Fidelity vs. Schwab: 2024 Comparison

Fidelity and Schwab are both solid, well-rounded brokers that cater to all investors. Here's our side-by-side comparison.

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Updated
Profile photo of Arielle O'Shea
Written by Arielle O'Shea
Lead Assigning Editor

Fidelity and Charles Schwab often rise above the competition in our analysis of online brokers. Both offer something for every investor: There are powerful trading platforms for active traders, a large investment selection that includes thousands of no-transaction-fee mutual funds for retirement or passive investors, and libraries of educational resources for beginners.

But Fidelity edges ahead of Schwab slightly when it comes to its research and data offerings; and Fidelity also offers several index funds that charge no expense ratio, which is rare in the industry. Schwab, on the other hand, has a slightly larger investment selection, including more no-transaction-fee mutual funds and the ability to trade futures.

Here's our direct comparison of Fidelity and Schwab:

Fidelity
NerdWallet rating 

Fidelity is best for:

  • Frequent traders.

  • Beginner investors.

  • Research and data.

  • Retirement planning assistance.

Fidelity 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: $0

Interest rate on uninvested cash

Over 4%.

Number of no-transaction-fee mutual funds

Over 3,300

Tradable securities

Stocks, mutual funds, ETFs, options, bonds and fixed income, precious metals, crypto

Trading platform

Three: Fidelity.com, mobile app, Active Trader Pro

Mobile app

Available for iOS and Android

Research and data

Several data providers, including Argus, Zacks, CFRA and S&P Global

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

24/7. Hours vary by contact method, but you can get help via phone, email, chat, over social media or at a physical branch.

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

Want to compare more brokers? View our full list of the best online brokers.

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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