Robinhood vs. Schwab vs. Fidelity
Key Takeaways:
• Self-directed and managed accounts are available at Schwab, Fidelity, and Robinhood.
• Cryptocurrencies can be traded at Robinhood and Fidelity.
• Desktop programs are offered by Fidelity and Schwab.
If you’re shopping for an investment account, Robinhood, Fidelity, and Charles Schwab are all firms that deserve a look.
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 FREE stock worth up to $200 at Robinhood.
Fidelity: Currently, no promotions.
Investment Programs
All three brokers provide both brokerage and advisory accounts, and both types can be opened online in just a few minutes. Self-directed accounts can trade:
- Stocks
- Options
- Exchange-Traded Funds (ETFs)
Robinhood and Fidelity permit cryptocurrency trading. Schwab and Robinhood offer futures. Fidelity and Schwab also give customers access to bonds, mutual funds, foreign stocks, and many other investment choices, while Robinhood also supports certain OTC securities and closed-end funds. Schwab supports forex trading, while Robinhood offers event contracts.
Every firm also has an automated investing service. These portfolios are built mainly with ETFs, although Robinhood’s version can also add stocks.
Fidelity and Schwab, unlike Robinhood, also have traditional advisory services with access to human financial planners at branch locations.
All three firms support taxable, joint, retirement, and custodial accounts. Schwab and Fidelity still go further with broader workplace-retirement offerings, including 401(k)-related options.
Winner: Tie between Fidelity and Schwab.
Banking Solutions
Each company has banking or cash-management features. Fidelity’s Cash Management Account comes with a Visa debit card, checkwriting, and worldwide ATM-fee reimbursements. Uninvested cash in the FDIC sweep currently earns 1.84% APY, while a core money market position such as SPAXX has recently yielded about 3.29%.
Robinhood now offers much more than a basic spending setup. Eligible brokerage cash can currently earn 3.35% APY with Robinhood Gold through the High-Yield Cash program, and Robinhood Banking advertises a 3.5% savings APY for eligible users. A debit card is available, although the overall banking lineup is still less established than what Schwab and Fidelity provide.
Schwab runs its own FDIC-insured bank, where you can open checking or savings accounts. Its debit card refunds ATM fees worldwide, similar to Fidelity’s. Money market funds are available through linked brokerage accounts, and the savings account currently pays 0.15% APY.
Schwab’s savings rate is below Fidelity’s current cash options, but Schwab Bank does offer added products like mortgages. Both Schwab and Fidelity also offer credit cards.
Winner: Tie between Fidelity and Schwab.
Mobile Apps
Each broker offers a mobile app for handling investments and cash features. All three apps are easy to use. Robinhood’s app includes charting tools but does not have a horizontal display mode. Its trade ticket includes 6 order types.
Schwab’s thinkorswim mobile app delivers many more tools, including horizontal charting and hundreds of indicators. It also supports advanced order types like market-on-close and blast-all. The standard Schwab app lets users trade mutual funds, read news, and enter basic orders.
Fidelity’s single app blends investing and cash-management tools. 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 offers charting tools and analyst ratings. For instance, Exxon Mobil showed 30 ratings: 50% buy, 47% hold. The Legend web platform supports custom and preset layouts for options, crypto, and futures trading.
Schwab’s web version of thinkorswim has powerful research tools, options analysis, spreads, and Greek values. It also has a demo mode, which Robinhood does not offer.
Fidelity’s web tools now include Trader+ Web, along with a strong options strategy builder, advanced order tickets with bracket orders, and deep stock research. Its browser-based setup is much stronger than it used to be.
Both Schwab and Fidelity offer advanced desktop platforms—thinkorswim and Fidelity Trader+ Desktop/Active Trader Pro, respectively. These platforms are packed with tools for experienced traders. thinkorswim also includes a practice mode called paperMoney.
Winner: Schwab.
Margin
All three brokers offer margin trading. Schwab charges 11.825% to 10.075% on debit balances. Fidelity’s current published schedule runs from 11.825% down to 7.5%, while Robinhood’s margin rates are 5% to 3.95%. Robinhood Gold members pay $5 per month and get the first $1,000 of margin interest-free.
However, Robinhood does not allow short selling, while Schwab and Fidelity do.
Fidelity also has a margin calculator on its website, where you can view margin requirements and federal call values for any stock.
Winner: Depends on user preference—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 firms; Schwab and Robinhood also provide overnight trading on select securities.
Periodic Mutual Fund Investing: Available at Schwab and Fidelity; Fidelity also supports 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 the best picks because of their planning tools, branch access, and broader retirement lineups.
Small Accounts: Schwab’s robo service requires $5,000, while Fidelity Go has no minimum to open and starts investing once the balance reaches $10. For brokerage accounts, Fidelity or Robinhood are strong choices for fractional-share investing.
Beginners: Any of the three can work well. You can choose an advisory account or practice trading with thinkorswim’s simulator.
Mutual Funds: Schwab and Fidelity both do very well here.
Stock and ETF Trading: Active Trader Pro outclasses Robinhood’s Legend; thinkorswim tops both.
Charles Schwab: $0 commissions + ACAT rebate + satisfaction guarantee at Charles Schwab.
Robinhood:
3% deposit match and FREE stock worth up to $200 at Robinhood.
Fidelity: Currently, no promotions.
Outcome
Each brokerage has advantages and drawbacks. You can build a solid investing experience with any of the three—Robinhood, Schwab, or Fidelity.
Updated on 3/31/2026.
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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