliged to repay Charles Schwab a loan of $5,000 + 8% ($400). A trader's net profit is the funds remaining after the sale of assets minus payment of brokerage fees and taxes.

Antony Robertson

Traders Union
Financial Analyst

Analysis of the Main Features of this Online Stock Broker

9.2

Overall rating

8.9

/10

Execution of orders

9.5

/10

Investment instruments

9.3

/10

Withdrawal speed

9.1

/10

Customer Support work

8.8

/10

Variety of instruments

9.6

/10

Trading platform

Dynamics of the Popularity of Charles Schwab
in 2020 among the Users of the Traders Union

Logo TU
20,0%
Top 3
10,0%
Top 5
7,0%
Top 10
5,0%
Top 20
1,0%
Top 40
0,5%
Top 100
0,2%
Top 100+
0,05%
Jan.
Feb.
Mär.
Apr.
Mai.
Jun.
Jul.
Aug.
Sep.
Okt.
Nov.
Dez.

Investment Programs, Available Markets, and Products of the Broker

The broker offers mutual funds, exchange-traded (ETF), cash funds, and a special program Schwab Stock Slices for medium and long-term investments. Thus, you can choose a suitable strategy and diversify risks. 

Schwab Stock Slices — fractional stock investment portfolios 

Participation in Schwab Stock Slices allows any client to purchase a stake in one of the companies whose shares are included in the S&P 500. The size of the minimum investment is $5, even if one share of the company itself is more expensive — it’s the main difference between the offer and the usual purchase of security. Thus, Schwab Stock Slices is micro-share trading. Other features of this program are:

  • The ability to purchase a security in parts of the value per share, a portfolio of various securities.

  • There is no broker commission for basic types of transactions.

  • The portfolio can include fractional shares of 30 different assets.

On schwab.com, clients can actively trade or enjoy passive investment. It is also possible to combine both strategies and thus diversify risks: invest part of the funds in safe stable assets and receive percentage of income; and send the other part of the capital to active trading in more profitable and risky instruments.

Important!

If you are a large investor and plan on investments over $10,000, contact us at [email protected] or by the feedback form on our website. Our professional team will take you through all the intricacies of thedeal and all the steps from signing up to withdrawal of profits.

Charles Schwab’s affiliate program:

  • Referrals — A trader can join the referrals program by opening a bonus account using the link of an active client of the company and depositing $1000 or more within 45 days, and receive up to $500 on the balance once.

Charles Schwab customers can invite friends and family to the company through referral links. However, there is no monetary reward for those who post the link. Only new clients receive money if the terms of the program are met.

Rebate and Discount Programs of the Traders Union for Charles Schwab

You can partially or fully reimburse the costs of the brokerage spread for all completed trades whether it is profitable or unprofitable. To receive compensation for trading commissions (rebates) from the Traders Union, two conditions must be met. The first is to register on the Traders Union website and the second is to open an account with a broker using the partner link. Rebates for any broker, including Charles Schwab, are available only if the conditions described above are met.

Try it!  Try it!

Trading Conditions for Charles Schwab Users

Charles Schwab offers its traders and investors a superb StreetSmart trading platform. Trading is possible through the company's web terminal, in the mobile application, and using the desktop version. Opening an account is available from $1 with no additional service fees. No brokerage fee is charged for US stocks (except for high volume, difficult to execute contracts).

$1

Minimum
deposit

1:2

Leverage

24/7

Support

WebTrader Schwab Mobile
StreetSmart Edge
💻 Trading platform: StreetSmart Edge, Schwab Mobile, Web Trader
📊 Accounts: Standard brokerage, pension brokerage, investment with the possibility of automated portfolio management
💰 Account currency: USD
💵 Replenishment/Withdrawal: Bank Transfer, Visa, Mastercard, Check, Walmart and Western Union money transfer
🚀 Minimum deposit: From $1
⚖️ Leverage: 1:2 subject to payment of interest on completion of related transactions
💼 PAMM-accounts: Yes
📈️ Min Order: $1 or a fractional share of a bond worth from $5
💱 Spread: Brokerage fee from 0 to 1.5 dollars per contract
🔧 Instruments: Stocks, options, ETFs, bonds, mutual funds, futures,insurance contracts (annuities), and various monetary funds
💹 Margin Call / Stop Out: No
🏛 Liquidity provider: Not indicated
📱 Mobile trading: Yes
➕ Affiliate program: Yes
📋 Orders execution: No
⭐ Trading features: Possibility of purchasing fractional shares within one of proposed investment programs
🎁 Contests and bonuses: Welcome bonus from to $100 up to $500

Charles Schwab Commissions & Fees

Information

Analysis of Charles Schwab's conditions for possible trading and non-trading fees showed the presence of commissions from 0 to 1.5 dollars depending on the type of instrument for any account. The broker does not charge a withdrawal fee, but it is charged by third-party banks that facilitate transfers to banks or to debit cards. There is a one-time fee of $300 when opening an account and then $30 every month for consulting services on investment products.

Account type Spread (minimum value) Withdrawal commission
Standard brokerage From $1.5 Yes
Pension brokerage From $1.5 Yes
Investment From $30 Yes

Swap commissions are not provided for the assets offered by the broker. Our analysts have compared the size of the average spread for all types of accounts of various companies. Below is a comparison chart of Charles Schwab's and popular brokers’ trading fees.

Conclusion

The Charles Schwab broker offers its clients high commissions. But when trading US stocks, there is a zero-fee trading option.

Detailed Review of Charles Schwab

Charles Schwab is one of the oldest brokers in the US financial services market. The company offers its clients fairly loyal trading conditions, as well as free analytics of its experts and third-party specialists. The site has a separate news section. News reports are also available in the trading terminal and through the personal account for registered users. It also contains a large variety of reviews, trading, and investment tips.

Mind-blowing information regarding Charles Schwab in numbers:

  • More than 10 million registered clients.

  • More than 335 branches in the USA, London, and Puerto Rico.

  • More than 4,000 zero-entry funds are available to investors.

Charles Schwab is a regulated broker for traders and investors which allows you to start trading with a minimal investment.

There’s a zero-entry deposit when opening a brokerage account for trading on the stock exchange. Also, there is no maintenance fee. In most cases, no brokerage fee is charged for transactions in US stocks. If we are talking about investing, then it is possible to buy equity shares, starting from $5. With an investment of $1500 or more. The broker makes it possible to form an investment portfolio, which can include up to 30 different securities. A large number of zero-entry investment funds are also offered. StreetSmart trading terminal and its mobile version for all types of accounts are available for free. Investment product consulting costs start as little as $30 per month.

Another crucial broker’s advantage is the ability of traders to use the materials of the company's training center for free with registration in the system. The convenient division into thematic blocks makes the process of acquiring new knowledge convenient and intuitive even for beginners.

Useful services of Charles Schwab:

  • Daily analytics.

  • Expert materials are available to traders and investors free of charge.

  • Schwab Intelligent Portfolios is a special robot-advisor that helps you to create a diversified portfolio following the parameters set by the investor.

  • Tax Center. Based on the information from the section, the client of the company can perform the necessary tax calculations.

Advantages:

1

You can start trading on the stock exchange with a zero-entry deposit 

2

There are no fees for maintaining accounts.

3

Investing is possible.

4

With a minimum amount of money, you can buy fractional shares of $5 or more.

5

In addition to working through the StreetSmart desktop and mobile platform, the entire volume of trading operations can be performed through the web terminal and in the personal account on the website.

6

There is a separate news section, which allows you to receive all the necessary information without searching for it on third-party platforms.

7

24/7 online support is available via chat on the website or through the trading terminal.

8

There are no rigid frameworks for traders. You can choose any strategy and timeframe (intraday, medium-term, or long-term trading).

How to Start Making Profits — Guide for Traders

Charles Schwab offers three types of accounts for investment and active trading. Two of them are designed for traders with retirement planning options. The investment account is intended for passive placement of funds.

Account types:

Account Type
Description
A standard brokerage account
is an account that has no requirements for the size of the minimum deposit. There is no commission for its administration and maintenance. It is possible to trade shares of American companies without charging a brokerage fee.
Pension brokerage
is an account with all the features of a standard account plus access to retirement planning tools.
Investment
an account with the possibility of automated portfolio management. Provides access to investment programs with deposits of $5,000 or more. There is a one-time planning fee from the company's professional consultants for $300 + $30 per month for their continued use.

The broker does not have a demo account.

Charles Schwab is suitable for traders and investors at all levels. You can start working in the financial markets here with a minimum investment.

Bonuses Paid by the Broker

Welcome bonus

Accrual of $100-500 when opening a brokerage or retirement account at the invitation of a current client of the company.

Charles Schwab Bonuses — Welcome bonus
Charles Schwab Bonuses — Welcome bonus

Bonus from the Traders Union

If you are interested in various bonuses for trading in financial markets, then the Traders Union rebate may become a relevant offer for you. First, you need to register on our website to receive compensation for the spread from the Traders Union for transactions made on the market. After authorization in your account, open an account with a broker by clicking on the Traders Union referral link. The Charles Schwab trading bonus is only available to those clients who have opened an account through the Traders Union website.

Investment Education Online

Information

For training beginners, a special section has been created on schwab.com. It’s the Knowledge Center. Here are the tips of the company's analysts on various aspects of trading and investing, broken down into separate blocks.

Information available in the Education Section
Information not available at the Charles Schwab site
Expert advice on various areas of trading and investment
Descriptions of technical analysis tools
Tax and pension planning
Analysis of popular trading strategies
Fundamentals of insurance and savings
Complete glossary of investment Terms
Main principles of investing
 

There is no opportunity to consolidate the acquired knowledge and practice because this broker does not have a demo account.

Security (Protection for Investors)

Information

The official regulator of schwab.com is the SEC — the US Securities and Exchange Commission. The broker is a member of FINRA, the Financial Services Regulatory Authority for the enforcement of trading rules in the securities markets.

In the event of the bankruptcy of Charles Schwab brokerage, the accounts of clients of the company are insured by the SIPC (Securities Investor Protection Corporation) for up to $500,000. If the SIPC limits are depleted, Lloyd's of London will cover the costs of traders and investors in the total amount of up to $600 million.

👍 Advantages

  • Reputation of a reliable company with a 50-year history of working in financial markets
  • Payment of compensation to customers in case of financial insolvency of the company
  • You can file a complaint against a broker with a government regulator

👎 Disadvantages

  • Regulated in accordance with the US legal framework — possible difficulties with the consideration of complaints from customers from other countries
  • It’s impossible to open an account without providing documents
  • The services can be used by traders from a limited list of countries

Withdrawal Options and Fees

  • Withdrawals are carried out only in USD without converting the funds into the client's national currency.

  • The broker does not charge a withdrawal fee, but there is a payment system fee.

  • Withdrawals are available to Visa and Mastercard bank cards, via bank transfer, and through Walmart and Western Union systems.

Customer Support Service

Information

You can contact support specialists for help 24/7.

👍 Advantages

  • Availability of online chat
  • You can contact by phone

👎 Disadvantages

  • Support languages: English, Chinese, Vietnamese and Japanese
  • You cannot send a question to email

There are several ways to contact support:

  • via 24/7 online chat;

  • by phones from the "Contact Us" section;

  • with the help of a personal visit to the office of one of the broker's branches;

  • by sending a letter by regular mail.

Remote support options are available both through the broker's website and in your account.

Contacts

Registration address 211 Main St, San Francisco, CA 94105, USA
Regulation
Official site
Contacts

Review of the Personal Cabinet of Charles Schwab

You need to open a trading account and create a personal account to start trading on the stock exchange with Charles Schwab, The algorithm of actions is as follows:

1

Go to schwab.com and select your country of residence from the list. Click the "Open an Account" button, then the "Brokerage services" type:

Charles Schwab Review — Account opening
Charles Schwab Review — Account opening
Charles Schwab Review — Account opening
2

Fill out the registration form and enter your passport and contact information, social security number, address, and telephone number of your manager, if you are employed. After that, you must provide scanned copies of documents for verification.

3

The following set of functions is available in your account:

1. Real-time charts and quotes for selected instruments:
Charles Schwab Review — Charts and quotes
Charles Schwab Review — Charts and quotes
2. Access to the web terminal for concluding deals and placing orders:
Charles Schwab Review — Web terminal
Charles Schwab Review — Web terminal
1. Real-time charts and quotes for selected instruments:
Charles Schwab Review — Charts and quotes
Charles Schwab Review — Charts and quotes
2. Access to the web terminal for concluding deals and placing orders:
Charles Schwab Review — Web terminal
Charles Schwab Review — Web terminal

The following services are available to traders and investors:

  • Deposit replenishment and withdrawal of funds.

  • Assessment of the potential of instruments based on a custom filter with a set of criteria.

  • Analytics from Charles Schwab experts.

  • Section with news summaries.

  • 24/7 support.

Tags:

Charles Schwab Schwab www schwab.com schwab.com schwab com www schwab com

The Oldest Reviews of this Online Broker for Stock Trading

Positive reviews increase standing and, of course, any negative reviews decrease its position in the ratings.

Just register and get authorized to submit a review of the broker’s activities and conditions on its platform. Everyone can and is invited to submit a review. All reviews of Charles Schwab published on the website in 2021 are verified and confirmed by Traders Union as reliable comments by real traders.

I have been working with Charles Schwab since 2015 — it was a long and fantabulous journey. I use not only its banking services but I also trade stock indices through it. First and foremost, I was thrilled by the vast array of trading instruments and small fees. Besides, you can open an account free of charge without hidden fees. Funds are withdrawn to the cards on the day of application and the bank fees are within 0.5% of the payment amount. Charles Schwab is an A+ option for me.

Charles Schwab is a continent-wide broker that is popular among stock traders, so I decided to open an account here without a second thought. If you trade in small volumes, there are no fees on stocks and ETFs. By the way, you can make transactions not only from a computer but also from mobile applications and even a web terminal, which are paramount advantages. The site is full of analytics, investment ideas, and tips from seasoned financial experts. The personal account is well-thought-out for everyone. I like everything here, so I'm not going to look for another broker yet.

Charles Schwab was my first broker. I chose it because of the lack of a minimum deposit, high-quality training, and zero fees on shares. You can ask a question in the online chat at any time. The support works without breaks and on weekends. I came across reviews that the web terminal freezes, so I immediately installed the desktop version to kick the wheels and it works smoothly. So far I have not found significant flaws in the Charles Schwab brokerage, so I am staying here.

I consider Charles Schwab a universal broker because here you can not only trade but also invest. If you don’t know the ropes, then they will lend a helping hand. A financial consultant will help you. By the way, at the beginning of my work here, I followed the advice of Charles Schwab experts and invested in the assets they recommended. These investments consistently brought 10-20% income, so I think this service is quite useful. Now I specialize more in passive investing. So it generates higher income. In this regard, Charles Schwab is the ultimate solution for me.

Charles Schwab has really low fees and even zero for some instruments. The choice of assets is humongous, the terminals are lightning-quick and stable. There are no complaints about regulation. It is a pity that the broker does not have a demo account, but this is perhaps its only significant drawback. Charles Schwab is an SEC-licensed broker that also offers excellent conditions and quality service. So why on earth should I look for another mediator?

Charles Schwab investment accounts have a high entry threshold. Still, it seems to me that $5,000 is a bit too much. That is why at the moment I use Charles Schwab as a broker for active trading and invest through another company. The contract fee for futures options is $1.5, which is fine for me. Charles Schwab offers high-quality analytics and is completely free. I like this broker, so I'm staying here for now.

I opened an account with Charles Schwab on the advice of a financier friend. It’s a broker with a license, ergo, I immediately deposited $25,000 and my friend additionally received a welcome bonus. US stocks here can be traded without fees. The broker charges $0.65 per contract for options trades. For now, the terms of Charles Schwab suit me. So soon, I want to switch to a brokerage retirement account, because it’s time to plan my retirement.

Author of this Review

Charles Schwab broker’s review prepared by

John Davis

Traders Union Author and Analyst

John Davis is a Financial and Economic Analyst working with the Traders Union since 2016. During this time, he has written more than 100 analytical articles on technical and fundamental analysis, reviews of financial companies and has developed more than 10 proprietary trading systems. John's motto is to help everyone go from a novice to a professional trader.

All information posted on the Traders Union website is based on reliable and objective data. We have combined our 10 years’ experience in the financial sector and the feedback of our customers to provide you with a true picture of the best forex companies in the market. Detailed information about our methodology.

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FAQs

Do reviews by traders influence the Charles Schwab rating?

Any review can raise or lower the rating of any broker in the general list of brokers. To read reviews about Charles Schwab you need to go to the broker's profile.

How to leave a review about Charles Schwab on the Traders Union website?

To leave a review about Charles Schwab, register on the Traders Union website or you can also leave a review through Facebook.

Is it possible to leave a comment about Charles Schwab on a non-Traders Union client?

Anyone can leave feedback about Charles Schwab on multiple participating clients; however, Traders Union clients also receive additional payments later for working with any broker listed at the Forex market.

Why is it more profitable to work with Charles Schwab through Traders Union?

Because you will receive additional payments from Traders Union every month while all other functions on your chosen trading platform remain the same.