Charles Schwab vs. TD Ameritrade: 2023 Comparison
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Editor’s note: Charles Schwab acquired TD Ameritrade in 2019, and is currently working to transition clients. NerdWallet is no longer updating this comparison, nor are we updating our TD Ameritrade reviews. See our full Charles Schwab review to read our current analysis of that brokerage, which has integrated many of TD Ameritrade's offerings.
TD Ameritrade is best for:
Beginner investors.
Advanced traders.
Investor education/advice.
Fund investors.
TD Ameritrade at a glance
Account minimum | $0 |
Stock trading costs | $0 |
Options trades | $0.65 per contract. |
Account fees (annual, transfer, closing, inactivity) | No annual or inactivity fee. $75 full transfer; $0 partial transfer. |
Number of no-transaction-fee mutual funds | More than 1,600. |
Tradable securities |
|
Crypto availability | No direct access to cryptocurrencies, but crypto coin trusts are available over-the-counter, and qualified clients can trade Bitcoin futures from CME. |
Trading platform | Two platforms: TD Ameritrade web and thinkorswim (desktop). |
Mobile app | TD Ameritrade mobile app, TDA thinkorswim app. |
Research and data | Research, analysis, commentary and news available from 15 providers, including Argus, CFRA, Reuters, Vickers and Morningstar. |
Customer support options (includes how easy it is to find key details on the website). | Phone, email and live chat support 24/7. In person at local branches. Support also available via text, Facebook Messenger, Twitter direct message, Apple Business Chat and Amazon Alexa. |
» Read our full TD Ameritrade review
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 |
» Read our full Charles Schwab review
NerdWallet rating 4.8 /5 | NerdWallet rating 5.0 /5 | NerdWallet rating 4.6 /5 |
Fees $0 per online equity trade | Fees $0.005 per share; as low as $0.0005 with volume discounts | Fees $0 |
Account minimum $0 | Account minimum $0 | Account minimum $0 |
Promotion None no promotion available at this time | Promotion Exclusive! U.S. residents who open a new IBKR Pro account will receive a 0.25% rate reduction on margin loans. Terms apply. | Promotion Earn up to $10,000 when you transfer your investment portfolio to Public. |
Want to compare more options? View the best brokers for stock trading
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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