Written by ForexBrokers.com
In this head to head comparison of CMC Markets vs Charles Schwab, 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.
CMC Markets, established in 1989, and Charles Schwab, founded in 1971, stand as two prominent online brokers in the financial market. Both companies are publicly traded, reflecting a high level of transparency and accountability. While CMC Markets is exclusively a brokerage, Charles Schwab operates as both a broker and a bank, offering a more comprehensive range of financial services. In terms of trust and regulation, both brokers hold the highest Trust Score of 99 from ForexBrokers.com, indicating a strong reputation for reliability.
When comparing regulatory credentials, CMC Markets holds six Tier-1 licenses, underscoring its commitment to adhering to the highest regulatory standards. In comparison, Charles Schwab maintains five Tier-1 licenses. CMC Markets also possesses one Tier-2 license, while Charles Schwab has none. These details highlight the robust regulatory frameworks both firms adhere to, guaranteeing a trustworthy trading experience for their clients.
| Feature |
CMC Markets
|
Charles Schwab
|
|---|---|---|
| Year Founded | 1989 | 1971 |
| Publicly Traded (Listed) | Yes | Yes |
| Bank | No | Yes |
| Tier-1 Licenses | 6 | 5 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
When it comes to commissions and fees, CMC Markets comes out ahead of Charles Schwab. CMC Markets earns 5 out of 5 stars and ranks #4 out of 36 brokers for Commissions and Fees. It is known for consistently low spreads, including typical EUR/USD spreads of about 0.61 pips, and its FX Active pricing can lower all-in trading costs even more, with commission-based pricing starting at $2.50 per side and zero-pip minimum spreads on select pairs.
Charles Schwab earns 4 out of 5 stars and ranks #24 out of 36 brokers in the same category. Schwab does not charge a separate commission on forex trades, but traders still pay through the bid/ask spread. Its average EUR/USD spread was about 1.35 pips in October 2024, which is higher than the industry average. Schwab does have the advantage of no minimum deposit on key account types, but its pricing is generally less competitive than CMC Markets for active forex trading.
In simple terms, CMC Markets is the lower-cost choice for traders focused on commissions and spreads, while Charles Schwab may appeal more to investors who value account access and broader investing options. If low trading costs are your main goal, CMC Markets has the edge.
| Feature |
CMC Markets
|
Charles Schwab
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Spread-only account | 1.3 | 1.27 |
| All-in Cost EUR/USD - Raw spread account | N/A | 1.27 |
| Non-wire bank transfer (Deposit/Withdraw) | Yes | Yes |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | No | No |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
CMC Markets and Charles Schwab both give investors a wide selection of assets, including forex, U.S. stocks, international shares, and cryptocurrency CFDs. Each broker offers forex trading, access to exchange traded securities on U.S. and global exchanges, and the ability to trade crypto through CFDs rather than by buying the actual coin. Neither broker supports copy trading or direct, delivered cryptocurrency purchases.
Where they differ is in size and mix. Charles Schwab lists more tradeable symbols overall, with about 40,000 compared with CMC Markets’ 21,710, and it also holds a higher ForexBrokers.com ranking for Range of Investments, placing #5 out of 36 brokers versus CMC Markets at #9. CMC Markets, however, offers a much larger number of forex pairs, with 303 available versus Charles Schwab’s 73, making it the stronger choice for traders focused on currency markets.
| Feature |
CMC Markets
|
Charles Schwab
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 21710 | 40000 |
| Forex Pairs (Total) | 303 | 73 |
| U.S. Stocks (Shares) | Yes | Yes |
| Global Stocks (Non-U.S. Shares) | Yes | Yes |
| Copy Trading | No | No |
| 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.
CMC Markets and Charles Schwab both give traders a strong set of platform choices, including a free demo account, a proprietary platform, a Windows desktop app, and a web-based trading platform. Each broker also lets you place trades directly from a chart, which is helpful for active traders who want to act quickly while reviewing price movements. Both firms earn 5 out of 5 stars for trading platforms and tools, reflecting a high level of support for everyday trading needs.
The main difference is that CMC Markets supports MetaTrader 4 and MetaTrader 5, while Charles Schwab does not offer either platform. Neither broker offers copy trading. In ForexBrokers.com’s Trading Platforms and Tools rankings, CMC Markets places slightly higher at #6 out of 36 brokers, compared with Charles Schwab at #7, making CMC Markets the better choice for traders who want MetaTrader access alongside a broad platform lineup.
| Feature |
CMC Markets
|
Charles Schwab
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | No | No |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | Yes | No |
| Charting - Indicators / Studies (Total) | 65 | 374 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
CMC Markets and Charles Schwab both give mobile traders a strong set of app features on iPhone and Android. Each broker offers stock and forex price alerts, watchlist symbol syncing between the mobile app and online account, trendline drawing on charts, and auto-saving for chart drawings. Both mobile trading apps are also rated 5 stars for Mobile Trading Apps, so either one should work well for traders who want to manage positions and track the market on the go.
The biggest difference is in charting tools. CMC Markets offers 30 technical studies in its mobile app, while Charles Schwab provides 374, giving Schwab a much wider range of chart analysis options. Even so, CMC Markets is ranked slightly higher by ForexBrokers.com in the Mobile Trading Apps category, coming in at #5 out of 36 brokers, compared with Charles Schwab at #6. For everyday mobile trading, both are solid choices, but Schwab has the edge for chart-focused users.
| Feature |
CMC Markets
|
Charles Schwab
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 30 | 374 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
CMC Markets and Charles Schwab both do well for market research, giving traders daily market commentary, forex news from top sources like Bloomberg and Reuters, and an economic calendar with key global events. Each broker earns a 5-star rating for Research, which puts them among the top choices for traders who want up-to-date market information.
The main difference is in extra research tools. CMC Markets offers Autochartist and a sentiment tool that shows long and short positioning across markets, while Charles Schwab does not offer these features. Charles Schwab also has a slightly higher ForexBrokers.com research rank, placing #5 out of 36 brokers, compared with CMC Markets at #6 out of 36.
| Feature |
CMC Markets
|
Charles Schwab
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central | No | No |
| Client sentiment data | Yes | No |
| TipRanks | No | No |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
For beginners looking for trading education, both CMC Markets and Charles Schwab offer a wide range of learning materials. Each broker provides at least 10 forex or CFDs education pieces, regular online webinars, and more than 10 beginner-friendly videos, along with more than 10 advanced videos for traders who want to go further. Both also earn a 5-star Education rating, making each one a strong choice for new investors who want to learn at their own pace.
That said, Charles Schwab has a slight edge in overall education quality and ranking. ForexBrokers.com places Charles Schwab #6 out of 36 brokers for Education, while CMC Markets ranks #10 out of 36. In simple terms, both brokers are well suited for beginners, but Charles Schwab is rated a bit higher for educational resources overall.
| Feature |
CMC Markets
|
Charles Schwab
|
|---|---|---|
| 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 CMC Markets is better than Charles Schwab. CMC Markets finished with an overall rank of #5, while Charles Schwab finished with an overall rank of #6.
CMC Markets is well-trusted across the globe, and delivers a terrific trading experience thanks to its excellent pricing and selection of over 12,000 tradeable instruments.
| Feature |
CMC Markets
|
Charles Schwab
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 99 |
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CMC Markets vs Charles Schwab: neither broker lets you buy actual (delivered) cryptocurrency, but both offer cryptocurrency CFD trading instead of owning the coins directly.
Comparing online brokers CMC Markets and Charles Schwab: both support ACH/SEPA transfers and bank wires, neither supports Skrill, CMC Markets supports PayPal while Charles Schwab does not, and Visa/Mastercard availability is unspecified for both.
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 | CMC Markets | Charles Schwab | |
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| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | CMC Markets Review | Charles Schwab Review |
| Broker Screenshots | CMC Markets | Charles Schwab | |
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| Broker Gallery (click to expand) |
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| Regulation | CMC Markets | Charles Schwab | |
|---|---|---|---|
| Trust Score | 99 | 99 | |
| Year Founded | 1989 | 1971 | |
| Publicly Traded (Listed) | Yes | Yes | |
| Bank | No | Yes | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No | |
| Tier-1 Licenses | 6 | 5 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | CMC Markets | Charles Schwab | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | Yes | |
| Hong Kong (SFC Authorised) | No | Yes | |
| Japan (FSA Authorised) | No | ||
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | |||
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | No | Yes | |
| New Zealand (FMA Authorised) | Yes | ||
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No |
| Tier-2 Licenses (Trusted) | CMC Markets | Charles Schwab | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | No | ||
| South Africa (FSCA Authorised) | No | ||
| UAE (DFSA, FSRA, or CMA Authorised) | Yes | ||
| India (SEBI Authorised) | No | ||
| Jordan (JSC Authorised) |
| Investments | CMC Markets | Charles Schwab | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 21710 | 40000 | |
| Forex Pairs (Total) | 303 | 73 | |
| U.S. Stocks (Shares) | Yes | Yes | |
| Global Stocks (Non-U.S. Shares) | Yes | Yes | |
| Copy Trading | No | No | |
| 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 | CMC Markets | Charles Schwab | |
|---|---|---|---|
| Average spread (EUR/USD) - Spread-only account | 1.3 | 1.27 | |
| All-in Cost EUR/USD - Raw spread account | N/A | 1.27 | |
| Inactivity Fee | Yes | No | |
| Order execution: Agency | No | Yes | |
| Order execution: Market Maker | Yes | No |
| Funding | CMC Markets | Charles Schwab | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | No | No | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer (Deposit/Withdraw) | Yes | Yes |
| Trading Platforms | CMC Markets | Charles Schwab | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | No | No | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | Yes | No | |
| cTrader | No | No |
| Trading Tools | CMC Markets | Charles Schwab | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 65 | 374 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | CMC Markets | Charles Schwab | |
|---|---|---|---|
| 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 | 30 | 374 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | CMC Markets | Charles Schwab | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central | No | No | |
| TipRanks | No | No | |
| Client sentiment data | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | CMC Markets | Charles Schwab | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | CMC Markets | Charles Schwab | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | CMC Markets Review | Charles Schwab Review |
| Overall | CMC Markets | Charles Schwab | |
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| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | CMC Markets Review | Charles Schwab Review |
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