Charles Schwab

Overview

Charles Schwab offers futures through Charles Schwab Futures and Forex LLC, with trading exclusively on the thinkorswim platforms (desktop, web and mobile). Schwab charges one flat commission of $2.25 per contract, per side, on futures and futures options, whether you trade online or through a broker.

The flat rate is easy to understand, but it is higher than every other broker we rank on standard contracts at the base tier, and much higher on micro contracts, where $2.25 a side is several times what futures-focused brokers charge. Schwab also requires margin approval and does not publish day-trade margins on its futures pages.

Commissions and fees

Schwab says the $2.25 rate excludes customary NFA and exchange fees, which can rise or fall with the rates set by the NFA and the exchanges. Some foreign exchanges charge extra. Schwab's $0 online commission offer for stocks does not apply to futures.

All-in cost example

Schwab does not list per-contract exchange fees. We used CME's non-member Globex exchange fee of $0.35 per side for MES and $1.38 for ES (CME fee schedule, as republished on TradeStation's exchange-fee page) and the NFA's $0.01 per-side assessment, in effect since July 1, 2026. Schwab does not list a separate clearing fee.

One round turn of MES:

• Commission: $2.25
• CME exchange fee: $0.35
• NFA fee: $0.01
• Per side: $2.25 + $0.35 + $0.01 = $2.61
• Round turn: $2.61 × 2 = $5.22

One round turn of ES:

• Commission: $2.25
• CME exchange fee: $1.38
• NFA fee: $0.01
• Per side: $2.25 + $1.38 + $0.01 = $3.64
• Round turn: $3.64 × 2 = $7.28

To put the MES figure in context, one MES tick is worth $1.25 (see our MES contract guide). A $5.22 round turn means a trade must gain more than four ticks just to cover costs. On ES, where a tick is $12.50, the $7.28 round turn is less than one tick. The NFA fee is scheduled to rise to $0.02 per side on July 1, 2027. Test the numbers with our tick value calculator.

Margins

Schwab does not publish futures day-trade margins on its futures pages. It says initial margin requirements can be viewed on the thinkorswim platforms and may change at any time. Futures in an IRA are held to 125% of the initial margin requirement. If low intraday margin matters to you, check the requirement in thinkorswim before applying, and compare it with the $40 to $500 day-trade margins published by futures-focused brokers. Our margin calculator can help.

Platforms

Schwab states that futures trade exclusively on thinkorswim: the desktop platform, thinkorswim web and the thinkorswim mobile app for iPhone, iPad and Android. You cannot route Schwab futures orders through third-party platforms such as NinjaTrader or Sierra Chart. Schwab's futures specialists are available 24 hours a day, five days a week, and the trade desk phone line runs from Sunday 5:30 p.m. to Friday 6:00 p.m. ET. Schwab notes that extra market data fees can apply at some futures exchanges but does not list amounts on its futures pages.

Account opening and minimums

You need a Schwab brokerage account with margin approval and then a separate futures approval. Schwab's futures FAQ lists:

• A $1,500 account minimum, required for margin accounts.
• A minimum net liquidation value of $25,000 to trade futures in an IRA.
• Eligible accounts: individual and joint, trust, corporation, partnership, LLC, and SEP, Roth, Rollover and Traditional IRAs.

Schwab notes that not all clients qualify and meeting the requirements does not guarantee approval.

Regulation

Schwab states that futures and futures options trading is provided by Charles Schwab Futures and Forex LLC, a CFTC-registered futures commission merchant and NFA Forex Dealer Member. Futures accounts are not protected by SIPC. The NFA ID is not printed on the pages we checked; search for Charles Schwab Futures and Forex LLC in NFA BASIC to confirm its registration.

Pros and cons

Pros

• thinkorswim platform on desktop, web and mobile.
• One simple flat rate for all futures, online or broker-assisted.
• Futures in IRAs (with a $25,000 minimum).
• 24/5 futures specialist support.

Cons

• $2.25 per side is expensive on micros: $5.22 per MES round turn.
• Day-trade margins not published.
• Margin and futures approval required, with a $1,500 minimum.
• Exchange and NFA fees added on top.
• thinkorswim only; no third-party platforms.

Who it suits

Schwab suits existing Schwab clients who trade standard contracts occasionally and want futures alongside their other investments on thinkorswim, including in an IRA. Active micro traders will pay far more per trade than at a futures-focused broker.

Frequently asked questions

How much does Schwab charge for futures?

$2.25 per contract, per side, plus exchange and NFA fees.

Does Schwab charge less for micro futures?

No. Schwab lists one $2.25 rate and does not show separate micro pricing.

What do I need to trade futures at Schwab?

A margin-approved account with at least $1,500 and futures approval. IRAs need $25,000 net liquidation value.

Which platform does Schwab use for futures?

Futures trade only on thinkorswim desktop, web and mobile.

Are Schwab futures accounts covered by SIPC?

No. Schwab states that futures accounts are not protected by SIPC.

• Schwab futures trading
• Schwab futures FAQs
• Schwab pricing
• CME non-member exchange fees (TradeStation fee page)
• CME Group exchange fees
• NFA assessment fees FAQ