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.
Established in 1999, FOREX.com and Charles Schwab, founded in 1971, are both popular choices for online trading, each boasting a high Trust Score of 99 from ForexBrokers.com. Both companies are publicly traded, providing a level of transparency and accessibility for investors. While Charles Schwab operates as a bank, FOREX.com focuses solely on online brokerage services. This difference in operation might appeal to varying investor preferences based on their specific needs.
When it comes to regulatory standings, FOREX.com holds seven Tier-1 licenses, indicating a high level of trust, alongside one Tier-2 license. On the other hand, Charles Schwab possesses five Tier-1 licenses but does not hold any Tier-2 licenses. These regulatory endorsements reflect their compliance and reliability in the financial market, ensuring clients can conduct transactions with confidence. Whether you’re considering the comprehensive banking services at Charles Schwab or the specialized brokerage focus of FOREX.com, both platforms offer a secure and trusted environment for traders and investors alike.
| Feature |
FOREX.com
|
Charles Schwab
|
|---|---|---|
| Year Founded | 1999 | 1971 |
| Publicly Traded (Listed) | Yes | Yes |
| Bank | 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 | |
| ACH or SEPA Transfers | Yes | Yes |
| PayPal (Deposit/Withdraw) | Yes | |
| Skrill (Deposit/Withdraw) | ||
| Visa/Mastercard (Credit/Debit) | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Both FOREX.com and Charles Schwab offer comprehensive options for investors seeking diverse investment opportunities. FOREX.com provides access to 5,500 tradeable symbols and an impressive selection of 80 forex pairs, making it a top choice for those focused on forex trading. It also offers cryptocurrency derivatives, expanding its range of investment options. However, FOREX.com does not offer direct access to exchange-traded securities on U.S. or international exchanges, and it lacks support for copy trading and buying actual cryptocurrencies.
In contrast, Charles Schwab stands out with an extensive selection of 40,000 tradeable symbols and the ability to directly invest in exchange-traded securities on both U.S. and international exchanges. Schwab also offers forex trading with 73 forex pairs and allows investors to engage in cryptocurrency derivatives. Like FOREX.com, it does not support copy trading or buying actual cryptocurrencies. Both platforms receive a 5-star rating for their range of investments, making them strong contenders for investors, with Charles Schwab being ranked slightly higher at #5 compared to FOREX.com's #7, according to ForexBrokers.com.
| 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) | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | |
| Social Trading / Copy Trading | ||
| Cryptocurrency (Physical) | ||
| 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 the trading platforms and tools of FOREX.com and Charles Schwab, both brokers excel in offering proprietary platforms developed in-house, with features accessible across various devices. They both provide simulated or paper trading through free virtual demo accounts, appealing to those looking to practice before diving into live trading. Users can access both Windows-based desktop downloads and web-based trading platforms from each broker, ensuring flexibility and convenience. Additionally, both brokers offer the functionality to trade directly from stock charts, catering to traders who appreciate a streamlined process. However, FOREX.com distinguishes itself by offering well-known platforms like MetaTrader 4 and MetaTrader 5, which are not available through Charles Schwab.
When delving into specific tools and features, the platforms do show some differences. FOREX.com provides an impressive array of drawing tools, totaling 239, which can entice traders interested in comprehensive charting capabilities, compared to Charles Schwab's 24 drawing tools. On the other hand, Charles Schwab stands out with an extensive watch list feature that supports up to 580 columns (fields), in contrast to FOREX.com's 20. Both brokers earn a full five-star rating for their trading platforms and tools, with Charles Schwab being slightly ahead in overall ranking by ForexBrokers.com, securing the 5th place while FOREX.com holds the 7th spot out of 63 brokers. This subtle distinction may influence traders depending on the specific tools and platform features they prioritize.
| 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 | ||
| MetaTrader 4 (MT4) | Yes | |
| MetaTrader 5 (MT5) | Yes | |
| DupliTrade | ||
| ZuluTrade | ||
| 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 looking at the research offerings of FOREX.com and Charles Schwab, both platforms provide valuable insights for traders. FOREX.com offers daily market commentary and forex news from renowned sources like Bloomberg and Reuters. It also features technical analysis tools from Trading Central, and a sentiment-based trading tool that displays the ratio of long to short positions across currency pairs. Additionally, FOREX.com provides an economic calendar to keep users informed about global news events, earning a research rating of 4.5 stars and ranking #9 out of 63 brokers according to ForexBrokers.com.
Charles Schwab, on the other hand, matches FOREX.com with its daily market commentary and top-tier forex news. Although it does not offer Autochartist or Trading Central tools, nor a sentiment-based trading tool, it still provides an economic calendar for monitoring worldwide economic events. Charles Schwab's research capabilities are highly regarded, securing a 5-star rating and a #4 ranking among 63 brokers, as per ForexBrokers.com. Both brokers cater well to those seeking comprehensive market insights, yet each boasts unique strengths that may influence your choice.
| Feature |
FOREX.com
|
Charles Schwab
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | ||
| Trading Central (Recognia) | Yes | |
| Social Sentiment - Currency Pairs | Yes | |
| TipRanks | ||
| Signal Centre (Acuity Trading) | ||
| 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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While both FOREX.com and Charles Schwab offer the ability to purchase cryptocurrency derivatives, neither platform provides the option to buy actual delivered cryptocurrency.
FOREX.com and Charles Schwab both offer ACH and SEPA transfers as options for depositing and withdrawing funds, with FOREX.com additionally supporting PayPal, Visa and Mastercard, whereas Charles Schwab does not provide specified support for PayPal, Visa, or Mastercard, but both platforms offer bank wire 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 | 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 | Yes | ||
| Regulated in one or more EU or EEA countries (MiFID). | Yes | ||
| 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 | ||
| Canada (CIRO Authorised) | Yes | Yes | |
| Hong Kong (SFC Authorised) | 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) | |||
| Regulated in one or more EU or EEA countries (MiFID). | Yes |
| Tier-2 Licenses (Trusted) | FOREX.com | Charles Schwab | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | |||
| South Africa (FSCA Authorised) | |||
| UAE (DFSA/Central Bank Authorised) | Yes | ||
| India (SEBI Authorised) | |||
| 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) | Yes | ||
| Int'l Stock Trading (Non CFD) | Yes | ||
| Social Trading / Copy Trading | |||
| Cryptocurrency (Physical) | |||
| 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 | ||
| Inactivity Fee | Yes | ||
| Execution: Agency Broker | Yes | ||
| Execution: Market Maker | Yes |
| Funding | FOREX.com | Charles Schwab | |
|---|---|---|---|
| Minimum Deposit | $100 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | ||
| Skrill (Deposit/Withdraw) | |||
| Visa/Mastercard (Credit/Debit) | Yes | ||
| 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 | |||
| MetaTrader 4 (MT4) | Yes | ||
| MetaTrader 5 (MT5) | Yes | ||
| cTrader | |||
| DupliTrade | |||
| ZuluTrade |
| 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 | |||
| Trading Central (Recognia) | Yes | ||
| TipRanks | |||
| Social Sentiment - Currency Pairs | Yes | ||
| 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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