Quick answerBoth are blue-chip brokerages with $0 commissions and massive fund libraries, but Fidelity edges ahead with better cash management, fractional shares on more assets, and a stronger research suite. Schwab wins for futures traders and thinkorswim power users.
Stock & ETF Commissions
$0
$0
Options per Contract
$0.65
$0.65
Futures Trading
Yes — $2.25/contract
No
Fractional Shares
Stocks & ETFs (Schwab Stock Slices — S&P 500 only)
Stocks & ETFs (broad universe)
Money Market / Cash Sweep Rate
~0.45% default sweep (FDIC)
~4.9% SPAXX default (varies)
Index Fund Expense Ratios
Schwab funds from 0.03%
Fidelity ZERO funds at 0.00%
Desktop Trading Platform
thinkorswim (best-in-class)
Active Trader Pro (solid, not flashy)
Research Providers
12+ providers incl. Morningstar, Credit Suisse
20+ providers incl. Morningstar, Argus, S&P
Crypto Trading
No direct crypto
No direct crypto
Branch Locations
~300 branches
~200 branches
24/7 Customer Support
Yes — phone & chat
Yes — phone & chat
Worth knowing
- Schwab acquired TD Ameritrade in 2020, inheriting the legendary thinkorswim platform — now its crown jewel for active traders.
- Fidelity's ZERO index funds charge literally $0 in annual fees, though they can't be transferred to other brokerages.
- Fidelity's default cash sweep earns a meaningful yield; Schwab's default sweep has historically paid much less — a common complaint among Schwab users.
- Both offer 24/7 phone support and paper trading accounts, rare perks even among top-tier brokerages.
- Schwab manages over $8 trillion in client assets; Fidelity manages over $11 trillion total including institutional.
Schwab's thinkorswim was originally built by options traders for options traders — when TD Ameritrade bought it, the founders actually stuck around. It's basically the platform that refused to be acquired quietly.
If you wantYou're an active options or futures trader who wants elite charting
thinkorswim is arguably the best retail trading platform ever built — complex strategies, paper trading, and real-time analytics all included.
→ Pick Charles Schwab If you wantYou want the best long-term investing setup with maximum cash yield
Fidelity's 0% expense ratio funds, broader fractional shares, and high-yield default sweep make it the passive investor's paradise.
→ Pick Fidelity Investments If you wantYou're a beginner just opening your first brokerage account
Fidelity's cleaner interface, better educational content, and genuinely higher idle cash returns give new investors a more rewarding start.
→ Pick Fidelity Investments If you wantYou need futures trading alongside your stock portfolio
Fidelity simply doesn't offer futures — Schwab does, at a competitive $2.25/contract.
→ Pick Charles Schwab Some links on this page are affiliate links. If you sign up through them, we may earn a commission at no extra cost to you.