Charles Schwab
Pros
- $0 online listed stock and ETF commissions reduce trading costs
- $0 brokerage opening, maintenance, and account minimums
- Stock Slices let clients buy S&P 500 fractional shares from $5
- paperMoney offers simulated trading on thinkorswim platforms
- Schwab Intelligent Portfolios has no advisory fee or commissions
- Treasuries trade online for $0 commission
- Investor Checking has no monthly service or foreign transaction fees
Cons
- Options carry a $0.65 per-contract fee
- Broker-assisted stock and ETF trades add a $25 service charge
- US OTC equities cost $6.95 online
- Other mutual funds can cost up to $74.95 per purchase
- Stock Slices are limited to S&P 500 companies
- Day trading on thinkorswim requires margin approval and $25,000 equity
- Futures and forex accounts are not protected by SIPC
- Direct crypto cannot currently be traded in a Schwab brokerage account