Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs FxPro, 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 out as a highly trusted online broker with a stellar Trust Score of 99 according to ForexBrokers.com. This places it in the top tier of reliability, making it an excellent choice for investors who prioritize security. Schwab is not only a publicly traded entity but also operates as a bank, further enhancing its credibility. The broker holds five Tier-1 licenses, which are regarded as highly trusted, although it does not hold any Tier-2 licenses. These features collectively underscore Schwab’s solid foundation and track record in the financial sector.
Founded in 2006, FxPro provides a trusted online trading experience with a noteworthy Trust Score of 93. Although not publicly traded, FxPro also functions as a bank, offering a stable environment for financial transactions. The broker is recognized for its regulatory compliance, holding two Tier-1 licenses and one Tier-2 license, which speaks to its commitment to maintaining trust in the industry. While FxPro may not have the same volume of high-level licensing as Schwab, it remains a strong contender, especially for those seeking a well-rounded, reliable trading platform.
| Feature |
Charles Schwab
|
FxPro
|
|---|---|---|
| Year Founded | 1971 | 2006 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | Yes |
| Tier-1 Licenses | 5 | 2 |
| Tier-2 Licenses | 0 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 2 |
When it comes to commissions and fees, Charles Schwab stands out by not requiring a minimum deposit for its primary brokerage accounts, like Schwab One and Schwab Global. This makes it accessible for new investors interested in forex trading. Currency trades are settled in U.S. dollars, with a minimum trade size of 10,000 units, meaning at least $500 in margin is needed due to a 20:1 leverage. Schwab doesn’t charge commissions for forex trades; instead, its trading costs are composed of the bid/ask spread, averaging 1.35 pips on the EUR/USD pair. Additionally, overnight carry charges can be calculated within the thinkorswim platform. Schwab scores 4 out of 5 stars for commissions and fees and is ranked #23 out of 62 brokers by ForexBrokers.com.
FxPro offers an alternative with its commission-based pricing model, particularly competitive on its cTrader platform. Here, the effective spread on the EUR/USD can be approximately 1.27 pips, combining the average spread of 0.37 pips with a 0.9 pip commission-equivalent. Traders on FxPro’s MT4 and MT5 platforms can select between variable or fixed spreads, though no fixed pricing is available on MT5. Floating spreads on these platforms feature EUR/USD spreads of 1.58 pips for market execution accounts and 1.71 for instant execution. They also have an Active Trader program under its Elite account, providing discounts of up to 30%. FxPro matches Schwab with a 4-star rating for commissions and fees but is ranked slightly lower at #32 among 62 brokers on ForexBrokers.com.
In conclusion, Charles Schwab and FxPro each offer unique advantages: Schwab with no minimum deposit requirement and low commission trading via spread costs, and FxPro with competitive spreads on cTrader and a discount program for frequent traders. While both have a 4-star rating for commissions and fees, Schwab leads in overall ranking according to ForexBrokers.com.
| Feature |
Charles Schwab
|
FxPro
|
|---|---|---|
| Minimum Deposit | $0 | $100 |
| Average Spread EUR/USD - Standard | 1.35 | 1.51 |
| All-in Cost EUR/USD - Active | 1.35 | 1.27 |
| Active Trader or VIP Discounts | No | Yes |
| ACH or SEPA Transfers | Yes | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing Charles Schwab and FxPro for their investment options, Charles Schwab clearly offers a wider range of tradable symbols with a count of 40,000 compared to FxPro’s 2,249. Both platforms support forex trading as a CFD or spot contract and provide a large selection of forex pairs, with Charles Schwab offering 73 pairs and FxPro closely following with 70. For those interested in stock trading, Charles Schwab provides the advantage of offering exchange-traded securities on U.S. exchanges, allowing clients to directly buy shares such as Apple. In contrast, FxPro lacks this offering but compensates by allowing the purchase of foreign stocks, similar to Charles Schwab, providing opportunities like buying Vodafone shares on the London Stock Exchange.
In terms of additional trading features, FxPro provides the benefit of copy trading, a feature absent from Charles Schwab. However, neither broker offers the ability to buy actual cryptocurrencies, though both allow trading in cryptocurrency derivatives. Overall, Charles Schwab tends to excel in providing a broader range of investment opportunities, achieving a top-tier rating of 5 stars and ranking 5th among 62 brokers by ForexBrokers.com. FxPro earns a commendable 4 stars, securing the 28th rank in the same category, making both brokers strong contenders, albeit with distinct areas of focus and available investment products.
| Feature |
Charles Schwab
|
FxPro
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 2249 |
| Forex Pairs (Total) | 73 | 70 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| 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 weighing the pros and cons of Charles Schwab and FxPro for trading platforms and tools, both brokers offer impressive features that cater to a range of traders' needs. Both providers have developed their own proprietary platforms, ensuring tailored experiences for users. They also supply comprehensive access through various channels, including Windows-based desktop downloads and web-based platforms, along with free virtual demo accounts for simulated trading. However, Charles Schwab does not support MetaTrader 4 (MT4) or MetaTrader 5 (MT5), while FxPro offers both, alongside copy trading, which might appeal to traders interested in these specific features.
Charting tools and capabilities differ between the two; FxPro edges slightly ahead with 25 drawing tools compared to Charles Schwab's 24. Nonetheless, Charles Schwab compensates with substantial flexibility in watch list customization, offering 580 fields compared to FxPro's six. Both brokers enable trading directly from stock charts, enhancing the trading experience. With an impressive 5-star rating for trading platforms and tools, Charles Schwab distinguishes itself and is ranked #5 out of 62 brokers by ForexBrokers.com, whereas FxPro holds a 4-star rating and ranks #17. This suggests that while both have robust offerings, Charles Schwab may provide a more comprehensive suite of tools for traders seeking a well-rounded platform.
| Feature |
Charles Schwab
|
FxPro
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary 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 | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 374 | 53 |
| Charting - Drawing Tools (Total) | 24 | 25 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 580 | 6 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Charles Schwab and FxPro offer versatile mobile trading apps compatible with iPhones and Android devices, ensuring easy accessibility for users. Each app supports the delivery of stock or forex price alerts and allows the syncing of watchlists with the user's online account, enabling seamless modifications from either location. Users can also draw trendlines on charts and view multiple time frames like daily or weekly data, with the assurance that any drawings will be automatically saved for future reference. Additionally, both apps provide the option to create watchlists featuring real-time quotes, catering to the dynamic needs of traders on the go.
When it comes to charting, Charles Schwab offers a more extensive range of technical studies, boasting 374 options compared to FxPro's 65, allowing traders to engage in more detailed market analysis. While both apps are highly rated, Charles Schwab holds a slight edge with a 5-star rating in mobile trading apps, as opposed to FxPro's 4.5-star rating. Reflecting this acclaim, Charles Schwab is ranked 6th out of 62 brokers for mobile trading apps by ForexBrokers.com, while FxPro is ranked at 15th position. These distinctions highlight Charles Schwab's slight advantage in terms of both functionality and overall user satisfaction in the mobile trading space.
| Feature |
Charles Schwab
|
FxPro
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 374 | 65 |
| 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 comparing the market research offerings of Charles Schwab and FxPro, both provide valuable daily market commentary and deliver forex news from top-tier sources like Bloomberg and Reuters. However, they diverge when it comes to additional research tools. FxPro shines by offering tools from Trading Central for technical analysis and has a sentiment-based trading tool that displays long and short positions across various currency pairs. Charles Schwab, on the other hand, lacks these specific features but compensates with a comprehensive economic calendar, similar to what FxPro provides.
In terms of overall ratings, Charles Schwab holds an impressive 5-star rating for its research offerings, while FxPro follows closely with 4 stars. This is reflected in their rankings by ForexBrokers.com, where Charles Schwab is placed 4th out of 62 brokers, and FxPro is positioned at 26th. Despite their differences, both brokers effectively cater to traders seeking thorough market insights and valuable analysis, though Schwab slightly edges out in overall research excellence.
| Feature |
Charles Schwab
|
FxPro
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| Trading Central (Recognia) | No | Yes |
| 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.
When it comes to educational resources for beginners, Charles Schwab and FxPro both provide a wealth of materials to help new traders learn about forex and CFDs. Both brokers offer more than ten educational pieces, including articles, videos, and archived webinars focused on these topics. However, Charles Schwab stands out with its monthly online educational client webinars, a feature that FxPro does not offer. Additionally, both platforms provide a searchable archive of recorded webinars, making it easy for users to find and view past sessions at their convenience.
In terms of content for different skill levels, Charles Schwab provides extensive resources, including over ten beginner and advanced educational videos tailored to specific trader experience levels. While FxPro offers a similar number of beginner-friendly videos, it lacks the advanced offerings that can help seasoned traders sharpen their skills. Both brokers include an investor dictionary with over 50 investing terms, ensuring learners can quickly get up to speed with jargon. According to ForexBrokers.com, Charles Schwab ranks more favorably, receiving five stars for education and placing 6th out of 62 brokers, while FxPro has a four-star rating and is ranked 18th.
| Feature |
Charles Schwab
|
FxPro
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 62 of the best forex brokers, our research and account testing finds that Charles Schwab is better than FxPro. Charles Schwab finished with an overall rank of #6, while FxPro finished with an overall rank of #21.
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
|
FxPro
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 93 |
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Both Charles Schwab and FxPro do not provide the option to purchase actual delivered cryptocurrency, but they do offer the ability to trade cryptocurrency derivatives.
While both Charles Schwab and FxPro allow the use of ACH or SEPA transfers and bank wires for depositing or withdrawing funds, FxPro offers additional flexibility by accepting PayPal, Skrill, and Visa or Mastercard, which Charles Schwab does not provide.
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 | FxPro | |
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| Trust Score | 99 | 93 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | FxPro Review |
| Broker Screenshots | Charles Schwab | FxPro | |
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| Regulation | Charles Schwab | FxPro | |
|---|---|---|---|
| Trust Score | 99 | 93 | |
| Year Founded | 1971 | 2006 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | Yes | Yes | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 5 | 2 | |
| Tier-2 Licenses | 0 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 2 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | FxPro | |
|---|---|---|---|
| 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 | Yes | |
| 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 | FxPro | |
|---|---|---|---|
| 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 | FxPro | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 2249 | |
| Forex Pairs (Total) | 73 | 70 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| 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 | FxPro | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.35 | 1.51 | |
| All-in Cost EUR/USD - Active | 1.35 | 1.27 | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | FxPro | |
|---|---|---|---|
| Minimum Deposit | $0 | $100 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | Yes |
| Trading Platforms | Charles Schwab | FxPro | |
|---|---|---|---|
| Proprietary 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 | Yes | |
| cTrader | No | Yes | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Charles Schwab | FxPro | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 580 | 6 | |
| Charting - Indicators / Studies (Total) | 374 | 53 | |
| Charting - Drawing Tools (Total) | 24 | 25 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Charles Schwab | FxPro | |
|---|---|---|---|
| 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 | 65 | |
| 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 | FxPro | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | No | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | FxPro | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Charles Schwab | FxPro | |
|---|---|---|---|
| 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 | FxPro Review |
| Overall | Charles Schwab | FxPro | |
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| Trust Score | 99 | 93 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | FxPro Review |
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