Outline
Schwab is one of the largest brokerage firms by client assets. Firstrade is a much smaller broker and does not have the same level of advertising visibility as Schwab. Even so,
Firstrade provides several competitive services. Let’s compare the two companies and decide which broker comes out ahead: Charles Schwab or Firstrade.
Cost Comparison
| 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
|
|
Firstrade
|
$0
|
$0
|
$0 per contract
|
$0
|
$0
|
Services Comparison
| Broker Review |
Cost |
Investment Products |
Trading Tools |
Customer Service |
Research |
Overall Rating |
|
Charles Schwab
|
|
|
|
|
|
|
|
Firstrade
|
|
|
|
|
|
|
Promotions
Charles Schwab: $0 commissions + ACAT rebate + satisfaction guarantee at Charles Schwab.
Firstrade: Currently, no promotions.
Technology
Schwab has an easy-to-use website with many helpful tools. Its web platform includes an All-In-One Trade Ticket for order entry. The website also provides useful trading details, including streaming price and volume data, charting, and other market information.
thinkorswim is Schwab’s advanced desktop trading platform. Even though it is a powerful program, it is free for Schwab customers. Level II data is available on thinkorswim desktop, and Nasdaq TotalView is available for qualifying non-professional clients or by paid subscription. The platform also includes other useful features, such as advanced charting with graphs that can be expanded to full-screen view.
Firstrade also has a user-friendly website, although it does not provide the same amount of information. The broker
also has a trading bar, and it is more advanced than Schwab’s. For example, users can place trades on it
(including option trades), and detailed security information is available there as well.
The Firstrade platform includes tools built for active investors and more informed trading. Its website trading ticket
and web pages are also common ways Firstrade clients can enter orders. Charting on Firstrade’s website includes many
chart styles and technical indicators. However, thinkorswim offers a more advanced charting experience.
Overall, Schwab appears to be the stronger choice in this category.
Mobile Apps
The Firstrade mobile app is available for iPhone and Android devices. Trades for stocks, exchange-traded funds, and options can be submitted on the mobile system. Mutual fund orders must be placed through the Firstrade website. The broker’s app also includes research access, news, event calendars, advanced charting, and options tools.
Schwab Mobile is offered for Android and Apple smartphones, tablets, and watches. Unlike Firstrade, Schwab provides live CNBC video streaming. The Schwab app also includes mobile check deposit, funds transfers, and bill pay.
Once again, Schwab takes the category.
Customer Support
Schwab clients can reach the broker’s customer service department 24 hours a day, 7 days a week. In addition to phone service, there is also a helpful online chat feature. Schwab has agents who can assist in Mandarin, Cantonese, and Spanish. The broker provides a phone number for clients traveling outside the United States. Schwab also operates a large nationwide branch network and maintains some overseas offices.
Firstrade lists phone support as available 24/7. The broker also provides email support and a help center. Firstrade does not have a branch network comparable to Schwab’s, but it does list its New York headquarters in Flushing, New York, with office hours from Monday through Friday, 10:00 am to 4:00 pm ET. The broker also offers Chinese-language support on its website.
Schwab wins this category, too.
Trading in Funds
Schwab offers thousands of mutual funds. Schwab promotes more than 4,000 no-load, no-transaction-fee mutual funds. If a fund is not on this NTF list, Schwab charges up to $74.95 for buying
it online, although selling costs nothing. If a fund is on the NTF list, there is a short-term redemption fee of $49.95 for
selling in under 90 days.
Firstrade offers more mutual funds than Schwab, with more than 11,000 mutual funds available. All funds at Firstrade have no
transaction fee - they are free to buy and sell online. There is a short-term redemption fee of $19.95 for selling any fund in less than 3 months after purchase. Firstrade also charges $19.95 for mutual-fund redemptions under $500, unless the entire fund position is worth less than $500.
All exchange-traded funds at Firstrade and Schwab are commission-free.
Firstrade earns the win here because of its $0 mutual fund commissions.
Commissions and Account Minimums
Brokerage accounts at both firms do not have regular fees. There are no maintenance, low-balance, annual, or inactivity fees at either broker. Both brokers require no minimum deposit to open an investment account.
Schwab charges $0 online commissions for listed stocks and ETFs. Firstrade also charges $0 commissions for stocks and ETFs. Option
contracts at Schwab cost an extra 65¢, while Firstrade charges 0¢.
Firstrade wins its second category.
Research & Educational Resources
Schwab provides a large collection of educational materials on its website. Free market reports and research are available from outside providers, including Morningstar and Argus. Schwab also publishes its own analysis. Beyond stock research, the broker offers a wide range of information on broader financial topics, such as taxes and estate planning. The Schwab website includes both articles and videos.
Firstrade’s website has fewer resources focused on securities education. The number of articles on
financial education is quite limited. However, reports from Morningstar, OptionsPlay, Briefing.com, Zacks, and others are
available.
Firstrade loses the final category.
Promotions
Charles Schwab: $0 commissions + ACAT rebate + satisfaction guarantee at Charles Schwab.
Firstrade: Currently, no promotions.
Firstrade vs Charles Schwab: Results
Schwab (read review) won four categories,
and Firstrade (read review)
was victorious twice.
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Updated on 5/28/2026.
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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