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 comparing online brokers Charles Schwab and FinecoBank based on their commissions and fees, Charles Schwab presents a more accessible option for newcomers due to its lack of a minimum deposit requirement. Schwab offers a wide range of account types, including Schwab One and Schwab Global, which allow trading through the thinkorswim platform. For forex, trades settle in U.S. dollars, and the minimum trade size is 10,000 units, requiring a margin of $500 based on 20:1 leverage. While Schwab doesn't charge commissions for forex trading, costs come from the bid/ask spread, with the EUR/USD spread averaging at 1.35 pips, higher than some industry averages. Schwab also provides transparency with overnight carry charges via a calculator within the thinkorswim platform. Schwab has a 4-star rating and ranks #23 out of 63 brokers in the Commissions and Fees category according to ForexBrokers.com.
FinecoBank offers variable spreads for forex and CFD trading but does not publish average spread data, complicating cost evaluations. With a listed spread of 1 pip on EUR/USD and occasional lower spreads of 0.8 pips, Fineco's spreads are generally higher than those from other brokers. However, it seems to offer more competitive spreads on index CFDs. FinecoBank has received a 3.5-star rating and is ranked #51 out of 63 brokers by ForexBrokers.com for its commissions and fees.
| 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.
When comparing Charles Schwab to FinecoBank based on their range of investment options, both brokers offer forex trading as a CFD or spot contract. Charles Schwab provides access to 40,000 tradeable symbols, which significantly surpasses FinecoBank's 9,770 symbols. In terms of forex pairs, Schwab also leads with 73 pairs compared to FinecoBank's 54. Both brokers allow investing in exchange-traded securities on U.S. and international exchanges, letting clients purchase well-known stocks like Apple and Vodafone. However, neither broker supports copy trading or the purchase of actual cryptocurrencies. Charles Schwab offers cryptocurrency derivatives, while FinecoBank does not, providing a slight edge to Schwab in this area.
Given these offerings, Charles Schwab is highly rated, receiving a full 5-star score for its range of investments, while FinecoBank scores 4.5 stars. According to ForexBrokers.com, Schwab ranks 5th out of 63 brokers for investment options, whereas FinecoBank ranks 16th. These rankings highlight the expansive nature of Schwab's investment opportunities compared to FinecoBank. Deciding between these two will likely come down to the specific investment needs of each investor, as Schwab provides a broader range of choices, especially for those interested in forex and derivatives.
| 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.
When it comes to trading platforms and tools, Charles Schwab and FinecoBank both provide traders with their own unique offerings. Charles Schwab stands out with its simulated trading feature, allowing users to access a free virtual demo account for practice. Both brokers provide proprietary platforms developed in-house, catering to different trading needs. In terms of accessing these platforms, each offers both a Windows-based desktop download option and a web-based trading platform. However, neither broker supports popular third-party platforms like MetaTrader 4 or 5, and they also do not offer copy trading services like DupliTrade or ZuluTrade.
Charles Schwab excels in trading tools by allowing users to trade directly from stock charts and providing a vast selection of 24 drawing tools for charting. On the other hand, FinecoBank offers seven drawing tools and does not support trading directly from stock charts. When it comes to personalizing watch lists, Schwab shines with 580 customizable fields, while FinecoBank lacks such a feature. These differences contribute to Schwab's superior user experience, earning it a five-star rating for Trading Platforms and Tools, compared to FinecoBank's four stars. As a result, Charles Schwab ranks #5 among 63 brokers on ForexBrokers.com, whereas FinecoBank holds the #18 spot.
| 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 it comes to mobile trading apps, both Charles Schwab and FinecoBank offer iPhone and Android applications, as well as features like stock and forex price alerts. However, Charles Schwab provides a more seamless experience with watchlist symbol syncing, allowing users to have their watchlists in the mobile app automatically sync with their online account. FinecoBank, in contrast, lacks this synchronization, which may require users to manually update their watchlists across platforms.
Charles Schwab stands out significantly in its charting capabilities, offering 374 technical studies compared to FinecoBank's 6. Additionally, Schwab users can draw trendlines and have their drawings auto-saved, while FinecoBank users cannot. Both apps support viewing multiple time frames, but Charles Schwab enables real-time quotes on watchlists, whereas FinecoBank does not. These differences contribute to Charles Schwab's 5-star rating and #6 ranking in mobile trading apps by ForexBrokers.com, outshining FinecoBank’s 4-star rating and #42 ranking.
| 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.
When comparing Charles Schwab and FinecoBank for market research capabilities, there are notable differences in offerings that might influence your decision. Charles Schwab provides daily market commentary, catering to traders seeking regular insights. Both Schwab and FinecoBank offer forex news from top-tier sources, ensuring access to comprehensive market news. However, neither broker provides technical analysis or fundamental research tools from Autochartist or Trading Central, nor do they offer sentiment-based trading tools or market research from TipRanks or Acuity Trading. Both brokers include an economic calendar that tracks global news events, which is a common tool for staying informed about future market movements.
In terms of overall research quality, Charles Schwab is rated higher with a perfect 5-star score, while FinecoBank holds a 4.0-star rating. This distinction is reflected in their rankings by ForexBrokers.com, where Schwab ranks impressively at #4 out of 63 brokers, compared to FinecoBank's position at #33. For traders who prioritize in-depth research and frequent updates, Charles Schwab might be the more appealing option, while FinecoBank still provides substantial information but slightly less comprehensive offerings.
| 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 comparing the educational resources offered by Charles Schwab and FinecoBank, beginners may find Charles Schwab a more comprehensive option. Charles Schwab provides a wide array of educational materials, including over ten pieces specifically focused on forex and CFDs, making it an excellent choice for those interested in these areas. Additionally, Charles Schwab offers consistently scheduled online webinars and maintains a searchable archive of past recordings, making it easy for users to access valuable learning experiences at their convenience. Their beginner-friendly resources are well-rounded, featuring over ten videos covering basic trading topics to help newcomers build a solid foundation.
FinecoBank also supports beginners with a series of educational videos tailored to new traders and provides monthly online webinars. However, when it comes to forex and CFDs education, FinecoBank misses the mark by not offering a substantial number of resources. Furthermore, the lack of a searchable webinar archive can be limiting for users looking to revisit past sessions. Both brokers provide an investor dictionary with over 50 investing terms, aiding in understanding financial jargon. Although FinecoBank offers a decent educational experience with a four-star rating, Charles Schwab edges ahead with a perfect five-star rating, positioned higher in educational rankings among its peers.
| 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 63 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
|
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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