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Schwab vs Vanguard
The same facts side by side. Swap a broker from the menu under its logo; the best value in each row is marked.
- Schwab leads
- 6
- Vanguard leads
- 0
- Level
- 3
Of 9 scored facts, Schwab leads on 6, Vanguard on 0, and 3 are level. Countries and the offer are not scored.
Sync-only with QuantWheel
Your tradingabout $7.60 a monthabout $91 a yearOptions regulatory, SEC, FINRA and quote fees estimated.
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Not connected
Your tradingabout $12 a monthabout $142 a yearClearing, options regulatory, audit trail, SEC, FINRA, quote, platform and inactivity fees estimated.
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Up to three brokers, with a year of your trading at each
Head-to-head
The best value in each row is marked; rows where every broker matches carry no mark.| Fact | Schwab | Vanguard |
|---|---|---|
| Fee per contract | $0.65 per contractBest | $1 per contract |
| Schwab, Additional fees may apply | Vanguard, Eligible higher-balance accounts receive waivers | |
| Exercise and assignment | $0 | $0 |
| Approval | Naked | Naked puts |
| Schwab, Up to naked short options | Vanguard, Up to naked short options | |
| 0DTE | Yes | Not published |
| Index options (SPX) | Yes | Yes |
| Options on futures | Yes | Not published |
| Spreads in an IRA | YesBest | No |
| Portfolio margin | Yes | Not published |
| Margin rate | 10.63%Best | 11.25% |
| Platforms | Web, Desktop, Mobile, APIBest | Web, Mobile |
| Paper trading | Yes | Not published |
| 24/7 support | YesBest | No |
| Countries | US residents; qualifying countries via Schwab One International | US citizens or permanent residents with a US mailing address |
| QuantWheel | Sync-onlyBest | Not connected |
| Schwab, Reads the account; you place the orders | ||
| Offer |
Facts from each broker's fee schedule and options agreement, checked 8 October 2026. Best marks the lowest cost or the widest allowance in a row.
The two brokers
One paragraph each.Schwab$0.65 per contract · $0 exercise and assignment · naked
Schwab opens options accounts for residents of 55 of the 243 countries this directory covers, among them the United States, India and the United Kingdom. It charges $0.65 per contract (Additional fees may apply). Exercise and assignment cost $0. It approves up to naked short options. It trades on Web, Desktop, Mobile, API. QuantWheel syncs positions and trades from the account and suggests; you place the orders at the broker.
Vanguard$1 per contract · $0 exercise and assignment · naked puts
Vanguard opens options accounts for residents of the United States, among the 243 countries this directory covers. It charges $1 per contract (Eligible higher-balance accounts receive waivers). Exercise and assignment cost $0. It approves up to naked short puts, not naked calls. It trades on Web, Mobile. It is not connected to QuantWheel.
What each costs for the way you trade
A year of fees from each broker's published prices, checked 7 and 8 October 2026.
Schwab
about $0.95 a trade, about 0.8% of your premium. Options regulatory, SEC, FINRA and quote fees estimated.
about $7.60 a monthabout $91 a year
Vanguard
about $1.48 a trade, about 1.2% of your premium. Clearing, options regulatory, audit trail, SEC, FINRA, quote, platform and inactivity fees estimated.
about $12 a monthabout $142 a year
Schwab does not publish every fee this strategy needs, so no broker is named lowest here.
A year from each broker's published fees. A fee a broker leaves out is estimated at the middle of what the brokers that publish it charge, and that total says about. Your broker statement can differ, and brokers change fees.
Who each suits
Written from the facts on this page. Each feature needs the broker's approval and account rules.Schwab suits a trader who wants naked options, portfolio margin or options on futures. It also offers paper trading in thinkorswim, a desktop platform and support around the clock. Vanguard suits a trader who sells covered calls and cash-secured puts in cash accounts or IRAs and keeps uninvested cash in VMFXX, its default money market fund. Its highest level, Level 4, adds naked puts only. With Schwab, QuantWheel syncs your positions and you place the orders at Schwab.
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Schwab vs Vanguard