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, although Fidelity crypto trading uses a separate Fidelity Crypto account and is not available in every state.
• Advanced desktop platforms are offered by Fidelity and Schwab.
If you’re looking for an investment account, Robinhood, Fidelity, and Charles Schwab are worth considering.
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 offer brokerage and advisory accounts, both of which can be opened online in minutes. Self-directed accounts can trade:
- Stocks
- Options
- Exchange-Traded Funds (ETFs)
Robinhood and Fidelity allow cryptocurrency trading. Fidelity’s direct crypto trading is done through a separate Fidelity Crypto account and is not available in every state. Schwab and Robinhood provide access to futures. Fidelity and Schwab also offer bonds, mutual funds, foreign stocks, OTC securities, and closed-end funds. Schwab supports forex trading, while Robinhood provides event contracts.
Each firm offers automated investing through robo accounts. These accounts generally use ETFs, while Robinhood Strategies may use ETFs and individual stocks when the account has $500 or more.
Fidelity and Schwab, unlike Robinhood, have traditional advisory services with human financial planners available at branch offices.
All three firms support taxable, joint, and retirement accounts. Schwab and Fidelity go further with additional options such as custodial and 401(k) accounts.
Winner: Tie between Fidelity and Schwab.
Banking Solutions
Each firm offers banking or cash management features. Fidelity’s Cash Management Account includes a
debit card, checkwriting, Bill Pay, ATM fee reimbursements, and eligible FDIC-insured sweep deposits.
The FDIC-insured sweep APY is 1.84% for balances below $100,000. Fidelity brokerage cash in SPAXX has
a 3.29% 7-day yield, although money market mutual funds are not FDIC insured.
Robinhood has app-based Banking with checking and savings accounts. Banking is currently invitation only and requires an annual Robinhood Gold subscription and qualifying direct deposit to keep benefits. Savings accounts can earn APY when qualifying direct deposit is enabled, and ATM fees depend on the customer’s benefit tier.
Schwab operates its own FDIC-insured bank, where you can open checking or savings accounts. Its debit
card reimburses ATM fees worldwide, just like Fidelity’s. Money market funds are offered through linked
brokerage accounts, and the savings account yields 0.15% APY.
Schwab’s savings rate is lower than Fidelity’s brokerage money market yield, but Schwab Bank provides additional financial products like mortgages. Both Schwab and Fidelity also offer credit cards.
Winner: Tie between Fidelity and Schwab.
Mobile Apps
Each broker has a mobile app for managing investments and cash. All are user-friendly. Robinhood’s app has charting tools but no horizontal mode. Its trade ticket includes 6 order types.
Schwab’s thinkorswim mobile app offers far more tools, including horizontal charting and more than 300 technical charts and indicators. It supports advanced order types like market-on-close and blast-all. The standard Schwab app allows mutual fund trading, news access, and basic order placement.
Fidelity’s single app combines investing and banking 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 includes 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 offers powerful research tools, options analysis, spreads, and Greek values. It also includes a demo mode, which Robinhood lacks.
Fidelity’s website has a robust options strategy builder, advanced order tickets with bracket orders, and deep stock research. While it lacks a separate web platform, its features are extensive.
Both Schwab and Fidelity offer advanced desktop platforms—thinkorswim and Fidelity Trader+ Desktop, respectively. Fidelity Trader+ Desktop was rebuilt from the legacy Active Trader Pro platform, and Active Trader Pro access is still available. thinkorswim also includes a practice mode called paperMoney.
Winner: Schwab.
Margin
All three brokers offer margin trading. Schwab and Fidelity charge 11.825% to 10.075% on most published debit-balance tiers below $500,000, while Robinhood’s margin rates are 5% to 3.95%. Robinhood Gold members pay $5 per month and receive the first $1,000 of margin investing included with the subscription.
However, Robinhood does not allow short selling, while Schwab and Fidelity do.
Fidelity also has a margin calculator on its website, where you can see 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 all three brokers. Schwab supports fractional shares of most U.S.-listed stocks and ETFs for as little as $1, while Fidelity and Robinhood also support dollar-based fractional 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 supports recurring investments in stocks, ETFs, and mutual funds, while Schwab supports automatic investing and recurring deposits, including automatic mutual fund investing.
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 eligible self-directed IRA contributions and transfers.
Winner: Tie among all three.
Our Recommendations
Retirement Savers & Long-Term Investors: Fidelity and Schwab are best due to their financial planning tools, branch access, and wide retirement options.
Small Accounts: Schwab’s robo service requires $5,000, while Fidelity’s minimum is just $10 to start investing. For brokerage accounts, all three brokers now offer 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: Fidelity Trader+ Desktop and Active Trader Pro outperform Robinhood’s Legend; thinkorswim beats 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 its strengths and weaknesses. A solid investing experience can be found with any of the three—Robinhood, Schwab, or Fidelity.
Updated on 6/19/2026.
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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