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What You Can Trade
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Trade listed U.S. stocks on our StreetSmart® platforms or for a flat 8.95 commission per trade. You can also trade Over the Counter Bulletin Board (OTCBB) and some pink sheet securities online.

Standard Markets

Place orders anytime to be executed from 9:30 a.m. to 4:00 p.m. EST. Orders executed on all major exchanges and alternative trading systems, including electronic trading networks.

After Hours Trading

Place stock trading orders pre-market between 8:05pm (previous trading day) and 9:25 a.m. ET for execution between 8:00a.m. and 9:25 a.m. ET. Or place orders post-market between 4:05 p.m. and 8:00 p.m. ET for execution between 4:15 p.m. and 8:00 p.m. ET.

Order Execution

Schwab regularly monitors execution to ensure orders are routed to markets and firms that consistently provide high-quality executions for client orders.
Described below are several factors affecting how fast an order is filled in its entirety and at what price. While no one statistical measure can capture execution quality, we provide performance data on certain of these factors for some perspective on the trading process.

Effective/Quoted Ratio

The Effective-to-Quoted Spread Ratio is a measure of the execution price of an order relative to the quoted spread. Intended to reflect the roundtrip cost of the purchase and sale of a stock, the ratio is calculated as twice the difference between the execution price and the midpoint of the national best bid and offer (NBBO), divided by the NBBO. When a buy order is executed at a price equal to the offer price or a sell order executed at a price equal to the bid price the effective/quoted ratio is 100%. Lower ratios indicate executions better than the NBBO and greater cost savings (i.e., price improvement) to clients.

Effective/Quoted Ratio
Quarter Industry Average Schwab Industry Average Schwab
1Q2015 44.94% 40.96% 53.56% 44.33%
4Q2014 45.20% 51.77% 53.06% 56.97%
3Q2014 55.55% 55.96% 58.37% 64.52%
2Q2014 53.00% 54.67% 65.76% 63.33%

†Restrictions apply: The $8.95 flat commission does not apply to foreign stock transactions, large block transactions requiring special handling, employer negotiated commission schedules applicable to equity compensation transactions, or restricted stock transactions. Foreign ordinary shares that trade online in the U.S. over-the-counter (OTC) market and do not settle in the U.S. will have a $50 foreign transaction fee added to the cost of the transaction. All broker-assisted and automated phone trades are subject to service charges. A minimum deposit of $1,000 is required to open most Schwab brokerage accounts. Waivers may apply. See the Charles Schwab Pricing Guide for details. Employee equity compensation transactions are subject to separate commission schedules.