Schwab Trading Products
Access all the investment products you have now, including equities, options, and futures. Plus enjoy new products and capabilities.
There's a lot to look forward to when you start trading at Schwab. Like extensive investment choices and potential opportunities to seize. Read on for details.
Stocks and ETFs
Access a wide selection of stocks and ETFs, including:
- All stocks listed on U.S. exchanges, plus over-the-counter stocks (OTCs) and more.
- A broad range of international stocks, including American Depositary Receipts (ADRs), Canadian stocks, and foreign ordinaries.
- All ETFs listed on U.S. exchanges—more than 2,000 different ETFs.
Options
Great news—the options trading level you're assigned at the time of your scheduled move will transition to Schwab with you. Read on for details about options trading at Schwab. Note: You will be subject to a new options trading agreement, which can be found in the options trading application for your reference. We want to stress that you do not need to complete or return the application to us. Simply review the agreement language at your leisure.
Compare options levels at TD Ameritrade and Schwab.
Your options trading capabilities will be similar to what you experience today, with a few differences. Take a look at the table below to see the strategies that will be allowed at Schwab for each options level at TD Ameritrade:
- Options level at TD Ameritrade
- Options level at Schwab
- Strategies allowed
-
Options level at TD Ameritrade1Options level at Schwab0 – CoveredStrategies allowed
- Long stock/short calls (covered calls)
- Cash-secured equity put writing
- Long stock/long puts (protective puts)
- Short stock/short puts (covered puts) (margin is required)
- Short stock/long calls (protective calls) (margin is required)
- Collar (long stock/short calls/long puts)
-
Options level at TD Ameritrade2 – CashOptions level at Schwab1 – LongStrategies allowed
- Any strategies from previous levels
- Long puts and calls
- Long straddles
- Long combos
- Long strangles
-
Options level at TD Ameritrade2 – MarginOptions level at Schwab2 – SpreadsStrategies allowed
- Any strategies from previous levels
- Credit and debit spreads
- Diagonal call and put spreads
- Ratio spreads (long side heavy)
-
Options level at TD Ameritrade3Options level at Schwab3 – Short UncoveredStrategies allowed
- Any strategies from previous levels
- Uncovered calls and puts
- Short straddles
- Short strangles
- Short combos
Spread trading in IRAs
If you're currently approved to trade options spreads in your IRA at TD Ameritrade, you'll retain that approval once your account moves to Schwab. However, your IRA will be subject to a minimum account balance of $5,000 to trade options spreads. This is different from your current experience, as TD Ameritrade doesn't have a minimum account balance to trade options spreads in IRAs.
You will be subject to a new spread trading agreement, which can be found in the spread trading application for your reference. We want to stress that you do not need to complete or return the application to us. Simply review the agreement language at your leisure.
Options symbols
- thinkorswim® will continue to use the same options symbols that you see today.
- The options symbols used on the Schwab website and the Schwab Mobile app are very similar to how they appear on the Ameritrade website. The image displayed to the right is a sample symbol with descriptions of each component. It is for illustrative purposes only and is not a recommendation.
- Here's how the same call on AAPL appears on thinkorswim, Ameritrade website, and the Schwab website:
• thinkorswim: .AAPL220520C135
• Ameritrade website: AAPL May 20 2022 135 Call
• the Schwab website: AAPL 05/20/2022 135.00 C
Options expiration
- The Schwab cutoff time to submit a "do not exercise" request will be 5:00 p.m. ET (currently set at 5:30 p.m. ET at TD Ameritrade).
- Instead of sending real-time notices about assignments, Schwab will send a trade confirmation by end of day noting that the trade is a result of an assignment.
Exchange routing for options trades
You'll still be able to select the exchange to which your options orders are routed at Schwab when using thinkorswim platforms. This functionality will not be available on Schwab.com or the Schwab Mobile app.
Options symbol conversion in watchlists
Options symbols held in TD Ameritrade watch lists may appear with formatting errors when converted to Schwab watchlists. If that happens, simply deleting and adding back the symbols should correct the issue.
Futures
As a futures-approved client, you can expect a familiar futures trading experience when your account transitions to Schwab.
Margin
If you have margin enabled at TD Ameritrade, your margin feature will move with your account to Schwab. Here’s what you need to know to start using margin at Schwab.
Portfolio margin
If you have portfolio margin enabled at TD Ameritrade, your portfolio margin feature will move with your account to Schwab. Here's what you need to know to start using portfolio margin at Schwab.