Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs FP Markets, 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, stands out in the online brokerage landscape with its impressive credentials. As a publicly traded company that also operates as a bank, it garners the highest ForexBrokers.com Trust Score of 99, supported by five Tier-1 licenses, signifying the utmost trust. These credentials establish Charles Schwab as a highly reliable choice for investors seeking confidence and security in their financial ventures.
In comparison, FP Markets, which began operations in 2005, maintains a solid reputation with a Trust Score of 89, placing it in the trusted category. It holds two Tier-1 licenses and one Tier-2 license, highlighting its commitment to regulatory compliance. Though it is not publicly traded nor a bank, FP Markets remains an appealing choice for customers looking for a trustworthy broker with significant regulatory oversight.
| Feature |
Charles Schwab
|
FP Markets
|
|---|---|---|
| Year Founded | 1971 | 2005 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 2 |
| Tier-2 Licenses | 0 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When it comes to trading commissions and fees, Charles Schwab offers forex traders a straightforward approach with no minimum deposit required for its primary brokerage accounts. The Schwab One and Schwab Global accounts provide access to trading forex on the thinkorswim platform. While Schwab doesn’t charge commissions for forex trading, costs are embedded in the bid/ask spread, with an average spread of 1.35 pips on the EUR/USD as observed in October 2024. Additionally, the Schwab Global account allows trading in twelve international markets, though conversion fees ranging from 0.2% to 1% may apply. Charles Schwab receives a commendable 4-star rating for commissions and fees and ranks #23 out of 63 brokers by ForexBrokers.com.
On the other hand, FP Markets is recognized for its cost-efficient trading services, especially with its Raw ECN account that boasts an average spread of 0.1 pips, or 0.8 pips all-in, including commissions. For traders using the Iress ViewPoint account option, high-balance accounts or active traders can benefit from reduced fees, although this account primarily suits those willing to meet steeper deposit requirements. Particularly appealing is the commission-based Raw ECN account with a flat fee of $6 per round-turn standard lot on forex trades, and the Iress Investor account offers a budget-friendly alternative with certain platform limitations. FP Markets shines in this category with a 5-star ranking and holds an impressive #6 ranking among 63 brokers by ForexBrokers.com.
In summary, Charles Schwab presents an accessible, no-commission model for forex trading with transaction costs primarily within the spreads, geared more towards those trading domestic or specific international securities. Conversely, FP Markets delivers competitive pricing for forex traders, especially through its Raw ECN account. It stands out for providing a low-cost, yet high-quality trading experience, making it a favorite among cost-conscious traders seeking a platform with excellent pricing transparency.
| Feature |
Charles Schwab
|
FP Markets
|
|---|---|---|
| Minimum Deposit | $0 | $100 AUD |
| Average Spread EUR/USD - Standard | 1.35 | 1.2 |
| All-in Cost EUR/USD - Active | 1.35 | 0.7 |
| Active Trader or VIP Discounts | No | Yes |
| 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.
Charles Schwab and FP Markets both offer opportunities for engaging in forex trading, allowing clients to explore this dynamic market through CFDs or spot contracts. While both platforms provide access to forex, Charles Schwab stands out with 40,000 tradeable symbols compared to FP Markets' 10,000. This extensive selection includes 73 forex pairs for Charles Schwab, slightly edging out FP Markets, which offers 71 forex pairs. When it comes to trading stocks, Charles Schwab allows access to a broad range of exchange-traded securities on U.S. and international exchanges, letting clients invest in companies like Apple and Vodafone. In contrast, FP Markets does not provide access to these exchange-traded securities, focusing instead on their strengths in forex and CFDs.
For investors interested in crypto, both Charles Schwab and FP Markets feature cryptocurrency derivatives rather than direct cryptocurrency purchases. FP Markets distinguishes itself with copy trading features, which Charles Schwab does not offer. Despite these differences, Charles Schwab is recognized for its extensive investment options, earning a five-star rating for range of investments and securing the fifth position among 63 brokers as reviewed by ForexBrokers.com. FP Markets earns 4.5 stars and ranks 18th, signaling a strong, albeit slightly more limited, offering in comparison to Charles Schwab.
| Feature |
Charles Schwab
|
FP Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 10000 |
| Forex Pairs (Total) | 73 | 71 |
| 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 FP Markets both offer impressive platforms and tools for traders, but they cater to different needs. Charles Schwab provides a comprehensive experience with its proprietary platforms available as desktop downloads for Windows as well as web-based versions. Traders can also enjoy the convenience of a free virtual demo account to practice their strategies. FP Markets also offers a proprietary platform, along with the popular MetaTrader 4 and 5, making it appealing to traders who prefer these well-known systems. Additionally, FP Markets supports copy trading, which Charles Schwab does not, potentially attracting those interested in mimicking successful trades.
While both brokers allow trading directly from charts, Charles Schwab outshines FP Markets with 24 drawing tools and a staggering 580 fields for watch lists, enhancing customization for seasoned traders. Although FP Markets offers only 17 drawing tools and 7 watch list fields, its support for the MetaTrader platforms and copy trading provides a broad appeal. Rated 5 stars by ForexBrokers.com, Charles Schwab ranks #5 out of 63 brokers in the Trading Platforms and Tools category, indicating strong satisfaction among users. In contrast, FP Markets is rated 4 stars and stands at #23, showing a solid performance but with room for improvement.
| Feature |
Charles Schwab
|
FP Markets
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| 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 | 17 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 580 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of Charles Schwab and FP Markets, both platforms shine in offering iPhone and Android applications, along with essential features like stock and forex price alerts. Charles Schwab sets itself apart with watchlist symbol syncing across its mobile and online platforms, a feature not available with FP Markets. For traders keen on in-depth analysis, Charles Schwab provides an impressive 374 technical studies for charting, compared to FP Markets' MetaTrader default options. Both apps allow users to draw trendlines and view multiple time frames on charts, with the added convenience of auto-saving these drawings.
Charles Schwab also excels in offering a seamless experience with real-time quotes in watchlists, earning it a full 5-star rating from users, while FP Markets holds a respectable 4-star rating. Notably, Charles Schwab ranks 6th out of 63 brokers for mobile trading apps according to ForexBrokers.com, significantly ahead of FP Markets, which is ranked 18th. For those prioritizing advanced tools and features in a mobile trading app, Charles Schwab proves to be a superior choice.
| Feature |
Charles Schwab
|
FP Markets
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 374 | MetaTrader (Default) |
| 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.
Charles Schwab and FP Markets both stand out for providing comprehensive daily market commentary and offering valuable forex news from renowned sources like Bloomberg and Reuters. Traders seeking fundamental insights will appreciate the economic calendars available from both brokers, which cover current and upcoming global news events. While both companies excel in providing essential market analyses, there are key differences in their tool offerings. FP Markets surpasses Charles Schwab by providing advanced technical and fundamental research tools from Autochartist and Trading Central, along with a sentiment-based trading tool that highlights the ratio of long and short positions across various instruments.
Despite these differences, Charles Schwab holds a top-tier position, being ranked #4 in research by ForexBrokers.com, with a notable 5-star rating. This is due to its robust market analysis offerings. FP Markets, although slightly behind with a 4-star rating, still maintains a respectable #25 rank. Both brokers cater well to traders seeking to stay informed with detailed market insights, but Charles Schwab might be better suited for those prioritizing highly-rated research services. On the other hand, FP Markets can be ideal for traders looking for specific technical analysis tools and sentiment data.
| Feature |
Charles Schwab
|
FP Markets
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | No | Yes |
| 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 comparing Charles Schwab and FP Markets in terms of educational resources available for beginners, both brokers offer a wide array of learning materials. Both platforms provide at least 10 educational pieces focused on forex and CFDs, ranging from articles and videos to archived webinars. Beginners can benefit from regular online webinars that occur monthly; these webinars are recorded and accessible via a searchable archive. For those new to trading, both brokers offer at least 10 beginner-friendly videos to help ease the learning curve. Advanced traders aren't left out either, with both Charles Schwab and FP Markets providing a video collection aimed at experienced investors. Additionally, both platforms offer investor dictionaries, ensuring that beginners can get familiar with essential investing terms.
Despite the similarities in their educational offerings, Charles Schwab and FP Markets differ in ratings and rankings. Charles Schwab is highly rated with 5 stars for education, placing it at a commendable 6th position out of 63 brokers on ForexBrokers.com. In comparison, FP Markets holds a solid 4-star rating, but ranks 23rd in the same list. This suggests Charles Schwab has a slight edge in the quality and effectiveness of its educational resources for those diving into the world of trading and investing.
| Feature |
Charles Schwab
|
FP Markets
|
|---|---|---|
| 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 Charles Schwab is better than FP Markets. Charles Schwab finished with an overall rank of #6, while FP Markets finished with an overall rank of #19.
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
|
FP Markets
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 89 |
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Both Charles Schwab and FP Markets do not provide the ability to purchase actual, delivered cryptocurrency, but they do offer options to invest in cryptocurrency derivatives.
In comparing online brokers, Charles Schwab supports ACH and SEPA transfers and utilizes bank wires for fund transactions, while FP Markets does not offer ACH or SEPA transfers but provides various other methods such as PayPal, Skrill, Visa, and Mastercard alongside bank wires for convenient deposits and withdrawals.
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 | FP Markets | |
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| Trust Score | 99 | 89 | |
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| Review | Charles Schwab Review | FP Markets Review |
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| Regulation | Charles Schwab | FP Markets | |
|---|---|---|---|
| Trust Score | 99 | 89 | |
| Year Founded | 1971 | 2005 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 5 | 2 | |
| Tier-2 Licenses | 0 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | FP Markets | |
|---|---|---|---|
| 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 | No | |
| 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 | FP Markets | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Charles Schwab | FP Markets | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 10000 | |
| Forex Pairs (Total) | 73 | 71 | |
| 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 | FP Markets | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.35 | 1.2 | |
| All-in Cost EUR/USD - Active | 1.35 | 0.7 | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | FP Markets | |
|---|---|---|---|
| Minimum Deposit | $0 | $100 AUD | |
| 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 | FP Markets | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| 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 | Yes | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Charles Schwab | FP Markets | |
|---|---|---|---|
| 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 | 17 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Charles Schwab | FP Markets | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 374 | MetaTrader (Default) | |
| 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 | FP Markets | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | FP Markets | |
|---|---|---|---|
| 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 | Charles Schwab | FP Markets | |
|---|---|---|---|
| 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 | FP Markets Review |
| Overall | Charles Schwab | FP Markets | |
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| Trust Score | 99 | 89 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | FP Markets Review |
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