Charles Schwab vs. E*TRADE: 2024 Comparison

Charles Schwab and and E*TRADE are both good for advanced and beginner investors, but fractional shares and website ease-of-use differ. NerdWallet compares the two brokers.

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There's a lot to like about E*TRADE and Charles Schwab. Both brokers cater to beginner investors and advanced traders alike. Both offer extensive investment selections, commission-free trades of stocks and exchange-traded funds and access to extensive research. Schwab has an above-average mobile app, but it provides a smaller selection of fractional shares than some other brokers. E*TRADE's two mobile apps are impressive, but the broker's website can be a bit difficult to navigate. Read more information about the two brokers to decide which one might be right for you.

Charles Schwab
NerdWallet rating 
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on Charles Schwab's website

Charles Schwab is best for:

  • Beginner investors.

  • Advanced traders.

  • Investors seeking no-minimum index funds.

  • Investors who rely on premium research.

Charles Schwab at a glance

Account minimum

$0.

Stock trading costs

$0.

Options trades

$0.65 per contract

Account fees (annual, transfer, closing, inactivity)

Annual fee: $0 Inactivity fee: $0 Outgoing transfer fee (partial or full): $50

Interest rate on uninvested cash

0.45%

Number of no-transaction-fee mutual funds

More than 8,000

Tradable securities

Stocks, mutual funds, ETFs, options, bonds, futures, futures options, forex

Trading platform

Five: Schwab.com, Schwab Mobile and thinkorswim for web, desktop and mobile

Mobile app

Available for iOS and Android

Research and data

Over a dozen, including Morningstar, Refinitiv/LSEG, Argus, Vickers and Computrade/Market Edge

Customer support options (includes how easy it is to find key details on the website)

24/7 phone and chat support

E*TRADE
NerdWallet rating 
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on E*TRADE's website

E*TRADE is best for:

  • Frequent traders.

  • Research and data.

  • Retirement planning assistance and educational resources.

E*TRADE at a glance

Account minimum

$0

Stock trading costs

$0

Options trades

$0.65 per contract (volume discount available)

Account fees (annual, transfer, closing, inactivity)

Annual fee: $0 Inactivity fee: $0 Outgoing transfer fee (partial or full): $75

Interest rate on uninvested cash

0.01% to 0.15%

Number of no-transaction-fee mutual funds

Over 6,000

Tradable securities

Stocks, mutual funds, ETFs, options, bonds, futures

Trading platform

Two: E*TRADE and Power E*TRADE

Mobile app

Available for iOS and Android

Research and data

Nine research providers, including Moodys, Refinitiv, Morningstar, MarketEdge and Smart Consensus

Customer support options (includes how easy it is to find key details on the website)

24/7 phone support; live chat Monday through Friday, 8:00 a.m. to 8:00 p.m. Eastern.

Want to compare more brokerages? Here's our full list of the best brokers for stock trading.

Methodology

How do we review brokers?

NerdWallet’s comprehensive review process evaluates and ranks the largest U.S. brokers by assets under management, along with emerging industry players. Our aim is to provide an independent assessment of providers to help arm you with information to make sound, informed judgments on which ones will best meet your needs. Our highest priority is maintaining editorial integrity.

We collect data directly from providers through detailed questionnaires, and conduct first-hand testing and observation through provider demonstrations. The questionnaire answers, combined with demonstrations, interviews of personnel at the providers and our specialists’ hands-on research, fuel our proprietary assessment process that scores each provider’s performance across more than 20 factors. The final output produces star ratings from poor (one star) to excellent (five stars).

For more details about the categories considered when rating brokers and our process, read our full methodology.

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