Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs FXOpen, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
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When comparing Charles Schwab and FXOpen, potential investors will find that Charles Schwab, established in 1971, stands as a major player in the financial industry with a remarkable trust score of 99 according to ForexBrokers.com. As a publicly traded company and a bank, Charles Schwab holds five Tier-1 regulatory licenses, the highest level of trust. This elevates Schwab’s standing as a leading and reliable choice for online brokering, assuring users of its stability and adherence to stringent regulatory standards.
FXOpen, formed in 2003, offers a different profile. While not a bank nor publicly traded, FXOpen holds two Tier-1 licenses and has a trust score of 76, signifying average risk. These qualities highlight a moderate level of trust compared to certain industry leaders. FXOpen might appeal to users seeking specific trading experiences, though those prioritizing regulatory backing may lean towards more established entities like Charles Schwab.
| Feature |
Charles Schwab
|
FXOpen
|
|---|---|---|
| Year Founded | 1971 | 2003 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 2 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
Charles Schwab and FXOpen both offer competitive options for forex trading, but there are notable differences in their commission structures and fees. Charles Schwab does not require a minimum deposit for its primary brokerage accounts, providing an accessible entry point for traders. Schwab offers 18 different account types, with the Schwab One and Schwab Global accounts allowing access to forex trading via the thinkorswim platform. Forex trades at Schwab are settled in U.S. dollars, and the minimum trade size is 10,000 units. While Schwab does not charge a direct commission for forex trades, costs are derived from the bid/ask spread. The average spread for EUR/USD was 1.35 pips in October 2024, which is considered relatively high compared to industry standards. Schwab is rated 4 out of 5 stars for commissions and fees and is ranked #23 out of 63 brokers by ForexBrokers.com.
In contrast, FXOpen does not provide specific average spread data, which might make cost comparisons less transparent. Like Charles Schwab, FXOpen is also rated 4 out of 5 stars for commissions and fees, but it is ranked lower at #44 out of 63 brokers by ForexBrokers.com. While both brokers present attractive benefits to forex traders, Schwab's comprehensive platform and clear information on trading costs could be more appealing to those who prioritize transparency and a solid trading infrastructure.
| Feature |
Charles Schwab
|
FXOpen
|
|---|---|---|
| Minimum Deposit | $0 | $100 |
| 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 | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing Charles Schwab and FXOpen for their range of investments, Charles Schwab stands out with a considerably wider selection. Charles Schwab offers an impressive 40,000 tradeable symbols, including 73 forex pairs and exchange-traded securities on both U.S. and international markets. This variety allows investors to delve into a broad array of assets, from Apple shares on NASDAQ to international stocks like Vodafone on the London Stock Exchange. Furthermore, Charles Schwab facilitates forex trading through both CFDs and spot contracts and provides options for cryptocurrency derivatives, although it doesn't offer the purchase of delivered cryptocurrencies.
In contrast, FXOpen offers a more focused selection with 87 tradeable symbols and 25 forex pairs. While it doesn't provide access to exchange-traded securities on U.S. or international exchanges, FXOpen does cater to crypto enthusiasts with cryptocurrency derivatives and supports CFD and spot contract forex trading. A unique feature with FXOpen is its support for copy trading, appealing to those seeking automated trading strategies. However, the range of investment opportunities is more limited, which is reflected in its Range of Investments rating of 3 stars, ranking it at 62 out of 63 brokers reviewed by ForexBrokers.com, compared to Charles Schwab's 5 stars and #5 rank.
| Feature |
Charles Schwab
|
FXOpen
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 87 |
| Forex Pairs (Total) | 73 | 25 |
| 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). |
Dive deeper: Best Copy Trading Platforms.
When comparing the trading platforms and tools of Charles Schwab and FXOpen, each offers unique features catering to different trading needs. Charles Schwab provides an in-house developed platform that includes a Windows-based desktop download and a web-based version, both enriched with advanced functionalities and a generous array of 580 watchlist columns. Meanwhile, FXOpen, though lacking a proprietary platform of its own, delivers flexibility through popular third-party platforms like MetaTrader 4 and 5 and supports web-based and Windows desktop versions. Additionally, FXOpen allows traders to engage in copy trading and utilize ZuluTrade, broadening its appeal for those interested in social trading.
Both brokers offer simulated trading accounts, enabling users to practice without financial risk. However, Charles Schwab stands out with a higher 5-star rating for its trading platforms and tools, ranking 5th among 63 brokers. This is due in part to its comprehensive charting options, which include 24 drawing tools and the ability to trade directly from charts. On the other hand, FXOpen is more focused on those seeking versatility with third-party trading communities, earning a respectable 4-star rating but ranking 53rd in the same category. With 15 drawing tools and 7 watchlist columns, FXOpen might suit traders who prioritize integration with popular trading networks over in-house technological advancements.
| Feature |
Charles Schwab
|
FXOpen
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| 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 | Yes |
| Charting - Indicators / Studies (Total) | 374 | 30 |
| Charting - Drawing Tools (Total) | 24 | 15 |
| 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 FXOpen, both offer iPhone and Android apps that allow users to trade effortlessly while on the move. Both platforms support stock and forex price alerts and provide users the ability to draw trendlines on their charts, while offering options to switch between various time frames. However, Charles Schwab stands out by allowing watchlist symbol syncing, which means any changes you make to your watchlist are automatically updated across both mobile and online platforms. Unfortunately, this convenience does not extend to FXOpen users, who need to manually update changes in each location.
Charles Schwab also offers a substantial 374 technical studies for charting, compared to FXOpen's 30. Users of Charles Schwab can enjoy their drawings autosaving on charts across sessions, a feature FXOpen lacks. Both apps generate real-time quotes for watchlists, but Charles Schwab's offerings have earned it a five-star rating and a #6 ranking among 63 brokers for mobile trading apps on ForexBrokers.com. FXOpen, on the other hand, holds a four-star rating and is ranked #54. Charles Schwab's higher number of technical studies and its convenience features make its app more appealing to traders seeking extensive analysis tools and seamless experience across devices.
| Feature |
Charles Schwab
|
FXOpen
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 374 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing Charles Schwab and FXOpen for market research, both brokers provide daily market commentary and access to forex news from reputable sources like Bloomberg and Reuters. However, neither offers technical analysis tools from Autochartist or Trading Central, nor do they provide sentiment-based trading tools or market research through TipRanks. Research tools from Acuity Trading are also absent from both platforms. Despite these similarities, an economic calendar detailing global news events is available with both brokers.
Despite the common offerings, Charles Schwab clearly stands out with a 5-star research rating compared to FXOpen's 3 stars. In the Research category, Charles Schwab is impressively ranked 4th out of 63 brokers by ForexBrokers.com, while FXOpen holds the 63rd position. This significant difference in ranking is indicative of the superior research services provided by Charles Schwab, making it a more favorable choice for those prioritizing extensive market research.
| Feature |
Charles Schwab
|
FXOpen
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| 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.
Charles Schwab and FXOpen both provide educational resources for beginners interested in trading, but Charles Schwab clearly stands out. Schwab offers a wealth of materials focused on forex and CFDs, ensuring beginner traders have access to over 10 insightful articles, videos, and archived webinars on these topics. Additionally, Schwab conducts at least one online webinar each month and maintains a user-friendly archive of past webinars for easy access. For those just starting out, Schwab provides over 10 beginner-focused educational videos, with an equal number available for advanced traders seeking to enhance their skills. Additionally, Charles Schwab offers a comprehensive investor dictionary, helping beginners familiarize themselves with at least 50 terms related to investing.
On the other hand, FXOpen has more limited offerings for beginners seeking educational resources in forex or CFDs, without a sufficient number of targeted articles or videos. Unlike Schwab, FXOpen does not offer monthly webinars or a searchable webinar archive, which may limit the depth of learning for users who value varied and ongoing learning opportunities. Nonetheless, FXOpen does provide an investor dictionary, ensuring traders can still access essential investing definitions. While Charles Schwab receives a top education rating of 5 stars and holds a strong sixth rank among 63 brokers, FXOpen earns 3 stars and ranks significantly lower at 58th position, reflecting its more constrained educational offerings.
| Feature |
Charles Schwab
|
FXOpen
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| 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 FXOpen. Charles Schwab finished with an overall rank of #6, while FXOpen finished with an overall rank of #54.
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
|
FXOpen
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 76 |
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Both Charles Schwab and FXOpen do not provide the option to purchase actual or delivered cryptocurrency, but they each allow investors to trade in cryptocurrency derivatives instead.
Charles Schwab provides ACH, SEPA transfers, and bank wire options for depositing or withdrawing funds, while FXOpen offers Skrill, Visa, Mastercard, and bank wire options but lacks ACH and SEPA transfer capabilities.
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 | FXOpen | |
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| Trust Score | 99 | 76 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review |
| Broker Screenshots | Charles Schwab | FXOpen | |
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| Regulation | Charles Schwab | FXOpen | |
|---|---|---|---|
| Trust Score | 99 | 76 | |
| Year Founded | 1971 | 2003 | |
| 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 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | FXOpen | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | No | |
| 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 | FXOpen | |
|---|---|---|---|
| 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 | FXOpen | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 87 | |
| Forex Pairs (Total) | 73 | 25 | |
| 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). |
| Cost | Charles Schwab | FXOpen | |
|---|---|---|---|
| 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 | Yes | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | FXOpen | |
|---|---|---|---|
| Minimum Deposit | $0 | $100 | |
| PayPal (Deposit/Withdraw) | No | No | |
| 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 | FXOpen | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| 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 | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | Yes |
| Trading Tools | Charles Schwab | FXOpen | |
|---|---|---|---|
| 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 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Charles Schwab | FXOpen | |
|---|---|---|---|
| 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 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Charles Schwab | FXOpen | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| 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 | FXOpen | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Charles Schwab | FXOpen | |
|---|---|---|---|
| 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 |
| Overall | Charles Schwab | FXOpen | |
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| Trust Score | 99 | 76 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review |
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