Charles Schwab is a well-known online investing platform. It is also a registered bank in the US since 1971. Which makes it reliable and accessible for all users around the world. That looks good on paper, how does it really perform?
Reliable
I have been using their platform with mobile apps and online service for over the past three years, and never have encountered any issues. No lagging, no problem signing in during peak events like GME. “It just works.”
To give you a bit of my “platform trying” history, I’ve used TD Ameritrade, Webull, Moomoo, Firstrade, IBKR, Stake, Syfe, SoFiHK, etc. And I have concluded that Charles Schwab is one of the best all-rounders as a broker. If you don’t trade outside the US market. [^1]
It Is Not Perfect But It Does The Job
Every broker has its’ own niche. For example, IBKR is loved by day traders for its in-depth trading tools, low commissions and market coverage; Webull for commission-free trading and easy-to-use user interface;
What about Charles Schwab then?
Charles Schwab provides the most detailed and well-quality fundamental analysis among all brokers I’ve used.
You can access everything for free if you are their client. To name a few – financial reports, earning reports with charts and detailed analytics from the Schwab team. Unlike IBKR, although they have covered a lot of the information, you still have to pay for some services you use. It is understandable considering they have so many features going on.
So, Charles Schwab in this context, provides all the tools you need without paying anything. And you don’t need to dig, request and pay for extra features. Therefore, less hassle.
Clean Interface
I mainly use the mobile app “Charles Schwab Mobile” app on AppStore and their website occasionally.
One thing I like is that they keep their applications clean. It is well-sectioned without too much complicated stuff going on. Because if I need a detailed chart, I would go to Yahoo Finance or use TradingView.
It is not necessary to have all the technical indicators all over my screen when all I want is just my positions and their latest prices.
As I am a medium to long-term investor/trader, a day chart is not my thing. The fewer flashy news and rumors articles, the better.
And Schwab is good at it.
Actual Human Customer Service
Cannot stress this enough. I’ve read about other brokers as well. In particular, IBKR CS is quite bad. They fail to pick up clients’ phone calls or have a long waiting time to get a human reply.
In contrast, I’ve had some minor issues with Schwab. Enquired about it through their online messaging system. On the following day, THEY CALLED ME ON THE PHONE. The CS was nice and took all the time we needed to settle the issue. I didn’t feel being rushed at all.
CS (Charles Schwab) cs (Customer Service) is excellent.
They make me feel my money is safe with them because they care.
Think Or Swim – They Just Acquired TD Ameritrade Last Year
What is it and why does it matter?
For one, it means they are envisioned, constantly expanding their business – which is always a good sign for a business.
For two, more importantly, it allows Charles Schwab users to use TD Ameritrade awarded trading platform Think Or Swim.
It is arguably the best trading or even investing platform tool I have ever used. It is on par with IBKR Trader Workstation (TWS) in terms of trading abilities.
It is well-designed, feature-packed, yet user-friendly. Even if you are a long-term investor, you are still going to benefit a lot from it.
Easy To Deposit & Withdraw Money
Don’t get me started with Moomoo (another broker) – they hide the “withdraw” button layer after layer to make it less accessible for you, which is dishonest and very annoying.
Charles Schwab’s fund handling is straightforward.
You can use TransferWise even outside the US to do ACH with Schwab, so your money would arrive within minutes if not a day, in & out.
Or, you can deposit through telegraph transfer if you’re outside the US, I have good experience with them. Unlike Syfe, which was terrible.
With All The Good, What’s The Bad?
- In the past, they don’t accept digital signatures. This means you have to print every document out to sign it one by one on paper, then scan it and upload it. You would be amazed how even enabling option trading for your account needs a lot of paperwork. I believe they allow digital signatures now, thank god.
- Stock prices are not updated real-time, in the past. Again, they just improved their app a week ago at the time I’m writing this article. It is nowhere near perfect. But if I want a more real-time price, I can just download and use Think Or Swim now.
- This only applies to international clients – not every feature is available for you.
I once wanted to use Schwab Portfolio to invest passively – nope, you can’t do that if you’re not a US citizen.
No Schwab banking account nor card as well, if you’re not a US citizen.
I Am Not Partnered With Charles Schwab
In all honesty, this is all handwritten by myself. I received absolutely no money from this.
This is the main investing platform I have been using, and I love it.
Which is why I recommend it to you.
Link To Their Official Website
Cheers.
See Also – If You Want To Check Out Other Brokers
[^1]:IBKR has the largest coverage and is available in almost all countries.
