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      March 31, 2020

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Charles Schwab vs Trade Station

Best Online Stock Brokers

To help you find the Best Online Stock Brokers, TopConsumerReviews.com provides you with an in-depth comparison of Charles Schwab and Trade Station.

To see ALL of our reviews for the Best Online Stock Brokers, please Click Here

Who is the Best Online Stock Broker? Whether you consider yourself an avid investor or a beginner just starting to look into the stock market, it's easy to get overwhelmed by all of the stock trading options. Although some people still use traditional stock brokers, many people have found they can save a lot of money by trading stocks themselves.

Besides significant cost savings, another great advantage to executing your own transactions is that you can avoid the time and energy necessary to deal with "professional" stock brokers. Many of these individuals try to convince you to buy or sell stocks, because they earn a commission every time you make a transaction. With online stock brokers, you never have to talk to any salesmen.

Continue reading below reviews

Best Reviews

2020

Online Stock Broker Reviews

4 stars
Charles Schwab

CHARLES SCHWAB

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Cost:

$4.95/trade

Minimum Deposit:

$1,000

Charles Schwab is a full-service online stock broker, founded in 1971 and currently managing more than $2.6 trillion in investments for over nine million investors. Because Schwab also has 300+ brick-and-mortar locations, investors have more access to face-to-face advisors if they so choose.

You'll have a hard time finding another brokerage that is more accessible: Schwab offers round-the-clock customer service, every day of the year. Better yet, if you're looking for some basic investment help, you can get in touch with one of their representatives at no cost. On the other hand, if you want more personalized assistance, you can choose Schwab's Intelligent Portfolios or Managed Portfolios.

Schwab's online tools and platforms include the usual panorama of web/mobile trading and trading software, depending on your preference. If you use the software, StreetSmart Edge, you'll be able to customize your platform according to the criteria you need, including streaming real-time data and potential trade ideas. Customer feedback indicates that Schwab is a fantastic choice for almost every type of investor, but active traders will probably find more robust options with one of the other online stock brokers in our review that specialize in that approach to buying and selling stocks.

Schwab's trading fees are average, at $4.95 per trade. Their required minimum investment of $1000 is more than many of their competitors.

On a positive note, Schwab is one of the only online stock brokers we found to offer a Satisfaction Guarantee. If, for some reason you're not 100% satisfied with their services, they will refund your fees/commissions and work with you to fix it.

Charles Schwab is an extremely reputable online stock broker and is an ideal fit for investors who want a one-stop shop for practically every investment type and service - though you might find lower investment minimums and per-trade fees with the competition.

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3.5 stars
Trade Station

TRADE STATION

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Cost:

$5 per stock trade

Minimum Deposit:

$500

TradeStation is headquartered in Florida and has been in business since 1982, which makes it one of the online stock brokers with the longest history. The service focuses on active trading, with apps and other tools designed for traders - by traders.

One of the most noteworthy aspects of TradeStation is the level of trading technology made available. Often only found in the offices and on the computers of stock brokers and professional investors, the platform offers real-time search and tracking, which can be tailored to the needs of the individual investor - to get the jump on hot opportunities before the rest of the market takes notice.

Another handy tool is the TradeStation Simulator. We appreciate online stock brokers that give clients the ability to try out their investing strategies beforehand, with no risk. Especially for people who are new to real-time stock trading, this tool makes it possible to lose everything - without actually risking a penny.

Individual stock trades are priced at $5, with additional options for those who trade in bulk.

It's obvious who TradeStation is geared towards when you look at the awards they've gotten from Barron's: #2 in their Best for Frequent Traders and Best for International Traders lists, and #5 in Best for Options Traders. If none of those three categories applies to you - in other words, you're just an average investor who wants to invest in stocks every so often - you'll probably find a more comfortable experience with one of the other online stock brokers in our review, particularly those that don't focus solely on active trading.

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Continued from above

And, of course, with fluctuations in the economy, and subsequent rises and falls in stock prices, some people panic and pull out significant investments - leaving the door wide open for others to take advantage of big opportunities to buy low and hopefully sell high later.

Of course, the best online stock brokers do have the option to work with a consultant if you choose. Especially if you're just starting to learn about investments, you may feel more comfortable knowing you can access an expert if the need arises. These services may be included, or you may have to pay for them a la carte.

So, when choosing the right online stock broker for your needs, how do you know which one is best? Before you jump in and start buying up your shares in Apple or Coca-Cola, here are some factors to keep in mind:

  • Information. From beginners to experts, having up-to-date information on the stock market is critical. What resources does the online stock broker have available to guide you in your decision-making?
  • Fees. When purchasing your stocks, will you be charged a percentage of your total buy or a flat fee? When the time comes to sell, what will you pay?
  • Reputation. What do other investors say about their experience buying and selling with the online stock broker? Have they had positive interactions with the broker when they've needed help? How many investors have chosen this particular broker's services?

TopConsumerReviews.com has reviewed and ranked the best online stock brokers available today. We hope this information helps you choose the right broker for your stock buying and trading needs!

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