The post Best Charles Schwab Alternatives in 2025 by Alison Plaut appeared first on Benzinga. Visit Benzinga to get more great content like this.
Charles Schwab is a well-known name in the investment world, celebrated for its range of services and user-friendly platform. However, it’s not the only player on the field. Exploring alternatives, such as E*TRADE and Interactive Brokers, could uncover opportunities that better align with your financial objectives. Whether you seek low-cost trading, innovative technology or specific investment products, the right brokerage could be just a few clicks away.
Quick Look at the Top Charles Schwab Alternatives:
- Best for Desktop Trading: eToro
- Best for Beginners: Robinhood
- Best for Active Traders: Webull
- Best for Active and Global Traders: Interactive Brokers
- Best for Social Investing: eToro
- Best for Stock Research: Fidelity
- Best for IPO Investing: Sofi Invest
- Best for ETF and Mutual Fund Investing: Vanguard
- Best for Global Investing: Zacks Trade
- Best for Bank of America Customers: Merrill Edge
- Best for Socially Responsible Investing: Ally Invest
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11 Best Alternatives to Charles Schwab
Investors looking for an alternative to Charles Schwab have many options to consider. The following are some alternatives to Charles Schwab, including their pros and cons.
1. Best for Desktop Trading: E*TRADE
get started
securely through eTrade’s
website
E*TRADE is an online discount trading house that offers brokerage and banking services to individuals and businesses. One of the first brokers to embrace online trading, E*TRADE not only survived both the dot-com bubble and Recession — it thrived. You can choose from two different platforms (one basic, one advanced). E*TRADE is a suitable broker for traders of most skill levels, whether you want to buy mutual funds and hold them for decades or dabble in options swing trading. E*TRADE offers a library of research and education materials to help you out.
Best For
- Active traders
- Derivatives traders
- Retirement savers
- Sophisticated trading platforms
- Wide range of tradable assets
- Exceptional customer service
- Limited currency trading
- Higher margin rates than competitors
- No paper trading on its standard platform
E*TRADE is a well-known brokerage platform that offers a wide range of investment products, including stocks, options, ETFs and mutual funds. The platforms offers advanced trading tools such as Power E*TRADE, a powerful trading platform with real-time market data, technical indicators and charting tools. E*TRADE is also known for its excellent customer support options, including phone and email support.
Why We Picked It: E*TRADE offers commission-free trading for stocks, options and ETFs, making it an excellent choice for cost-conscious investors.
2. Best for Beginners: Robinhood
get started
securely through Robinhood’s
website
Robinhood is a popular trading platform known for its commission-free trades and user-friendly mobile app. Ideal for novice investors, Robinhood makes it easy to buy and sell stocks, ETFs and cryptocurrencies. The platform offers a straightforward, no-frills experience, making it accessible for users new to investing. With features like fractional shares and a sleek interface, Robinhood lowers the barriers to entry for investing, allowing users to start with just a few dollars. It lacks the advanced tools and research options that more experienced investors might seek. Overall, Robinhood is a great choice for beginners seeking a simple way to invest.
Best For
- Beginners looking for simplicity
- Mobile-first investors
- Commission-free trades
- User-friendly mobile app
- Instant double
- Cash management
- Access to cryptocurrencies
- Limited research tools
- No mutual funds available
- Basic customer support options
Robinhood is a brokerage platform that provides commission-free trading for stocks, options and cryptocurrencies. Its user-friendly interface is designed for easy navigation, making it accessible for both novice and experienced traders alike.
Why We Picked It: Robinhood offers fractional share trading, which allows investors to buy and sell partial shares of stocks.
3. Best for Active Traders: Webull
get started
securely through Webull’s
website
Webull is a commission-free trading platform designed with both beginner and advanced investors in mind. Offering an extensive range of assets like stocks, ETFs, and futures, Webull makes it easy for users to manage their investments through a highly intuitive interface. With educational resources, paper trading options, and no minimum account balance required, Webull caters to those looking to start investing without high upfront costs. The platform’s mobile app ensures that users can trade anytime, anywhere, making it a flexible choice for those with busy lifestyles. Webull’s customer service options are limited, and the platform may feel overwhelming to those completely new to investing.
Best For
- Commission-free trading
- Mobile and desktop trading
- Beginners and experienced traders alike
- No commissions on trades
- Extensive range of tradable assets
- Easy-to-use mobile app
- Limited customer service options
- Learning curve for complete beginners
Webull is a commission-free brokerage platform that trades stocks, options, ETFs and cryptocurrencies. It provides a suite of advanced trading tools, including technical indicators, sophisticated charting features and real-time market data. With its intuitive and user-friendly interface, Webull ensures a seamless navigation experience for all users.
Why We Picked It: Unlike Charles Schwab, which provides a broader range of financial services including banking and wealth management, Webull focuses primarily on trading and investment, offering features like real-time market data, customizable charts and an intuitive interface.
4. Best for Active and Global Traders: Interactive Brokers
get started
securely through Interactive Brokers’s
website
Interactive Brokers is a comprehensive trading platform that gives you access to a massive range of securities at affordable prices. You can buy assets from all around the world from the comfort of your home or office with access to over 150 global markets. Options, futures, forex and fund trading are also available, and most traders won’t pay a commission on any purchase or sale.
IBKR is geared primarily toward experienced traders and investors but now with the availability of free trades with IBKR Lite, casual traders can also acclimate to IBKR’s offerings.
Best For
- Access to international markets
- Active traders
- Detailed mobile app that makes trading simple
- Wide range of available account types and tradeable assets
- IB SmartRouting provides significant price improvement vs. industry
- Fractional trading allows investing regardless of share price
- Industry’s lowest margin rates
- Earn more by lending your fuly-paid shares
- Beginner investors might prefer a broker that offers a bit more hand-holding and educational resources
Interactive Brokers is a popular, comprehensive trading platform that allows you to access over 150 global markets. For excellent portfolio diversification, you can buy various stocks, options, futures, forex, bonds and fund trading. You won’t have to pay a commission on any U.S. stock purchase or sale with the IBKR Lite pricing plan.
While IBKR is geared primarily toward experienced traders and investors, you can use the free paper trading platform and free educational resources to build your trading skills and acclimate to IBKR’s offerings.
Why We Picked It: Interactive Brokers provides advanced trading tools and resources, including comprehensive research, data analytics and customizable interfaces.
5. Best for Social Investing: eToro
get started
securely through eToro’s
website
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.
eToro is a leading trading and investing platform that’s recognized for its stock and crypto broker services. Its standout feature, copy-trading, allows users to reproduce the trades of other investors on the platform. In addition to stocks and cryptocurrencies, eToro provides Smart Portfolios — diversified portfolios of crypto assets managed by eToro.
The platform is regulated by regulatory authorities such as the FCA, SEC, ASIC and CySEC, ensuring a level of trust and security for users. While eToro boasts a user-friendly web and mobile platform, it has limited customizability and lean educational and research offerings. Overall, eToro provides a convenient and regulated platform for social trading and investment.
Best For
- Investors who want to follow and copy other traders
- Investors who want to trade crypto, stocks and options on the same platform
- Beginners who want to invest in stocks and ETFs with zero commissions and copy-trading features
- Commission-free stocks and ETFs trading
- Innovative social investing platform with CopyTrader feature
- Access to a wide range of cryptocurrencies, stocks and ETFs
- Free virtual trading account and digital wallet
- High spreads for buying and selling crypto assets
- Contracts for difference (CFDs) unavailable inside the U.S.
eToro is a brokerage that stands out for its crypto offerings. The online brokerage offers the trade of 30+ cryptocurrencies and more traditional investments like stocks and ETFs but with a limited selection. eToro’s active community makes it a good option for people who want to learn from experienced crypto traders.
Why We Picked It: For a standard online brokerage, eToro offers some of the most extensive cryptocurrency trading and resources.
6. Best for Stock Research: Fidelity
get started
securely through Fidelity Investments’s
website
Fidelity is a comprehensive and responsive brokerage suitable for both new and experienced traders alike. With complete access to the full U.S. stock and options markets, a set of state-of-the-art education and research tools, as well as a wide fee-free fund selection, Fidelity is equally useful for the veteran swing traders to novices opening their first accounts. Mobile traders will be especially happy with Fidelity’s app, which mirrors full capabilities of the platform. Though there isn’t much to criticize about Fidelity, the broker does have a few areas where it can afford to improve. Margin rates are significantly higher than most other brokers, especially for traders borrowing less than $25,000. It also doesn’t offer any access to the futures markets. Despite these minor flaws, Fidelity remains a strong choice for most investors.
Best For
- Easy-to-navigate yet functional platform strikes the perfect balance between expert tools and comfort for beginners
- Mobile trading app is fully-optimized and mirrors full functionality of the desktop platform
- Wide range of education and research options make learning more about securities and the market easier and less time-consuming
- Complete range of both independent and managed services available at exceptionally affordable prices
- Offers access to both domestic markets and 25 foreign markets, as well as a wide range of options contracts and over 10,000 mutual funds
- Mobile app that is well-integrated and works just as well as the desktop platform
- Wide selection of education tools and resources available free of charge
- Margin rates higher than many other competing brokerages
- No access to futures trading
- High fees for buying a non-Fidelity mutual fund (with over 3,300 fee-free funds available)
Fidelity is an online brokerage with an excellent reputation. It offers $0 trading commissions plus a selection of more than 3,000 no-transaction-fee mutual funds and zero-fee index funds. It also has top-notch research tools and a good mobile platform. Its good customer service makes it a solid choice for beginners and experienced investors.
Why We Picked It: Fidelity offers zero commissions on stock and ETF trades, similar to Schwab, but extends this to a wider range of mutual funds, enhancing cost-efficiency for investors.
7. Best for IPO Investing: SoFi Invest
Get Started
securely through SoFi’s
website
Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees.
Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual
circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage andActive investing products offered through SoFi Securities LLC, Member FINRA(www.finra.org) /SIPC(www.sipc.org).
There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event.
Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options
Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser.
Utilizing a margin loan is generally considered more appropriate for experienced investors as there are additional costs and risks associated. It is possible to lose more than your initial investment
when using margin. Please see: https://www.sofi.com/wealth/assets/documents/brokerage-margin-disclosure-statement.pdf for detailed disclosure information
Probability of Member receiving $1,000 is a probability of 0.028%
Terms and conditions apply. Roll over a minimum of $20K to receive the 1% match offer. Matches on contributions are made up to the annual limits.
For full promotion terms please visit: https://www.sofi.com/acatoffer. SoFi does not accept cryptocurrencies and has limitations on some mutual funds and OTC stocks. Brokerage and Active Investing Products offered by SoFi Securities, LLC, Member FINRA/SIPC.
SoFi®’s mission is simple: to help reach clients like you reach their financial independence and realize their ambitions. SoFi knows that this independence comes from making decisions that help your money start to work for you in the long run. The brand helps individuals make these decisions through personal financial products such as personal loans, student loans and automated and active investing.
The brand additionally provides in-person experiences such as educational and networking events, personalized guidance from experienced financial planners. SoFi’s services have been highlighted in outlets such as Forbes, Medium, and CNBC’s Make It.
Best For
- IPO Investing
- Investors
- No Contract Fees
- Highly-rated mobile app for iPhone and Android
- No account fees; Transfer and Inactivity Fees are easily avoided
- More than most tradable securities included alternative asset funds
- Only available in the U.S.
- Limited selection of research and tools.
SoFi Invest is an all-inclusive online brokerage that is a good option for passive and active investors. You can buy IPO stock, build your nest egg or invest in alternative investments like venture capital, private credit and commodities. Its good investment app and intuitive online trading experience make it an excellent choice for beginners.
Why We Picked It: Besides various investment options ranging from stocks to commodities to venture capital, SoFi offers financial and estate planning features.
8. Best for ETF and Mutual Fund Investing: Vanguard
get started
securely through Vanguard’s
website
Vanguard was the first to offer low-commission trading on inexpensive index funds based on consumer-friendly investment principles. Day traders might not find Vanguard’s old-school style appealing, but retirement savers, buy-and-hold investors and companies that seek employer-sponsored programs might want to take a gander. Vanguard is a sensible choice for common-sense investment advice and efficient products. It’s a company that sticks to the morals of its hardy pioneer, Jack Bogle.
Best For
- Retirement savers
- Buy-and-hold investors
- Investors looking for a simple stock trading platform
- Large family of inexpensive ETFs and mutual funds
- Strong stock research selections
- Non-intimidating platform and mobile app
- Only 10 technical indicators available for charts
- No futures or forex trading
- Not ideal for day traders
Vanguard is a brokerage platform that offers a wide range of investment products, including stocks, bonds, mutual funds and ETFs. Known for its competitive pricing, Vanguard boasts some of the lowest fees in the industry, making it an ideal option for budget-conscious investors. Furthermore, Vanguard delivers outstanding customer support through various channels, including phone, email and live chat.
Why We Picked It: Vanguard offers a range of passive investment options, including index funds and ETFs, which can work well for long-term investors.
9. Best for Global Investing: Zacks Trade
Get started
securely through Zacks Trade’s
website
Founded by Len Zacks of Zacks Investment Research, the Zacks Trade online discount brokerage offers clients a broad range of financial assets to trade and invest in, as well as access to many of the most active global exchanges. Zacks Trade has considerable resources for active traders and investors, including excellent research and trading platforms.
Zacks Trade’s 3 trading platforms include a wide array of trading tools and can be completely customized for active traders. Another advantage of Zacks Trade is phone access to a live human broker to enter trades and receive trade confirmations from. Unlike many other brokers, Zacks Trade doesn’t charge an extra fee for this service, although the broker still charges a per share transaction fee even though quite a few of its competitors now offer commission-free stock trading.
If you’re an experienced trader or investor who can afford the broker’s rather high minimum deposit, Zacks Trade could be worth considering.
Best For
- Self-directed traders and investors
- Active traders
- International traders and investors
- Those wanting access to a human broker
- Excellent research resources
- Access to over 90 international exchanges
- 3 trading platforms and a mobile app
- Free access to a human broker
- Charges commissions on stock trades
- No forex, precious metals, futures or cryptocurrency trading
Zacks Trade offers investors access to Interactive Brokers’ trading platform and mobile app, although it has a slightly higher price point. One of its standout features is the ability to execute phone trades at no additional charge, a rarity among brokerage firms. Furthermore, Zacks Trade supplies extensive research resources, including Interactive Brokers’ sophisticated charting tools and comprehensive market data. Additionally, Zacks Trade grants access to international exchanges, enabling investors to diversify their portfolios significantly.
Why We Picked It: Zacks Trade offers a user-friendly trading platform, professional-grade tools and robust educational resources.
10. Best for Bank of America Customers: Merrill Edge
Get started
securely through Merrill Edge’s
website
Merrill Edge is the discount brokerage wing of Merrill Lynch, who now operates under the umbrella of Bank of America. Bank of America customers get unique perks with Merrill Edge thanks to its fully-integrated system. Customers can jump back and forth between brokerage and banking services instantly and perform tasks like transferring money and paying bills.
Merrill Edge doesn’t provide access to advanced derivatives like futures and forex, but stocks, ETFs, mutual funds, options and fixed income securities can still be traded in a variety of accounts and vehicles. Additionally, Merrill Edge earns high marks for its research and customer service, although the asset class selection and mobile trading features aren’t as dynamic as some competitors.
Best For
- Retirement savers
- Bank of America customers
- Beginner traders and new investors
- Free research from reputable sources
- Powerful Merrill Edge MarketPro platform
- Bank of America customers can easily link accounts
- Limited derivatives trading
- No OTC stocks
Merrill Edge Self-Directed integrates directly with Bank of America accounts. It stands out for its robust research and free trade. In addition to a library of educational articles, courses, videos, webinars, virtual events and free tools and calculators, with Merrill Edge, you can access an Idea Builder tool to find investments that appeal to your values, such as filtering for ESG investments. While the securities available are more limited than other platforms, Merrill Edge offers a simplified process and good resources for new investors or those with a set-it-and-forget-it approach.
Why We Picked It: With Merrill Edge, you’ll have access to commission-free stock, options and ETF trades and you’ll also enjoy high order execution quality.
11. Best for Socially Responsible Investing: Ally Invest
Get started
securely through Ally Investment’s
website
Ally Invest is a comprehensive broker offering easy access to domestic markets. Combining a wide range of charting tools with an easy-to-master platform, Ally is a solid choice for both new and experienced investors. Ally’s mobile app is particularly impressive for investors who already bank with Ally, offering seamless compatibility between accounts. While more experienced investors might be disappointed with Ally’s beginner-oriented educational center, they’re bound to love Ally’s wide range of technical tools and rock-bottom pricing.
Best For
- Investors who already bank with Ally and want to streamline between accounts
- Beginners looking for easy-to-follow educational tools
- Stock investors looking for affordable access to low-priced options and commission-free stock trading
- Streamlined interface that’s easy to use and quick to master — even for beginners
- Wide range of unique tools that makes analyzing securities simple
- Seamless integration between mobile and desktop offerings, especially for Ally Bank account holders
- Diversified managed investment portfolios with a low minimum and no advisory fees
- Impressive ETF screening tools that make it easy to find your next fund
- No fee-free mutual funds
- No access to futures trading
Ally Invest’s $0 account minimum and $0 trading commissions on many U.S. securities make it a strong option for all traders. It also eliminated its $9.95 fee for mutual fund trades, allowing you to access around 5,500 funds without transaction fees. A low $0.50 options-contract fee will attract options traders. Ally Invest offers an automated portfolio management option and free tools for technical investors to improve portfolio performance.
Why We Picked It: Ally Invest’s strong web-based platform is easy for experienced technical traders and beginner investors.
Final Thoughts on Charles Schwab Alternatives
You can find many excellent alternatives to Charles Schwab. Robinhood is a great choice for investors who want commission-free trading and advanced trading tools, while Vanguard can work for investors who want low fees and excellent customer support. E*TRADE is an excellent choice for investors who want commission-free trading and strong customer support. At the same time, Robinhood offers a good alternative for investors who want commission-free trading and an easy-to-use platform. Webull also offers commission-free trading and advanced trading tools.
When selecting a brokerage platform, consider your investment goals, risk tolerance and trading preferences. Keep building resources to refine your strategy and make the most of your money with the latest smart investing strategies, such as keeping costs down for long-term growth. You can also check out FINRA Educational resources. By evaluating the pros and cons of each platform, you can find the one best suited to your needs and current financial goals.
Frequently Asked Questions
What is the best alternative to Charles Schwab?
There are many good alternatives to Charles Schwab, including Fidelity, Interactive Brokers, Vanguard and other stock brokers.
Answer Link
Should I go with Fidelity or Charles Schwab?
Fidelity and Charles Schwab offer excellent investment resources and a broad range of assets. However, if you’re just starting and want to purchase fractional shares, Charles Schwab is a better choice.
Answer Link
Should I keep my money in Charles Schwab?
Yes, your assets are protected by Charles Schwab, and you can easily invest in commission-free stocks, bonds, ETFs or mutual funds. You can also choose any of the Charles Schwab alternatives listed above.
Answer Link
The post Best Charles Schwab Alternatives in 2025 by Alison Plaut appeared first on Benzinga. Visit Benzinga to get more great content like this.