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Charles Schwab vs Robinhood
Detailed comparison of fees, features and products
4.9
BROKER ONLY4.5
BROKER ONLYFeature Comparison
| Feature Comparison | Charles Schwab | Robinhood |
|---|---|---|
| Wide Offering | ||
| Fractional Shares & DRIP | ||
| Free Savings Plan | ||
| Cash Sweep Yield | ||
| US Support | ||
| Tax Documents (1099) | ||
| SIPC $500k + FDIC | ||
| Score | 7/7 | 7/7 |
Fee Comparison
| Fee Comparison | Charles Schwab | Robinhood |
|---|---|---|
| IRA Accounts (Roth, Traditional) | $0 commission | $0 commission |
| Cash Sweep Yield | $0 commission | $0 commission |
| Crypto Fee | Via ETF only | Spread |
| Margin Rate | N/A | N/A |
| Inactivity Fee | None | None |
| Deposit Fee | Free | Free |
| Withdrawal Fee | Free | Free |
| Min. Deposit | 0 | 0 |
Product Range
| Product Range | Charles Schwab | Robinhood |
|---|---|---|
| Stocks | All US + international | 5,000+ US stocks |
| ETFs | All US ETFs | 2,500+ ETFs |
| Mutual Funds | 10,000+ mutual funds | 0 |
| Bonds | Full bond desk | 0 |
| Crypto | Via ETF only | 20+ cryptocurrencies |
Pros & Cons
Pros
- Now owns thinkorswim: Best trading platform in America
- Institutional-grade research free for all clients
- SIPC $500k + FDIC sweep up to $1.25M
- One-stop shop: banking, investing, financial planning
- Excellent 24/7 customer service
- Schwab Slices: fractional shares from $5
Cons
- No direct crypto (ETFs only)
- Cash sweep yield slightly lower than Fidelity
- Mobile app less intuitive than neobrokers
Pros
- 3% IRA Match: Robinhood matches 3% of IRA contributions (Gold)
- Top-tier cash interest rates for retail
- Best mobile app UX in the industry
- SIPC $500k protected
- Extended hours trading (7am-8pm ET)
- Instant deposits up to $50k (Gold)
Cons
- No mutual funds or bonds
- Limited research tools vs traditional brokers
- Customer service historically weak
- Payment for order flow concerns