Robinhood vs. Schwab vs. Fidelity
Key Takeaways:
• Schwab, Fidelity, and Robinhood all offer self-directed and managed accounts.
• You can trade cryptocurrencies at Robinhood and Fidelity.
• Fidelity and Schwab offer desktop software programs.
If you’re looking for an investment account, Robinhood, Fidelity, and Schwab are all solid choices.
Pricing
| Broker Fees |
Stock/ETF
Commission |
Mutual Fund
Commission |
Options
Commission |
Maintenance
Fee |
Annual IRA
Fee |
|
Charles Schwab
|
$0
|
$49.95 ($0 to sell)
|
$0.65 per contract
|
$0
|
$0
|
|
Robinhood
|
$0
|
na
|
$0 per contract
|
$0
|
$0
|
|
Fidelity
|
$0
|
$49.95
|
$0.65 per contract
|
$0
|
$0
|
Services
Charles Schwab: $0 commissions + ACAT rebate + satisfaction guarantee at Charles Schwab.
Robinhood:
3% deposit match and up to $200 FREE stock at Robinhood.
Fidelity: Currently, no promotions.
Investment Programs
All three brokers offer brokerage and advisory accounts, which can be opened online quickly. Self-directed accounts allow you to trade:
- Stocks
- Options
- Exchange-Traded Funds (ETFs)
Robinhood and Fidelity support cryptocurrency trading. Schwab and Robinhood also offer futures trading. Fidelity and Schwab offer bonds, mutual funds, foreign stocks, OTC securities, and closed-end funds. Schwab has forex trading, while Robinhood offers event contracts.
Each broker also provides automated investing through robo-advisory accounts. These accounts invest in ETFs, though Robinhood’s includes stocks as well.
Unlike Robinhood, Fidelity and Schwab offer traditional advisory services with human financial planners available at branch offices.
All three firms support taxable, joint, and retirement accounts. Schwab and Fidelity also offer additional options like custodial and 401(k) accounts.
Winner: Tie between Fidelity and Schwab.
Banking Solutions
All three firms offer banking or cash management options. Fidelity’s Cash Management Account includes a Visa debit card, checkbook, and global ATM fee refunds. Idle cash earns an FDIC-insured 2.78% APY, or up to 3.8% in money market mutual funds.
Robinhood offers FDIC insurance on uninvested cash in its spending account, but it does not pay interest. A debit card is available, but ATM withdrawals cost $2.50, and some countries block card use. It does not offer a checkbook.
Schwab runs its own FDIC-insured bank, where you can open checking or savings accounts. Its debit card refunds ATM fees worldwide, just like Fidelity’s. Money market funds are available through linked brokerage accounts, and the savings account earns 0.15%.
Schwab’s rate is lower than Fidelity’s, but Schwab Bank offers additional financial products like mortgages. Both Schwab and Fidelity also offer credit cards.
Winner: Tie between Fidelity and Schwab.
Mobile Apps
Each broker provides a mobile app for managing investments and cash. All apps are easy to use. Robinhood’s app includes charting tools but lacks horizontal mode. Its trade ticket offers 6 order types.
Schwab’s thinkorswim mobile app offers many more tools, including horizontal charting and hundreds of indicators. It supports advanced order types like market-on-close and blast-all. The regular Schwab app allows mutual fund trading, access to news, and basic order placement.
Fidelity’s app combines both investing and banking features. It includes 8 order types (4 trailing), a spread builder for options, stock reports with price targets, and advanced charting.
Winner: Schwab.
Computer Software
Robinhood’s web platform has charting tools and analyst ratings. For example, Exxon Mobil showed 30 ratings: 50% buy, 47% hold. The Legend web platform allows custom and pre-built layouts for options, crypto, and futures trading.
Schwab’s web version of thinkorswim has strong research tools, options analysis, spreads, and Greek values. It also includes a demo mode, which Robinhood lacks.
Fidelity’s website has a solid options strategy builder, advanced order tickets with bracket orders, and deep stock research. While it lacks a separate web platform, its features are comprehensive.
Both Schwab and Fidelity offer advanced desktop platforms—thinkorswim and Active Trader Pro, respectively. These are packed with features for advanced traders. Thinkorswim also has a practice mode called paperMoney.
Winner: Schwab.
Margin
All three brokers offer margin trading. Schwab and Fidelity charge 11.825% to 10.075% on debit balances, while Robinhood’s margin rates are 5% to 3.95%. Robinhood Gold members pay $5 per month for $1,000 in free margin.
However, Robinhood does not allow short selling, while Schwab and Fidelity do.
Fidelity also offers a margin calculator on its website, showing margin requirements and federal call values for any stock.
Winner: Depends on user needs—Robinhood for lower costs, Fidelity for more tools.
Additional Features
Dividend Reinvestment Plan (DRIP): Available at all three brokers.
Fractional Shares: Available at Schwab for stocks; Fidelity and Robinhood allow whole-dollar investing.
Extended Hours Trading: Offered by all three; Schwab and Robinhood also provide overnight trading on select securities.
Periodic Mutual Fund Investing: Available at Schwab and Fidelity; both also support recurring investments in stocks and ETFs.
IPO Access: Offered by all three.
Fully Paid Lending Program: Available at all three.
IRAs: All firms offer IRAs; Robinhood provides an IRA match bonus on contributions and transfers.
Winner: Robinhood.
Our Recommendations
Retirement Savers & Long-Term Investors: Fidelity and Schwab are best due to their financial planning tools, branch access, and retirement options.
Small Accounts: Schwab’s robo service requires $5,000, while Fidelity’s minimum is $10. For brokerage accounts, Fidelity or Robinhood are best for fractional-share investing.
Beginners: Any of the three can work. Choose an advisory account or practice trading with thinkorswim’s simulator.
Mutual Funds: Schwab and Fidelity both excel.
Stock and ETF Trading: Active Trader Pro outperforms Robinhood’s Legend; thinkorswim beats both.
Charles Schwab: $0 commissions + ACAT rebate + satisfaction guarantee at Charles Schwab.
Robinhood:
3% deposit match and up to $200 FREE stock at Robinhood.
Fidelity: Currently, no promotions.
Outcome
All three brokers offer good investment experiences. The choice depends on the features and services you value the most—Robinhood, Schwab, or Fidelity.
Updated on 12/21/2025.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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