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 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 account | 1.32 | 0.9 |
| All-in Cost EUR/USD - Active | 1.32 | 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 online brokers Charles Schwab and FXCM on their range of investments, Schwab offers a far wider selection. Schwab lists about 40,000 tradeable symbols and 73 forex pairs, versus FXCM’s 440 symbols and 46 pairs. Both brokers let you trade forex as CFDs or spot. A key difference is market access: Schwab provides direct share dealing on U.S. and international exchanges, so you can buy and own stocks like Apple on NASDAQ and London‑listed shares, while FXCM does not offer exchange‑traded securities and focuses on CFDs.
FXCM supports copy trading, which Schwab does not. Both offer cryptocurrency as CFDs, not actual coins. Reflecting these choices, ForexBrokers.com rates Schwab 5 stars for Range of Investments and ranks it #5 out of 63 brokers, while FXCM earns 3.5 stars and ranks #48. In short, Schwab suits investors seeking many markets and real stock ownership, while FXCM fits traders who want forex and CFD access with 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.
Comparing Charles Schwab and FXCM for trading platforms and tools, both online brokers offer paper trading via free demo accounts, their own in-house platforms, and access through a web browser and a Windows desktop download. Each broker lets you place orders straight from a chart. FXCM stands out if you want copy trading and MetaTrader 4 (MT4). Charles Schwab does not support copy trading or MT4. Neither broker supports MetaTrader 5 (MT5).
Both brokers earn 5 out of 5 stars for Trading Platforms and Tools. In the ForexBrokers.com rankings, Charles Schwab is #5 out of 63 brokers, with FXCM close behind at #6. You’re choosing between two top-tier platform experiences; your decision may hinge on whether you value copy trading and MT4 (FXCM) or prefer Schwab’s in-house platform lineup.
| 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 education for beginners at Charles Schwab and FXCM, both brokers make it easy to learn the basics and keep improving. Each runs online client webinars at least once a month and offers 10+ beginner-friendly videos, along with 10+ advanced videos for traders who want to level up. The available data does not confirm whether either broker provides at least 10 forex- or CFD-specific lessons (articles, videos, or archived webinars). If forex or CFDs are your main focus, check each broker’s education hub to see the latest forex/CFD content.
Ratings tilt in Schwab’s favor: Charles Schwab earns 5 stars for Education and ranks #6 out of 63 brokers on ForexBrokers.com, while FXCM scores 4.5 stars and ranks #14. For beginners seeking steady webinars and plenty of video lessons, both are solid choices, but Schwab has the edge based on its higher rating and ranking.
| 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 #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
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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 | 1.32 | 0.9 | |
| All-in Cost EUR/USD - Active | 1.32 | 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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