Fidelity vs Schwab 2026: Which Full-Service Broker Wins?
The two most trusted names in full-service investing compared. Both offer zero commissions, excellent research, and strong retirement accounts. The differences come down to specific strengths.
Fidelity is the safest, most complete choice for retirement and long-term investing. If you're building a 401k, IRA, or long-term portfolio, there's no better platform. For active options trading, supplement with Tastytrade.
Open Fidelity Account →Schwab + thinkorswim is the best combination for traders who also want a full banking relationship. You get a legendary trading platform, checking and savings integration, and institutional research under one roof.
Open Schwab Account →Side-by-Side Comparison
| Fidelity | Charles Schwab | |
|---|---|---|
| Rating | 4.5★ | 4.4★ |
| Commissions | $0.65/contract | $0.65/contract |
| Min. Deposit | $0 | $0 |
| Options Trading | − | − |
| Free to Close Options | ❌ No | ❌ No |
| Paper Trading | − | − |
| Regulated | FINRA / SIPC | FINRA / SIPC |
Fidelity — Full Review
Fidelity manages over $12 trillion in assets and has operated continuously since 1946 — the institutional trust is unparalleled in the retail brokerage space. The ZERO fund lineup (FZROX, FZILX, FZRPX, FZESX) offers genuinely zero-expense-ratio index funds with no investment minimums — a category Fidelity invented. Research access includes full Morningstar reports, S&P Capital IQ, and CFRA — research that typically costs $99-200/year at other brokers. The retirement planning tools are the most comprehensive available for retail investors, with Monte Carlo simulations and Social Security optimization. The platform's reliability record is exceptional — Fidelity has never had a major outage during market volatility events that have taken down Robinhood and others.
Charles Schwab — Full Review
Charles Schwab's 2020 acquisition of TD Ameritrade brought the legendary thinkorswim platform under the Schwab umbrella — giving Schwab customers access to one of the most powerful retail trading platforms ever built. thinkorswim's options analysis capabilities (P&L graphs, probability analysis, risk curves) are matched only by Tastytrade's own platform. Schwab's banking integration is best-in-class: the checking account earns interest, reimburses all ATM fees worldwide, and connects seamlessly with the brokerage. The Schwab Intelligent Portfolios robo-advisor is free with no management fee for accounts over $5,000. Fixed income and bond trading capabilities are the strongest of any retail broker.
The Verdict
Choose Fidelity if zero-expense-ratio index funds and the best retirement planning tools are your priority.
Open Fidelity Account →Choose Schwab if you want thinkorswim for active trading alongside a comprehensive banking relationship.
Open Schwab Account →