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.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 51% and 89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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 |
Charles Schwab offers a user-friendly entry point into forex trading by not requiring a minimum deposit for its primary brokerage accounts, Schwab One and Schwab Global. Through the Schwab One account, forex traders can use the powerful thinkorswim platform. Notably, all trades are settled in U.S. dollars, with the minimum trade size set at 10,000 units, necessitating a minimum margin of $500 using 20:1 leverage. Schwab Global caters to those interested in international markets, covering twelve markets in their local currencies, though conversion fees from 0.2% to 1% may apply. Schwab doesn’t charge commissions for forex trading, but the cost stems from the bid/ask spread, with the EUR/USD averaging a 1.35 pip spread in October 2024.
City Index presents competitive pricing for CFDs, forex, and spread betting, aligning with industry norms. Benefiting from a proprietary trading platform or MetaTrader, the broker's average EUR/USD spread is 0.74 pips as of July 2023. City Index also offers a Premium Trader account for those who deposit over £10,000, unlocking exclusive pricing and personal service. Active trader rebates in the UK and Australia reward high-volume traders with discounts that grow with trading volume, ensuring cost-effective trading experiences for professionals.
In terms of ratings, Charles Schwab earns a solid four-star score for commissions and fees, ranking at number 23 out of 63 brokers according to ForexBrokers.com. Meanwhile, City Index secures a slightly higher rating of 4.5 stars and is ranked 14th. These distinctions reflect the slight edge City Index holds in offering favorable commission and spread conditions for traders.
| Feature |
Charles Schwab
|
City Index
|
|---|---|---|
| Minimum Deposit | $0 | £100.00 |
| Average Spread EUR/USD - Standard | 1.35 | 1.4 |
| All-in Cost EUR/USD - Active | 1.35 | 0.74 |
| Active Trader or VIP Discounts | No | Yes |
| ACH or SEPA Transfers | Yes | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | No |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing Charles Schwab and City Index for their range of investment options, both platforms present strong offerings, but with notable differences. Charles Schwab provides a staggering 40,000 tradeable symbols, giving investors an extensive variety to choose from, including exchange-traded securities on both U.S. and international exchanges. This allows clients to invest directly in well-known companies like Apple and Vodafone, which City Index does not support. In the realm of forex trading, Charles Schwab offers 73 currency pairs compared to City Index's 66, effectively catering to forex traders seeking variety. Although Charles Schwab lacks copy trading features available at City Index, both allow trading in cryptocurrency derivatives, rather than direct cryptocurrency purchases.
City Index distinguishes itself with its specialized forex trading services, supporting forex as a CFD, a feature also offered by Charles Schwab. Despite its smaller range of total tradeable symbols — 13,500 compared to Schwab's 40,000 — City Index is highly rated, earning five stars for its range of investments, similar to Charles Schwab. This recognition reflects their dedication to providing ample trading opportunities, albeit through different strengths. City Index's ranking as #8 in the Range of Investments category underscores its competitive position in the market, while Charles Schwab's slightly higher #5 ranking highlights its broader array of investment options.
| Feature |
Charles Schwab
|
City Index
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 13500 |
| Forex Pairs (Total) | 73 | 66 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | No | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | 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 offer comprehensive platforms for trading, catering to different aspects of user needs. Both brokers provide access to paper trading accounts which allow users to practice trading without financial risk. Additionally, each offers a proprietary platform, designed in-house, ensuring a tailored and unique trading experience. Both trading platforms can be accessed via desktop and web-based interfaces, making them versatile and convenient. However, while City Index supports the use of MetaTrader 4, a popular choice among many traders, Charles Schwab does not offer MetaTrader 4 or 5, focusing instead on its proprietary tools. Notably, City Index includes copy trading capabilities, which Charles Schwab lacks.
When it comes to charting tools, both firms offer advanced functionalities like trading directly from stock charts, enabling a seamless trading experience. City Index has an impressive 239 drawing tools compared to Schwab's 24, providing more customization in technical analysis. However, Charles Schwab compensates with a more extensive watch list functionality, featuring 580 columns compared to City Index's 11. In terms of ratings, Charles Schwab excels with a full five-star rating and is ranked #5 for trading platforms and tools by ForexBrokers.com, showing a slight edge over City Index, which is highly rated as well with a 4.5-star rating and ranked #11 in the same category.
| Feature |
Charles Schwab
|
City Index
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 374 | 88 |
| Charting - Drawing Tools (Total) | 24 | 239 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 580 | 11 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When it comes to mobile trading apps, both Charles Schwab and City Index offer impressive features for traders on the go, regardless of whether you use an iPhone or an Android device. Both apps provide essential functionalities such as stock or forex price alerts, the ability to draw trendlines, view multiple time frames on charts, and auto-save chart drawings. Additionally, both apps enable watchlist symbol syncing and the creation of watchlists with real-time quotes, ensuring seamless integration with your online account.
However, there are some differences that set these two apart. Charles Schwab stands out with a significantly larger number of technical studies for charting, offering 374 compared to City Index's 88. This can be advantageous for traders who rely heavily on technical analysis. User reviews also reflect Schwab's higher rating of 5 stars for mobile trading apps, compared to City Index's respectable 4.5 stars. Moreover, in the ForexBrokers.com rankings, Charles Schwab is ranked 6th out of 63 total brokers for mobile trading apps, while City Index holds the 9th position, indicating a slight edge in user preference and app performance for Schwab.
| Feature |
Charles Schwab
|
City Index
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 374 | 88 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Charles Schwab and City Index both provide daily market commentary, ensuring that investors stay informed with the latest insights. Both platforms also deliver forex news from top-tier sources like Bloomberg and Reuters. Though they share these strengths, City Index differentiates itself with tools from Trading Central, offering traders detailed technical analysis. City Index also includes a sentiment-based trading tool, providing insights into market trends by showing the ratio of long or short positions on various instruments, a feature Charles Schwab does not offer.
Both platforms support traders with an economic calendar displaying current and upcoming global news events. However, Charles Schwab boasts a higher research rating, with five stars compared to City Index's 4.5 stars. According to ForexBrokers.com, Charles Schwab ranks 4th out of 63 brokers for research, while City Index holds the 10th spot. Despite their differences, both brokers provide valuable resources for traders, but Charles Schwab edges ahead with its higher research ranking and comprehensive offering.
| Feature |
Charles Schwab
|
City Index
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | No | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing the educational offerings for beginners at Charles Schwab and City Index, both brokers provide a wealth of resources to aid new traders. Charles Schwab and City Index each offer a comprehensive collection of over ten educational pieces focusing on forex and CFDs, encompassing articles, videos, and archived webinars. Additionally, both platforms hold monthly online educational webinars tailored for clients, with access to a searchable archive of past sessions for easy reference. New traders will find value in the beginner educational videos, with each broker offering a generous collection of over ten videos designed to cover essential trading topics from the ground up.
While both Charles Schwab and City Index excel in educational resources for more experienced traders through advanced video tutorials, Charles Schwab seems to have a slight edge. With both platforms offering investor dictionaries featuring more than 50 trading term definitions, Charles Schwab's educational program receives a commendable 5-star rating, compared to City Index's respectable 4.5-star rating. This slight advantage is reflected in the rankings by ForexBrokers.com, where Charles Schwab is placed sixth out of 63 brokers, while City Index holds the ninth position. Whether you're just starting or looking to deepen your trading knowledge, both brokers offer strong educational support, although Charles Schwab is rated slightly higher by users and industry participants alike.
| Feature |
Charles Schwab
|
City Index
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | 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
|
City Index
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 99 |
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Neither Charles Schwab nor City Index offers the ability to buy actual delivered cryptocurrency, but both platforms provide the option to invest in cryptocurrency derivatives.
Charles Schwab and City Index both support ACH and SEPA transfers and bank wires for depositing or withdrawing funds, but while City Index also accepts PayPal and Visa or Mastercard, Charles Schwab does not offer these options.
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 |
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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 (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | Charles Schwab | City Index | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Charles Schwab | City Index | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 13500 | |
| Forex Pairs (Total) | 73 | 66 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | No | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | 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 | 1.35 | 1.4 | |
| All-in Cost EUR/USD - Active | 1.35 | 0.74 | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | No | |
| 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 | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | Yes |
| Trading Platforms | Charles Schwab | City Index | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Charles Schwab | City Index | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 580 | 11 | |
| Charting - Indicators / Studies (Total) | 374 | 88 | |
| Charting - Drawing Tools (Total) | 24 | 239 | |
| 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 Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 374 | 88 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Charles Schwab | City Index | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | No | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | City Index | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Charles Schwab | City Index | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| 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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