Disclosure: Silver Price Gold may earn a commission if you open an account through links on this page. This doesn’t change our assessment. See our disclaimer.
Risk warning: Futures and options carry a high risk of loss and aren’t suitable for every investor. Losses on futures can exceed your deposit. This review is general information, not personalized financial advice.
How we reviewed: This review is based on Charles Schwab’s published pricing, account rules and platform documentation, checked in September 2026. Fees change, so confirm current pricing on Schwab’s site before opening an account.
Verdict
Charles Schwab is a strong choice for commodity traders who want futures, options, stocks and ETFs under one large, established broker. Its thinkorswim platform, inherited from the TD Ameritrade acquisition, is one of the most capable retail platforms available. The main drawback is cost: at $2.25 per contract per side, Schwab’s futures commission is higher than several competitors.
Best for
Investors who want one account for long-term investing and active commodity trading, and former TD Ameritrade clients who already know thinkorswim.
At a glance
| Futures commission | $2.25 per contract, per side, plus exchange and NFA fees |
|---|---|
| Futures options commission | $2.25 per contract, per side |
| Equity options | $0 base commission plus $0.65 per contract online |
| Stocks and ETFs | $0 online commission for US-listed trades |
| Account minimum | No minimum to open a brokerage account; futures approval has separate requirements |
| Futures markets | 80+ futures contracts, including metals, energy, crypto and agriculture |
| Physical delivery | Not allowed; positions must be closed or rolled |
| Platforms | thinkorswim desktop, web and mobile; Schwab.com and Schwab mobile app |
| IRA futures trading | Available in eligible IRAs (Traditional, Roth, Rollover, SEP) |
Pros and cons
Pros
- thinkorswim offers advanced charting, futures ladders and strategy tools
- Futures, futures options, stocks, ETFs and options in one relationship
- Same futures commission online or broker-assisted
- Futures trading allowed in eligible IRAs
- Large firm with wide research and education coverage
Cons
- Futures commission higher than E*TRADE, tastytrade and Interactive Brokers
- No physical delivery, which matters only if you want to take delivery of metal
- Futures access requires a separate approval process
Fees and costs
Schwab charges $2.25 per contract, per side, for both futures and futures options. Exchange and NFA fees are added on top and vary by product. A round trip on one gold futures contract therefore costs $4.50 in Schwab commissions before exchange fees.
For equity and ETF options, which some traders use to get metals exposure through funds, Schwab charges no base commission and $0.65 per contract online. Stock and ETF trades are commission-free online. There are no fees to open or maintain a standard Schwab brokerage account.
Platform and tools
Schwab’s active-trading platform is thinkorswim, which moved from TD Ameritrade to Schwab after the two firms combined. It includes customizable charts with a large library of technical studies, futures order ladders, paper trading and scanning tools. It’s available on desktop, web and mobile, so traders can manage positions from a phone. Beginners may find it complex at first. Schwab’s standard website and app are simpler for basic investing.
Commodity market access
Through Charles Schwab Futures and Forex LLC, clients can trade more than 80 futures contracts across major US exchanges, including COMEX metals, NYMEX energy, CBOT agriculture and CME bitcoin futures. That covers everything in our gold, silver, copper and bitcoin guides, including micro contracts. Most futures trade nearly 24 hours a day from Sunday evening to Friday afternoon.
Opening a futures account
You need a Schwab brokerage account first, then you apply for futures approval online. Schwab sets eligibility requirements for futures trading, which can include margin approval and a minimum account balance. Check the current requirements on Schwab’s futures page before applying.
Safety and regulation
Futures trading is provided by Charles Schwab Futures and Forex LLC, a CFTC-registered futures commission merchant and NFA member. Note that futures accounts aren’t covered by SIPC the way securities accounts are. Futures customer funds are protected by segregation rules instead.
Who should look elsewhere
Very active futures traders who place many contracts a month may find lower per-contract costs at tastytrade or Interactive Brokers. Traders who want a simpler futures platform may prefer E*TRADE.
What happened to TD Ameritrade?
Schwab acquired TD Ameritrade and completed moving its client accounts to Schwab in 2024. TD Ameritrade no longer operates as a separate broker. The thinkorswim platform continues at Schwab.
Sources: Schwab pricing page and Pricing Guide for Individual Investors; Schwab Futures FAQs. Fees checked September 2026.