Trade listed U.S. stocks on our StreetSmart® platforms or Schwab.com for a flat 8.95† commission per trade. You can also trade Over the Counter Bulletin Board (OTCBB) and some pink sheet securities online.
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.
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.
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.
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Table data for Charles Schwab is calculated pursuant to SEC Rule 605 and derived from Vista One, a third-party vendor that is not affiliated with Charles Schwab. The Effective/Quoted Table data is derived from market orders for at least 100 shares and up to 1999 shares for S&P 500 and NDX 100 covered securities. Statistics displayed represent market orders with shares sizes between 100 to 1999 shares, excluding pre-opening orders, orders received during locked, crossed, or fast markets, and destination outages.
†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.
Schwab Trading Services (formerly known as Active Trader or Active Trading services) includes access to StreetSmart® trading platforms, the Schwab Trading Community, and priority access to Schwab trading specialists. Call 888-245-6864 to request access (a Schwab brokerage account is required). Schwab reserves the right to restrict or modify access at any time.
Results based on an Investor's Business Daily ("IBD") and TechnoMetrica study of 31 online brokers as scored by 10,179 visitors to the IBD website between July and September 2013. The 12 brokers selected by 100 or more participants were ranked on 12 attributes based on a Customer Experience Index score. The overall ranking was based on a weighing of all 12 attributes and how well each broker scored for each. For further information on how the ratings were calculated, see IBD's Criteria and Methodology.