Outline
Schwab is a giant broker in terms of client assets. Firstrade is a much smaller brokerage firm, and it does not advertise as heavily as Schwab. Nevertheless,
Firstrade has some competitive services. Let’s check out the two firms and see which one is the better broker: 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
|
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Promotions
Charles Schwab:
$0 commissions + ACAT fee rebates + a satisfaction guarantee with Charles Schwab.
Firstrade: Use this referral link to get up to $1,000 from Firstrade.
Technology
Schwab has a user-friendly website that hosts many useful features. A trade bar is available inside the browser. However, trades cannot be entered on it. Orders must be submitted through a web page order form. The trade bar does provide important information, such as bid-ask spreads. A graph can also be displayed from the trade bar.
thinkorswim is Schwab’s advanced desktop trading software. Despite its sophistication, it is free for Schwab customers. Level II data, including Nasdaq TotalView, is available on thinkorswim desktop. There are other useful features, including advanced charting with graphs that can be displayed full screen.
Firstrade has a user-friendly site as well, but it doesn’t have the same amount of information on it. The broker
also has a trading bar, and it’s more sophisticated than Schwab’s. For example, trades can be placed on it
(including option trades), and detailed security information is available on it, too.
The Firstrade platform provides tools designed for active and smarter trading. Its website trading ticket
and web pages are also popular methods Firstrade customers can use to submit orders. Charting on the Firstrade site offers many
graph styles and technical indicators. Charting on thinkorswim is more sophisticated, however.
Overall, it looks like Schwab is the better choice here.
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 provides research access, news, event calendars, advanced charting, and options tools.
Schwab Mobile is available for Android and Apple smartphones, tablets, and watches. Unlike Firstrade, Schwab offers live video news from CNBC at no cost. The Schwab app also has mobile check deposit, funds transfer, and bill pay.
Once again, Schwab wins the category.
Customer Support
Schwab clients have access to the broker’s customer service department 24 hours a day, 7 days a week. Besides phone service, there is also a very helpful online chat function. Agents are available who speak Mandarin, Cantonese, and Spanish. The broker has a phone number for clients who are on vacation outside the U.S. There is a large nationwide network of Schwab locations, and the broker also has a few overseas offices.
Firstrade lists phone support as available 24/7. The broker also provides email support and a help center. Firstrade does not have the same branch network Schwab has, 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 does offer Chinese language support on its website.
Schwab wins again.
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 isn’t 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.
The victory here is awarded to Firstrade for having $0 commissions.
Commissions and Account Minimums
Brokerage accounts at both firms come with no 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 offers a plethora of learning materials on its website. Free market reports and research are available from third parties, including Morningstar and Argus. Schwab also provides its own analysis. Beyond stocks, there is a great deal of information on financial topics in general, such as taxation and estate planning. The Schwab website hosts both articles and videos.
The Firstrade site has fewer materials devoted to securities education. The number of articles on
financial education is very small. However, reports from Morningstar, OptionsPlay, Briefing.com, Zacks, and others are
available.
Firstrade loses the final contest.
Promotions
Charles Schwab:
$0 commissions + ACAT fee rebates + a satisfaction guarantee with Charles Schwab.
Firstrade: Use this referral link to get up to $1,000 from Firstrade.
Firstrade vs Charles Schwab: Results
Schwab (read review) won four categories,
and Firstrade (read review)
was victorious twice.
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Updated on 9/4/2026.
Chad Morris has been analyzing investment firms for Brokerage-Review.com since 2015. Backed by FINRA Series 65, 66, and SIE credentials, his work reflects a deep knowledge of the retail brokerage industry and digital trading tools.
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