Fidelity vs Schwab Comparison
If you’re looking for a large and reliable brokerage firm, Fidelity and Charles Schwab are two strong choices. Both have trillions of dollars in client assets and many decades of experience. But which one comes out on top? That’s what this article will explore.
Cost
| Broker Fees |
Stock/ETF
Commission |
Mutual Fund
Commission |
Options
Commission |
Maintenance
Fee |
Annual IRA
Fee |
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Charles Schwab
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$0
|
$49.95 ($0 to sell)
|
$0.65 per contract
|
$0
|
$0
|
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Fidelity
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$0
|
$49.95
|
$0.65 per contract
|
$0
|
$0
|
Services
| Broker Review |
Cost |
Investment Products |
Trading Tools |
Customer Service |
Research |
Overall Rating |
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Charles Schwab
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Fidelity
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Promotions
Charles Schwab: $0 commissions + ACAT rebate + satisfaction guarantee at Charles Schwab.
Fidelity: Currently, no promotions.
First, Let’s Analyze Investment Choices
Self-directed traders at Fidelity have access to the following investment products:
- Options
- Funds (mutual, closed end, and exchange traded)
- Equities
- Fixed income
- Annuities
- Life insurance and long-term care insurance
These products can be used in many account types, including custodial, joint, retirement, trust, and small business accounts.
Schwab offers a very similar lineup, with two key additions: futures and forex trading. In addition to life insurance, Schwab also offers disability insurance through a partnership with Crump. Schwab also supports a wide range of account types.
Along with the major US exchanges, both brokers also offer trading on the over-the-counter market and access to some international exchanges. Fidelity provides access to 25 foreign exchanges, including Hong Kong, Ireland, and South Africa. Schwab offers 12 exchanges, including Australia, Norway, and the UK.
The products above cover only self-directed trading. Both firms also offer many advisory programs. The least expensive option is robo-advising. Both firms have it, and Schwab even offers its robo service with no advisory fee (though it requires a $5,000 minimum and uses a large cash position). Fidelity’s robo program does not use a large cash position, has no minimum, and charges no fee for accounts under $10,000. Above that amount, the advisory fee is 0.35% per year.
Both firms also provide traditional, in-person advisory services. Minimums and pricing depend on the program selected.
Winner: Pretty even overall
Second, We Need to Look at Their Websites
Self-directed and robo clients can manage accounts through user-friendly websites with a large set of tools. Even with all the features, both sites are easy to use and navigate.
Fidelity’s site opens to a Summary page (you can change the landing page) that includes multiple tiles with topics like this year’s IRA contributions, a net worth estimate, and today’s market movers.
When it comes to trading, there is a lot to like. Fidelity’s standard order ticket supports 8 order types, and 4 of them are trailing orders. There are several time-in-force choices, including on the close or on the open. This is only the basic stock ticket. Bonds and mutual funds have their own tickets, and there are advanced equity tickets, too. We especially like the conditional ticket with OCO orders and basket trading, which lets you place a single order for multiple securities.
Fidelity’s charting is nearly full-screen and includes up to 10 years of price history. Tools include around 90 technical indicators, company events, 19 plot styles, many drawing tools, comparisons, and more.
The Schwab website is similar in many ways. The tiles are gone, but there are plenty of other tools. One feature is the trade bar at the bottom of the screen (Fidelity doesn’t offer this). Schwab’s trade bar shows helpful data like volume and the bid-ask spread in real time. A medium-sized chart can be displayed, although orders can’t be placed through the bar.
Schwab’s main order ticket on the site offers 6 order types, and 2 of them are trailing orders. There are 5 time-in-force choices. As with Fidelity, options and mutual funds have their own tickets.
Schwab’s charts are not full-screen on the website, although they can be detached. We counted about 70 indicators. Other tools, like comparisons and drawing features, are also available.
The biggest difference between the two firms is a browser-based trading platform. Schwab has one, and Fidelity does not. Schwab’s platform includes an all-in-one ticket that can trade both futures and securities. Charting can be full-screen and includes well over 100 technical studies.
Winner: Schwab
Third, It’s Desktop Software
Fidelity offers its own desktop platform. Called Active Trader Pro, it delivers a strong set of pro-level tools. These include Level II quotes, basket trading, and advanced options features.
thinkorswim is Schwab’s desktop platform. It offers many of the same tools as Active Trader Pro, including Level II
quotes, built-in option strategies, and direct-access routing.
Both platforms include advanced charting and streaming video news. Schwab uses CNBC, while Fidelity uses Bloomberg.
Winner: Tie
Fourth, Let’s Examine Their Mobile Apps
Schwab offers two apps: a standard app and a thinkorswim app. The thinkorswim app can trade futures
contracts. The standard app is easier to use and has more everyday features. It can also trade
options and mutual funds. Other features include an AI tool and mobile check deposit.
Fidelity’s app includes many of the same features as Schwab’s standard app. These include Touch ID, mobile check deposit, bill pay, landscape charting, and an AI. Mutual funds and options have separate order tickets.
Both apps also include a lot of education and market news, including live video, podcasts, articles, and more.
Winner: Very close
Fifth, Let’s Inspect Margin Borrowing
Both brokers offer margin accounts. Schwab’s margin rate starts at
11.825% and drops to
10.075% for debit balances above $250,000.
Fidelity starts at the same rate (11.825%) and drops
to the same level for debit balances above $250,000 (10.075%).
Fidelity drops further for balances above $1 million, reaching a low
7.825%.
Schwab’s website includes a Margin Requirements link on stock pages. It is located underneath the green Trade button and shows margin details for the security. Fidelity’s website does not offer this feature.
Winner: Overall, pretty close
At Last, Here Are Some Miscellaneous Services
Extended Hours: Both firms offer pre-market and after-hours trading. Only Schwab offers overnight trading.
DRIP Service: Dividend reinvestment for stocks and funds is free at both brokers.
Banking Tools: Schwab’s debit card refunds ATM fees worldwide, while Fidelity limits this benefit to US ATMs. Fidelity also offers an FDIC-sweep program that provides 5 times the standard insurance amount. Schwab doesn’t offer this.
Individual Retirement Accounts: Both firms offer the same IRA types (Roth, traditional, Inherited, Custodial, SEP, SIMPLE, and Rollover) with the same fee schedules.
Fractional Shares: Fidelity offers fractional trading for all US stocks and ETFs. Schwab limits fractional trading to stocks in the S&P 500.
Initial Public Offerings: Both firms list IPOs on their websites and have minimum requirements to participate.
Periodic Mutual Fund Investing: Both firms offer this feature.
Winner: Tie
Our Recommendations
Mutual Fund Investors:
Schwab offers 6,046 funds, while Fidelity offers 9,587. Schwab, however, has more
no-transaction-fee funds. Choose based on what matters most to you.
Long-Term Investors and Retirement Savers: Very even here.
Beginners: Either broker is a good fit.
Stock and ETF Trading: Schwab’s thinkorswim platform gives it an edge.
Small Accounts: No minimums or commissions at either broker.
Promotions
Charles Schwab: $0 commissions + ACAT rebate + satisfaction guarantee at Charles Schwab.
Fidelity: Currently, no promotions.
Charles Schwab vs Fidelity: Results
These two major brokers are very similar in what they offer. Schwab has a clear edge in
futures, forex, and active trading, while Fidelity is the better choice for fractional shares.
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Updated on 3/5/2026.
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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