Charles Schwab (includes legacy TD Ameritrade accounts)
Charles Schwab Review 2026
Full-service brokerage with thinkorswim for active traders and Schwab Intelligent Portfolios for hands-off investors.
Who Charles Schwab is best for
Investors who want one platform for DIY, active trading (thinkorswim), and robo-advisory — all under one account.
At a glance
- Stock/ETF commission
- $0
- Account minimum
- $0
- Fractional shares
- Yes
- Robo-advisor tier
- Yes
Commission-free US stocks and ETFs
No minimum for standard accounts
Schwab Stock Slices — S&P 500 stocks, $5 minimum
Schwab Intelligent Portfolios — no advisory fee, $5K minimum
Pros
- +thinkorswim platform (inherited from TD Ameritrade acquisition) is one of the strongest active-trading tools available at a retail brokerage
- +Schwab Intelligent Portfolios robo-advisor at no advisory fee — standout among full-service brokerages
- +Full account menu including solo 401(k), SEP-IRA, SIMPLE IRA alongside standard taxable and IRA
- +$0 minimum and fractional shares for S&P 500 constituents
- +Strong 24/7 customer service and extensive branch network
Cons
- −Schwab's PFOF policy: does use PFOF on some equity orders (unlike Fidelity's no-PFOF approach)
- −Schwab Intelligent Portfolios requires $5,000 minimum — limits robo access for small balances
- −TD Ameritrade integration completed but some legacy thinkorswim users reported friction during the account migration period
Charles Schwab requirements
- US residents 18+
- Custodial accounts available for minors
- $0 standard minimum
Charles Schwab alternatives
Top alternatives worth comparing from Best Online Brokerages 2026.
Fidelity Investments
Fidelity Investments
Investors of all experience levels who want commission-free trading with best-execution routing and a full suite of account types.
Vanguard
Vanguard
Long-term, buy-and-hold investors building a simple index portfolio who prioritize the lowest fund expense ratios.
E*TRADE (a Morgan Stanley company)
E*TRADE
Active traders and options investors who want a dedicated desktop platform without moving to a standalone trading app.
Ready to apply?
Application takes minutes. Pre-qualification (where available) uses a soft credit pull with no impact to your credit score.
Apply at Charles Schwab (includes legacy TD Ameritrade accounts)→Last verified at the issuer on 2026-06-05
Compare Charles Schwab head-to-head
The full lineup
See all picks in Best Online Brokerages 2026
Editorial methodology + complete ranking criteria + side-by-side comparison of all picks.
Read the full guide →Bottom line
Charles Schwab scores 4.1 / 5 on the ClearValue Rating — a deterministic editorial composite from the product's own published fees, terms, and eligibility. Best for: Investors who want one platform for DIY, active trading (thinkorswim), and robo-advisory — all under one account.
◆ How we scored it
The ClearValue Rating, broken down.
- Cost
- 35%
- Fit & approval odds
- 30%
- Speed & terms
- 20%
- Transparency
- 15%
Cost (35%), Fit & approval odds (30%), Speed & terms (20%), Transparency (15%) — scored consistently across every product, independent of compensation. Full methodology →
Frequently asked
Questions about Charles Schwab
What is thinkorswim and who is it designed for?+
thinkorswim is an advanced trading platform originally built by TD Ameritrade and integrated into Schwab following the 2020 acquisition. It is designed for active and options traders who need real-time streaming data, multi-leg options chains, a paper trading (simulated practice) mode, and highly customizable charting tools. Casual investors building a simple buy-and-hold index portfolio typically don't need thinkorswim — the standard Schwab web platform handles that use case. Verify current thinkorswim availability and features at schwab.com.
How does Schwab Intelligent Portfolios work and what is the minimum investment?+
Schwab Intelligent Portfolios is Schwab's robo-advisor service — it automatically allocates your funds across a diversified ETF portfolio based on your stated goals and risk tolerance, rebalancing automatically. Schwab charges no direct advisory fee; the service is supported by interest on the cash allocation held within the portfolio (typically 6–10% of assets). The minimum investment is $5,000 — higher than Betterment (no minimum) or Wealthfront ($500), but Schwab's no-advisory-fee structure can be favorable for larger balances. Verify current terms at schwab.com.
How does Schwab Stock Slices work for fractional shares?+
Schwab Stock Slices lets investors buy fractional shares of S&P 500 constituent stocks starting at $5 per purchase. Up to 10 stocks can be purchased in a single order. This program is limited to S&P 500 index members — it does not cover all US-listed equities (Fidelity's fractional offering covers a broader ticker set). For investors building a large-cap portfolio in small dollar amounts or reinvesting dividends, it works well within those constraints. Verify current eligible tickers at schwab.com.
Is ClearValue Lending a licensed investment advisor?+
No. ClearValue Lending is not a licensed investment advisor, broker-dealer, or securities professional. This review is editorial content. Investing involves risk, including possible loss of principal. Confirm all fees, minimums, and product terms directly with Charles Schwab. Consult a qualified financial professional before making investment decisions.
Related guides
Independent editorial review. ClearValue Lending is a business & personal financing platform — not a lender, broker, or financial advisor. Some links are affiliate links; the issuer may pay a referral commission at no cost to you, which never changes the score. Specific product terms vary; verify with the issuer before applying. See privacy policy.