Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs FinecoBank, 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, established in 1971, and FinecoBank, founded in 1999, are both respected online brokerage firms with the added benefit of being publicly traded banks. When examining regulatory standing, Charles Schwab leads with an impressive Trust Score of 99 from ForexBrokers.com, indicating a high level of trust. This is backed by its holding of five Tier-1 licenses, the most reputable licenses available, which further solidify its credibility as a secure and reliable broker.
FinecoBank also maintains a strong regulatory position with a Trust Score of 94, reflecting a high trust level. Although it holds two Tier-1 licenses, the total is less than Schwab's, yet still ensures FinecoBank is a reliable brokerage option. Neither firm holds Tier-2 licenses, which are deemed trusted but not quite as esteemed as Tier-1. Both brokers offer a solid footing in terms of trust and reliability in the competitive online brokerage market.
| Feature |
Charles Schwab
|
FinecoBank
|
|---|---|---|
| Year Founded | 1971 | 1999 |
| Publicly Traded (Listed) | Yes | Yes |
| Bank | Yes | Yes |
| Tier-1 Licenses | 5 | 2 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
When considering the commissions and fees of online brokers, Charles Schwab and FinecoBank have distinct offerings. Charles Schwab sets the bar low with no minimum deposit requirement for its primary brokerage accounts, making it quite accessible for forex traders. Using either the Schwab One or Schwab Global accounts, traders have access to the thinkorswim platform and the ability to trade forex. Notably, Schwab does not charge commissions on forex trades; instead, trading costs are contained within the bid/ask spread. The spread on EUR/USD is on the higher side at 1.35 pips as of October 2024. For those dealing in international markets through the Schwab Global account, conversion fees ranging from 0.2% to 1% may apply based on the account balance. Charles Schwab earns a commendable 4 out of 5 stars for commissions and fees, ranking 23rd out of 62 brokers on ForexBrokers.com.
In contrast, FinecoBank doesn't offer the same transparency in trading costs, as it does not publish average spread data for forex and CFD trading. The broker lists a spread of 1 pip for EUR/USD, which may be considered higher than the industry standard, though it also mentions a spread of 0.8 pips without any further context such as date range or averages. Despite this, Fineco is known for more competitive spreads on its index CFDs. With a commission and fees rating of 3.5 stars, FinecoBank ranks 50th out of 62 brokers by ForexBrokers.com.
Overall, when comparing these two brokers, Charles Schwab offers more clarity in its fee structure with no forex commissions and specified currency pair spreads, making it a potentially better choice for those who prioritize cost transparency and international trading options. Meanwhile, FinecoBank may appeal to those interested in index CFD trading, although its somewhat opaque pricing on forex could be a drawback for some traders seeking clarity and predictability in their trading expenses.
| Feature |
Charles Schwab
|
FinecoBank
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average Spread EUR/USD - Standard | 1.35 | N/A |
| All-in Cost EUR/USD - Active | 1.35 | N/A |
| Active Trader or VIP Discounts | No | No |
| ACH or SEPA Transfers | Yes | Yes |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | No |
| Visa/Mastercard (Credit/Debit) | No | No |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Charles Schwab and FinecoBank both offer ample opportunities for investors looking to trade a wide range of financial instruments. At Charles Schwab, clients can access an impressive 40,000 tradeable symbols, including 73 forex pairs, and the option to engage in forex trading via CFDs or spot contracts. In comparison, FinecoBank provides 9,770 tradeable symbols, including 54 forex pairs, and also supports forex trading in similar formats. While both brokers enable direct investment in U.S. and international exchange securities, allowing clients to add popular companies like Apple and Vodafone to their portfolios, they do differ in their offerings regarding cryptocurrencies. Charles Schwab allows trading in cryptocurrency derivatives, adding an extra layer of diversification for interested investors, whereas FinecoBank does not currently offer this option.
When examining their overall rankings for the range of investments, Charles Schwab takes a slight lead with a 5-star rating and standing at 5th place among 62 brokers, according to ForexBrokers.com. Meanwhile, FinecoBank also performs well with a 4.5-star rating, holding the 16th spot in the same rankings. Neither broker offers copy trading or the ability to buy actual, delivered cryptocurrencies. Investors may find Charles Schwab more appealing if they seek a broader spectrum of trading options, especially those interested in derivative products, while FinecoBank remains a solid choice for those satisfied with a slightly more streamlined selection trading options.
| Feature |
Charles Schwab
|
FinecoBank
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 9770 |
| Forex Pairs (Total) | 73 | 54 |
| U.S. Stock Trading (Non CFD) | Yes | Yes |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| Social Trading / Copy Trading | No | No |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | Yes | No |
| 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 FinecoBank both offer strong options in terms of trading platforms and tools, but there are clear differences that set them apart. Charles Schwab provides a valuable advantage with its simulated trading feature, allowing users to practice with a virtual demo account, which FinecoBank does not offer. Both brokers have developed proprietary platforms that can be accessed via Windows-based desktop downloads or web browsers, making it easy for traders to manage their portfolios on different devices. However, neither Charles Schwab nor FinecoBank supports copy trading, and both are without access to popular platforms like MetaTrader 4 or MetaTrader 5. Additionally, traders seeking integration with third-party services like DupliTrade and ZuluTrade will find neither broker offers these options.
In terms of charting capabilities, Charles Schwab clearly outshines FinecoBank by offering 24 drawing tools compared to FinecoBank's 7, and it allows trading directly from a stock chart—a feature FinecoBank lacks. While FinecoBank's watchlist functionality is not detailed, Charles Schwab impresses with 580 fields for watch lists, providing traders with extensive customization options. Charles Schwab's comprehensive platform earns a perfect 5-star rating for Trading Platforms and Tools, as ranked by ForexBrokers.com, placing it 5th out of 62 brokers. FinecoBank, though highly rated with 4 stars, ranks 18th in the same category. This presents a clear choice for traders prioritizing depth and functionality in their trading platform.
| Feature |
Charles Schwab
|
FinecoBank
|
|---|---|---|
| Virtual Trading (Demo) | Yes | No |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | No |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 374 | 37 |
| Charting - Drawing Tools (Total) | 24 | 7 |
| Charting - Trade From Chart | Yes | No |
| Watchlists - Total Fields | 580 | N/A |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When considering mobile trading apps, Charles Schwab and FinecoBank both offer iPhone and Android app versions to meet the needs of modern investors. While both platforms provide stock and forex price alerts, Charles Schwab stands out with its watchlist symbol syncing, allowing seamless updates between the app and online account. FinecoBank, however, lacks this syncing feature, which might be a limitation for some users. In terms of technical studies for charting, Charles Schwab impressively offers 374 options, whereas FinecoBank provides only six, reflecting a significant difference in analytical capabilities.
Additionally, Charles Schwab allows users to draw trendlines on charts and provides auto-saving of these drawings, features that are absent in FinecoBank’s app. Both apps offer the flexibility of viewing various time frames on charts, although only Schwab supports creating watchlists with real-time quotes. User satisfaction is reflected in ratings, with Charles Schwab earning a full five stars and a #6 ranking out of 62 brokers, while FinecoBank is rated four stars and ranked #42. These aspects position Charles Schwab as a more comprehensive choice for traders seeking advanced features in a mobile trading app.
| Feature |
Charles Schwab
|
FinecoBank
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 374 | 6 |
| Mobile Charting - Draw Trendlines | Yes | No |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | No |
Dive deeper: Best Forex Trading Apps.
Charles Schwab stands out in the realm of market research with its comprehensive offerings. Notably, it provides daily market commentary, giving investors timely insights into market movements. Both Charles Schwab and FinecoBank deliver forex news from respected sources like Bloomberg and Reuters. However, neither offers research tools from companies like Autochartist or Trading Central, nor do they have sentiment-based trading tools or TipRanks market research. Both platforms do provide economic calendars to keep users informed of pertinent global events, enhancing their ability to make informed investment decisions.
In terms of research quality, Charles Schwab is awarded a stellar 5 out of 5 stars, placing it 4th among 62 brokers in the research category according to ForexBrokers.com. FinecoBank, while still strong, receives a commendable 4 out of 5 stars and holds the 33rd rank. This comparison highlights that while both brokers offer valuable resources, Charles Schwab provides a more comprehensive suite of research tools and insights, catering more effectively to traders seeking in-depth market analysis.
| Feature |
Charles Schwab
|
FinecoBank
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | No | No |
| 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, Charles Schwab offers a wide range of material, ensuring that novices can find plenty of guidance as they start their trading journey. Charles Schwab provides extensive forex and CFDs education with over 10 pieces available, while FinecoBank does not reach this benchmark. Both brokers host regular online educational webinars for their users, but Charles Schwab takes it a step further with a searchable archive of past webinars, offering flexibility in learning. In terms of beginner-focused educational videos, both brokerages meet the standard of offering at least 10 comprehensive videos on trading topics for budding traders.
FinecoBank falls short in advanced educational options compared to Charles Schwab, which offers over 10 advanced videos designed for more seasoned traders. Both companies offer an investor dictionary with over 50 investing terms to aid in familiarization with industry jargon. Despite these resources, Charles Schwab stands out with a 5-star education rating and is ranked 6th among 62 brokers. FinecoBank, however, is rated slightly lower with a 4-star rating and is ranked 49th in the same comparison. This positions Charles Schwab as a more comprehensive educational resource for beginners and traders seeking advanced educational materials.
| Feature |
Charles Schwab
|
FinecoBank
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | No |
| 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 62 of the best forex brokers, our research and account testing finds that Charles Schwab is better than FinecoBank. Charles Schwab finished with an overall rank of #6, while FinecoBank finished with an overall rank of #25.
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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FinecoBank
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 94 |
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When comparing online brokers Charles Schwab and FinecoBank, it's noteworthy that neither offers the ability to purchase actual delivered cryptocurrency, but Charles Schwab provides options for trading cryptocurrency derivatives while FinecoBank does not.
Both Charles Schwab and FinecoBank provide ACH or SEPA transfers and bank wires for depositing or withdrawing account funds, but neither offers PayPal, Skrill, Visa, or Mastercard as options for transactions.
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 | FinecoBank | |
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| Trust Score | 99 | 94 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | FinecoBank Review |
| Broker Screenshots | Charles Schwab | FinecoBank | |
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| Regulation | Charles Schwab | FinecoBank | |
|---|---|---|---|
| Trust Score | 99 | 94 | |
| Year Founded | 1971 | 1999 | |
| Publicly Traded (Listed) | Yes | Yes | |
| Bank | Yes | Yes | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 5 | 2 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | FinecoBank | |
|---|---|---|---|
| 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 | FinecoBank | |
|---|---|---|---|
| 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 | FinecoBank | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 9770 | |
| Forex Pairs (Total) | 73 | 54 | |
| U.S. Stock Trading (Non CFD) | Yes | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| Social Trading / Copy Trading | No | No | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | Yes | No | |
| 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 | FinecoBank | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.35 | N/A | |
| All-in Cost EUR/USD - Active | 1.35 | N/A | |
| Active Trader or VIP Discounts | No | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | No |
| Funding | Charles Schwab | FinecoBank | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | No | |
| Visa/Mastercard (Credit/Debit) | No | No | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | Yes |
| Trading Platforms | Charles Schwab | FinecoBank | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | No | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Charles Schwab | FinecoBank | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | No | |
| Alerts - Basic Fields | Yes | No | |
| Watchlists - Total Fields | 580 | N/A | |
| Charting - Indicators / Studies (Total) | 374 | 37 | |
| Charting - Drawing Tools (Total) | 24 | 7 | |
| Charting - Trade From Chart | Yes | No | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Charles Schwab | FinecoBank | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | No | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 374 | 6 | |
| Mobile Charting - Draw Trendlines | Yes | No | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Charles Schwab | FinecoBank | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | No | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | No | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | FinecoBank | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Charles Schwab | FinecoBank | |
|---|---|---|---|
| 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 | FinecoBank Review |
| Overall | Charles Schwab | FinecoBank | |
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| Trust Score | 99 | 94 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | FinecoBank Review |
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