Charles Schwab Alternatives

Charles Schwab was accused of suspending trading on popular stocks such as GME. But what is the truth and what are the best alternative brokers for users leaving Charles Schwab?
By: Max Adams
Max Adams
Max has a keen interest in the transformative power of technology and is the founder of a platform called… read more.
Updated: May 12, 2021
Tip: our preferred broker is, eToro: visit & create account

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.

1
Min. Deposit
$50
Exclusive promotion
user-score
10
Trade/invest in stocks with just $50
Invest for dividends and get payout on stocks on Ex-Dividend day
Over 11 payment methods, including PayPal
Start Trading
Description:
eToro is a multi-asset investment platform with more than 2000 assets, including FX, stocks, ETF’s, indices and commodities. eToro users can connect with, learn from, and copy or get copied by other users. Buying stocks on eToro is free and you can invest with as little as $50.
Payment Methods
Bank Transfer, Wire Transfer
Full regulations list:
CySEC, FCA
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
2
Min. Deposit
$1
Exclusive promotion
user-score
9.3
0 Commissions and no deposit minimums
Registered with and regulated by SEC and FINRA
Loss of cash protection
Start Trading
Description:
Financial company driven by technology and offering all-in-one self-directed investment platform that provides excellent user experience.
Payment Methods
Full regulations list:

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.

Sign up for an eToro account today >

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.

Open an AvaTrade account today >

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.

Trade with Fidelity now >

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:

  1. Close your positions in your Charles Schwab account
  2. Navigate to ‘Trasfers & Payments’
  3. Hit ‘Transfer’
  4. 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)
  5. Enter the amount you would like to withdraw
  6. Select ‘one-time’ in the ‘Frequency’ box and select the current date
  7. Hit ‘Continue’ and then ‘Submit Transfer’
  8. Wait for your funds to be credited to your bank account (may take a couple of days)
  9. Sign up to your new broker
  10. 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.

Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

Max Adams
Lead Content Editor
Max has a keen interest in the transformative power of technology and is the founder of a platform called Current Frequencies. When not at his desk,… read more.