Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs FXGT.com, 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, established in 1971, stands as a beacon of trust and stability in the financial sector. As a publicly traded company and a bank, it holds five Tier-1 licenses, indicating a high level of reliability. This extensive regulatory framework and its listing on the stock exchange contribute to its perfect Trust Score of 99 out of 99 from ForexBrokers.com, categorizing it as highly trusted.
In contrast, FXGT.com, which entered the market in 2019, operates without the backing of a publicly traded status or banking facilities. Holding just one Tier-1 license and an additional Tier-2 license, the firm earns a Trust Score of 69 out of 99, placing it in the high-risk category according to the ForexBrokers.com rating system. While it offers unique opportunities for traders, potential users may want to consider these factors when weighing their options.
| Feature |
Charles Schwab
|
FXGT.com
|
|---|---|---|
| Year Founded | 1971 | 2019 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 1 |
| Tier-2 Licenses | 0 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 2 |
Charles Schwab and FXGT.com offer distinct structures when it comes to commissions and fees, appealing to different types of traders. Charles Schwab stands out with no minimum deposit requirement, making it accessible to newcomers. While Schwab doesn't charge direct commissions for forex trading, traders should account for the bid/ask spread costs, with the EUR/USD averaging 1.35 pips in October 2024. Additionally, Schwab provides access to various currency markets, though international transactions can attract conversion fees ranging from 0.2% to 1%.
FXGT.com, on the other hand, does not provide specific details on average spreads, which can be a consideration for traders focused on transparency. FXGT.com appeals to traders who seek a straightforward trading experience without intricate fee structures. While FXGT.com doesn't specify its average spreads, traders might weigh this against their need for detailed cost information when choosing a platform.
Ultimately, Charles Schwab is rated four stars out of five for commissions and fees, making it a relatively high-ranking choice at 23rd out of 63 brokers according to ForexBrokers.com. FXGT.com, with a 3.5-star rating, ranks lower at 56th, which might suggest a more competitive landscape for dedicated cost-conscious traders. These ratings provide a clear indication of each broker's standing in the industry, guiding traders in their decisions based on affordability and fee transparency.
| Feature |
Charles Schwab
|
FXGT.com
|
|---|---|---|
| Minimum Deposit | $0 | $5 |
| 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 | No |
| ACH or SEPA Transfers | Yes | Yes |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | No |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing the available investment options between Charles Schwab and FXGT.com, Schwab provides a significantly broader range. Charles Schwab offers an impressive 40,000 tradeable symbols, including 73 forex pairs, while FXGT.com offers a modest 117 symbols with 53 forex pairs. One of the major distinctions is that Charles Schwab users can purchase exchange-traded securities directly on both U.S. and international exchanges, giving access to stocks like Apple and Vodafone. In contrast, FXGT.com does not provide access to such direct securities trading, focusing more on CFD-based trading products.
For those interested in forex trading, both Charles Schwab and FXGT.com offer forex contracts for difference (CFDs). However, they differ significantly in their additional offerings and rankings. Charles Schwab doesn’t offer copy trading but allows trading in crypto derivatives, aligned with FXGT.com in this area. Despite FXGT.com's capability for copy trading, Charles Schwab prevails in terms of the range of investments, evidenced by its 5-star rating and ranking of #5 out of 63 brokers by ForexBrokers.com. FXGT.com, albeit lower on this scale with a 3-star rating and a #61 rank, might still appeal to those looking for more streamlined choices or copy trading functionalities.
| Feature |
Charles Schwab
|
FXGT.com
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 117 |
| Forex Pairs (Total) | 73 | 53 |
| 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.
When comparing trading platforms and tools, Charles Schwab and FXGT.com each bring unique features to the table. Both brokers offer simulations through free virtual demo accounts, allowing users to practice trading without risk. While Charles Schwab provides a proprietary platform developed in-house, FXGT.com utilizes popular platforms like MetaTrader 4 and MetaTrader 5, recognized for their advanced trading features. Both brokers support web-based and Windows-based desktop platforms, enabling seamless access for traders. Additionally, FXGT.com distinguishes itself with copy trading capabilities, a feature not available at Charles Schwab. For those seeking extensive charting tools, Schwab offers 24 drawing tools compared to FXGT.com’s 23, although FXGT.com shines with its integration of renowned MetaTrader platforms.
Charles Schwab excels in offering personalized watch lists with a staggering 580 fields, far surpassing FXGT.com’s five. This comprehensive customization contributes to Schwab’s high rating of five stars for trading platforms and tools, ranking it 5th among 63 brokers according to ForexBrokers.com. In contrast, FXGT.com is rated four stars and ranked 56th in the same category. While both brokers allow trading directly from stock charts, Schwab’s advanced capabilities and customization options make it a preferred choice for many traders seeking a sophisticated yet user-friendly experience.
| Feature |
Charles Schwab
|
FXGT.com
|
|---|---|---|
| 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 | No |
| Charting - Indicators / Studies (Total) | 374 | 37 |
| Charting - Drawing Tools (Total) | 24 | 23 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 580 | 5 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of Charles Schwab and FXGT.com, we find both brokers offering applications for iPhone and Android users. They provide useful features such as stock and forex price alerts, as well as synchronized watchlists that update changes made across devices and online accounts. For traders keen on analysis, Charles Schwab stands out with an impressive 374 technical studies available for charting, compared to FXGT.com's offering of 30. Both apps allow users to draw trendlines, view various time frames like daily or intraday, and autosave chart drawings, ensuring a seamless trading experience.
Moreover, each app supports creating watchlists with real-time quotes, catering to traders who need timely updates. Despite these similarities, there is a clear distinction in user experience ratings; Charles Schwab is highly rated at five stars, positioning it at #6 out of 63 brokers on ForexBrokers.com for mobile apps. In contrast, FXGT.com holds a 3.5-star rating, placing it at #58. This suggests that while both options are similar in basic offerings, user satisfaction and advanced analysis tools heavily favor Charles Schwab’s mobile app for a comprehensive trading experience.
| Feature |
Charles Schwab
|
FXGT.com
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 374 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When it comes to market research, Charles Schwab stands out compared to FXGT.com. Schwab offers daily market commentary and access to forex news from prestigious sources such as Bloomberg, Reuters, and Dow Jones. These resources give Schwab clients a comprehensive insight into the market's daily movements and trends. Meanwhile, FXGT.com does not provide daily market commentary or news from similar high-tier sources. Both brokers do not offer tools from Autochartist or Trading Central, but Schwab compensates with an economic calendar that keeps traders informed about global economic events. Schwab's research capabilities earn it a strong rating of 5 stars from ForexBrokers.com, positioning it as the fourth top broker in research out of 63 evaluated platforms.
FXGT.com, while offering a sentiment-based trading tool for gauging long or short positions in various currency pairs, lacks the extensive news and commentary services found in Schwab. Their research tools are limited, as they don't feature any services from companies like Autochartist, Trading Central, TipRanks, or Acuity Trading. Despite having an economic calendar similar to Schwab's, it doesn't bridge the gap in thoroughness and quality of research offerings. As a result, FXGT.com has a more modest research rating of 3 stars and ranks 56th among the 63 brokers reviewed by ForexBrokers.com. For traders who prioritize in-depth market research, Charles Schwab offers a more substantial and informative suite of services compared to FXGT.com.
| Feature |
Charles Schwab
|
FXGT.com
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | No | No |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | No | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
For beginners seeking to learn about trading, Charles Schwab is a top choice when compared to FXGT.com, particularly in the area of educational resources. Schwab shines with a comprehensive offering tailored for both novices and experienced traders alike. The platform provides more than ten educational pieces focused explicitly on forex and CFDs, ensuring a thorough grounding for newcomers. Additionally, Charles Schwab hosts monthly online webinars and maintains an easily accessible archive of recorded sessions for clients to revisit as needed. For those eager to gain a deeper understanding of trading strategies, Schwab delivers an extensive library of over 20 educational videos that cater to both beginner and advanced levels.
In comparison, FXGT.com falls short in several educational aspects. The platform does not meet the threshold of providing at least ten educational pieces dedicated to forex and CFDs, nor does it offer regular online educational webinars for its clients. Beginner traders may find the lack of at least ten basic educational videos on trading topics a limiting factor, and experienced traders will also notice the absence of advanced educational video content. Both platforms do offer an investor dictionary with definitions for over 50 investing terms, but Charles Schwab has earned a higher educational rating of 5 stars, ranking 6th out of 63 brokers on ForexBrokers.com, while FXGT.com holds a 3-star rating and ranks 60th.
| Feature |
Charles Schwab
|
FXGT.com
|
|---|---|---|
| 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 FXGT.com. Charles Schwab finished with an overall rank of #6, while FXGT.com finished with an overall rank of #59.
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
|
FXGT.com
|
|---|---|---|
| Overall Rating |
|
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| Trust Score | 99 | 69 |
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Both Charles Schwab and FXGT.com do not offer the ability to purchase actual delivered cryptocurrency, but they both facilitate trading in cryptocurrency derivatives.
Both Charles Schwab and FXGT.com provide ACH or SEPA transfers and bank wires as methods for depositing or withdrawing funds, while only FXGT.com accepts Visa or Mastercard, and neither broker supports PayPal or Skrill transactions.
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 | FXGT.com | |
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| Trust Score | 99 | 69 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review |
| Broker Screenshots | Charles Schwab | FXGT.com | |
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| Regulation | Charles Schwab | FXGT.com | |
|---|---|---|---|
| Trust Score | 99 | 69 | |
| Year Founded | 1971 | 2019 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 5 | 1 | |
| Tier-2 Licenses | 0 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 2 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | FXGT.com | |
|---|---|---|---|
| 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 | No | |
| 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 | FXGT.com | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Charles Schwab | FXGT.com | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 117 | |
| Forex Pairs (Total) | 73 | 53 | |
| 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 | FXGT.com | |
|---|---|---|---|
| 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 | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | FXGT.com | |
|---|---|---|---|
| Minimum Deposit | $0 | $5 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | No | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | Yes |
| Trading Platforms | Charles Schwab | FXGT.com | |
|---|---|---|---|
| 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 | No |
| Trading Tools | Charles Schwab | FXGT.com | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 580 | 5 | |
| Charting - Indicators / Studies (Total) | 374 | 37 | |
| Charting - Drawing Tools (Total) | 24 | 23 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Charles Schwab | FXGT.com | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 374 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Charles Schwab | FXGT.com | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | No | No | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | FXGT.com | |
|---|---|---|---|
| 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 | FXGT.com | |
|---|---|---|---|
| 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 | FXGT.com | |
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| Trust Score | 99 | 69 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review |
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