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 charges no commissions on forex trades; your cost is the spread. In October 2024, the average EUR/USD spread on thinkorswim was about 1.35 pips, which is on the higher side versus peers. All trades are settled in U.S. dollars, and the smallest trade size is 10,000 units (about $500 minimum margin at 20:1 leverage). If you use the Schwab Global account to trade in local currencies, currency conversion fees apply (roughly 0.2%–1% depending on your balance). Schwab’s platform also shows overnight financing (carry) estimates so you can gauge the cost of holding positions.
FXCM’s pricing sits slightly above industry averages on standard accounts, with typical EUR/USD spreads around 0.78 pips in the EU, U.K., and Australia (and about 1.38 pips under its St. Vincent & the Grenadines entity) based on May 2024 data. Its commission-based accounts post low core spreads (around 0.28 pips), but once commissions are included, the effective spread is closer to 0.74 pips per round turn. FXCM offers an Active Trader Rebate Program (not available in the U.K. or EU) with five tiers that can return $5–$25 per million traded, and entity-specific programs can lower commissions further for high balances and high monthly volumes. As with most brokers, spreads can widen at rollover or during volatile markets.
Bottom line on costs: Schwab’s zero-commission model is simple, but its forex spreads tend to be wider; FXCM can be cheaper for active traders who qualify for commission-based pricing and rebates, while casual traders may see similar or slightly lower costs versus Schwab depending on entity and market conditions. Ratings and rankings for commissions and fees: Charles Schwab — 4/5 stars, ranked 23rd out of 63; FXCM — 4/5 stars, ranked 17th out of 63.
| 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.
Comparing Charles Schwab vs FXCM for range of investments: both brokers let you trade forex as CFDs or spot. Schwab offers far more markets, with about 40,000 tradeable symbols versus 440 at FXCM, and 73 forex pairs compared with FXCM’s 46. Schwab also lets you buy exchange-traded securities on U.S. exchanges (for example, Apple) and on international exchanges (such as Vodafone in London); FXCM does not offer exchange-traded shares.
Neither broker supports buying actual cryptocurrency, but both offer cryptocurrency CFDs. FXCM includes copy trading, while Schwab does not. In ForexBrokers.com’s Range of Investments ratings, Schwab scores 5 stars and ranks #5 out of 63 brokers; FXCM scores 3.5 stars and ranks #21. In short, Schwab is geared toward investors who want a very wide selection of stocks, ETFs, and forex pairs, while FXCM suits traders focused on forex and CFDs who 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. 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 deliver strong trading platforms and tools. Each broker offers a free paper trading (demo) account, in-house platforms, downloadable Windows desktop software, and web-based trading, plus the ability to place trades directly from charts. Where they differ: FXCM supports copy trading and MetaTrader 4 (MT4), while Schwab does not offer copy trading or MT4. Neither broker supports MetaTrader 5 (MT5). Both earned 5 stars for Trading Platforms and Tools; in ForexBrokers.com’s rankings out of 63 brokers, FXCM placed #4 and Charles Schwab ranked #7.
Choose FXCM if you want copy trading or plan to use MT4 alongside a proprietary platform. Pick Charles Schwab if you prefer a seamless desktop and browser experience with paper trading and chart-based order entry, and you don’t need MT4 or social-copy features. Either way, both brokers provide user-friendly platforms and helpful tools for testing strategies and placing trades.
| 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 offer full-featured mobile trading apps for iPhone and Android. Each app supports price alerts and watchlist syncing with your online account, so changes carry across devices. Charting is strong on both, with trendline drawing and auto-save for your annotations. Where they differ most is the depth of indicators: Charles Schwab lists 374 technical studies in its mobile charts, compared with 59 at FXCM—useful if you rely on a wider range of signals.
In independent testing by ForexBrokers.com, Charles Schwab’s mobile apps earned 5 stars and ranked #6 out of 63 brokers, while FXCM received 4.5 stars and ranked #16. If you want the largest selection of built-in studies and a top-rated experience, Schwab is the better pick. If you’re focused on forex and want a highly rated app with essential tools and syncing, FXCM is still a strong choice.
| 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.
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 (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.
Comparing Charles Schwab and FXCM for beginner education, both brokers make it straightforward to start learning. Each hosts online client webinars at least once a month and provides sizable video libraries, with 10 or more beginner videos and 10 or more advanced videos that cover key trading topics. This mix of webinars and step‑by‑step videos supports steady progress for new traders, including those interested in forex and CFDs.
Ratings tip the scale toward Charles Schwab: ForexBrokers.com gives Schwab 5 stars for Education and ranks it #6 out of 63 brokers, while FXCM earns 4.5 stars and ranks #13. Pick Schwab if you want a higher‑rated learning hub; choose FXCM if you value frequent webinars and plenty of video lessons. If forex and CFDs are your main focus, review each broker’s catalog to confirm the specific topics you want are covered.
| 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
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|---|---|---|
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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 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. 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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