Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs City Index, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
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Founded in 1971, Charles Schwab has established itself as a highly trusted online broker, earning a perfect Trust Score rating of 99 from ForexBrokers.com. As a publicly traded company that operates as a bank, Charles Schwab holds five Tier-1 licenses, underscoring its strong regulatory standing. However, it has no Tier-2 licenses, as categorized by ForexBrokers.com.
City Index, founded in 1983, also boasts a Trust Score rating of 99, reflecting its reliability in the online brokerage sphere. Like Charles Schwab, it is publicly traded but operates outside the banking sector. City Index excels in regulatory compliance with seven Tier-1 licenses and one Tier-2 license, indicating a comprehensive legal framework supporting its operations.
| Feature |
Charles Schwab
|
City Index
|
|---|---|---|
| Year Founded | 1971 | 1983 |
| Publicly Traded (Listed) | Yes | Yes |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 7 |
| Tier-2 Licenses | 0 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
Looking at commissions and fees, City Index edges out Charles Schwab on headline pricing and ratings. City Index earns 4.5/5 stars and ranks #15 of 63 for Commissions and Fees, with average EUR/USD spreads of 0.74 pips (July 2023) when using its proprietary platforms or MetaTrader. Charles Schwab scores 4/5 stars and ranks #26 of 63; it charges no commissions for forex, with costs coming from the spread. Schwab’s average EUR/USD spread was 1.35 pips in October 2024, which sits on the pricier end of the market.
Schwab has no minimum deposit for its main brokerage accounts and enables forex trading through the Schwab One account on thinkorswim. Trades, including forex, settle in U.S. dollars, the smallest forex order size is 10,000 units (about $500 margin at 20:1), and thinkorswim shows overnight carry charges via a built-in calculator. For international markets, the Schwab Global account supports 12 exchanges in local currencies, with currency conversion fees ranging from 0.2% to 1% depending on account balance; placing trades in foreign currencies from a Schwab One account requires a phone order.
City Index’s pricing for CFDs, forex, and spread bets is broadly in line with the industry average, and it sweetens the deal for high-volume clients. The Premium Trader account (for deposits above £10,000) offers access to exclusive pricing, events, and service. Active trader rebates are available for professionals: in the U.K., from £4 per million (monthly volume above £25M) up to £7.5 per million (above £300M), and in Australia from AUD $4.5 to AUD $14.5 per million across tiers. Bottom line: City Index is the better choice if tight spreads and volume rebates matter most, while Schwab appeals to those who want thinkorswim, U.S.-dollar settlement, and multi-market access under one roof.
| Feature |
Charles Schwab
|
City Index
|
|---|---|---|
| Minimum Deposit | $0 | £100.00 |
| Average spread (EUR/USD) - Standard account | 1.32 | 1.4 |
| All-in Cost EUR/USD - Active | 1.32 | 0.9 |
| Non-wire bank transfer | Yes | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | No |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Charles Schwab offers the broader lineup, with about 40,000 tradeable symbols and 73 forex pairs, compared with City Index’s roughly 13,500 symbols and 66 pairs. Both let you trade forex as spot or via contracts for difference (CFDs) and both support cryptocurrency trading through CFDs, but neither lets you buy and hold actual crypto. A key difference: Schwab provides access to exchange-traded securities on both U.S. and international exchanges, so you can buy shares like Apple or Vodafone directly; City Index focuses on derivatives and does not offer direct stock ownership. On the other hand, City Index includes copy trading, while Schwab does not.
Both earn 5 stars for Range of Investments from ForexBrokers.com, with Schwab ranked #5 of 63 brokers and City Index #8. Choose Schwab if you want a huge catalog and the ability to own U.S. and international shares alongside forex and crypto CFDs; pick City Index if you prefer a CFD-first platform with forex and crypto CFDs plus copy trading.
| Feature |
Charles Schwab
|
City Index
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 13500 |
| Forex Pairs (Total) | 73 | 66 |
| U.S. Stocks (Shares) | Yes | No |
| Global Stocks (Non-U.S. Shares) | Yes | No |
| Copy Trading | No | Yes |
| Cryptocurrency (Underlying) | No | No |
| Cryptocurrency (CFDs) | Yes | Yes |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
Dive deeper: Best Copy Trading Platforms.
Charles Schwab and City Index both provide paper trading with free demo accounts, proprietary platforms built in-house, Windows desktop downloads, and easy-access web platforms. Each broker also lets you trade directly from charts, which helps you move from analysis to order entry without extra steps.
The key differences come down to extras. City Index supports copy trading and MetaTrader 4 (MT4), while Schwab does not; neither broker offers MetaTrader 5 (MT5). For trading platforms and tools, Schwab earns 5 stars and ranks #5 out of 63 brokers, while City Index earns 4.5 stars and ranks #11 (ForexBrokers.com). If you want MT4 and social features, City Index is appealing; if you want a top-rated in-house platform, Schwab is a strong pick.
| Feature |
Charles Schwab
|
City Index
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | No |
| Charting - Indicators / Studies (Total) | 374 | 88 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both the Charles Schwab mobile app and the City Index mobile app are available for iPhone and Android. Each app supports price alerts for stocks and forex, synced watchlists that mirror your online account, and handy charting tools like drawing trendlines with drawings that auto-save. If you want core features for trading and tracking markets on the go, either app will cover the basics well.
Where they differ is depth of charting. Charles Schwab offers 374 technical studies in its mobile charts, while City Index provides 88—giving Schwab a clear edge for technical analysis. That advantage shows up in ratings: Charles Schwab earns 5 stars and ranks #6 out of 63 brokers for Mobile Trading Apps on ForexBrokers.com, while City Index scores 4.5 stars and ranks #9. Pick Schwab if you want more advanced chart tools; choose City Index if you’re comfortable with fewer indicators but still want alerts, syncing, and drawing tools.
| Feature |
Charles Schwab
|
City Index
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 374 | 88 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Comparing market research at Charles Schwab vs. City Index: both deliver daily market commentary, forex news from top-tier sources like Bloomberg, Reuters, and Dow Jones, and an economic calendar for tracking global events. Neither broker includes Autochartist, TipRanks, or Acuity Trading tools. According to ForexBrokers.com, Schwab earns 5 stars and ranks #5 out of 63 brokers for Research, while City Index scores 4.5 stars and ranks #10.
The key differences come down to tools. City Index offers Trading Central analysis and a sentiment tool that shows the long/short split across markets—features that Charles Schwab does not provide. If you want built-in trade ideas and crowd sentiment, City Index has the edge. If you prioritize overall research quality and recognition from third-party reviews, Schwab’s higher rating and rank make it a standout choice.
| Feature |
Charles Schwab
|
City Index
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| Trading Central | No | Yes |
| Client sentiment data | No | Yes |
| TipRanks | No | No |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Both Charles Schwab and City Index are strong picks for beginners who want structured learning. Each runs client webinars at least once a month and offers deep video libraries with 10+ beginner videos and 10+ advanced videos covering trading topics. In independent testing, Schwab earned 5 stars for Education and ranked #6 out of 63 brokers, while City Index earned 4.5 stars and ranked #9.
If your priority is forex and CFDs, City Index provides a dedicated library that meets the 10+ piece threshold for forex/CFD-focused education. Charles Schwab does not meet that specific threshold and instead concentrates on broader market education across stocks, ETFs, and options. In short: choose City Index for deeper forex/CFD study, or pick Schwab if you want top-rated, wide-ranging education for getting started.
| Feature |
Charles Schwab
|
City Index
|
|---|---|---|
| Webinars | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that Charles Schwab is better than City Index. Charles Schwab finished with an overall rank of #6, while City Index finished with an overall rank of #8.
Charles Schwab is a highly trusted financial institution and multi-asset broker catering to U.S.-based and international forex traders. Schwab's award-winning thinkorswim platform offers over 70 tradeable currency pairs alongside impressive tools, research, and education. That said, the broker’s forex offering is still largely limited to what is available on thinkorswim.
| Feature |
Charles Schwab
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City Index
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|---|---|---|
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| Trust Score | 99 | 99 |
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Comparing online brokers Charles Schwab and City Index: neither supports buying actual (delivered) cryptocurrency, but both offer cryptocurrency CFDs.
Both Charles Schwab and City Index support ACH/SEPA transfers and bank wires, neither supports Skrill, and City Index offers PayPal while Charles Schwab does not; Visa/Mastercard availability is not specified for either.
Please note:
We review each broker’s overall global offering – a “Yes” checkmark in our Compare Tool does not guarantee the availability of any specific features in your country of residence. To verify the availability of any features within your country of residence, please contact the broker directly.
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0 of 5| Overall Rating | Charles Schwab | City Index | |
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| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | City Index Review |
| Broker Screenshots | Charles Schwab | City Index | |
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| Regulation | Charles Schwab | City Index | |
|---|---|---|---|
| Trust Score | 99 | 99 | |
| Year Founded | 1971 | 1983 | |
| Publicly Traded (Listed) | Yes | Yes | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 5 | 7 | |
| Tier-2 Licenses | 0 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | City Index | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | Yes | |
| Canada (CIRO Authorised) | Yes | Yes | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (FSA Authorised) | No | ||
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | |||
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | ||
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | Charles Schwab | City Index | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | No | ||
| South Africa (FSCA Authorised) | No | ||
| UAE (DFSA, FSRA, or SCA Authorised) | Yes | ||
| India (SEBI Authorised) | No | ||
| Jordan (JSC Authorised) |
| Investments | Charles Schwab | City Index | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 13500 | |
| Forex Pairs (Total) | 73 | 66 | |
| U.S. Stocks (Shares) | Yes | No | |
| Global Stocks (Non-U.S. Shares) | Yes | No | |
| Copy Trading | No | Yes | |
| Cryptocurrency (Underlying) | No | No | |
| Cryptocurrency (CFDs) | Yes | Yes | |
| Disclaimers | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). | Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients). |
| Cost | Charles Schwab | City Index | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.32 | 1.4 | |
| All-in Cost EUR/USD - Active | 1.32 | 0.9 | |
| Inactivity Fee | No | Yes | |
| Order execution: Agency | Yes | No | |
| Order execution: Market Maker | No | Yes |
| Funding | Charles Schwab | City Index | |
|---|---|---|---|
| Minimum Deposit | $0 | £100.00 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | No | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | Yes | Yes |
| Trading Platforms | Charles Schwab | City Index | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No |
| Trading Tools | Charles Schwab | City Index | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 374 | 88 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Charles Schwab | City Index | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 374 | 88 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Charles Schwab | City Index | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | No | |
| Trading Central | No | Yes | |
| TipRanks | No | No | |
| Client sentiment data | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | City Index | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Charles Schwab | City Index | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | Charles Schwab Review | City Index Review |
| Overall | Charles Schwab | City Index | |
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| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | City Index Review |
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