Schwab Trading Products

Because trading at Schwab is powered by Ameritrade, you'll still have access to all the investment products you have now—including equities, options, futures, and forex—plus new trading products and capabilities.

start trading

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.

ICN Stocks ETFs

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.
     

Plus discover a new investing choice for you: Schwab Stock Slices®. Now you can own fractional shares of any company in the S&P 500® for as little as $5. Fractional shares aren't traded via the trade ticket or Snapticket on Schwab.com. Instead, you'll go to Schwab.com > Trade > Schwab Stock Slices to place an order. Watch our "How to buy Schwab Stock Slices" video for details.


ICN Options

Options

Great news—the options trading level you're approved for at the time of your scheduled move will transition to Schwab with you, in addition to your current service teams. And, of course, you can expect the same low-cost pricing you're used to. Read on for details about options trading at Schwab.  

Note: You will be subject to a new options trading agreement. Please take a moment to review the new options trading agreement 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
1 0 – Covered
  • 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)
2 – Cash

1 – Long
  • Any strategies from previous levels
  • Long puts and calls
  • Long straddles
  • Long combos
  • Long strangles
2 – Margin
2 – Spreads
  • Any strategies from previous levels
  • Credit and debit spreads
  • Diagonal call and put spreads
  • Ratio spreads (long side heavy)
Margin or Limited Margin (IRA) is required
3 3 – Short Uncovered
  • Any strategies from previous levels
  • Uncovered calls and puts
  • Short straddles
  • Short strangles
  • Short combos
Margin is required

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

Options symbols

  • thinkorswim® will continue to use the same options symbols that you see today.
  • The options symbols used on Schwab.com and the Schwab Mobile app are very similar to how they appear on tdameritrade.com. 
  • Here's how the same call on AAPL appears on thinkorswim, tdameritrade.com, and Schwab.com:
    • thinkorswim: .AAPL220520C135 
    • tdameritrade.com: AAPL May 20 2022 135 Call
    • Schwab.com: AAPL 05/20/2022 135.00 C
This is an example of a Charles Schwab option call showing how the security name, expiration date, and strike price are displayed.

options expiration

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 noting that the transaction is the 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.

In addition, you'll also be able to call a broker to request the exchange you'd like the order routed to.

Options symbol conversion in watchlists

Some 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.

  • What's staying the same

    • You can continue to use thinkorswim to trade futures and get futures quotes just like you do today.
    • Futures commissions will remain the same.
    • The same futures service team that you work with today is moving to Schwab with you.
    • Third-party futures research providers will remain the same.
    • You'll still have the same access to robust futures educational resources.
    • Futures and futures options will continue to be traded through Charles Schwab Futures and Forex LLC.
    • If you're currently approved to trade futures in your IRA at TD Ameritrade, you'll retain that approval once your account moves to Schwab, and you'll be subject to a new Futures in IRA agreement
  • What's changing

    • Access statements and tax forms on Schwab.com under Accounts > Statements.
    • Futures balances will be reflected in overall balances on Schwab.com and on the Schwab.com Balances page.
    • Futures positions will not appear on Schwab.com or the Schwab Mobile app. (They will still appear on thinkorswim.)
    • When you add funds for futures trading, those funds will be deposited to your linked brokerage account at Schwab.

ICN-Forex

Forex

You can also expect a familiar forex trading experience once your account transitions to Schwab.

  • What's staying the same

    • There won't be any changes to the forex products you currently have available at at TD Ameritrade.
    • You'll continue to use thinkorswim to trade forex like you do today. All forex trading, quotes, balances, and positions will be exclusive to thinkorswim.
    • The same forex service team that you work with today is moving to Schwab with you.
    • Forex products will continue to be traded through Charles Schwab Futures and Forex LLC.
  • What's changing

    • To fund your forex account, you'll initiate a standard funds transfer on Schwab.com.
    • Access statements and tax forms on Schwab.com under Accounts > Statements.

ICN-Margin

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.

  • What's staying the same

    • You'll be able to utilize margin on all Schwab trading platforms, including thinkorswim.
    • The same margin service team that you work with today is moving to Schwab with you.
    • Enjoy competitive margin interest rates—in some cases lower than what you experience at TD Ameritrade.
    • You'll have the same ability to sign up for margin call alerts via text/SMS. Note that thinkorswim users will continue to receive call alerts through thinkorswim platforms.
    • If your IRA account has the limited margin feature, it will move to Schwab with your account—along with no minimum equity requirements to use it.
  • What's changing

    • You'll be able to view margin requirements from the trade ticket on Schwab.com.
    • Visit schwab.com/margin-updates to check on certain securities with special margin requirements.
    • Margin interest is accrued daily and posted to your account monthly.
    • You'll be able to view your margin rates in your Schwab statements.
    • All margin clients are eligible to short hard-to-borrow securities at Schwab.
    • If your IRA account is approved to trade options spreads, a minimum of $5,000 in account equity will be required to place new spread trades after moving to Schwab.
    • New terms for margin will apply at Schwab. See your new Schwab account agreement for details. 

ICN portfolio

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.

  • What's staying the same

    • You'll be able to utilize portfolio margin on all Schwab trading platforms, including thinkorswim, Schwab.com, and the Schwab Mobile app.
    • All the tools you currently use will still be available on thinkorswim platforms, with most of the tools also available on Schwab.com and the Schwab Mobile app.
    • The same service team that you work with today is moving to Schwab with you.
  • What's changing


ICN-Sec-Lend

Securities lending

You'll continue to enjoy access to fully paid lending, plus you'll see significant short sale process improvements at Schwab.

Securities

Fully paid

filly paid

  • You'll have a dashboard for fully paid shares on Schwab.com, giving you up-to-date information on all borrowed securities. The image displayed is an example of what your dashboard will look like.

  • Your cash collateral amounts for borrowed securities will be updated and posted daily on the fully paid dashboard.

  • You'll have a supplemental account when you move to Schwab. As stocks are borrowed, they'll move between your primary and supplemental accounts. This can sometimes affect your buying power in the primary account when a security is moved to the supplemental account when it is borrowed.

  • Whenever there are borrows or returns, you'll get an email for each transaction. If multiple positions are borrowed, you'll receive multiple emails for each security borrowed and multiple emails for rate changes and returns on each security.

  • You'll receive any accrued interest payments from your borrowed fully paid shares at TD Ameritrade in your TD Ameritrade account, like normal, up until the transition weekend. Any accrued interest payments due to you after that weekend will be paid to your primary account at Schwab.

  • You'll be subject to a new fully paid agreement, which can be found in the fully paid 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.

This is an example of a Lending and Paying Securities Dashboard, including Security Name, Quantity, Interest Rate, Cash Collateral and Next Steps.

Short sales

Short sales

We want to make you aware of some changes to your short selling experience that we think you'll really like. With the added features and functionality that Schwab offers, short selling will be more streamlined and more transparent than before. The image displayed is an example of what a short sale order looks like at Schwab.

 

此嘉信理财卖空订单示例显示客户在卖出股份时将支付的费用、佣金和年化费率。以下是您需要知道的其他事项:

Here's what else you should know:

  How it works at TD Ameritrade How it works at Schwab
Borrow rate and availability of hard-to-borrow securities Rate and availability information is not accessible online—clients can only see if the security is easy or hard to borrow. Rate and availability information is accessible during the order entry process on Schwab.com and Schwab Mobile app, and via watchlists on thinkorswim®.
How borrow fee charges are calculated Charged based on collateral.   Charged based on market value.
When you start being charged for borrow fees Charged on settlement date.   Charged on trade date.  
When you're charged to reserve hard-to-borrow shares Charged on execution date. Charged at order entry.
Eligibility to short hard-to-borrow securities Must sign Hard-to-Borrow program agreement to short these securities. All margin-enabled clients will automatically be eligible to short hard-to-borrow securities—no enrollment is required.
Hard-to-borrow eligible order types GTC and day orders. Day orders only.
Options positions on a hard-to-borrow underlying security Short positions are closed out if you're assigned or exercised on a hard-to-borrow underlying security but aren't enrolled in the program. As long as shares are available to borrow (and you have sufficient funds/buying power in your account), positions will not be closed out. You'll be able to maintain the short position and you'll be charged borrow fees.

Brokerage Products: Not FDIC Insured • No Bank Guarantee • May Lose Value

Requires a wireless signal or mobile connection. Access to Electronic Services may be limited or unavailable during periods of peak demand, market volatility, systems upgrade, maintenance, or for other reasons. Functionality may vary by operating system and/or device. Mobile carrier data charges may apply.

Equity and index options carry a high level of risk and are not suitable for all investors. Certain requirements must be met to trade options through Schwab. Please read the options disclosure document titled "Characteristics and Risks of Standardized Options." Supporting documentation for any claims or statistical information is available upon request.

Investing involves risks, including loss of principal. Hedging and protective strategies generally involve additional costs and do not assure a profit or guarantee against loss.

With long options, investors may lose 100% of funds invested.

Spread trading must be done in a margin account.

Multiple leg options strategies will involve multiple commissions.

Covered calls limit the upside potential of the underlying stock, as the stock would likely be called away in the event of substantial price increase. Downside protection is limited to the premium received.

Uncovered options strategies are only appropriate for traders with the highest risk tolerance, involve potential for unlimited risk, and are only allowed in margin accounts.

Futures and futures options trading involves substantial risk and is not suitable for all investors. Please read the Risk Disclosure Statement prior to trading futures products.

Forex trading involves leverage, carries a high level of risk and is not suitable for all investors. Please read the NFA Booklet Trading Forex: What Investors Need to Know prior to trading forex products.

Read additional CFTC and NFA futures and forex public disclosures for Charles Schwab Futures and Forex LLC.

Futures, futures options, and forex trading services provided by Charles Schwab Futures and Forex LLC. Trading privileges subject to review and approval. Not all clients will qualify. Forex accounts are not available to residents of Ohio or Arizona. 

Charles Schwab Futures and Forex LLC is a CFTC-registered Futures Commission Merchant and NFA Forex Dealer Member.

Charles Schwab Futures and Forex LLC (NFA Member) and Charles Schwab & Co., Inc. (Member SIPC) are separate but affiliated companies and subsidiaries of The Charles Schwab Corporation.

Schwab Stock Slices is not intended to be investment advice or a recommendation of any stock. ​Investing in stocks can be volatile and involves risk, including loss of principal. Consider your individual circumstances prior to investing.

The "S&P 500® Index" is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Charles Schwab & Co., Inc. ("CS&Co."). Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"; Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). Schwab Stock Slices is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates, and none of such parties make any representation regarding the advisability of using Schwab Stock Slices or investing in any security available through Schwab Stock Slices, nor do they have any liability for any errors, omissions, or interruptions of the S&P 500 Index.

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The Charles Schwab Corporation ("Charles Schwab") provides a full range of brokerage, banking and financial advisory services through its operating subsidiaries.  It's broker-dealer subsidiary, Charles Schwab & Co., Inc. ("Schwab") Member SIPC, offers investment services and products, including the Schwab One® brokerage account.  Its banking subsidiary, Charles Schwab Bank, SSB (Member FDIC and an Equal Housing Lender), provides deposit and lending services and products.  Access to Electronic Services may be limited or unavailable during periods of peak demand, market volatility, systems upgrade, maintenance, or for other reasons.  

TD Ameritrade, Inc., Member SIPC, a subsidiary of The Charles Schwab Corporation. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank.

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