Charles Schwab
schwab.com
Full-service US broker with $0 online stock and ETF trades, $0.65 options contracts, and thinkorswim desktop, web and mobile platforms at no charge.
What it is
Charles Schwab is one of the largest US brokerages, and since absorbing TD Ameritrade it also runs thinkorswim, the platform suite many active options and futures traders use. A single Schwab account covers stocks, ETFs, options, mutual funds, bonds and IRAs, with futures and forex offered through its affiliate Charles Schwab Futures and Forex after a separate approval.
Online trades in US-listed stocks and ETFs cost nothing; options cost $0.65 per contract, and exercises and assignments are free. Futures and futures options are $2.25 per contract. Several things are not free: OTC and Canadian stocks cost $6.95 a trade, trades placed through a broker add a $25 service charge, and non-OneSource mutual funds can cost up to $74.95 per purchase. There is no account minimum and no opening or maintenance fee on standard brokerage accounts or IRAs.
thinkorswim comes in three versions: a downloadable desktop platform with the deepest tools, a browser version and a mobile app. All three include paperMoney, a simulated account for practising with live market data. Schwab clients use them at no charge; non-clients can try thinkorswim with a 30-day Guest Pass. Schwab also offers 24/5 trading in more than 1,300 stocks and ETFs, as well as robo-advice and advisory services for investors who want them.
Key features
- thinkorswim desktop
- Customisable software with hundreds of indicators and drawing tools, complex multi-leg options orders and strategy testing.
- thinkorswim web and mobile
- A browser version with the core tools and a mobile app carrying many desktop features.
- paperMoney
- A virtual trading account built into every thinkorswim platform for practising strategies in a live market simulation.
- Futures and forex
- Futures, futures options and forex through Charles Schwab Futures and Forex LLC, subject to approval; forex is not available to residents of Ohio or Arizona.
- 24/5 trading
- Overnight trading for more than 1,300 stocks and ETFs.
- Education and support
- Learning Center, Schwab Coaching sessions, live news and a trade desk of trading specialists available 24/7.
- Full account range
- Individual and joint brokerage, IRAs, trusts, banking, managed portfolios and bonds under one login.
Pricing
| Plan | Price | What you get |
|---|---|---|
| Stocks and ETFs (online) | $0 | US exchange-listed; OTC and Canadian stocks $6.95 |
| Options (online) | $0.65 per contract | No charge to exercise or be assigned |
| Futures and futures options | $2.25 per contract | Requires futures approval |
| Broker-assisted trades | $25 service charge | Added on top of the online price |
| Account minimum | $0 | No opening or maintenance fees on brokerage accounts and IRAs |
thinkorswim is free for Schwab clients. Industry, ADR and stock borrow fees still apply. Forex costs are built into the bid/ask spread.
Free option: Opening an account is free with no minimum, and thinkorswim with paperMoney is included. Non-clients can try thinkorswim with a 30-day Guest Pass.
Checked September 25, 2026 on schwab.com. Prices change; confirm on the provider's site before you subscribe.
Strengths
- thinkorswim, a platform suite built for active options and futures traders, at no extra cost
- $0 stock and ETF trades with no account minimum
- Stocks, options, futures, forex, bonds and funds in one relationship
- Paper trading in every version of thinkorswim
- Branches and 24/7 phone support for traders who want a person to talk to
Limitations
- Options carry a $0.65 per-contract fee, where some app-based brokers charge less or nothing
- OTC and Canadian stock trades cost $6.95 each
- A $25 service charge applies to trades placed through a broker
- thinkorswim login requires a Schwab account; non-clients only get a 30-day Guest Pass
- Futures and forex need a separate approval, and forex is not offered in Ohio or Arizona
Good fit for
- Options and futures traders who want thinkorswim
- Investors who want trading, retirement accounts and banking with one firm
- New traders who want paper trading and education before risking money
Look elsewhere if
- High-volume options traders chasing the lowest per-contract fee
- Traders who want crypto trading today
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Charles Schwab questions
How much does Schwab charge for options trades?
Online options trades have a $0 base commission plus $0.65 per contract. Exercise and assignment are free.
Is thinkorswim free at Schwab?
Yes. Schwab clients use thinkorswim desktop, web and mobile at no charge; normal trading fees apply to orders placed on it.
Is there a minimum to open a Schwab account?
No. Schwab lists a $0 minimum and no opening or maintenance fees for individual and joint brokerage accounts and IRAs.
Can I trade futures at Schwab?
Yes, through Charles Schwab Futures and Forex after approval, at $2.25 per contract for futures and futures options.
Can I day trade on thinkorswim?
Yes. Schwab's thinkorswim FAQ says you need a margin-approved account and must keep the minimum equity it states for pattern day traders.
Written from Charles Schwab's own website and documentation. All Trading Tools lists and compares tools; it does not recommend trades or give financial advice. Sources: schwab.com, schwab.com/pricing, schwab.com/trading/thinkorswim.