Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs Eightcap, 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.
Charles Schwab, founded in 1971, stands out in the financial industry with its status as a publicly traded company and a registered bank. With a perfect Trust Score of 99 from ForexBrokers.com, Charles Schwab is considered highly trusted within the brokerage community. It holds five Tier-1 licenses, reinforcing its strong regulatory standing. Customers seeking a broker with a long-standing history and trustworthy reputation may find Charles Schwab appealing due to its combination of banking authority, market presence, and high level of regulatory compliance.
On the other hand, Eightcap, established in 2009, is not publicly traded and operates without the backing of a bank. Despite this, Eightcap secures a respected position in the trading world with a ForexBrokers.com Trust Score of 85, marking it as a trusted broker. It holds three Tier-1 licenses, indicating a solid regulatory framework. Traders looking for a reliable option within the online brokerage space will find Eightcap's track record appealing, though it's important to note its shorter history compared to Charles Schwab.
| Feature |
Charles Schwab
|
Eightcap
|
|---|---|---|
| Year Founded | 1971 | 2009 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 3 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When it comes to comparing Charles Schwab and Eightcap for their commissions and fees, both brokers stand out in different ways. Charles Schwab makes it easy for forex traders to get started, thanks to its no minimum deposit requirement for the main account types. Offering access to the thinkorswim platform, Schwab lets you trade forex through the Schwab One account, settling all trades in U.S. dollars with a small trade size limit of 10,000 units. Those interested in international markets may find the Schwab Global account beneficial, despite currency conversion fees that vary from 0.2% to 1%. Schwab doesn’t charge commissions on forex trading, but its average spread for popular currency pairs like EUR/USD is at the higher end at 1.35 pips. Overall, Schwab earns a solid 4-star rating in commissions and fees, ranking #23 out of 63 brokers by ForexBrokers.com.
On the other hand, Eightcap offers two main account types — a Raw account with commission-based pricing and a Standard account that focuses solely on spreads. With the Raw account, you can enjoy an average spread of 0.06 pips, but keep in mind the additional $3.50 per trade commission, which brings the effective cost to about 0.76 pips. While this positions Eightcap as slightly more expensive than some of the lowest-cost forex brokers, it remains competitive with an overall cost just below the industry average of 0.8 pips. Eightcap also achieves a commendable 4-star rating and ranks #26 out of 63 brokers according to ForexBrokers.com for commissions and fees.
In summary, Charles Schwab stands out for those looking for flexible forex trading without a minimum deposit, although its spread may be on the higher end. Meanwhile, Eightcap offers a compelling pricing structure for those who opt for its Raw account, though it involves a commission per trade. Both brokers have been recognized for their services with a 4-star rating, marking them as reliable choices for traders cautious about fees and commissions.
| Feature |
Charles Schwab
|
Eightcap
|
|---|---|---|
| Minimum Deposit | $0 | $100 |
| Average Spread EUR/USD - Standard | 1.35 | 1.0 |
| All-in Cost EUR/USD - Active | 1.35 | 0.76 |
| Active Trader or VIP Discounts | No | No |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing Charles Schwab and Eightcap, both provide opportunities for forex trading through CFDs or spot contracts. However, the range of investments they offer significantly differs. Charles Schwab stands out with an extensive selection of 40,000 tradeable symbols, including 73 forex pairs. This robust variety is complemented by access to both U.S. and international exchange-traded securities, allowing clients to invest directly in well-known stocks like Apple on NASDAQ and Vodafone on the London Stock Exchange. This diverse offering contributes to its top-tier 5-star rating and a #5 ranking among 63 brokers for the range of investments.
On the other hand, Eightcap provides a more focused offering with 800 tradeable symbols, including 56 forex pairs. While it doesn't offer direct investment in U.S. or international exchange-traded securities, it does provide the ability to invest in cryptocurrency derivatives. Eightcap also supports copy trading, catering to users interested in mirroring strategies from other traders. Despite these features, Eightcap holds a 3.5-star rating and ranks #40 for range of investments, indicating a narrower scope compared to Charles Schwab's extensive investment opportunities.
| Feature |
Charles Schwab
|
Eightcap
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 800 |
| Forex Pairs (Total) | 73 | 56 |
| 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 Eightcap each offer strong trading platforms with distinct features that cater to different trader preferences. Charles Schwab provides a proprietary platform, developed in-house, alongside a Windows-based desktop download option and a web-based platform, all of which include simulated trading. While Schwab lacks support for MetaTrader 4 (MT4) and MetaTrader 5 (MT5), it excels with 24 drawing tools for charting and offers a staggering 580 columns for watch lists. Though it doesn't support copy trading, it's highly acclaimed with a trading platforms and tools rating of 5 stars, ranked 5th by ForexBrokers.com.
Eightcap, on the other hand, shines with its provision for beginners and advanced traders by offering copy trading and support for both MT4 and MT5 platforms, although it doesn't have its own proprietary platform. Eightcap includes both a Windows-based and web-based trading system with the added bonus of simulated trading. Despite offering fewer drawing tools—15 compared to Schwab's 24—and only 7 columns for watch lists, it has earned a respectable 4-star rating for its tools. However, it's ranked lower at 38th by ForexBrokers.com in the same category. Depending on your specific needs, you may find one broker better suited for your trading strategy than the other.
| Feature |
Charles Schwab
|
Eightcap
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 374 | 30 |
| Charting - Drawing Tools (Total) | 24 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 580 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing mobile trading apps, Charles Schwab and Eightcap both offer convenience for traders on-the-go. Both platforms provide iPhone and Android apps, with features such as stock and forex price alerts, watchlist syncing, and real-time quotes. Charles Schwab stands out by offering a significantly higher number of technical studies, totaling 374, for those who rely on detailed charting analyses, compared to 30 by Eightcap. Furthermore, both apps support drawing trend lines and viewing multiple timeframes, essential tools for making informed trading decisions.
Charles Schwab's mobile app scores a perfect five-star rating, securing the 6th spot out of 63 brokers, while Eightcap earns a respectable four stars and ranks at number 38 according to ForexBrokers.com. Both apps ensure that trendline drawings are automatically saved, enhancing usability. While both platforms deliver essential trading tools and seamless synchronization across devices, Charles Schwab's extensive charting capabilities and higher app rating make it a compelling choice for users who prioritize advanced technical analysis on their mobile devices.
| Feature |
Charles Schwab
|
Eightcap
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 374 | 30 |
| 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.
When comparing Charles Schwab and Eightcap for market research resources, both brokers provide daily market commentary to keep traders informed. However, Charles Schwab distinguishes itself by offering forex news from top-tier sources like Bloomberg and Reuters, which Eightcap lacks. In terms of technical analysis tools from companies like Autochartist and Trading Central, neither broker provides these resources, but Eightcap does feature a sentiment-based trading tool, unlike Charles Schwab. Both brokers provide economic calendars to track global events, helping traders make informed decisions.
In terms of overall research quality, Charles Schwab is highly rated with 5 stars, ranking 4th among 63 brokers according to ForexBrokers.com. On the other hand, Eightcap receives a rating of 3.5 stars, placing it at 39th in the same category. While both platforms offer valuable resources for traders, Charles Schwab's access to premium news sources and higher industry ranking make it a more robust choice for those seeking comprehensive market research.
| Feature |
Charles Schwab
|
Eightcap
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | No | No |
| Trading Central (Recognia) | No | No |
| 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 it comes to educational resources for beginners in trading, Charles Schwab and Eightcap both provide a comprehensive range of materials. Both brokers offer more than ten educational pieces focused on forex and CFDs, ensuring that beginners have access to crucial learning tools. They also maintain searchable archives of past webinars, making it easy for users to revisit and learn from previous sessions. Additionally, Charles Schwab and Eightcap provide at least ten beginner-focused educational videos, helping new traders gain confidence in their trading skills.
However, there are notable differences between the two. Charles Schwab excels in offering live educational webinars monthly, a feature that Eightcap does not provide. Schwab also offers advanced educational videos for seasoned traders, whereas Eightcap falls short in this area. Both platforms feature a detailed investor dictionary with over 50 terms, enhancing users' understanding of trading jargon. In terms of ratings, Charles Schwab outshines Eightcap, earning 5 stars for education compared to 3.5 stars for Eightcap. Charles Schwab also ranks #6 out of 63 brokers according to ForexBrokers.com, while Eightcap is placed at #40. These rankings highlight Charles Schwab's stronger position as an educational resource provider.
| Feature |
Charles Schwab
|
Eightcap
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | No |
| 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 Eightcap. Charles Schwab finished with an overall rank of #6, while Eightcap finished with an overall rank of #38.
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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Eightcap
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 85 |
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Both Charles Schwab and Eightcap do not offer the ability to buy actual (delivered) cryptocurrency, but they both provide options for purchasing cryptocurrency derivatives.
In comparing the online brokers Charles Schwab and Eightcap, Charles Schwab stands out by offering ACH and SEPA transfers and bank wires for account deposits and withdrawals but lacks support for PayPal, Skrill, Visa, and Mastercard, whereas Eightcap accommodates user transactions through PayPal, Skrill, Visa, and Mastercard alongside bank wires while excluding ACH and SEPA transfers.
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 | Eightcap | |
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| Trust Score | 99 | 85 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | Eightcap Review |
| Broker Screenshots | Charles Schwab | Eightcap | |
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| Regulation | Charles Schwab | Eightcap | |
|---|---|---|---|
| Trust Score | 99 | 85 | |
| Year Founded | 1971 | 2009 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 5 | 3 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | Eightcap | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | Yes | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | Yes | No | |
| 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 | Eightcap | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Charles Schwab | Eightcap | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 800 | |
| Forex Pairs (Total) | 73 | 56 | |
| 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 | Eightcap | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.35 | 1.0 | |
| All-in Cost EUR/USD - Active | 1.35 | 0.76 | |
| Active Trader or VIP Discounts | No | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | Eightcap | |
|---|---|---|---|
| Minimum Deposit | $0 | $100 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | Charles Schwab | Eightcap | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Charles Schwab | Eightcap | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 580 | 7 | |
| Charting - Indicators / Studies (Total) | 374 | 30 | |
| Charting - Drawing Tools (Total) | 24 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Charles Schwab | Eightcap | |
|---|---|---|---|
| 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 | 30 | |
| 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 | Eightcap | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | No | No | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | Eightcap | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Charles Schwab | Eightcap | |
|---|---|---|---|
| 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 | Eightcap Review |
| Overall | Charles Schwab | Eightcap | |
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| Trust Score | 99 | 85 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | Eightcap Review |
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