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Schwab review

Founded 1971HQ Westlake, Texas, USAPlatforms Web, Desktop, Mobile, API

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QuantWheel

Sync-only with QuantWheel

Direct integration. QuantWheel reads your positions and trades at Schwab and gives you personalized suggestions.

Fee per contract
$0.65 per contract
to open a contract
Exercise and assignment
Free
no fee per event
Approval
Naked
up to naked short options
Margin rate
10.63%
on a $50,000 balance
Countries
US residents; qualifying countries via Schwab One International
from the broker's own pages

What you can trade

From the options agreement

  • 0DTE
  • Index options (SPX)
  • Options on futures
  • Spreads in an IRA
  • Portfolio margin
  • Paper trading
  • 24/7 support

PlatformsWeb, Desktop, Mobile, API

Cost to open

Per-contract fee only

One cash-secured put1 contract
$0.65
Ten-lot iron condor40 contracts
$26
Twenty covered calls20 contracts
$13
One turn of the wheelput assigned, call exercised, 2 contracts
$1.30

Exchange fees and per-order minimums are extra where the fee schedule has them.

What Schwab costs for the way you trade

A year of fees from Schwab's published prices, checked 7 and 8 October 2026.

How you trade
8
1
$1.20
Schwab standard price$0.91 a trade, 0.8% of your premium
$87 a year
Among 21 brokers open to residents of the United StatesLowest is Firstrade at $3.67 a year, plus small regulatory fees it does not publish
9th on the fees it publishes

Not counted because Schwab does not publish them: options regulatory fee, SEC fee, FINRA trading activity fee, live options quote price.

Compare every broker for this pattern

QuantWheel

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Direct integration. QuantWheel reads your positions and trades at Schwab and gives you personalized suggestions.

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Fees explained

What each line of the fee schedule means for an options order

Schwab

$0.65 per contract, charged on each leg. A ten-lot iron condor is 40 contracts, so $26 to open, and the same again if you close it before expiry. Exchange fees and per-order minimums are extra where the fee schedule has them.

No fee per event. An assigned put or an exercised call costs nothing beyond the per-contract fee. Cost to open

The options agreement approves up to naked short options in a margin account. Spreads are allowed in an IRA. Portfolio margin is offered.

Offered.

What changed at Schwab

Every fee, term and policy we track, with the day it moved

No change recorded since the last check. A change to a fee or a rule appears here on the day we record it.

Questions people ask

Answered from the documents above

Schwab

Yes, it is Sync-only. QuantWheel syncs the account's positions and trades and suggests trades and rolls. Connect Schwab

$0.65 per contract, and no fee per exercise or assignment, from the fee schedule checked 8 October 2026. Exchange fees are extra. Compare fees across brokers

0DTE trading is allowed. Index options such as SPX are offered. The options agreement approves up to naked short options in a margin account. Brokers for 0DTE

US residents; qualifying countries via Schwab One International, according to Schwab's own pages. Check with Schwab before you open an account. Brokers by country

Facts from Schwab's own fee schedule and options agreement, checked 8 October 2026.