Schwab vs. Tradovate – A Detailed Comparison
Discover our detailed comparison of Schwab and Tradovate to help determine which is best for you. Whether you’re a seasoned trader or just starting out, choosing the right platform can significantly impact your trading experience.
To make your research easier, we manually found key data for Schwab and Tradovate across the internet and compiled it all in this article.
- thinkorswim charting tools
- Best overall investing platform
- Banking and investing options
- Low futures commissions
- Integrate with TradingView
- Advanced charting tools
Overview of Schwab
Charles Schwab is a well-established brokerage firm known for its wide range of investment products and services. Schwab also provides a user-friendly online platform and mobile app, along with educational resources to help clients make informed investment decisions. Additionally, they offer banking services, retirement accounts, and access to financial advisors.
✓ thinkorswim charting tools
✓ Best overall investing platform
✓ Banking and investing options
Schwab is Best For
Schwab is a great brokerage for long-term investors and active traders alike. With its recent acquisition of TD Ameritrade and the thinkorswim platform, Schwab is suitable for anybody looking to trade and invest in the stock market.
Overview of Tradovate
Tradovate is a futures trading brokerage platform with competitive pricing and trading tools. You can buy commission plans to reduce your commission rates and trade micro contracts for less than a few hundred dollars. It also has decent charting tools with advanced indicators like the volume profile, but I would still prefer TradingView’s charting.
✓ Low futures commissions
✓ Integrate with TradingView
✓ Advanced charting tools
Tradovate is Best For
Tradovate is best for those looking to trade futures with low commissions, especially if you trade enough to justify a monthly fee to lower your rates. However, Tradovate is primarily only for futures, so it is not for those looking to branch out into other assets like stocks and ETFs.
Key Characteristics of Schwab and Tradovate
| Platform | Platform Type | Tradeable Assets | Charting Features | Data | Premium Pricing |
|---|---|---|---|---|---|
| Schwab | Brokerage Platform | Stocks, ETFs, Mutual Funds, Options, Index Options, Futures, Futures Options, Bonds | thinkorswim platform | Real-time data with funded account | No premium features |
| Tradovate | Futures Brokerage Platform | Futures, Futures Options, Forex | Charting platform with subscription fee including volume and market profile | Real-time data with funded account | $99 per month or $1,499 lifetime for reduced commissions |
Trading Features and Tools
| Platform | DRIP | Margin Trading | Insurance | Mobile App |
|---|---|---|---|---|
| Schwab | Yes, no fees | Yes | SIPC/FDIC Insured | Yes |
| Tradovate | No equity | Yes | Not insured | Yes |
Trading Costs and Commissions Compared
| Fee Type | Schwab | Tradovate |
|---|---|---|
| Equity Commission | Free | No equity |
| Option Commission | $0.65 per contract | No equity options |
| Futures Commission | $2.25 per contract | $1.29 per contract, $0.35 micro |
| Futures Options Commission | $2.25 per contract | Not specified, likely the same as regular futures |
| Option Exercise Fee | None | None |
Schwab vs Tradovate – Bottom Line
Choosing between Schwab and Tradovate depends on your specific trading needs, preferred trading tools, and the type of assets you’re interested in.
Both platforms offer distinct advantages, but by considering the detailed comparison above, you can select the one that aligns best with your trading strategy and goals.
For more detailed reviews and comparisons, continue exploring our other articles on brokerage platform comparisons.
What is the Overall Best Charting Software?
I have reviewed and used nearly every trading platform available, and I believe that TradingView is the best overall charting software available. Here are some reasons why:
- All of TradingView’s key features are free to use
- TradingView provides real-time data for free whenever possible
- You are not tied to a single broker and can use whichever you want while charting on TradingView
- You can track all markets on a single platform, including stocks, ETFs, crypto, forex, and futures.
- TradingView has an excellent economic calendar and various screeners
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- Advanced Charts
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