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Personal Finance · head to head

Charles Schwab vs FTX

Charles Schwab logo

Charles Schwab

Personal Finance

Investing made simple

From
On request
Rated
-
Full reviewWebsite
F

FTX

Cryptocurrency & Blockchain

Cryptocurrency derivatives exchange

From
Free
Rated
-
Full reviewWebsite

The short version

  • Only FTX has a free tier, so it costs nothing to try first.
  • Each has a real cost: Charles Schwab broker-assisted trades cost $25 and automated phone trades cost $5 in addition to the standard $0 online commission, per the App Store listing for Schwab Mobile; FTX the exchange collapsed and FTX Trading Ltd filed for Chapter 11 bankruptcy protection on 11 November 2022
  • They diverge on capability: Charles Schwab covers Commission-free trading, FTX covers Futures Trading.

Where they differ

Only the attributes on which Charles Schwab and FTX actually diverge.

Attributes where Charles Schwab and FTX differ
AttributeCharles SchwabFTX
Starting priceOn requestFree
Pricing modeltransactionfreemium
Free tierNoYes
CategoryPersonal FinanceCryptocurrency & Blockchain
Founded19712019

Identical on both: platforms (Web, IOS, Android), user rating (Not yet rated).

What each one covers

Drawn from each product's published feature list. An absence here means we hold no record of it - not that the product lacks it.

Only in Charles Schwab

  • Commission-free trading
  • Retirement planning
  • Wealth management
  • Research tools
  • Bank accounts
  • Investment accounts
  • IOS support

Only in FTX

  • Futures Trading
  • Options
  • Leveraged Tokens
  • Spot Trading
  • FTT Token
  • Serum DEX
  • Ios support

Both cover

  • Web support
  • Android support

What people use each for

The jobs each tool is most often brought in to do.

Charles Schwab

  • Budget Managementnot FTX
  • Expense Trackingnot FTX
  • Investment Trackingnot FTX

FTX

  • Exchangesnot Charles Schwab
  • Derivativesnot Charles Schwab
  • Tradingnot Charles Schwab

Where each one falls short

Documented limitations, not opinions. Every one is a constraint you would hit in normal use.

Charles Schwab

  • Broker-assisted trades cost $25 and automated phone trades cost $5 in addition to the standard $0 online commission, per the App Store listing for Schwab Mobile
  • Options trades carry a $0.65 per-contract fee on top of the $0 online commission, per the App Store listing for Schwab Mobile

FTX

  • The exchange collapsed and FTX Trading Ltd filed for Chapter 11 bankruptcy protection on 11 November 2022
  • Around 130 affiliated companies including Alameda Research entered the same proceedings, with more than 100,000 creditors and assets and liabilities each between $10 billion and $50 billion
  • Founder Sam Bankman-Fried resigned as CEO on the filing and was replaced by John J. Ray III
  • It is not a service anyone can sign up for; the estate exists to repay creditors

Pricing, plan by plan

Charles Schwab

On request
  • Individual BrokerageFree
    • Commission-free trading
    • Research tools
  • Schwab Advisor Services$undefined/month
    • All Brokerage features
    • Wealth management
    • Personal advisors

FTX

Free
  • StandardFree
    • Spot trading
    • Futures
    • Options

Which should you pick?

Choose Charles Schwab if

  • You need commission-free trading.
  • You work on Web, IOS, Android.
  • You also want retirement planning.
Charles Schwab review

Choose FTX if

  • You need futures trading.
  • You want to start without paying.
  • You work on Web, Ios, Android.
  • You also want options.
FTX review

Questions people ask

Is Charles Schwab or FTX better?
Neither clearly leads. Charles Schwab starts at On request and FTX at Free, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
Which is cheaper, Charles Schwab or FTX?
FTX has a free tier; the other does not. Paid plans start at On request for Charles Schwab and Free for FTX.
Does Charles Schwab or FTX run on more platforms?
Charles Schwab runs on Web, IOS, Android. FTX runs on Web, Ios, Android.
Can I use FTX for free?
Yes. FTX has a free tier, so you can try it without paying. Charles Schwab starts at On request.
What is Charles Schwab best used for?
Charles Schwab is most often used for budget management, expense tracking, investment tracking. Of those, budget management and expense tracking are not what FTX is typically brought in for.
What can Charles Schwab do that FTX cannot?
Charles Schwab covers Commission-free trading, Retirement planning, Wealth management, Research tools. FTX covers Futures Trading, Options, Leveraged Tokens, Spot Trading. Both handle Web support, Android support.

Answered from the vendors’ own pages

FTX: What happened to FTX?

FTX filed for bankruptcy on November 11, 2022, after revelations about Alameda Research's massive holdings of FTX's token (FTT) triggered a liquidity crisis. The platform collapsed within days as a competing rescue deal fell through.

Source
FTX: Can I recover funds from FTX bankruptcy?

FTX has been in Chapter 11 bankruptcy proceedings since November 11, 2022. Customer funds have been subject to claims through the bankruptcy process, with asset recovery efforts ongoing.

Source
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