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Charles Schwab and Webull are two of our top-rated brokers, and both have some standout features that could make them a great choice for certain investors. However, these are very different investment platforms that offer different services and features, so it's important to be aware of the pros and cons of each before making a decision.
In this Charles Schwab vs. Webull comparison, we'll see how each one stacks up when it comes to fees, available investments and accounts, trading platforms, and more.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Commissions
$0 per trade
$0 stock, ETF, and Schwab Mutual Fund OneSource® trades. No fees to buy fractional shares.
Both of these brokers have relatively low cost structures. Neither charges commissions on stock and ETF trades. For options, Schwab charges a $0.65 fee per contract traded. And while it isn't a fair comparison since Webull doesn't offer mutual funds, Schwab charges up to $74.95 for mutual fund transactions (although there are thousands available with no transaction fees).
Webull offers the same $0 commission on stock and ETF trades, and takes it a step further, charging no per-contract fees on options trades. The only notable commission it charges is on cryptocurrencies, where a 1% markup is built into the price you see for buy and sell trades.
Both brokers charge a fee to move securities out of the account, which is rather standard in the brokerage industry, but Schwab's fee is lower -- and there's no fee at all unless you transfer all of the securities in the account.
Commission or fee
Schwab
Webull
Stock & ETF Commissions
$0
$0
Options Commissions
$0 + $0.65 per contract
$0 (no per-contract charge)
Crypto Commissions
N/A
1% markup
Mutual Fund Commissions
Up to $74.95 (thousands are commission-free)
N/A
Account Transfer Fee
$50 ($0 for partial transfers)
$75 for all transfers
Account Maintenance Fee
$0
$0
Data source: Schwab.com and Webullpay.com
Schwab vs. Webull: Investments available
Investment selection is an area where Schwab stands out. Both platforms offer stocks, ETFs, and options, and both have the ability to trade fractional shares -- but that's where the similarities end.
If your investment strategy involves (or will involve) mutual funds, bonds, or futures and foreign exchange trading, Schwab is the clear winner. Webull offers cryptocurrency investing, but with the recent emergence of Bitcoin ETFs and numerous crypto coin trusts trading on the major exchanges, this isn't as much of a differentiator as it once was.
Investment type
Schwab
Webull
Stocks & ETFs
Yes
Yes
Fractional Shares
Yes
Yes
Options
Yes
Yes
Mutual Funds
Yes
No
CDs
Yes
No
Bonds
Yes
No
Futures
Yes
No
Crypto
No
Yes
Currencies (Forex)
Yes
No
Data source: Schwab.com and Webullpay.com
Alternatives to Consider
We recommend comparing brokerage options to ensure the account you're selecting is the best fit for you. To make your search easier, here's a short list of our best trading platforms of 2024.
Account
Fees
Account Minimum
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
$0 for stocks, ETFs, and options; $5 monthly for Robinhood Gold
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Account types are another area where Schwab is the clear winner. Webull is designed to allow investors to open an individual taxable brokerage account or a basic traditional or Roth IRA. That's it.
On the other hand, Schwab offers joint brokerage accounts, robo-advisor accounts, SIMPLE IRAs and SEP IRAs that might appeal to self-employed individuals, custodial accounts for minors (UGMA/UTMA), checking and savings accounts, and more.
It's also worth noting that Webull only allows customers to open one IRA (unlike Schwab, where you could have say, a traditional and Roth IRA), and users are required to have an individual account before opening an IRA with Webull.
Account type
Schwab
Webull
Taxable Brokerage
Yes
Yes
Joint Accounts
Yes
No
Margin
Yes
Yes
Robo-Advisor
Yes (see our Schwab Intelligent Portfolios review)
No
Traditional IRA
Yes
Yes
Roth IRA
Yes
Yes
Other IRAs/Retirement
Yes (SEP-IRA, SIMPLE IRA, Solo 401(k))
No
Custodial
Yes
No
Checking
Yes (see our Schwab Bank Investor Checking review)
No
Savings
Yes
No, but uninvested cash earns a competitive yield
Credit Card
Sort of (a modified version of the Amex Platinum called the American Express Platinum Card® for Schwab)
No
Data source: Schwab.com and Webullpay.com
Schwab vs. Webull: Mobile app and trading platforms
So far, it might seem as if Schwab is winning the comparison. But when it comes to its mobile app and trading platform, Webull is a standout, especially for beginners looking for an easy-to-use investment account.
In fact, Webull is perhaps the best combination of a user-friendly platform for beginners and the complex tools that more advanced investors and traders are looking for. As a mobile-first broker, Webull's app is highly rated and has an excellent educational library to explore through the app, including over 500 investing courses with videos.
On the other hand, while we wouldn't exactly call Schwab's platform clunky, it isn't quite as easy to navigate as Webull's or most other mobile-first brokerage platforms. And this is reflected in the numbers -- Schwab's app has just 2.4 out of 5 stars on the Google Play store based on over 25,000 reviews, compared with a 4.3 out of 5 for Webull.
Final take
The bottom line is that these are two very different brokers, and one could be far better for your needs than the other. If you want to invest in mutual funds, open a self-employed retirement account, or trade Forex, Schwab is the clear winner. On the other hand, if you just want an easy place to buy and sell stocks and invest for retirement, Webull could be a better fit.
If you want to learn more about either of these brokerages, check out our individual reviews:
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Bottom Line
Fees:
$0 stock, ETF, and Schwab Mutual Fund OneSource® trades. No fees to buy fractional shares.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
The biggest reasons not to use Webull have to do with the types of investments you want to make, or the account types you want to open. While Webull allows you to open basic investment accounts and IRAs, it doesn't offer some other popular account types, such as joint accounts or retirement accounts for self-employed individuals. It also doesn't facilitate mutual fund investing, bonds, or futures or Forex trading.
Yes, your Webull account is protected by the Securities Investor Protection Corporation (SIPC), which protects investors in the event of a brokerage failure up to $500,000. This covers both securities and cash, and is the brokerage equivalent of the FDIC, which protects banking customers. However, it's important to mention that while you're protected against brokerage failure, the SIPC doesn't protect you from losing money if your particular investments fail.
TD Ameritrade was acquired by Schwab, and its accounts are gradually being converted into Schwab accounts. All of them should be complete by the end of 2024. There's no special action for TD Ameritrade users to take, other than setting up new login credentials at Schwab -- preferably before your account moves over.
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Charles Schwab is an advertising partner of The Ascent, a Motley Fool company. American Express is an advertising partner of The Ascent, a Motley Fool company. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Matt Frankel has positions in American Express. The Motley Fool has positions in and recommends Alphabet, Bitcoin, Charles Schwab, and Target. The Motley Fool recommends the following options: short June 2024 $65 puts on Charles Schwab. The Motley Fool has a disclosure policy.
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Robinhood disclosure
All investments involve risk and loss of principal is possible.
Securities are offered through Robinhood Financial LLC, member FINRA/SIPC. Cryptocurrency services are offered through an account with Robinhood Crypto, LLC (NMLS ID 1702840). Robinhood Crypto is licensed to engage in virtual currency business activity by the New York State Department of Financial Services. Cryptocurrency held through Robinhood Crypto is not FDIC insured or SIPC protected. For more information see the Robinhood Crypto Risk Disclosure.
Trades of stocks, ETFs and options are commission-free at Robinhood Financial LLC. Other fees may apply. Please see Robinhood Financial’s Fee Schedule to learn more.
Fractional shares are illiquid outside of Robinhood and are not transferable. Not all securities available through Robinhood are eligible for fractional share orders. For a complete explanation of conditions, restrictions and limitations associated with fractional shares, see the Fractional Shares section of our Customer Agreement.
Robinhood Gold is an account offering premium services available for a $5 monthly fee. Not all investors will be eligible to trade on Margin. Margin investing involves the risk of greater investment losses. Additional interest charges may apply depending on the amount of margin used. Bigger Instant Deposits are only available if your Instant Deposits status is in good standing.
For rates and fees for the American Express Platinum Card® for Schwab, click here
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