Charles Schwab Review
Reviewed · Last updatedCharles Schwab is a US brokerage and banking group offering real shares, ETFs, mutual funds, bonds and other fixed income, options, futures, spot currencies and spot crypto to retail, advised and institutional clients, with US$0 online commissions on listed equities and ETFs and published margin rates. Securities brokerage is provided by Charles Schwab & Co., Inc. (SEC/FINRA CRD 5393, member SIPC with excess-SIPC cover), futures and currencies by Charles Schwab Futures and Forex LLC (CFTC/NFA), banking by Charles Schwab Bank, SSB and Charles Schwab Premier Bank, SSB, with a separate FCA-authorised entity, Charles Schwab, U.K., Limited (FRN 225116), for UK clients.
This review is provided for general information and does not constitute an endorsement, investment advice or a recommendation to open an account. Broker information may change after publication. Readers should verify regulatory status, product availability, fees and legal documentation through official sources before making any decision.
Who this service may not be suitable for
Leveraged products may not be suitable for readers seeking long-term investment products, readers who cannot afford to lose the money they deposit, or anyone unwilling to accept the substantial risk of loss inherent in leveraged trading. A majority of retail CFD accounts lose money.
Key facts
- Main regulation
- SEC/FINRA CRD 5393 (SEC 8-16514), member SIPC; FCA 225116 (UK)
- Markets offered
- Currencies, Indices, Commodities, Real shares, ETFs, Crypto, Bonds
- Regions served
- United States, United Kingdom
How this score was calculated
Facts recorded on 17 Sep 2026 from the broker’s official website and regulator sources, scored with our published rubric. Items we could not find on the official website count as not disclosed.
Regulation and transparency
- Strongest regulator tier: 4.0
- +0.5 two or more major regulators
- +0.5 licence confirmed on a regulator register
- -0.5 other regulator fine or enforcement action
- Regulator action: 2022-06-13: SEC: Three Charles Schwab investment adviser subsidiaries were charged over disclosures for the Schwab Intelligent Portfolios robo-adviser, which did not reveal that the cash allocation was set in a way the firm's own analyses showed would be less profitable for clients under most market conditions; the subsidiaries agreed to pay US$187 million.
- Regulator action: 2025-01-13: SEC: Charles Schwab & Co., Inc. agreed to a US$10 million penalty as one of twelve firms settling charges of extensive recordkeeping failures involving off-channel business communications.
- Regulator action: 2025-09-24: FINRA: TD Ameritrade, Inc. and TD Ameritrade Clearing, Inc., acquired by Charles Schwab & Co., Inc., were censured and fined US$550,000 in an AWC for failing to report, or timely report, millions of trades to FINRA trade reporting facilities and for not paying the associated Section 31 regulatory transaction fees.
Costs and fee disclosure
- Yes: Commissions published
- Yes: Overnight (swap) rates published
- Yes: Inactivity fee disclosed
- Yes: Deposit and withdrawal fees disclosed
- Yes: Currency conversion fee disclosed
- Source: schwab.com
Risk and consumer information
- Yes: Risk warning on homepage
- Not found: Retail loss percentage published
- Yes: Risk disclosure or KID available
- Not found: Negative balance protection stated
- Yes: Segregated client funds stated
- Yes: Legal documents public
- Source: schwab.com
Customer support
- Yes: Live chat
- Not found: Email
- Yes: Phone
- Yes: Hours: 24/7
- Source: schwab.com
Education and research
- Yes: Education section
- Yes: Risk education content
- Yes: Webinars or courses
- Yes: Market analysis
- Not found: Economic calendar
- Source: schwab.com
Website and user experience
- Yes: Legal documents page
- Yes: Fees page
- Yes: Entity and licence in footer
- Source: schwab.com
Regulatory status by region
The entity that holds an account determines the regulator, client-money rules and compensation arrangements that apply. Check the entity on the official register of the named regulator before opening an account.
| Region | Legal entity | Regulator and licence |
|---|---|---|
| United States | Charles Schwab & Co., Inc. | SEC and FINRA, CRD 5393, SEC broker-dealer number 8-16514, investment adviser number 801-29938, member SIPC |
| United States | Charles Schwab Futures and Forex LLC | CFTC-registered Futures Commission Merchant and NFA member, retail off-exchange currency dealer, NFA ID 477394 (source: broker disclosure) |
| United States | Charles Schwab Bank, SSB | Member FDIC (deposit and lending products) (source: broker disclosure) |
| United States | Charles Schwab Premier Bank, SSB | Member FDIC (cryptocurrency services and products) (source: broker disclosure) |
| United Kingdom | Charles Schwab, U.K., Limited | FCA, FRN 225116 |
Research methodology
Assessed against our published framework using the broker’s public website, legal documents and regulator registers. Every broker is assessed using the same documented criteria. Full methodology →
Sources
- Regulator register: brokercheck.finra.org, retrieved 17 Sep 2026
- Broker legal page: schwab.com, retrieved 17 Sep 2026
- Regulator register: register.fca.org.uk, retrieved 17 Sep 2026
- Score evidence (costs): schwab.com, retrieved 17 Sep 2026
- Score evidence (risk): schwab.com, retrieved 17 Sep 2026
- Score evidence (support): schwab.com, retrieved 17 Sep 2026
- Score evidence (education): schwab.com, retrieved 17 Sep 2026
- Score evidence (website): schwab.com, retrieved 17 Sep 2026
Corrections and update history
- 24 Sep 2026: Scores recalculated under methodology version 1.2 (the language checks were removed from Customer support and Website and user experience).
- 17 Sep 2026: Review created. Regulatory entities and licence numbers researched from official broker disclosures and regulator sources.
Spotted an error? See our Corrections Policy.
CFDs and other leveraged products carry a high risk of losing money rapidly because of leverage, and a majority of retail investor accounts lose money when trading CFDs. A high editorial score reflects disclosure and service quality. It does not make trading safe.