If you are looking to start trading or investing in 2025, you have probably come across a Charles Schwab broker review. With its powerful thinkorswim platform, commission-free Stock and ETF trading, and a ton of tools for both new and experienced traders, it is a popular choice, especially for those based in the US.
But with so many brokers out there, is Charles Schwab (formerly TD Ameritrade) still the best option this year? In this review, we will dive into the platform’s key features, explore the pros and cons, and see if it is a top pick for Forex trading in 2025.
Charles Schwab review 2025: An in-depth analysis
In November 2019, Charles Schwab Corporation announced plans to acquire TD Ameritrade, a move that reshaped the brokerage industry. The acquisition was completed in October 2020, and TD Ameritrade was fully integrated into Charles Schwab. As part of the transition, all TD Ameritrade accounts were migrated to Schwab, and the TD Ameritrade platform officially shut down in May 2024. As a result, former TD Ameritrade clients now operate within Schwab’s platform and fee structure, gaining access to Schwab’s full suite of services, trading tools, and customer support.
Founded in 1971, Charles Schwab has grown into one of the largest financial services firms in the US, known for its low-cost investment solutions and commitment to customer satisfaction. Schwab continues to lead the industry in offering accessible brokerage services, investment management, and financial planning. The features of Charles Schwab review 2025 are as follows.
Regulations
Charles Schwab is regulated by multiple top-tier financial authorities, ensuring strong investor protection and compliance. These include the following.
- US Securities and Exchange Commission (SEC)
- Financial Industry Regulatory Authority (FINRA)
- Commodity Futures Trading Commission (CFTC)
Security measures
Charles Schwab takes your account security seriously with strong protections in place.
- Charles Schwab offers strong investor protection through SIPC, covering up to $500,000 per client, including $250,000 for cash, with equal protection for US and non-US citizens.
- Eligible cash deposits are also FDIC-insured up to $250,000 per investor.
- For added security, Schwab provides Excess SIPC coverage with a $600 million aggregate limit, offering extra protection if SIPC limits are exceeded.
Awards won by Charles Schwab
- StockBrokers.com 2025 #1 Overall Broker
- Newsweek America’s Best Customer Service 2025
- Investor’s Business Daily Best Online Brokers 2024
- NerdWallet Best Bank or Credit Union with ATM Access 2024
- Investor’s Business Daily Most Trusted Financial Companies 2024 (Bank)
Account types
There are 5 types of accounts available in Charles Schwab.
Brokerage and trading account
- A margin account allows you to borrow money to invest, offering more flexibility, but with higher risk. It is important to understand the risks before choosing this option.
- A cash account only allows you to trade using your deposited funds. It is safer since you are not borrowing money, but it can limit your ability to act quickly in certain situations.
- No minimum investment required to open a brokerage account.
Individual Retirement Accounts (IRAs)
- Individual Retirement Accounts (IRAs) come in 6 types.
- Traditional, Roth, rollover, inherited, custodial, and small business solutions, each offering different tax benefits, contribution rules, and eligibility requirements.
Education and custodial accounts
- A 529 education savings plan, education savings account, and custodial account offer tax advantages for education savings, with options for high contribution limits, tax deferral, and financial gifts to minors.
Personal choice retirement accounts
- Schwab PCRA is a self-directed brokerage account within your retirement plan, offering access to a wider range of investments and powerful trading platforms.
- It is designed for experienced investors seeking more control over their investments, with dedicated support and applicable transaction fees.
Small business accounts
- Schwab provides small business retirement plans, low-cost accounts, and cash management options like CDs and money market funds.
- Business people can select the best retirement plan, easily access funds, and manage cash with FDIC-insured solutions.
Trading platform
- Thinkorswim is now part of Schwab after the acquisition of Charles Schwab reviews, giving traders access to powerful tools across three easy-to-use platforms.
- The desktop version is great for advanced strategies and deep analysis, the mobile app keeps you connected on the go, and the web platform offers quick, browser-based trading with no downloads.
- Real-time data and smart features, thinkorswim makes trading easier, faster, and more flexible, all with the support of Schwab.
Pricing and fees
As part of its commitment to affordable investing, Schwab continues to offer commission free Stock and ETF trades, making it a top choice for cost-conscious investors. Here is a breakdown of Charles Schwab charges for various services related to online and broker-assisted trades:
| Services | Online trades | Broker-assisted trades |
|---|---|---|
| Listed Stocks ETFs | $0 online commission | $0 + $25 service charge |
| Options trades | $0 online base commission + $0.65 per contract fee | $0.65 per contract + $25 service charge |
| Exercised and assigned options | $0 online commission | $0 commission |
| US Over-The-Counter (OTC) Equities | $6.95 | $6.95 + $25 service charge |
| Schwab Mutual fund one source | $0 | $0 + $25 service charge |
| All other Mutual Funds | Up to $74.95 per purchase | Online pricing + $25 service charge |
| Futures | $2.25 per contract | $2.25 per contract |
| Futures Options | $2.25 per contract | $2.25 per contract |
| Forex | $0 online commission; trade costs reflected in the bid/ask spread | Online pricing |
| New issues – including CDs | Selling concession is included in the offering price | Selling concession is included in the offering price |
| Canadian Securities – local exchange and OTC | $6.95 | $6.95 + $25 service charge |
| Foreign Stock transactions – US OTC market | $50 foreign transaction fee | $75 |
| Foreign Stock transactions – local exchanges | Not available | The greater of $100 or 0.75% of principal, with no maximum |
| Treasuries – Auction and Secondary: Treasury Bonds, Bills, Notes, and TIPS | $0 | $0 + $25 service charge |
| Other secondary trades – CDs, Corporate Bonds, etc. | $1 per bond, $10 minimum, and $250 maximum | Online pricing + $25 service charge |
| Preferred listed Stocks and REITs | $0 | $0 + $25 service charge |
- All Schwab accounts, including brokerage, IRA, trust, education savings, and retirement plans, have $0 opening and maintenance fees, with no account minimums required.
Trading assets
- Charles Schwab offers a wide range of products, including Mutual Funds, ETFs, Stocks, Options, Futures, Bonds, CDs and Fixed Income, Money Market Funds, Annuities, Cryptocurrency, Private Equity, Private Credit, Hedge Funds, Real Estate, Exchange Funds, Insurance, Futures, Forex, International Stocks, and Margin.
- If you are just getting started with Forex trading, our Forex trading for beginners guide is a great resource to help you understand the basics and set a strong foundation.
Deposit and withdrawal methods
Schwab offers multiple easy and secure ways to fund your investment account. Choose the method that best fits your needs and convenience. The deposit and withdrawal methods are given:
- Online bank transfer (ACH)
- Wire transfer
- Mobile check deposit (via Schwab app)
- Mail a check
Customer support
Got questions about your account, trading, or investment options?
- Call 800-355-2162 to speak with a Schwab representative.
- You can also use the 24/7 live chat if you need quick answers anytime, or visit a nearby branch for in-person help.
- For common issues, the FAQs section is a good place to find fast and straightforward answers.
Key features of the Charles Schwab trading platform
Schwab’s thinkorswim platforms offer powerful trading tools across desktop, mobile, and web, designed to match your trading style and experience level.
- thinkorswim desktop: The fully customizable thinkorswim desktop platform provides advanced tools for in-depth analysis, strategy testing, and complex trading, giving you complete control over your trading experience.
- thinkorswim mobile: Trade on the go with the thinkorswim mobile trading app, offering real-time data, advanced charting, and customizable watchlists, along with many of the same features as the desktop version, all optimized for mobile devices.
- thinkorswim web: Access key trading features directly from your browser with thinkorswim web. It offers real time data, advanced charting, and customizable watchlists, all in an easy-to-use, intuitive interface, no download required.
- Schwab.com: Stay updated with real-time market data, manage your portfolio and orders across multiple accounts, trade multiple products in one place, track performance, and get instant news, reports, and expert insights, all from one powerful platform.
- Schwab mobile app: Trade and manage your investments anywhere with the Schwab Mobile app. Open an account, log in securely with fingerprint or face ID, and enjoy safe, encrypted access. Plus, you are protected with Schwab’s security guarantee against any unauthorized activity.
Sign up now to experience all the powerful features of thinkorswim for 30 days with a guest pass.
Key features of the trading platform
The key features of all 5 platforms are given below:
| Features/Platforms | thinkorswim desktop | thinkorswim mobile | thinkorswim web | Schwab.com | Schwab Mobile |
|---|---|---|---|---|---|
| Perfect for | Seasoned traders, aspiring, and intermediate traders | Traders on the go, desktop users who want mobile access | Traders who prefer web-based tools and aspiring traders | Investors and traders seeking a convenient solution | Investors and traders looking for mobile management |
| Products available | Stocks/ETFs, Options, Complex Options, and Futures/Forex | Stocks/ETFs, Options, Complex Options, and Futures/Forex | Stocks/ETFs, Options, Complex Options, and Futures/Forex | Stocks/ETFs, Options, Mutual Funds, Fixed Income, and complex Options | Stocks/ETFs, Options, Mutual Funds, Fixed Income, and complex Options |
| Alerts | Yes | Yes | Yes | Yes | Yes |
| Screeners | Yes | Yes | Coming soon | Yes | |
| Customizable workspace | Yes | Yes | Yes | – | – |
| Level II data (Nasdaq total view) | Yes | Yes | Yes | – | – |
| Conditional orders | Yes | Yes | Yes | Some | Some |
| Walk limit orders (Options) | Coming soon | Coming soon | Coming soon | Yes | – |
| Paper money virtual trading | Yes | Yes | Yes | – | – |
| Live financial news | Yes | Yes | Yes | Yes | Yes |
| Advanced charting | Yes | Yes | Yes | – | – |
| Other features | Transaction history, third-party research, and chat support | Transaction history, third-party research, and chat support | Transaction history, money movement, third-party research, and chat support | Statements/tax documents, transaction history, money movement, third-party research, and chat support | Statements/tax documents, transaction history, money movement, third-party research, and chat support |
Is Charles Schwab the best broker for Forex trading in 2025?
- Yes, Charles Schwab (formerly TD Ameritrade) remains a strong choice for Forex trading in 2025.
- The broker provides access to over 65 currency pairs and offers the powerful thinkorswim platform, which features advanced charting and analysis tools.
- Schwab is particularly well-regarded for its in-depth educational resources, making it an excellent option for traders of all levels.
- Additionally, Charles Schwab provides 24/5 support from Forex specialists, ensuring traders have help when needed.
- However, while Schwab offers commission-free trading, it is worth noting that the spreads may be wider compared to some other brokers, which could be a downside for high-frequency traders.
- Overall, Charles Schwab is an ideal choice for those seeking comprehensive tools, educational resources, and strong customer support.
- However, it may not be the best fit for traders who prioritize tight spreads or simplicity.
The available Charles Schwab Forex reviews are listed below.
| Currency pairs | ||||||
| AUD/CAD | AUD/CHF | AUD/JPY | AUD/NOK | AUD/NZD | AUD/PLN | AUD/SGD |
| AUD/USD | CAD/CHF | CAD/JPY | CAD/NOK | CAD/PLN | CHF/HUF | CHF/JPY |
| CHF/NOK | CHF/PLN | EUR/AUD | EUR/CAD | EUR/CHF | EUR/CZK | EUR/DKK |
| EUR/GBP | EUR/HKD | EUR/HUF | EUR/JPY | EUR/MXN | EUR/NOK | EUR/NZD |
| EUR/PLN | EUR/SEK | EUR/SGD | EUR/USD | EUR/ZAR | GBP/AUD | GBP/CAD |
| GBP/CHF | GBP/DKK | GBP/HKD | GBP/JPY | GBP/NOK | GBP/NZD | GBP/PLN |
| GBP/SEK | GBP/SGD | GBP/USD | GBP/ZAR | HKD/JPY | NOK/SEK | NOK/JPY |
| NZD/CAD | NZD/CHF | NZD/JPY | NZD/USD | SGD/HKD | SGD/JPY | USD/CAD |
| USD/CHF | USD/CZK | USD/DKK | USD/HKD | USD/HUF | USD/ILS | USD/JPY |
| USD/MXN | USD/NOK | USD/PLN | USD/SEK | USD/SGD | USD/ZAR | ZAR/JPY |
If you are considering other options for Forex trading, you can explore our best Forex brokers in the US to see a broader range of choices available in the market.
Pros and cons of trading with Charles Schwab
The pros and cons of trading with Schwab are given below:
| Pros | Cons |
|---|---|
| Easy-to-use and powerful thinkorswim platforms via desktop, web, and mobile | Forex spreads may be higher than some brokers |
| $0 commission on Stocks, ETFs, and options-only $0.65 per contract | No MetaTrader 4 or 5 support |
| Trade 65+ Forex pairs with advanced tools | Some Mutual funds have high purchase fees |
| No account minimum to get started | Futures and Options have small per-contract fees |
| Strong security and regulated by top US authorities | Limited access to some foreign Stocks via local exchanges |
| Great educational content for all experience levels | – |
| Wide range of assets to trade – Stocks, Forex, Crypto, Options, and more | – |
| 24/7 customer support and live chat | – |
| Multiple award-winning services | – |
Conclusion
Charles Schwab remains a solid choice for traders in 2025, particularly those focused on Forex and looking for a platform with advanced tools, educational resources, and strong security. The thinkorswim platform offers excellent customization and real-time data for traders at all experience levels. While the broker provides commission-free trading, the wider spreads and lack of MetaTrader support may be drawbacks for some.
Overall, Charles Schwab is ideal for traders who value comprehensive features, educational support, and a wide array of trading options, but those prioritizing tight spreads might want to explore alternatives. For a detailed comparison of the top Forex brokers in the USA for 2025, check out our list of the 3 best Forex trading brokers in the USA 2025 to make an informed choice.
Pro Tip
Practice your Forex strategies with thinkorswim’s paper trading feature before trading live, but watch for wider spreads if you trade frequently. Ready to trade smarter? Use our broker finder tool to find the best Forex brokers and explore insights on Forex, CFDs, Cryptocurrencies, and Banking. Share your thoughts in the comments below!
