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.
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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 offer forex trading, but their pricing works a bit differently. Schwab does not charge a forex commission, so your main cost is the spread, with the EUR/USD averaging 1.35 pips in October 2024, which is on the higher side. Schwab’s low minimum deposit requirement makes it easy to get started, and the broker’s thinkorswim platform also shows overnight carry charges so traders can estimate holding costs. Charles Schwab is rated 4 stars and ranked #23 out of 36 for commissions and fees.
FXCM also keeps costs spread-based on some accounts, but its pricing is generally a little more competitive than Schwab’s. In May 2024, FXCM’s average EUR/USD spread was 0.78 pips for its EU, U.K., and Australia offerings, while commission-based accounts averaged 0.28 pips before commissions. However, FXCM’s effective cost can rise once commissions are included, and pricing may improve for active traders who qualify for rebate discounts. FXCM is rated 4.5 stars and ranked #17 out of 36 for commissions and fees.
In simple terms, Schwab may appeal more to traders who want no commission and a straightforward setup, while FXCM may be a better fit for higher-volume traders who can take advantage of lower spreads and possible rebates. For most cost-focused forex traders, FXCM has the edge overall, but the best choice depends on how often you trade and whether you can qualify for active trader pricing.
| Feature |
Charles Schwab
|
FXCM
|
|---|---|---|
| Minimum Deposit | $0 | Starts from $50 |
| Average spread (EUR/USD) - Standard account | 1.27 | 0.9 |
| All-in Cost EUR/USD - Active | 1.27 | 0.8 |
| Non-wire bank transfer | Yes | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When it comes to range of investments, Charles Schwab offers a much broader selection than FXCM. Schwab provides access to about 40,000 tradeable symbols and 73 forex pairs, along with exchange-traded securities on both U.S. and international exchanges, so investors can buy real stocks like Apple or Vodafone in addition to forex and crypto CFDs. FXCM, by comparison, offers around 440 tradeable symbols and 46 forex pairs, and it does not offer exchange-traded securities on U.S. or international markets.
Both brokers allow forex trading as a CFD or spot contract, and both offer cryptocurrency CFDs rather than actual delivered crypto. However, FXCM does include copy trading, while Charles Schwab does not. Overall, Schwab is rated 5 stars for range of investments and ranks #5 out of 36 brokers at ForexBrokers.com, while FXCM is rated 4.5 stars and ranks #21, making Schwab the stronger choice for investors who want more market access and more asset variety.
| Feature |
Charles Schwab
|
FXCM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 440 |
| Forex Pairs (Total) | 73 | 46 |
| U.S. Stocks (Shares) | Yes | No |
| Global Stocks (Non-U.S. Shares) | Yes | No |
| Copy Trading | No | Yes |
| Cryptocurrency (Underlying) | No | No |
| Cryptocurrency (CFDs) | 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 FXCM both give traders a choice of web-based and desktop platforms, plus free paper trading for practice. Each broker also has its own in-house platform and lets users place trades directly from a chart, which can make active trading more convenient. In independent ratings from ForexBrokers.com, both brokers earned 5 out of 5 stars for Trading Platforms and Tools, showing strong overall platform quality.
Where the two differ is in advanced trading features. FXCM has the edge for platform variety because it supports copy trading and MetaTrader 4, while Charles Schwab does not offer either one. FXCM also ranks higher in the Trading Platforms and Tools category, coming in at #4 out of 36 brokers, compared with Charles Schwab at #7. For traders who want a simple, all-in-one platform experience, Charles Schwab is a strong choice, while FXCM may appeal more to those looking for more third-party tools and social trading options.
| Feature |
Charles Schwab
|
FXCM
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | No |
| Charting - Indicators / Studies (Total) | 374 | 115 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Charles Schwab and FXCM both make it easy to trade on the go with iPhone and Android apps, plus helpful features like price alerts and watchlist syncing between the mobile app and online account. Each app also lets users draw trendlines on charts, and those drawings auto-save, which is convenient for keeping track of chart analysis across sessions.
Where Charles Schwab stands out is charting depth and overall mobile app quality. Its mobile app includes 374 technical studies, far more than FXCM’s 59, and it earns a higher mobile trading app rating at 5 stars versus FXCM’s 4.5 stars. In ForexBrokers.com’s ranking of 36 brokers, Charles Schwab places #6 for mobile trading apps, while FXCM ranks #16.
| Feature |
Charles Schwab
|
FXCM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 374 | 59 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When it comes to market research, both Charles Schwab and FXCM give traders the basics they need, including daily market commentary, forex news from top sources like Bloomberg, Reuters, and Dow Jones, plus an economic calendar for tracking key global events. Where they differ is in the extra tools each platform adds. Charles Schwab does not include Autochartist, Trading Central, sentiment data, TipRanks, or Acuity Trading research, while FXCM offers Trading Central, sentiment-based trading tools, and TipRanks, though it also does not include Autochartist or Acuity Trading.
Overall, Charles Schwab earns a higher research score, with 5 out of 5 stars and a #5 ranking out of 36 brokers on ForexBrokers.com. FXCM still performs well, but lands slightly lower at 4.5 stars and #11 out of 36. For traders who want a wider mix of built-in research tools, FXCM has the edge, while Charles Schwab stands out for its top-rated research category score.
| Feature |
Charles Schwab
|
FXCM
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| Trading Central | No | Yes |
| Client sentiment data | No | Yes |
| TipRanks | No | Yes |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to beginner-friendly learning tools, Charles Schwab and FXCM both give new traders a solid starting point. Each broker offers forex and CFDs education, online educational webinars at least once a month, plus at least 10 beginner videos and 10 advanced videos covering trading topics. That means beginners can find lessons that explain the basics, while more experienced users can keep learning as their skills grow.
Even so, Charles Schwab stands out a bit more for education overall. It earns a 5-star Education rating and ranks #6 out of 36 brokers at ForexBrokers.com, while FXCM holds a 4.5-star rating and ranks #13. For beginners comparing online broker education resources, Schwab appears to have the stronger all-around learning library, although FXCM still offers plenty of useful forex and CFD content.
| Feature |
Charles Schwab
|
FXCM
|
|---|---|---|
| Webinars | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | 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 FXCM. Charles Schwab finished with an overall rank of #6, while FXCM finished with an overall rank of #10.
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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In the Charles Schwab vs FXCM comparison, neither online broker lets you buy actual (delivered) cryptocurrency, but both offer trading in cryptocurrency CFDs.
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 (FSA 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 CMA 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. Stocks (Shares) | Yes | No | |
| Global Stocks (Non-U.S. Shares) | Yes | No | |
| Copy Trading | No | Yes | |
| Cryptocurrency (Underlying) | No | No | |
| Cryptocurrency (CFDs) | 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 account | 1.27 | 0.9 | |
| All-in Cost EUR/USD - Active | 1.27 | 0.8 | |
| Inactivity Fee | No | Yes | |
| Order execution: Agency | Yes | Yes | |
| Order 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 | |
| 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 [DELETED] | |||
| Mobile Watchlists - 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 (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | No | |
| Trading Central | 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 [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| 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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