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Charles Schwab Alternatives
Unlike some other brokers – like Interactive Brokers and Robinhood – Charles Schwab didn’t completely halt trading of GME shares amid market volatility. They did, however, make certain changes to how users were allowed to trade these stocks that left a lot of people unhappy. So, what are the best alternatives to Charles Schwab?
Compare the best alternatives to Charles Schwab
If you want to leave Charles Schwab for an alternative broker, simply select one of our trusted partners from the table below. We have compared the options available to you so you can keep trading without restrictions on both the UK and USA. Keep reading below for more direct broker comparisons.
Charles Schwab vs other top brokers
With so many different alternatives to Charles Schwab available, it can be helpful to see some head-to-head comparisons when making your choice. Have a look at how the platform lines up against some of the industry leaders who still support AMC, BB, and NOK trading.
Charles Schwab vs eToro
When it comes to online CFD trading, there are few better-known names than eToro – especially in the UK. Offering attractively low fees and an impressive range of stock, commodity, and forex trading options – eToro is many people’s broker of choice.
As eToro currently offers unrestricted trading on the stock market, it’s among the most prominent alternatives to Charles Schwab.
Charles Schwab vs AvaTrade
AvaTrade is another popular platform when it comes to trading using CFDs, allowing users access to a variety of markets and keeping all stock trading options open throughout the recent market turbulence.
The reliability of the services offered by AvaTrade is a key factor in why it is seen as an attractive alternative to Charles Schwab at the current moment in time.
Charles Schwab vs Fidelity
From the outset of the battle between short-sellers and retail investors which saw certain share prices shoot through the roof, Fidelity was one of the most used platforms to place trades in the USA. Unlike some of its competitors, Fidelity has not restricted the trading of these stocks at any point.
As Charles Schwab alternatives go, it would be hard to leave out one of the platforms that has been most involved in the recent market upheaval – and held firm throughout.
How to find good alternatives to Charles Schwab
The most important thing to do when looking for an alternative stock broker is to compare your options. When changing platforms, you want to make sure you’re getting a better deal. So you want to consider what you’re looking for in a broker and consult different reviews to make sure your chosen broker is teh right fit.
Many people looking for an alternative to Charles Schwab right now are simply hunting for a platform that allows them to trade stocks without restrictions. If that’s you, then check out the head-to-head comparisons above or the table at the top of this page. However, if you’re looking to the long-term you’ll want to consider a wider variety of factors.
What to look for in an alternative stock broker
- Variety of trading options. Your chosen broker should allow you to trade any and all assets you’re interested in. Whether that’s stocks, foreign currencies, commodities, or anything else – check what trading options the platform has.
- Ease of use. Trading requires your full attention, so don’t go for an app with a confusing or overly-complicated design. The best stock brokers combine state-of-the-art tools with user-frinedly interfaces.
- Low fees. If a broker charges high fees, that makes it harder to profit from your trades. If you’re interested in day trading, and are therefore going to be opening and closing positions regularly, then even what seem like small fees can add up fast.
- Account limits. Make sure your chosen broker doesn’t place restrictive limits on how much you ca trade or deposit/withdraw. You want to have as much freedom as possible when trading.
Why would I want to find an alternative to Charles Schwab?
People are currently looking for alternatives to Charles Schwab because the platform got caught up in the fallout after the Reddit community r/WallStreetBets pushed up the price of several stocks that had been shorted by large hedge funds. Charles Schwab were accused of preventing their users from buying more shares in companies such as GameStop and only allowing sell orders in late January 2021.
Charles Schwab denied that they had done this, however. The platform said in a statement that they and TD Ameritrade had merely “adjust[ed] margin requirements on select stocks to ensure clients had sufficient assets to pay for stock purchases.” In the confusion, however, they was a lot of anger at Charles Schwab and many investors were left looking for alternative brokers.
How to move your funds to an alternative broker
If you’re looking to move your funds from Charles Schwab to one of the many alternative online brokers, here’s how you do it:
- Close your positions in your Charles Schwab account
- Navigate to ‘Trasfers & Payments’
- Hit ‘Transfer’
- Select which accounts you want to transfer from and to (you may have to enter your bank account details if you haven’t done this before)
- Enter the amount you would like to withdraw
- Select ‘one-time’ in the ‘Frequency’ box and select the current date
- Hit ‘Continue’ and then ‘Submit Transfer’
- Wait for your funds to be credited to your bank account (may take a couple of days)
- Sign up to your new broker
- Deposit funds and start trading
Fact-checking & references
Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.
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