Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs FXCM, 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 and FXCM are both prominent online brokers with strong trust scores, but they differ significantly in their history and regulatory endorsements. Founded in 1971, Charles Schwab is a publicly traded financial institution that also functions as a bank. It is highly trusted with a perfect Trust Score of 99 according to ForexBrokers.com and holds five Tier-1 licenses. These licenses indicate a high level of oversight and reliability in financial dealings.
In comparison, FXCM was founded in 1999, is also publicly traded, but doesn't operate as a bank. FXCM maintains a respectable Trust Score of 95, backed by four Tier-1 licenses and two Tier-2 licenses. Although slightly less than Charles Schwab in highest level licenses, FXCM's combination of Tier-1 and Tier-2 licenses still signifies a robust level of safety and compliance. Ultimately, both brokers showcase substantial trustworthiness, catering to a broad range of investors and traders.
| Feature |
Charles Schwab
|
FXCM
|
|---|---|---|
| Year Founded | 1971 | 1999 |
| Publicly Traded (Listed) | Yes | Yes |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 4 |
| Tier-2 Licenses | 0 | 2 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
Charles Schwab and FXCM both earn 4 out of 5 stars for commissions and fees. In ForexBrokers.com’s rankings, FXCM places #25 out of 63 brokers, while Charles Schwab is #26. Schwab uses a commission-free model for forex where your cost is the spread; its average EUR/USD spread was 1.35 pips in October 2024, which is on the higher side. FXCM’s pricing is mixed: standard accounts averaged 0.78 pips on EUR/USD in the EU, U.K., and Australia (and 1.38 pips via its St. Vincent & the Grenadines entity), while its commission-based accounts show a low 0.28-pip core spread that comes out to about 0.74 pips after commissions.
At Schwab, you can trade forex through a Schwab One account on thinkorswim with no minimum deposit. Trades settle in U.S. dollars, and the smallest trade size is 10,000 units (about $500 margin at 20:1 leverage). If you want to place trades in a foreign currency using Schwab One, you’ll need to call in the order. The Schwab Global account lets you access 12 international markets in local currencies, with currency conversion fees of roughly 0.2%–1% depending on your balance. Overnight financing (carry) charges are visible in thinkorswim via a calculator, helping you estimate holding costs.
FXCM’s costs are slightly above the industry average overall, but active traders may trim expenses. Its commission-based pricing can be compelling for higher volumes, and the Active Trader Rebate Program (not available in the U.K. or EU) offers $5–$25 per million traded if you do at least $10 million per month. In the U.K., for example, a $25,000 balance and $50 million in monthly volume can reduce commissions to $2.50 per side ($5 round turn), putting the effective EUR/USD spread near 0.78 pips (based on a 0.28-pip core). As with most brokers, spreads can widen during rollover or volatile market conditions. In short, choose Schwab for commission-free simplicity in USD and multi-market access, or consider FXCM if you qualify for its lower commission-based pricing and volume discounts.
| Feature |
Charles Schwab
|
FXCM
|
|---|---|---|
| Minimum Deposit | $0 | Starts from $50 |
| Average Spread EUR/USD - Standard | 1.32 | 0.9 |
| All-in Cost EUR/USD - Active | 1.32 | 0.8 |
| Active Trader or VIP Discounts [DELETED] | ||
| Non-wire bank transfer | Yes | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) [DELETED] | ||
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Charles Schwab offers a far wider range of investments than FXCM. Both brokers support forex trading as CFDs or spot contracts, but the scale differs: Schwab lists about 40,000 tradeable symbols and 73 forex pairs, while FXCM offers around 440 instruments and 46 pairs. According to ForexBrokers.com, Schwab earns 5 out of 5 stars and ranks #5 out of 63 brokers for Range of Investments, compared to FXCM’s 3.5 stars and #48 ranking.
Asset access is another key difference. Schwab lets you buy exchange-traded stocks on U.S. and international exchanges (think Apple and Vodafone), while FXCM does not offer exchange-traded shares. Both brokers support cryptocurrency derivatives but do not offer delivered crypto. If you want copy trading, FXCM has it and Schwab does not. In short, choose Charles Schwab for extensive market access across stocks, forex, and more; pick FXCM if you focus on forex/CFD trading and value copy trading.
| Feature |
Charles Schwab
|
FXCM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 440 |
| Forex Pairs (Total) | 73 | 46 |
| 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.
Comparing trading platforms and tools, both Charles Schwab and FXCM check the big boxes: each offers a free simulated (paper) trading mode, a proprietary platform, a Windows desktop download, a web-based platform, and the ability to place trades directly from charts. Both earn 5 stars for Platforms and Tools, with Schwab ranked #5 and FXCM #6 out of 63 brokers by ForexBrokers.com.
The main differences come down to third-party and social tools. FXCM supports copy trading and offers MetaTrader 4 (MT4), while Charles Schwab does not offer copy trading and does not support MT4. Neither broker supports MT5. If you want MT4 or copy trading, FXCM is the better fit. If you prefer an in-house platform with paper trading and chart trading built in, Schwab is a strong choice—and it edges FXCM in the category ranking.
| Feature |
Charles Schwab
|
FXCM
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading 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 | No |
| DupliTrade [DELETED] | ||
| ZuluTrade [DELETED] | ||
| Charting - Indicators / Studies (Total) | 374 | 115 |
| Charting - Drawing Tools (Total) [DELETED] | ||
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields [DELETED] |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Comparing Charles Schwab vs FXCM for mobile trading apps: both offer iPhone and Android apps, price alerts, synced watchlists between mobile and your online account, trendline drawing on charts, auto-saving of drawings, and watchlists with real-time quotes. Details about switching between multiple chart time frames in the mobile apps were not provided for either broker.
For charting depth, Charles Schwab lists 374 technical studies in its mobile app versus 59 for FXCM, a notable gap for traders who rely on indicators. In third-party ratings from ForexBrokers.com, Schwab earns 5 stars and ranks 6th out of 63 brokers for Mobile Trading Apps, while FXCM earns 4.5 stars and ranks 16th. If you want the widest set of built-in studies, Schwab stands out; if you mainly need core tools with alerts and syncing on both iOS and Android, either app will get the job done.
| Feature |
Charles Schwab
|
FXCM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 374 | 59 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | ||
| Mobile Charting - Trendlines Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Comparing Charles Schwab vs FXCM for market research, both brokers deliver daily market commentary, premium forex news from top-tier sources like Bloomberg, Reuters, or Dow Jones, and a clear economic calendar covering global events. That means traders at either broker get timely updates and headline-driven context to follow markets throughout the day.
FXCM stands out for extra tools: Trading Central analytics, a sentiment gauge showing long/short positioning, and TipRanks research. Charles Schwab does not offer those specific tools, and neither broker provides Autochartist or Acuity Trading. According to ForexBrokers.com, Charles Schwab earns 5 stars for research and ranks #5 out of 63 brokers, while FXCM scores 4.5 stars and ranks #11. In short, choose Schwab for top-rated research and news coverage, or pick FXCM if you want sentiment data and Trading Central insights alongside strong news and commentary.
| Feature |
Charles Schwab
|
FXCM
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| Trading Central (Recognia) | No | Yes |
| Client sentiment data | No | Yes |
| TipRanks | No | Yes |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Comparing education for beginners: Charles Schwab vs FXCM. Both brokers run at least one live client webinar every month and each offers 10+ beginner videos plus 10+ advanced videos on trading topics. The information provided does not confirm whether either broker has a dedicated forex or CFD education library (10+ pieces), a searchable archive of past webinars, or an investor dictionary with 50+ terms.
According to ForexBrokers.com, Charles Schwab earns 5 stars for Education and ranks #6 out of 63 brokers, while FXCM earns 4.5 stars and ranks #14. That makes Schwab the stronger overall pick for learning, while FXCM remains a solid choice with plenty of videos and monthly webinars. If your main focus is forex and CFD training, check each site to confirm a focused course list and whether past webinars can be searched.
| Feature |
Charles Schwab
|
FXCM
|
|---|---|---|
| Education (Forex or CFDs) | ||
| Webinars | Yes | Yes |
| Client Webinars (Archived) [DELETED] | ||
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) [DELETED] |
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 FXCM. Charles Schwab finished with an overall rank of #6, while FXCM finished with an overall rank of #15.
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
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FXCM
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 95 |
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Both Charles Schwab and FXCM do not provide options to purchase actual delivered cryptocurrency, but they do offer the ability to trade cryptocurrency derivatives.
Comparing online brokers Charles Schwab vs FXCM: both support ACH/SEPA and bank wire transfers for deposits and withdrawals, FXCM additionally offers PayPal and Skrill while Charles Schwab does not, and Visa/Mastercard availability is not specified for either.
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 | FXCM | |
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| Trust Score | 99 | 95 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | FXCM Review |
| Broker Screenshots | Charles Schwab | FXCM | |
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| Regulation | Charles Schwab | FXCM | |
|---|---|---|---|
| Trust Score | 99 | 95 | |
| Year Founded | 1971 | 1999 | |
| Publicly Traded (Listed) | Yes | Yes | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 5 | 4 | |
| Tier-2 Licenses | 0 | 2 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | FXCM | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | Yes | |
| Canada (CIRO Authorised) | Yes | Yes | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | No | ||
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | |||
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | ||
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | Charles Schwab | FXCM | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | Yes | ||
| South Africa (FSCA Authorised) | Yes | ||
| UAE (DFSA, FSRA, or SCA Authorised) | No | ||
| India (SEBI Authorised) | No | ||
| Jordan (JSC Authorised) |
| Investments | Charles Schwab | FXCM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 440 | |
| Forex Pairs (Total) | 73 | 46 | |
| 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 | FXCM | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.32 | 0.9 | |
| All-in Cost EUR/USD - Active | 1.32 | 0.8 | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | FXCM | |
|---|---|---|---|
| Minimum Deposit | $0 | Starts from $50 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | Yes | Yes |
| Trading Platforms | Charles Schwab | FXCM | |
|---|---|---|---|
| Proprietary Desktop Trading 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 | No | |
| cTrader | No | No |
| Trading Tools | Charles Schwab | FXCM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 374 | 115 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Charles Schwab | FXCM | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 374 | 59 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Charles Schwab | FXCM | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | No | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | Yes | |
| Client sentiment data | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | FXCM | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Charles Schwab | FXCM | |
|---|---|---|---|
| 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 | FXCM Review |
| Overall | Charles Schwab | FXCM | |
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| Trust Score | 99 | 95 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | FXCM Review |
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