Charles Schwab is much more than just an online broker, it’s a financial institution that provides banking services, wealth management, and an electronic trading platform.
- A massive financial institution with 30+ million customers
- Tightly regulated by the top financial regulators in the United States
- A superior online trading platform combined with TD Ameritrade services
- This broker can be expensive to use if you’re not sure of what you’re doing
- Not available globally and mainly an option for American traders
In 2020, the company finalized the acquisition of TD Ameritrade, further establishing Charles Schwab as one of the most influential financial services providers in the United States.
In other words, Charles Schwab can be your bank, broker, and financial advisor all at the same time. And on the following page, you can read more about this bank’s services, products, and platforms. As well as a list of pros and cons to help you decide if Charles Schwab is the right broker for you.
Charles Schwab – Who Are They?
Charles Schwab is a financial corporation based in the United States with close to 400 branches across mainly the U.S. and the UK. It’s the third-largest asset manager in the world and it currently boasts more than 30+ million customers ranging from retail traders to corporate investors.
The company was initially founded as a stock brokerage back in 1975 after being approved by the United States Securities and Exchange Commission (the SEC).
Today, Charles Schwab is the 13th biggest bank in the U.S. and, by far, one of the most popular online brokers. Their slogan is “We are champions of investors and those who serve them”, which is an accurate depiction of this company.
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Our Opinion on Charles Schwab
There is no denying that Charles Schwab is a well-established financial institute that dominates parts of the trading industry. However, Charles Schwab is also a bank and a massive corporation, and we tend to prefer brokers that focus mainly on their online trading platform.
With that said, we do recommend Charles Schwab for all our UK visitors and especially our U.S. visitors. Although, if you’re going to use Charles Schwab as your main broker, we do recommend that you make use of their investment services as well. You see, even though the broker offers online trading, investments are what it excels at.
All things considered, there are good reasons as to why Charles Schwab is one of the biggest asset managers in the world and an incredibly popular broker. And if you feel that the broker offers the services you’re looking for, we suggest you give it a try.
I would recommend Charles Schwab for stock and long-term portfolio but not for day trading options.