Written by ForexBrokers.com
In this head to head comparison of FOREX.com 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.
Since its founding in 1999, FOREX.com has established itself as a highly regarded online broker, indicated by its impeccable Trust Score rating of 99 from ForexBrokers.com. As a publicly traded entity, it offers a secure trading environment, supported by its seven Tier-1 licenses that reflect top-tier trust. Though it is not a bank, FOREX.com holds a Tier-2 license, adding another layer of reliability for its users, making it an attractive choice for those seeking a highly trusted trading platform.
In operation since 1971, Charles Schwab stands as both an established bank and a publicly traded company, offering a comprehensive range of financial services. Like FOREX.com, Charles Schwab carries a pristine Trust Score rating of 99, signifying its reputation as a highly trusted broker. Holding five Tier-1 licenses, it demonstrates significant authority and reliability in the financial space. However, it does not possess any Tier-2 licenses, which distinguishes it slightly from its peer, FOREX.com, in terms of regulatory breadth.
| Feature |
FOREX.com
|
Charles Schwab
|
|---|---|---|
| Year Founded | 1999 | 1971 |
| Publicly Traded (Listed) | Yes | Yes |
| Bank | No | Yes |
| Tier-1 Licenses | 7 | 5 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 0 |
When comparing FOREX.com and Charles Schwab in terms of commissions and fees, it's essential to consider their different pricing structures and offerings. FOREX.com, rated 4.5 stars, ranked #13 out of 63 brokers, provides various account types with competitive pricing for active traders. While considered slightly expensive compared to industry standards for some accounts, its RAW Spread account offers commission-based pricing with tight spreads, especially for high-volume traders. For example, standard account spreads average 1.4 pips on EUR/USD for U.S.-based traders, while the RAW account reaches typical spreads of 0.13 pips before commissions. The tiered rebate system further benefits traders with significant monthly trading volumes.
Charles Schwab, with a 4-star rating and ranked #24, offers forex trading through its Schwab One and Schwab Global accounts. Schwab distinguishes itself by not charging direct commissions for forex trades, with costs being derived from spreads. The average spread on EUR/USD stood at 1.35 pips in October 2024, which is somewhat higher than industry standards. Schwab’s ease of access is notable, thanks to its no minimum deposit requirement and free forex trading structure, although international market access may incur currency conversion fees between 0.2% to 1% based on account balance. This setup is ideal for forex traders interested in trading across various financial markets via the thinkorswim platform, with transactions settled in U.S. dollars.
While both brokers offer valuable options, FOREX.com is potentially more attractive for traders who desire tighter spreads and rebates in a commission-based framework. Conversely, Charles Schwab's offering might be more appealing for those interested in a broader range of financial markets without upfront commission costs, albeit with a focus on accessing international markets at potential additional currency conversion fees.
| Feature |
FOREX.com
|
Charles Schwab
|
|---|---|---|
| Minimum Deposit | $100 | $0 |
| Average Spread EUR/USD - Standard | 1.4 | 1.35 |
| All-in Cost EUR/USD - Active | 0.9 | 1.35 |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | Yes | Yes |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | No | No |
| Visa/Mastercard (Credit/Debit) | Yes | No |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
FOREX.com and Charles Schwab both provide options for investors interested in forex trading, offering contracts for difference (CFDs) and spot contracts. FOREX.com provides access to 80 tradeable forex pairs, slightly more than Schwab's offering of 73 pairs, showcasing a bit more variety in currency trading. However, when it comes to the total number of tradeable symbols, Charles Schwab takes the lead significantly with around 40,000 options compared to FOREX.com’s 5,500. This makes Schwab a more versatile choice for those looking to diversify their portfolio across different types of assets, with the opportunity to engage in both domestic and international equity markets.
While FOREX.com focuses more on forex trading and cryptocurrency derivatives, it lacks the direct ability to invest in exchange-traded securities. In contrast, Charles Schwab not only covers forex and crypto derivatives but also allows investors to trade a wide range of U.S. and international exchange-traded securities, enabling transactions in stocks like Apple and Vodafone. Despite the varied offerings, both brokers have achieved a 5-star rating for their range of investments from ForexBrokers.com, with Charles Schwab ranked slightly higher at 5th place compared to FOREX.com's 7th position. Overall, investors must consider the specific types of investments they wish to pursue when choosing between these two platforms.
| Feature |
FOREX.com
|
Charles Schwab
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 5500 | 40000 |
| Forex Pairs (Total) | 80 | 73 |
| U.S. Stock Trading (Non CFD) | No | Yes |
| Int'l Stock Trading (Non CFD) | No | Yes |
| Social Trading / Copy Trading | No | No |
| 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.
When comparing FOREX.com and Charles Schwab for their trading platforms and tools, both brokers shine in offering comprehensive solutions to meet diverse trading needs. Both platforms allow users to experience simulated trading with free virtual demo accounts and feature proprietary platforms developed in-house, alongside Windows-based desktop and web-based options. However, FOREX.com stands out by supporting industry-standard trading software MetaTrader 4 and MetaTrader 5, which Charles Schwab does not offer. While neither broker provides copy trading services or partners like DupliTrade and ZuluTrade, they each allow direct trading from stock charts, enhancing user convenience significantly.
In terms of charting tools, FOREX.com provides a significant advantage with 239 drawing tools compared to Charles Schwab's 24, although Schwab offers a more extensive array of watch list fields, with 580 options over FOREX.com's 20. This flexibility is reflected in their platform ratings, as both have received 5 out of 5 stars for their trading tools. Despite these high ratings and robust offerings, ForexBrokers.com ranks Charles Schwab slightly higher, placing it at #5 out of 63 brokers, while FOREX.com holds the #7 spot. Each platform meets different trading preferences, making them excellent choices depending on individual trader needs.
| Feature |
FOREX.com
|
Charles Schwab
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | No |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | Yes | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 88 | 374 |
| Charting - Drawing Tools (Total) | 239 | 24 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 20 | 580 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of FOREX.com and Charles Schwab, both platforms provide iPhone and Android apps, ensuring accessibility for a broad range of users. They offer similar features such as stock or forex price alerts, watchlist symbol syncing across devices, and the ability to draw trendlines on charts. Users can view multiple time frames and enjoy the convenience of auto-saving drawings, enhancing their trading experience on both apps. Additionally, real-time quotes for watchlists are available, allowing users to stay informed on market changes.
However, a notable difference lies in the charting capabilities; Charles Schwab's app offers 374 technical studies as opposed to FOREX.com's 88, which may appeal to users who rely heavily on technical analysis. Both apps have received high praise, with five-star ratings for their mobile trading features. Despite this, FOREX.com holds a higher ranking at #3 compared to Charles Schwab's #6 in ForexBrokers.com's evaluation, indicating a slight edge in user satisfaction or functionality. This distinction might sway users who prioritize overall app performance and expert reviews in their decision-making process.
| Feature |
FOREX.com
|
Charles Schwab
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 88 | 374 |
| 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 choosing between FOREX.com and Charles Schwab for market research, both platforms provide daily market commentary to keep investors informed. Additionally, they offer up-to-date forex news sourced from heavyweights like Bloomberg and Reuters. However, if you're looking for technical analysis tools, FOREX.com shines with features from Trading Central, providing users with advanced technical analytics, whereas Charles Schwab does not include this in its offerings.
In terms of exclusive sentiment-based trading tools, FOREX.com gives traders an edge by offering insights into long and short positions across various instruments. While both brokers provide comprehensive economic calendars, Charles Schwab earns a slightly higher overall research rating of 5 stars compared to FOREX.com's 4.5 stars. According to ForexBrokers.com, Charles Schwab holds a stronger position at 4th place, with FOREX.com trailing at 9th in research capabilities out of 63 brokers.
| Feature |
FOREX.com
|
Charles Schwab
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| Trading Central (Recognia) | Yes | No |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
FOREX.com and Charles Schwab both provide extensive educational resources that cater to beginners interested in forex and CFDs trading. Both platforms offer over 10 educational materials, including informative articles, videos, and archived webinars focused on forex or CFDs. They ensure continuous learning through monthly online webinars and have a comprehensive library of past sessions available for users to explore. For beginners specifically, both platforms provide a dedicated suite of educational videos tailored to help newcomers understand trading fundamentals. Advanced users are not left out either, as both brokers also offer a selection of advanced trading videos.
While both FOREX.com and Charles Schwab have similar offerings, including an investor dictionary with over 50 investing terms, they are rated differently when it comes to educational quality. Charles Schwab receives a perfect educational rating of 5 stars and is ranked #6 among 63 brokers by ForexBrokers.com in the Education category. FOREX.com is close behind with a 4.5-star rating and a notably higher ranking at #4. This indicates that while both brokers excel in educating traders, Charles Schwab marginally outpaces in user satisfaction, whereas FOREX.com scores higher in industry rankings for educational resources.
| Feature |
FOREX.com
|
Charles Schwab
|
|---|---|---|
| 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 FOREX.com is better than Charles Schwab. FOREX.com finished with an overall rank of #5, while Charles Schwab finished with an overall rank of #6.
FOREX.com is a trusted brand that delivers an excellent trading experience for forex and CFDs traders across the globe. It offers a wide range of markets and provides an impressive suite of proprietary platforms – alongside limited access to MetaTrader.
| Feature |
FOREX.com
|
Charles Schwab
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 99 |
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Both FOREX.com and Charles Schwab do not offer the ability to buy actual delivered cryptocurrency, but they do provide options to purchase cryptocurrency derivatives.
When comparing deposit and withdrawal options, FOREX.com and Charles Schwab both support ACH or SEPA transfers and bank wires, but differ in that FOREX.com offers PayPal and card services (Visa/Mastercard), which are not available at Charles Schwab.
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 | FOREX.com | Charles Schwab | |
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| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | FOREX.com Review | Charles Schwab Review |
| Broker Screenshots | FOREX.com | Charles Schwab | |
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| Regulation | FOREX.com | Charles Schwab | |
|---|---|---|---|
| Trust Score | 99 | 99 | |
| Year Founded | 1999 | 1971 | |
| Publicly Traded (Listed) | Yes | Yes | |
| Bank | No | Yes | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No | |
| Tier-1 Licenses | 7 | 5 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 0 |
| Tier-1 Licenses (Highly Trusted) | FOREX.com | Charles Schwab | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | Yes | |
| Hong Kong (SFC Authorised) | No | Yes | |
| Japan (SFC Authorised) | Yes | ||
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | |||
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | Yes | Yes | |
| New Zealand (FMA Authorised) | No | ||
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No |
| Tier-2 Licenses (Trusted) | FOREX.com | Charles Schwab | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | No | ||
| South Africa (FSCA Authorised) | No | ||
| UAE (DFSA/Central Bank Authorised) | Yes | ||
| India (SEBI Authorised) | No | ||
| Jordan (JSC Authorised) |
| Investments | FOREX.com | Charles Schwab | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 5500 | 40000 | |
| Forex Pairs (Total) | 80 | 73 | |
| U.S. Stock Trading (Non CFD) | No | Yes | |
| Int'l Stock Trading (Non CFD) | No | Yes | |
| Social Trading / Copy Trading | No | No | |
| 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 | FOREX.com | Charles Schwab | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.4 | 1.35 | |
| All-in Cost EUR/USD - Active | 0.9 | 1.35 | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | Yes | |
| Execution: Market Maker | Yes | No |
| Funding | FOREX.com | Charles Schwab | |
|---|---|---|---|
| Minimum Deposit | $100 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | No | No | |
| Visa/Mastercard (Credit/Debit) | Yes | No | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | Yes |
| Trading Platforms | FOREX.com | Charles Schwab | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | No | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | Yes | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | FOREX.com | Charles Schwab | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 20 | 580 | |
| Charting - Indicators / Studies (Total) | 88 | 374 | |
| Charting - Drawing Tools (Total) | 239 | 24 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | FOREX.com | Charles Schwab | |
|---|---|---|---|
| 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 | 88 | 374 | |
| 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 | FOREX.com | Charles Schwab | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | No | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | FOREX.com | Charles Schwab | |
|---|---|---|---|
| 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 | FOREX.com | Charles Schwab | |
|---|---|---|---|
| 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 | FOREX.com Review | Charles Schwab Review |
| Overall | FOREX.com | Charles Schwab | |
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| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | FOREX.com Review | Charles Schwab Review |
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