Rating Forex / Brokers / Charles Schwab

Charles Schwab

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    Has the company with 50 years of experience preserved the quality of its services?

    Whether it’s banking or brokerage, you may have heard the name Charles Schwab. The company, founded in 1971, was a pioneer in discount brokerage. It later expanded beyond its discount roots to provide banking and investment services for both novice and experienced investors. Today, the company serves more than 33,8 million brokerage accounts worldwide and has about $7,07 trillion in client assets. The firm offers 24-hour customer service, including online chat and a full-featured mobile app.

    Charles Schwab is one of the world’s best-known investment firms. The company has more than 360 offices and more than 1,800 consultants, with headquarters in San Francisco. They offer two trading platforms depending on your own investment needs. You can choose any of them with no investment minimum or commission.

    Charles Schwab platform focuses primarily on U.S. customers, but its services are available to customers in more than 40 other countries, including, for example, the United Kingdom, Germany,  China, India, and the United Emirates. Available services can vary from country to country. For example, UK and Hong Kong clients cannot trade futures or mutual funds, only stocks, ETFs, options and bonds. Let us consider what exactly is this firm and what are its advantages and disadvantages.

    Date grounds


    Regulation and jurisdiction

    SPIC is a securities investor protection corporation. FDIC – Deposit Insurance Corporation.

    Company Features

    It is an online brokerage company that offers trading at affordable costs.

    Official website of the company

    Contact details

    877-519-1403; 11 Main Street San Francisco

    • No fees for maintaining and servicing accounts
    • 24/7 online technical support
    • No license from the Central Bank of the Russian Federation
    • It is not possible to open a demo account
    • Withdrawals are carried out only in dollars
    Trading platform

    StreetSmart Edge, Schwab Mobile, Web Trader


    Standard brokerage, pension brokerage, investment with the possibility of automated portfolio management

    Account currency



    Bank Transfer, Visa, Mastercard, Check, Money Order, Walmart and Western Union

    Minimum deposit amount

    From 1 USD


    1:2 subject to payment of loan interest upon completion of related transactions

    Min order

    $1 or a fractional share of a share worth $5 or more


    Brokerage fee from 0 to 1.5 dollars per contract

    Financial instruments

    Stocks, options, ETFs, bonds, mutual funds, futures, insurance contracts (annuities), various money funds

    Trading Features

    Possibility of purchasing fractional shares within the framework of competitive programs

    Competitions and bonuses

    Welcome bonus from 100 to 500 USD

    Account opening, deposit methods and account types

    To open a brokerage account with, you don’t need to deposit a minimum. There is no account opening fee, no maintenance fee, and no inactive account fee. If you want to close your account or transfer it to another broker, you will be charged a $50 fee. This process will take three weeks or more, so you will have to be patient. It is worth noting that although there is no minimum deposit for clients from the U.S., other clients need to transfer a minimum of $25,000 to get started.

    One of the nice things about investing in Charles Schwab is that there is no minimum investment for their Schwab index funds. This means you can get into your investment portfolio even if you don’t have much money to begin with.

    If you are interested in automating the investing process, you may also want to consider the robo-advisor service Intelligent Portfolios. The minimum account opening amount is $5,000. At Schwab Intelligent Portfolios Premium the minimum is $25,000. Although the minimum amount is higher than some other robo-advisors, the lack of advisory fees and user-friendly platform make Intelligent Portfolios an attractive option for new investors.

    A robo-advisor offers several account types to choose from to best meet your financial goals.

    The company offers many types of accounts. In addition to standard brokerage Individual and Joint accounts, you’ll find Checking, Savings accounts, Education, Custodial accounts, Trust, Estate accounts, Small Business Retirement account and Corporate account. Accounts that are only available to U.S. customers: Individual retirement accounts (Roth IRA, Traditional IRA, Rollover IRA), Robo-advisor accounts and Schwab Charitable account. You can read more about each type on the website.

    The broker does not accept debit or credit cards, as well as electronic wallets for deposit or withdrawal. To replenish the company offers bank transfers or checks, their photo can be downloaded in a mobile app or sent to the address of the company. You can only make a deposit from an account registered in your name, the transfer takes 2 days. The base currency at is the US dollar. If you have a personal bank account in a currency other than the U.S. dollar, you will be charged a conversion fee when you transfer funds. Charles Schwab does not charge a withdrawal fee if you use ACH withdrawal, but a bank transfer costs $25.

    Overview of the trading interface

    The company offers to work in its own web terminal Trade Source or on the cloud platform StreetSmart Edge. The latter is available both as a desktop version and as a mobile app.

    The web terminal is more suitable for novice investors and mid-level traders. StreetSmart Edge is equipped with advanced trading tools, so it is actively used by professionals. There you will find:

    Stock and EFT screener – the program searches for bargains based on specified parameters;

    CNBC Online Broadcast – broadcast 24 hours a day, 7 days a week with no ads;

    Graphs – show the dynamics of the value of assets over a given period of time;

    News – current stock market news;

    Notifications – notifications are set to a certain price or other signals.

    Both versions have simple and user-friendly interfaces. It is worth noting that the mobile application is not popular among traders because of the insufficient quality of the offered software. They note that the application is still worth working on.


    A broker also acts as a banking institution. It allows, depending on the account, to issue:

    Small and medium sized enterprises loans

    Home mortgage or loans refinancing

    Social Security agreement

    Retirement Plan Brokerage Account Agreement

    The company also issues credit cards of the American Express payment system.

    Choice of investment products and commissions

    Schwab clients can invest in mutual funds, ETFs, stocks, bonds, CDs, futures, and options. Schwab Target Funds are mutual funds designed with your anticipated retirement age in mind. Charges for Charles Schwab funds are high, except for about 4,000 mutual funds, which can be traded for free. These include Schwab Funds and thousands of other funds on the Mutual Fund OneSource Select List. However, if you sell these funds within 90 days of purchase, you will be charged a fee. The standard fee is up to $74,95 per purchase, while redemption is free.

    The brokerage company is a leader in affordable ETFs. Charles Schwab trading platform does not charge commissions for trading listed stocks and ETFs. Schwab offers six major indexes ETFs and 15 proprietary market index ETFs, as well as access to about 200 commission-free ETFs from other companies.

    They offer clients an ETF Select List where you can search for funds of interest based on expense ratios and Morningstar categories. You can also use ETF Portfolio Builder tool. This online tool helps you create or modify an ETF portfolio based on your unique risk tolerance.

    Schwab’s ETF OneSource tool does not have an online service fee, but users who wish to communicate with the broker will be charged an additional $25 fee.

    If you prefer margin trading, you should familiarize yourself with Schwab’s margin rates. Trading on margin basically means that you borrow money from your broker and can buy more stocks than you could buy with the money you have in your account. You have to pay interest on this borrowed money, it can make up a significant part of your trading costs. The Charles Schwab base rate is 7.25%, but it is subject to change at any time without notice. To calculate the margin rate, you must add a percentage to the base rate, depending on the loan amount, from 0.075%($250,000-$499,999.99) to 1.825%($0-$24,999.99).

    Commission for futures and futures options is $2,25 per contract, for options is quite low and is $0,65 per contract. Fees for Other Secondary Trades: CDs, Corporate Bonds, Municipal Bonds, Government Agencies, Zero-Coupon Treasuries, including STRIPS are $1 per bond ($10 minimum, $250 maximum).


    Your securities at are covered by the nonprofit SIPC, which will cover the loss up to $500,000, including up to $250,000 in cash, in the event the company goes bankrupt and your assets are lost. Any non-investment cash in your brokerage account at the end of the day automatically goes to Charles Schwab Bank, where it earns interest and is insured by the FDIC.

    In addition, since the shares you own are held by an outside owner, neither Charles Schwab trading platform nor its creditors can take possession of them if the broker has financial problems. Schwab is a member of the Financial Industry Regulatory Authority (FINRA).

    If your account loses money due to market declines or poor investment decisions, you’re out of luck – no matter which brokerage company you keep your money in.

    Counseling and Customer Service

    The consultation is in English only. The company writes that investment advisors are always available to answer investors’ questions or help stop problems before they lead to financial losses. Investors who choose to transfer part or all of their accounts to/from can count on these advisors to offer full brokerage account transfer assistance.

    If you have at least $25,000 in the Schwab platform, you can take advantage of a free personal portfolio review that includes discussing your short- and long-term goals, evaluating whether your current investments meet those goals and getting investment advice.

    There are several ways to contact a Charles Schwab advisor or support service representative. You can contact the company by phone by dialing the 24-hour number. On their website, you can use online chat or email directly. Investors near a local branch can meet with a company representative. You may need to make an appointment in advance.

    Despite the wide range of ways to contact support, in the reviews there are dissatisfied with the quality of service and they note the unprofessionalism of consultants.

    Expert opinion

    Eugene Rudenko

    Schwab is a classic company that has a solid reputation for retirement services. If you’re an investor from the United States, you can open an account completely free, you don’t need to raise capital for an initial deposit, and if you allocate some of your funds to buy the stocks or ETFs offered, you won’t spend any extra money on commissions. On the other hand, more favorable conditions for the entry of foreign investors can be observed at other brokers, as well as the market presents lower marginal rates and you can find brokers with more convenient ways to deposit and withdraw funds. Only you should decide whether to trade with Schwab platform or not. If you like the conditions offered by the firm, the next step is to read the reviews on the Internet. The company has mostly positive reviews, but there you may be able to find minuses that will not suit you personally.

    Want to spread the word about your company or have you been in a negative review? Contact the portal editorial office right now

    Additional Features

    The company offers a number of accompanying functions – training and portfolio analysis.

    Training. The site offers many training videos and seminars on working in the stock market.

    Portfolio Analysis. Thanks to a convenient setup, clients can analyze the graph of asset portfolio changes and evaluate the effectiveness of the applied strategies. The broker also gives sensible advice on changing assets.


    Ready to start investing? Open an account with a proven broker with the best conditions and favorable bonuses


    Does the opinion of a broker's clients affect its reputation?

    The company’s rating and reputation largely depend on whether its clients are satisfied. The reviews about Charles Schwab are not the most flattering, and therefore you should take a close look at them before deciding to cooperate with this platform.

    How to write a review about cooperation with Charles Schwab on the website?

    To add a review of this company on the resource, you do not need to spend a lot of time. The whole procedure takes no more than 5 minutes, and this is already with registration. A letter with a link to confirm registration will be sent to your e-mail, and it will also contain detailed instructions on how to add a review to the site.


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