In this head to head comparison of Charles Schwab vs Fidelity, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Lets dive in.
Choosing between Charles Schwab and Fidelity can be a tough decision for investors, but both platforms have plenty to offer. Each provider excels with a five-star rating for their range of investment options, making them top contenders in the industry. Charles Schwab is highly ranked, coming in second out of 14 brokers according to StockBrokers.com for their investment selection. Fidelity is a close rival, securing the third spot with its comprehensive offerings. While both platforms shine in many areas, the distinguishing factor may lie in specific investment needs, such as Fidelitys availability of crypto trading with three coins or Schwabs futures trading capability.
When exploring the similarities, both Charles Schwab and Fidelity offer a vast array of investment options including stocks, margin trading, fractional shares, OTC stocks, mutual funds, options, and forex trading. Investors can also take advantage of traditional and Roth IRA accounts along with robust advisor services, making both brokers appealing for various financial strategies. Such offerings ensure that users have access to the essential financial tools required for building and diversifying their portfolios.
The differences between Schwab and Fidelity may determine the final choice for potential investors. Schwab stands out by providing futures trading, which isnt available with Fidelity. On the other hand, Fidelity offers an opportunity to engage with the growing crypto market, providing access to three cryptocurrency coins, a feature Schwab does not currently support. Analyzing these features can guide investors in selecting the brokerage that aligns most closely with their personal investment preferences and goals.
The Battle of the Brokerage Behemoths
If you’re trying to figure out where to stash your hard-earned cash and investments, you’ve probably heard of these two financial powerhouses. Charles Schwab and Fidelity are like the Coke and Pepsi of the investment world – they’re everywhere, they’re massive, and people have strong opinions about which one is better.
But when it comes to sheer size, who actually takes the crown? I’ve dug into the latest numbers to give you the definitive answer on who’s bigger in 2025.
The Client Count Showdown
Let’s start with the raw numbers of how many clients each company serves, since that’s a key indicator of market reach:
As of 2024, Fidelity serves over 39 million clients, while Charles Schwab comes in slightly behind with more than 36 million clients.
That’s a pretty impressive achievement for both companies but Fidelity does have a slight edge with approximately 3 million more clients under its umbrella.
Beyond the Numbers: What Makes These Giants Tick?
Size isn’t everything (at least that’s what I keep telling myself) These brokerages have built their empires through different strategies and strengths
Fidelity’s Key Advantages
- Higher interest on cash balances – Fidelity pays around 3.80% annual interest on uninvested cash, which absolutely destroys Schwab’s measly 0.05% offering
- Direct cryptocurrency trading – Fidelity lets you trade Bitcoin, Ethereum, and Litecoin directly
- No payment for order flow – They don’t sell your trade info to market makers
- Free domestic wire transfers – Nice little perk that Schwab charges for
- Full View financial planning – Gives a comprehensive view of all your accounts
Schwab’s Strong Points
- More advanced trading platform – The thinkorswim platform is a beast for serious traders
- Futures trading – Offers futures and futures options that Fidelity doesn’t
- More robust mobile app – The thinkorswim mobile app brings desktop power to your phone
- Better educational content – More comprehensive and frequently updated
- More no-load, no-fee mutual funds – 7,900+ compared to Fidelity’s 3,300+
Cost Comparison: The Zero-Commission Era
Both brokerages have embraced the zero-commission revolution
| Fee Type | Charles Schwab | Fidelity |
|---|---|---|
| Stock/ETF Trades | $0 | $0 |
| Options Contracts | $0.65 per contract | $0.65 per contract |
| Broker-Assisted Trades | $25 | $32.95 |
| Domestic Wire Transfers | $15-$25 | $0 |
| Interest on Cash | 0.05% | ~3.80% |
When it comes to basic trading costs, they’re neck and neck. However, Fidelity’s substantially higher interest rate on uninvested cash is a huge advantage for clients who keep cash reserves in their accounts.
Platform Capabilities: Who’s Got the Edge?
Desktop Trading Experience
Schwab’s thinkorswim platform is the more powerful option for experienced traders, particularly those who trade options or need advanced technical analysis tools. There’s definitely a learning curve, but the platform rewards those who master it.
Fidelity’s Active Trader Pro is more intuitive and user-friendly, making it better for casual investors or those just getting started. It might require an extra click or two for complex trades, but overall it’s easier to navigate.
Mobile Experience
Both brokers offer solid mobile apps, but Schwab gets the edge because of the thinkorswim mobile app. It brings most of the desktop platform’s capabilities to your smartphone, which is pretty impressive. Fidelity’s app is good but doesn’t offer the same depth of features.
Asset Selection: What Can You Trade?
Both brokerages let you trade:
- Stocks
- ETFs
- Bonds
- Options
- Mutual funds
- Forex
But there are some key differences:
Fidelity offers:
- Direct cryptocurrency trading (Bitcoin, Ethereum, Litecoin)
- Crypto ETFs like Fidelity Wise Origin Bitcoin Fund (FTBC) and Fidelity Etherium Fund (FETH)
Schwab offers:
- Futures trading
- Futures options
- Crypto exposure through ETFs and futures only
Fidelity gives access to 25 international exchanges, while Schwab provides access to more than 30.
The Customer Service Battle
Both brokerages pride themselves on excellent customer service with:
- 24/7 phone support
- Online chat
- Branch offices for face-to-face assistance
This is a category where they’re truly tied. Both firms understand that being able to talk to a real human when you need help is crucial, especially when your money is involved.
Security and Protection
When it comes to keeping your money safe, both brokerages:
- Carry SIPC insurance providing up to $500,000 in coverage
- Maintain robust fraud protection systems
- Have excellent reputations for security
There’s no clear winner here – both firms take security extremely seriously.
Who Should Choose Fidelity?
Fidelity might be your better bet if:
- You keep significant cash in your brokerage account (that 3.80% interest really adds up)
- You want to trade cryptocurrency directly
- You prefer a slightly more intuitive platform
- You’re concerned about payment for order flow practices
- You regularly use wire transfers
- You want comprehensive financial planning tools
Who Should Choose Charles Schwab?
Schwab could be the right choice if:
- You’re an active or advanced trader who will benefit from thinkorswim
- You need to trade futures
- You prefer a more robust mobile trading experience
- You value educational content
- You want access to more no-fee mutual funds
- You trade on international exchanges
My Personal Take
I’ve used both platforms, and honestly, you can’t really go wrong with either one. They’re industry leaders for a reason. But if I had to choose based purely on who’s bigger? Fidelity has the edge with more clients (39 million vs. 36 million).
However, when I’m deciding where to put my own money, I consider what I’m actually gonna be doing with the account. If I’m just parking cash and doing occasional trades, Fidelity’s higher interest rate is super appealing. But if I’m doing more complex trades or need futures, Schwab has the better tools.
It’s kinda like choosing between two luxury cars – they’re both amazing, but one might have features that better fit your specific needs.
The Bottom Line: Size vs. Fit
While Fidelity has a slight lead in total clients (making it technically “bigger”), both brokerages are absolute giants in the industry. They’re continuously innovating and competing for your business, which is great news for us as customers.
The best choice depends less on which is bigger and more on which one better aligns with your specific investment needs, trading style, and preferences.
Here’s what I recommend: think about what features matter most to you, and choose accordingly. Or hey, why not open accounts at both and see which one you prefer? There’s no minimum balance requirement at either one, so you’ve got nothing to lose by test-driving both platforms.
Final Thoughts
In the financial services world, bigger doesn’t always mean better – it’s about finding the right fit. Both Fidelity and Charles Schwab have earned their places at the top of the industry by providing excellent service, competitive pricing, and robust platforms.
Fidelity might have a few more clients, but Schwab isn’t far behind. What matters more than their size is which one will help YOU reach your financial goals more effectively.
Have you used either of these brokerages? I’d love to hear about your experiences in the comments below!
Trading platforms and tools
When it comes to choosing between Charles Schwab and Fidelity for trading platforms and tools, both brokers provide strong offerings. However, Charles Schwab stands out with higher ratings and a wider array of features, making it more compelling for active traders and investors seeking comprehensive tools. Rated as the best in the industry by StockBrokers.com, Charles Schwab boasts a perfect five-star rating for its trading platforms and tools, while Fidelity is close behind with a 4.5-star rating. Whether for desktop downloads or browser-based use, both platforms are equipped to handle traders needs on Windows and Mac systems.
Charles Schwab offers a versatile trading experience with unique features like paper trading, which Fidelity does not provide. Additionally, Schwab provides a more extensive selection of watch list options, supporting up to 580 fields, compared to Fidelitys 92. For chart enthusiasts, Charles Schwab enriches the experience with the capability to customize and utilize 374 technical indicators and 24 drawing tools, while Fidelity offers 129 indicators and 38 drawing tools. Both brokers allow for adjustments of open orders directly on stock charts, the integration of note-taking, and the display of historical trades and corporate events on charts.
When exploring advanced charting capabilities, Charles Schwab users benefit from the ability to create custom studies and leverage 35 customization fields for SMA studies, in contrast to Fidelity’s five fields and lack of custom study options. Both brokers support automated technical analysis and the saving of multiple chart profiles, ensuring that traders can tailor their strategies effectively. Ultimately, while both Charles Schwab and Fidelity deliver excellent platforms, Schwabs superior rating and expansive features provide a more comprehensive trading toolset.
| Feature |  Charles Schwab |
 Fidelity |
|---|---|---|
| Web Trading Platform | Yes | Yes |
| Desktop Trading Platform | Yes | Yes |
| Desktop Platform (Mac) | Yes | Yes |
| Paper Trading | Yes | No |
| Watchlists – Total Fields | 580 | 92 |
| Charting – Indicators / Studies | 374 | 129 |
| Charting – Drawing Tools | 24 | 38 |
| Platforms & Tools |
For beginners and those eager to enhance their investing skills, Charles Schwab and Fidelity both serve as excellent choices, offering comprehensive educational resources across a range of investment topics. Both platforms provide excellent education on stocks, ETFs, options, mutual funds, bonds, and more, complemented by a variety of educational videos and webinars. Whether youre looking to familiarize yourself with new investment vehicles or refine your strategies, both Schwab and Fidelity include educational quizzes and the ability to track your learning progress. This holistic approach ensures that customers can acquire and measure their knowledge efficiently.
However, for those interested in practice without real-world risk, Charles Schwab has an added advantage with its paper trading feature, allowing users to simulate trades without using actual money, a feature Fidelity currently lacks. Despite this difference, both brokers have received a top-tier rating of five stars for education. Yet, when stacked against 14 online brokers, StockBrokers.com ranks Charles Schwab as the top choice for education, slightly ahead of Fidelity, which holds the second spot. This distinction might make Charles Schwab the more desirable option for learners who want comprehensive educational resources coupled with practical trading practice.
| Feature | Charles Schwab |
Fidelity |
|---|---|---|
| Education (Stocks) | Yes | Yes |
| Education (ETFs) | Yes | Yes |
| Education (Options) | Yes | Yes |
| Education (Mutual Funds) | Yes | Yes |
| Education (Fixed Income) | Yes | Yes |
| Paper Trading | Yes | No |
| Videos | Yes | Yes |
| Webinars | Yes | Yes |
| Education |
Dive deeper: Best Stock Trading Platforms for Beginners of 2025
When it comes to stock trading apps, both Charles Schwab and Fidelity stand out as top choices for investors. However, Charles Schwab takes the lead with its #1 ranking out of 14 brokers by StockBrokers.com, offering an impressive array of features with a perfect 5-star rating. Fidelity, while also earning a 5-star rating, ranks #3, highlighting its strong but slightly less comprehensive capabilities compared to Schwab. These distinctions make Schwab particularly appealing for those seeking a versatile and high-ranking trading platform.
Both Charles Schwab and Fidelity offer a wide range of app functionalities across devices, including apps for iPhone, Android, and Apple Watch. They each support mobile after-hours stock trading, providing flexibility for users who prefer trading outside regular market hours. Options traders will find value in both platforms as they support mobile options trading, and investors can stay informed with streaming quotes and live TV, as well as videos on demand.
A key area where Charles Schwab excels is in charting capabilities, offering a remarkable 373 technical studies compared to Fidelity’s 128. Both brokers allow users to create custom watch lists and customize watch list columns. Investors can enjoy advanced charting features like after-hours charting, viewing charts in landscape mode, and displaying stock comparisons on charts. Whether youre a seasoned trader or just starting, these comprehensive features ensure you’re equipped with the tools needed to make informed trading decisions.
| Feature | Charles Schwab |
Fidelity |
|---|---|---|
| iPhone App | Yes | Yes |
| Android App | Yes | Yes |
| Apple Watch App | Yes | Yes |
| Stock Alerts | Yes | Yes |
| Charting – After-Hours | Yes | Yes |
| Charting – Technical Studies | 373 | 128 |
| Mobile Trading Apps |
Dive deeper: Best Stock Trading Apps for 2025
When it comes to choosing between Charles Schwab and Fidelity for online brokerage services, both offer compelling features, especially regarding account fees and charges. They share several attractive qualities, such as $0 minimum deposit requirements and $0 commission fees on regular stock trades. Their fees for trading options contracts are also identical, with each broker charging $0.65 per contract. However, subtle differences, such as margin rates and account transfer fees, might tip the scale depending on your specific trading needs and preferences.
Both Charles Schwab and Fidelity provide free IRA accounts with no annual or closure fees, making them appealing choices for retirement savings. Meanwhile, their options trading is affordably priced, with a $0 charge on options exercise and assignment fees from both brokers. In terms of margin rates, the costs for borrowing on margin at both brokers are fairly similar across different balance tiers, albeit with slightly lower percentages favoring Fidelity by a fraction.
One area where Fidelity has an edge over Charles Schwab is in account transfer fees. While both brokers allow partial Account Transfers (ACAT) at no cost, Charles Schwab charges $50 for a full account transfer, whereas Fidelity offers it for free. Despite these minor discrepancies, Charles Schwab and Fidelity remain highly competitive choices, each with its strengths depending on individual client priorities.
| Feature | Charles Schwab |
Fidelity |
|---|---|---|
| Minimum Deposit | $0.00 | $0.00 |
| Stock Trades | $0.00 | $0.00 |
| Options (Per Contract) | $0.65 | $0.65 |
| Options Exercise Fee | $0.00 | $0.00 |
| Options Assignment Fee | $0.00 | $0.00 |
| IRA Annual Fee | $0.00 | $0.00 |
| IRA Closure Fee | $0.00 | $0.00 |
Dive deeper: Best Free Trading Platforms for 2025
When it comes to day trading capabilities, both Charles Schwab and Fidelity provide a range of features to support active traders. They each offer streaming time and sales data for stocks and streaming live TV, ensuring traders have access to real-time information and market analysis. Additionally, both brokers provide direct market routing, trading hotkeys, and level 2 quotes, allowing for fast and informed trade executions. For those interested in backtesting strategies, Charles Schwab offers both basic and advanced strategy backtesting, while Fidelity only provides basic backtesting options.
In terms of more specialized features, Charles Schwab stands out by offering ladder trading functionality, a feature not available with Fidelity. Both platforms include a short locator tool that helps traders find current real-time availability of shares to short, which can be a crucial tool for day traders. However, neither broker provides order liquidity rebates, such as maker/taker rebates. Overall, Charles Schwabs additional offerings, like ladder trading and advanced strategy backtesting, might appeal to traders looking for a more comprehensive day trading toolkit.
| Feature | Charles Schwab |
Fidelity |
|---|---|---|
| Streaming Time & Sales | Yes | Yes |
| Streaming TV | Yes | Yes |
| Direct Market Routing – Equities | Yes | Yes |
| Level 2 Quotes – Stocks | Yes | Yes |
| Trade Ideas – Backtesting | Yes | Yes |
| Trade Ideas – Backtesting Adv | Yes | No |
| Short Locator | Yes | Yes |
Dive deeper: Best Day Trading Platforms of 2025 for Beginners and Active Traders
When it comes to market research capabilities, both Charles Schwab and Fidelity offer comprehensive resources, ensuring that investors have access to a wide range of information to make well-informed decisions. Each platform is highly rated, with Fidelity and Charles Schwab both receiving five-star ratings. However, Charles Schwab takes the top spot, leading as the number one ranked broker in this category according to StockBrokers.com, while Fidelity comes in at a respectable third place.
Both Charles Schwab and Fidelity offer essential research options such as stock, ETFs, mutual funds, Pink Sheets/OTCBB, and bond research, giving investors a broad spectrum of market insights. They both also provide the ability to view portfolio allocations by asset class and utilize social media sentiment data for enhanced stock research, alongside ESG (Environmental, Social, and Governance) research. In terms of downloadable PDF research reports, the two brokers are evenly matched, offering seven reports for stocks and comprehensive options for ETFs, while neither provides this format for mutual funds.
For traders looking to generate ideas, both brokerages shine with extensive tools, offering screeners for stocks, ETFs, mutual funds, and bonds. Although Charles Schwab edges out Fidelity in ranking, both platforms are equipped to offer rich and varied research resources that cater to a diverse range of investing needs. This makes them both excellent choices for investors seeking detailed market insights. Armed with an array of tools and research capabilities, users of either platform can feel confident they have the resources needed to make savvy investment decisions.
| Feature | Charles Schwab |
Fidelity |
|---|---|---|
| Research – Stocks | Yes | Yes |
| Screener – Stocks | Yes | Yes |
| Research – ETFs | Yes | Yes |
| Screener – ETFs | Yes | Yes |
| Research – Mutual Funds | Yes | Yes |
| Screener – Mutual Funds | Yes | Yes |
| Research – Fixed Income | Yes | Yes |
| Screener – Fixed Income | Yes | Yes |
| Research |
When comparing the banking capabilities of Charles Schwab and Fidelity, several key offerings highlight their differences and similarities. Charles Schwab provides a wider range of banking services, offering both checking and savings accounts, while Fidelity does not offer these account types. However, both Schwab and Fidelity offer debit cards and credit cards, ensuring flexible payment options for their clients. Additionally, both financial institutions enable customers to invest in Certificates of Deposit (CDs), providing a reliable saving avenue. For those considering larger financial investments, both Schwab and Fidelity cater to mortgage loan needs, supporting long-term buying goals. Ultimately, Charles Schwab stands out for its more comprehensive banking services, particularly with the inclusion of checking and savings accounts.
| Feature | Charles Schwab |
Fidelity |
|---|---|---|
| Checking Accounts | Yes | No |
| Savings Accounts | Yes | No |
| Debit Cards | Yes | Yes |
| Credit Cards | Yes | Yes |
| Mortgage Loans | Yes | Yes |
| Brokerage CDs | Yes | Yes |
Dive deeper: Best Brokerage Checking Accounts for 2025
After opening live accounts and testing 14 of the best online brokers, our research and live account testing finds that Charles Schwab is better than Fidelity. Charles Schwab finished with an overall score of 99.2%, while Fidelity finished with a score of 96.2%.
With the addition of TD Ameritrades thinkorswim platforms and the enhancement of several features, Schwab is now a vigorous competitor with thought-provoking research and commentary and a client experience to fit any preference.
Can you trade cryptocurrency with Charles Schwab or Fidelity?
Charles Schwab does not support crypto trading and offers zero cryptocurrencies, whereas Fidelity provides crypto trading with access to three different coins, making it a more suitable choice for investors interested in digital currencies.
Dive deeper: Best Online Brokers for Crypto Trading in 2025
Fidelity vs Vanguard vs Schwab: My Take Having Used All 3 for 20+ Years
FAQ
Who’s better, Charles Schwab or Fidelity?
Active investors may prefer Charles Schwab’s robust trading tools and lower fees for ETFs, while passive investors may gravitate towards Fidelity. Both firms deliver diverse investment options, making them adaptable to various investor styles.
Is Charles Schwab the largest brokerage firm?
What is the #1 brokerage in the world?
| Brokerage firm | Assets under management* |
|---|---|
| Vanguard Group | $11 trillion |
| UBS | $6.6 trillion |
| Fidelity Investments | $6.4 trillion |
| JPMorgan Chase & Co. | $3.9 trillion |
Who is Fidelity’s biggest competitor?