Fidelity or Schwab

[eclecticvalue]

I posted this yesterday but it is not showing up due to the server outage.

 

I am looking to switch brokerages and seeing both Fidelity and Schwab cut their pricing to $4.95 a trade. Which one is better?

On one hand, I am leaning towards Schwab because they have Morningstar and Credit Suisse as research providers. Is the research useful?

In Fidelity, you can trade in over 25 different countries, Can anyone explain what is it like making an international trade through Fidelity? or Is Schwab better when it comes to international trading?

 

 

 

 

[argonaut]

My info is about a year old and may need to be reconfirmed... at that time fidelity you signed a foreign trading agreement and could go forth and trade either directly in many countries or for those farther a field (e.g. Brazil) you had to call and talk to he international trading desk... still pretty straightforward ...

 

 

Schwab you had to open a second account and transfer funds in and out as needed for international trades... much less convenient ...

 

I hope this helps.

[rkbabang]

I use Fidelity, but have never used Schwab.  Making foreign trades in Fidelity is as easy as making domestic trades.

 

Also I use my Fidelity VISA card as my main credit card.  2% cash back on everything with no categories and no limit, deposited into any one of your Fidelity accounts automatically every month. 

 

I just got an email from the VISA card today that if I use it at Amazon.com 3 times over the next few months for at least $25 each time, I'll get a $25 cash back bonus.  It said no exceptions even gift cards apply.  So I just bought 3 $25 gift cards emailed to myself in 3 different transactions.  I usually use my Amazon card at Amazon.com.

 

[DooDiligence]

I use Fidelity & am pretty happy (not a frequent trader...)

 

I like all the reports they offer (EVA, GMI, S & P, etc.)

 

I keep the minimum cash in a Schwab account for the reports they offer but haven't ever traded there.

[mbreject]

I love Schwab, but I wouldn't use them for international trading (unless it's an ADR.) The last time I checked, they wanted a 1% conversion fee.

[winjitsu]

I use fidelity, but a real downside is they don't let you buy OTC/pink sheet stocks that do not have any filings on record. I think some bloggers like OTCadventures have covered this.

 

I'm thinking of switching back to IBKR just this reason alone.

[AzCactus]

I am quickly realizing that based on the preliminary research I am doing that using IBKR makes more sense then either option.  They appear to be like 75% cheaper.  Please advise if I am missing the obvious here. 

[eclecticvalue]

You're not wrong AzCactus, it is used by many investment professionals. I have heard the customer service is spotty and the back office tools are so-so. Can anyone chime in?

 

It looks like I am going with Fidelity. Thanks rkkabang, for letting me know about the credit card. That sealed the deal for me. Unless someone has last minute remarks about schwab.

[Jurgis]

Fidelity is great apart from what Winjitsu said. There are additional benefits that may or may not matter to you: branch access, pretty knowledgeable phone people (including foreign trades, filling out weirdo corporate event forms, bonds, etc.), support for free solo 401(k), etc.

 

No experience with Schwab.

 

IBKR should die.

Well, now that IRS allows you to mail in their printout of 8949 form/worksheet and you don't have to enter it all by hand into TurboTax, I am a bit less pissed off at IBKR.

So

 

 

IBKR should die a little.  8)

[sys]

Unless someone has last minute remarks about schwab.

 

schwab offers a checking account that will refund international atm fees when paired with a brokerage account. 

[rkbabang]

Unless someone has last minute remarks about schwab.

 

schwab offers a checking account that will refund international atm fees when paired with a brokerage account. 

 

Fidelity does as well.  I use a Fidelity cash management account as my checking account and all of my atm fees are refunded to me.

 

 

[sys]

Fidelity does as well.

 

darn.  i opened an account with schwab for no other reason.  they are actually fine, though.  i have no complaints.

[JayGatsby]

I love Schwab, but I wouldn't use them for international trading (unless it's an ADR.) The last time I checked, they wanted a 1% conversion fee.

What's the exchange with IBKR? I do most of my international through Fidelity, which does a 1% fee as well. Overall been happy with both Schwab and Fidelity, although Fidelity has better access to small cap internationals. Both charge that damn 1%.

[tede02]

I have accounts at Fidelity and Schwab.  Frankly, I like them both.  I also use the Fidelity credit card for everything.  The 2% cash back is nice.  Deposits directly into your Fidelity account.