I happened to have a little bit of dividend cash at Fidelity and Schwab, so I put them head to head:
Bought two shares of VTI, hit BUY button at almost the same time... within 1/2 sec. Market orders.
Fidelity filled at $193.66, and Schwab filled at $193.665.
If you have a million dollar trade, the "Schwab tax" would be $26 (and I do have trades that size, since I trendfollow with almost all of my portfolio). Chuck is stealing my lunch money.
And they slow-pay my divdends, and slow-approve my ACH transfers, and I can't do dollar-based trades but am left with tens of $ in my account which I can't deploy unless I buy their mutual funds to soak up those extra few Dollars. I hate doing that.
Glad I moved most of my stuff to Fidelity. More will move in future as bonds and CDs mature.
A very small test case, Schwab vs Fidelity
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- Mark Leavy
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Re: A very small test case, Schwab vs Fidelity
1/2 a second on a market order is more than enough to account for the different fills.
I don't think this one comparison tells you anything useful yet.
Re: A very small test case, Schwab vs Fidelity
Yeah need to keep repeating over time
- Mark Leavy
- Executive Member
- Posts: 1950
- Joined: Thu Mar 01, 2012 10:20 pm
- Location: US Citizen, Permanent Traveler
Re: A very small test case, Schwab vs Fidelity
When my tactical portfolio go risk-off someday, I will have ample opportunity to sell VTI, VWO, and other ETFs and buy IEF the risk-off asset across several accounts on Fid and Sch. That will be interesting.