Personal Finance · head to head
E*TRADE vs Charles Schwab
The short version
- Each has a real cost: E*TRADE stock and ETF trades were $0 commission but options carried a $0.65 per-contract fee, broker-assisted trades added a $25 surcharge, and margin interest rates ranged from 12.70% to 13.20% depending on balance tier (Internet Archive capture, 3 January 2023); 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
- They diverge on capability: E*TRADE covers Advanced trading tools, Charles Schwab covers Commission-free trading.
Where they differ
Only the attributes on which E*TRADE and Charles Schwab actually diverge.
| Attribute | E*TRADE | Charles Schwab |
|---|---|---|
| Founded | 1956 | 1971 |
Identical on both: starting price (On request), pricing model (transaction), free tier (No), platforms (Web, IOS, Android), user rating (Not yet rated), category (Personal Finance).
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 E*TRADE
- Advanced trading tools
- Options and futures
- Mobile trading
- Wire transfers
Only in Charles Schwab
- Commission-free trading
- Retirement planning
- Wealth management
- Investment accounts
Both cover
- Research tools
- Bank accounts
- Web support
- IOS support
- Android support
What people use each for
The jobs each tool is most often brought in to do.
E*TRADE
- Budget Management
- Expense Tracking
- Investment Tracking
Charles Schwab
- Budget Management
- Expense Tracking
- Investment Tracking
Both are used for budget management, expense tracking, investment tracking, on those jobs the choice comes down to price and fit rather than capability.
Where each one falls short
Documented limitations, not opinions. Every one is a constraint you would hit in normal use.
E*TRADE
- Stock and ETF trades were $0 commission but options carried a $0.65 per-contract fee, broker-assisted trades added a $25 surcharge, and margin interest rates ranged from 12.70% to 13.20% depending on balance tier (Internet Archive capture, 3 January 2023)
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 $0 online commission, per the App Store listing for Schwab Mobile
Pricing, plan by plan
E*TRADE
On request- Stock & ETF TradingFree
- Commission-free trades
- Real-time quotes
- Advanced Trading$undefined/month
- All Stock & ETF features
- Options, futures
- Advanced tools
Charles Schwab
On request- Individual BrokerageFree
- Commission-free trading
- Research tools
- Schwab Advisor Services$undefined/month
- All Brokerage features
- Wealth management
- Personal advisors
Which should you pick?
Choose E*TRADE if
- You need advanced trading tools.
- You work on Web, IOS, Android.
- You also want options and futures.
Choose Charles Schwab if
- You need commission-free trading.
- You work on Web, IOS, Android.
- You also want retirement planning.
Questions people ask
- Is E*TRADE or Charles Schwab better?
- Neither clearly leads. E*TRADE starts at On request and Charles Schwab at On request, and user ratings are close enough to be indistinguishable. Choose on capability and platform support.
- Which is cheaper, E*TRADE or Charles Schwab?
- E*TRADE starts at On request and Charles Schwab at On request.
- Does E*TRADE or Charles Schwab run on more platforms?
- Both run on Web, IOS, Android, so platform support will not decide this one for you.
- What is E*TRADE best used for?
- E*TRADE is most often used for budget management, expense tracking, investment tracking.
- What can E*TRADE do that Charles Schwab cannot?
- E*TRADE covers Advanced trading tools, Options and futures, Mobile trading, Wire transfers. Charles Schwab covers Commission-free trading, Retirement planning, Wealth management, Investment accounts. Both handle Research tools, Bank accounts, Web support, IOS support.