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Charles Schwab

By on November 1, 2012
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Charles Schwab


The brokerage arm of Charles Schwab has been around since 1971 and currently controls over $1.65 trillion in assets. In this Schwab review, I'll cover what Schwab has to offer, who they're right for, and give you guys some links to the latest Schwab promotions. If you've used Schwab before, please add your own rating and review below.

Schwab – The Basics:

Background: Founded 1971, 7.9 million clients, approx $1.65 trillion in assets, 300 local offices in the US.
Investments: Access to stocks, options, bonds, mutual funds, futures, treasury issues, CD’s, insurance, ETF’s, annuities, WEBs, Canadian foreign orders and non-US securities.
Commissions: Stocks and ETF’s cost $8.95 per trade. Broker assisted trades cost $33.95. Phone trades in stocks and ETF’s cost $13.95. Options are $8.95 + $0.75 per contract. Mutual funds cost $49.95 (Mutual Funds One Source Funds are free). CD’s, bonds and treasuries cost $1 for each bond with a minimum of $10 and a maximum of $250.
Investor Education: Over a 100 on demand courses for their clients, live events and webinars are held on a regular basis.
Mobile apps: iPhone, iPad and Android. They also have a mobile website.


In addition to the basics, Schwab has an active trader community, free in-person support at their 300 branch offices, and they also offer 24/7 phone and email support.

The minimum to open an account is $1,000. Open your account here.

Pros & Cons Of Schwab:

Pros Cons
  • A rich selection of investments are offered
  • Great banking facilities
  • Excellent customer service
  • Low fee for options trading
  • Easy to understand, uncomplicated fee structure
  • Blackberry apps not available
  • High margin rates
  • High fee for broker assisted trades
  • Higher than avg. commission rates for stocks, ETF’s and mutual funds
  • Average trading tools
  • Outdated website

How Others Rated Schwab In 2012:

Barron's: 3.5 stars

Highest rated category: Research Amenities

Lowest rated category: Costs

Smart Money: 5th overall

Highest rated category: Banking Services, Research

Lowest rated category: Commissions & Fees, Customer Service

Word On The Street Is…

They provide excellent customer service, research tools and reports, and their investor education program is top-notch. Research tools and reports come from some of the top organizations in the field. Experts from Charles Schwab also give you access to their own analysis and reports. Overall, they have a good and customizable trading platform.

Overall takeaway: This is an excellent broker for experienced and long term investors.

Schwab Promotion Code:

Hit the link below to claim the latest Schwab promotion. Click below to claim promotion code Trade free for 6 months when you open an account and deposit $50k or more.

Where To Open A Schwab Account:

Open A Personal/Joint/Custodial/Business Account With Schwab: Apply Now
Open An IRA Account With Schwab: Apply Now
Open A Forex Trading Account With Schwab: N/A



About Peter Voga

Self-confessed coffee addict. Family man. Rage Against The Machine fan. Lover (and sometimes hater) of the stock market. Founder of BrokerChats. For more, follow me @petervoga or check me out on Facebook or Google+.

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Tools & Research
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