Two of America's most trusted brokers — now with an important update: TD Ameritrade was acquired by Charles Schwab and fully merged in 2023. The thinkorswim platform survived the merger and is now available through Schwab. Here's how the complete Fidelity vs TD/Schwab platform stack compares across 14 categories.
2026 Update: TD Ameritrade no longer accepts new accounts — all new openings go through Charles Schwab. Existing TD customers were migrated in 2023. thinkorswim remains available as a Schwab platform.
Fidelity
4.8 / 5
Best for research, index funds, beginners
TD Ameritrade (→ Schwab)
4.6 / 5
Best for active traders and options
Fidelity and TD Ameritrade have historically attracted different types of investors — and that divergence is even clearer now that TD merged into Schwab. Fidelity has built its reputation on research depth, long-term investing, and its unique ZERO index fund lineup. TD Ameritrade built its reputation on active traders and the thinkorswim platform.
Long-term investors, researchers, retirement savers
Active traders, options traders, technical analysts
The honest reality: These aren't mutually exclusive. Many serious investors hold accounts at both — Fidelity for their index fund portfolio, IRA, and research needs, and thinkorswim at Schwab for active trading. Both are $0 commissions, so having both costs nothing.
This is where the most meaningful difference between these brokers lives. For most investors, both platforms are more than adequate. For serious traders, thinkorswim's feature depth is genuinely unmatched in retail trading.
| Feature | Fidelity (ATP) | TD / thinkorswim |
|---|---|---|
| Desktop platform | Active Trader Pro (download) | thinkorswim (download) |
| Browser-based platform | Fidelity.com (good) | TD/Schwab.com (good) |
| Custom scan coding | No | Yes — thinkScript |
| Technical indicators | 85+ | 400+ in thinkorswim |
| Market replay / backtest | No | OnDemand replay |
| Options Analyze tab | Basic | Advanced risk curve / P&L |
| Hot keys | No | Yes — thinkorswim |
| Direct routing | No | Yes — thinkorswim |
| Free Level 2 data | Paid add-on | Included (thinkorswim) |
| Social sentiment / news feed | Good integration | Good integration |
| Futures trading | Not available | /ES, /NQ, /CL, more |
| Crypto trading | Bitcoin ETFs only | No direct crypto |
Strong desktop platform for investors and intermediate traders. 85+ indicators, excellent charts, clean order entry, and deep research integration. The Recognia pattern scanner is built in. Where it falls short: no custom scanner coding, no hot keys, and options analytics are less robust than thinkorswim's Analyze tab.
The best free trading platform in retail, period. 400+ indicators, thinkScript scanner coding, OnDemand historical replay, hot keys, direct routing, futures trading, and an options risk analysis suite that's genuinely institutional-grade. The learning curve is significant, but there's no ceiling on what you can build with it.
| Fee Type | Fidelity | TD / Schwab | Winner |
|---|---|---|---|
| Stock & ETF trades | $0 | $0 | — |
| Options (per contract) | $0.65 | $0.65 | — |
| Margin rate (under $25k) | ~8.3% | ~11.8% | Fidelity |
| Mutual fund trades | $0 (Fidelity funds) | $0 (Schwab funds) | — |
| OTC / penny stocks | $0 | $6.95/trade | Fidelity |
| Futures | Not offered | $1.50/contract | TD/Schwab |
| Account minimum | $0 | $0 | — |
| Account maintenance | $0 | $0 | — |
| IRA annual fee | $0 | $0 | — |
Fidelity's equity research is the most comprehensive available at any retail broker, and it's all free. Twenty-plus research providers — including their own in-house analysts, S&P, Argus, CFRA, Zacks, and bank research from major institutions — appear in a single unified view on each stock page.
Verdict on research: Fidelity wins this category by a significant margin. If you make fundamental investment decisions based on analyst consensus, earnings trends, and sector analysis, Fidelity's research depth is genuinely superior to what Schwab/TD provides free of charge.
Both brokers charge $0.65/contract and both have solid options capabilities. But thinkorswim's options analytics platform — specifically the Analyze tab — is genuinely a different category of tool.
Visualize the complete P&L profile of any options position across price range and time to expiration before placing the trade. Risk graph, Greek breakdown, and breakeven analysis in one view.
Delta, Gamma, Theta, Vega stream live on every open position and on the options chain. thinkorswim was the first platform to offer this at retail — it's still best-in-class.
Scan for specific options conditions: unusually high IV rank, large open interest changes, specific Delta targeting — all customizable in thinkScript. Fidelity has no equivalent.
Fidelity's options tools are solid for straightforward strategies — buying calls and puts, covered calls, cash-secured puts. They have a clean options chain view with Greeks. Where Fidelity falls behind is complex multi-leg analysis and pre-trade risk visualization. For anything beyond single-leg options, thinkorswim's Analyze tab is clearly better.
Don't forget the tax side of options trading
Short-term vs long-term treatment, the 60/40 rule for index options, and the wash sale trap that options traders hit hardest at year-end.
Only major broker offering HSA accounts with investment options — a triple-tax-advantaged vehicle that many financial planners consider the best retirement account available.
Strong IRA options with good tools for planning and contribution tracking. No HSA accounts — a gap compared to Fidelity.
| Category | Fidelity | TD / Schwab | Winner |
|---|---|---|---|
| Stock & ETF Commissions | $0 | $0 | Tie |
| Options Commissions | $0.65/contract | $0.65/contract | Tie |
| Margin Rates | ~8.3% | ~11.8% (now Schwab) | Fidelity |
| Research Tools | 20+ providers, own analysts | thinkorswim analytics | Fidelity |
| Technical Charting | Active Trader Pro | thinkorswim | TD / Schwab |
| Options Platform | Good options chain view | thinkorswim Analyze tab | TD / Schwab |
| Stock Screener | Fidelity screener (excellent) | TOS scanner (thinkScript) | Tie |
| Index Funds | ZERO funds at 0.00% | Schwab funds from 0.03% | Fidelity |
| Mobile App | Fidelity Mobile (excellent) | thinkorswim Mobile | Tie |
| Customer Service | Phone, chat, in-person | Phone, chat, in-person (Schwab) | Tie |
| Account Types | Full range including HSA | Full range | Fidelity |
| Paper Trading | Sandbox environment | thinkorswim paper (excellent) | TD / Schwab |
| Futures Trading | No | Yes (via thinkorswim) | TD / Schwab |
| Fractional Shares | Yes — 7,000+ securities | Yes (Schwab Slices — S&P 500 stocks) | Fidelity |
5
Fidelity wins
4
TD/Schwab wins
5
Ties
Fidelity wins on research depth, index fund costs (0.00% ZERO funds), margin rates, HSA accounts, and fractional shares. For investors primarily building wealth through regular contributions, IRAs, and long-term holdings — Fidelity is the complete platform.
Open Fidelitythinkorswim wins on charting depth, options analytics, futures trading, hot keys, and thinkScript custom scanner capability. For active traders, day traders, and options specialists — there is no better free platform anywhere in retail trading.
Open Schwab — Referral BonusBest answer for most people: Open both. They're complementary, both free, and many investors benefit from Fidelity's research and index funds for their core portfolio while using thinkorswim for active positions. The combination covers everything both platforms lack individually.
9-Part Series
Dividend Investing
DRIP, yield & income
Roth IRA
Tax-free retirement accounts
ETF Investing
Low fees & passive investing
Small Accounts
Start investing with $0
Day Trading
Execution & platform quality
Options Trading
Contract fees & Greeks display
Beginners
First IRA setup guide
Long-Term Investing
IRA & buy-and-hold strategy
Crypto Trading
US exchanges, fees & security
Each guide ranks 4–5 brokers head-to-head with a clear verdict.
View all on blogNo. TD Ameritrade was acquired by Charles Schwab and fully merged in 2023. New accounts can no longer be opened directly as TD Ameritrade accounts — they open as Schwab accounts. However, the thinkorswim platform (which was TD Ameritrade's flagship) was preserved and is now available through Schwab. Existing TD Ameritrade customers were migrated to Schwab accounts in 2023.
Fidelity is generally better for beginner investors. The interface is cleaner, the research is more accessible, and the ZERO index funds (FZROX/FZILX at 0.00% expense ratio) make it easy to start investing in a simple, low-cost portfolio immediately. Schwab is excellent too — their learning center and educational content are strong — but thinkorswim can feel overwhelming for a beginner who just wants to invest regularly.
thinkorswim (now available through Schwab) is better for active and day traders. The platform includes thinkScript custom scanners, hot keys, direct routing, OnDemand market replay, and the most comprehensive options analytics in retail trading — all free. Fidelity's Active Trader Pro is solid but doesn't match thinkorswim's depth for technical traders. Many serious traders use both: Fidelity for research and index funds, thinkorswim for active trading.
Fidelity wins clearly. Fidelity's ZERO fund family — FZROX (US total market) and FZILX (international) — carry 0.00% expense ratios, the lowest available anywhere. Schwab's index ETFs (SCHB, SCHF) are excellent at 0.03–0.06%, but still more expensive than Fidelity ZERO. For purely passive index investors, this makes Fidelity the better long-term choice.
thinkorswim (Schwab) has better options trading tools for most options traders. The Analyze tab lets you visualize the full risk profile of any position before you place it — P&L curves, Greek exposures, and breakeven prices plotted against price and time. The streaming Greeks, probability of profit display, and thinkScript strategy scanning are best-in-class. Fidelity's options tools are good but designed for more straightforward strategies rather than complex multi-leg analysis.
Yes — and many experienced investors do exactly this. A common setup is a Fidelity account for index funds (to take advantage of ZERO funds), IRAs, and fundamental research, plus a thinkorswim account at Schwab for technical trading, custom scanners, and options analysis. There are no restrictions on holding accounts at multiple brokers, and there's no overlap between what each platform does best.