Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs HFM, 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, founded in 1971, is a well-established online broker known for its high trustworthiness, reflected in its top Trust Score rating of 99 with ForexBrokers.com. As a publicly traded company and a bank, Schwab holds five Tier-1 licenses, which underscore its strong regulatory standing. Its presence in the financial market is supported by these highly trusted licenses, further solidifying its reputation as a reliable choice for investors.
In comparison, HFM, established in 2010, offers brokerage services with a solid Trust Score rating of 86, marking it as a trusted broker. Although not publicly traded or a bank, HFM holds two Tier-1 licenses and three Tier-2 licenses. These regulatory credentials demonstrate HFM's commitment to providing trusted services, making it a viable option for those seeking a dependable online brokerage experience.
| Feature |
Charles Schwab
|
HFM
|
|---|---|---|
| Year Founded | 1971 | 2010 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 2 |
| Tier-2 Licenses | 0 | 3 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 2 |
Charles Schwab and HFM both earn 4 out of 5 stars for commissions and fees, but Schwab ranks higher at #25 of 63 brokers versus HFM at #32, per ForexBrokers.com. Schwab charges no commission on forex; you pay the spread, which averaged 1.35 pips on EUR/USD in October 2024 (on the higher end of the industry). Forex is available through thinkorswim with a Schwab One account, where all trades settle in U.S. dollars, the smallest trade size is 10,000 units, and the margin to control that size is about $500 at 20:1 leverage. There’s no minimum deposit on Schwab’s main brokerage accounts. If you want to place trades in a foreign currency from Schwab One, you must call in. Schwab Global lets you trade in 12 local markets, but currency conversions can cost 0.2%–1% depending on your balance.
HFM’s trading costs are slightly above the industry average. On its Standard account, the company cites a “typical” 1.2‑pip spread (no time range given, so actual averages may be higher). The Zero account quotes an effective 0.7‑pip spread after commission, but that figure is also not an average. In short, HFM can look cheaper on paper with the Zero account, while the Standard account may or may not beat competitors depending on live market conditions.
Head to head on EUR/USD, Schwab’s documented 1.35‑pip average is likely pricier than HFM’s advertised Zero account rate, though HFM’s lack of time‑stamped averages makes exact comparisons tricky. Schwab offers no‑commission simplicity and a helpful overnight financing calculator inside thinkorswim, but has a larger minimum trade size and potential currency conversion fees on Schwab Global. Ratings: Charles Schwab 4/5 stars, ranked #25/63; HFM 4/5 stars, ranked #32/63 for commissions and fees.
| Feature |
Charles Schwab
|
HFM
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average Spread EUR/USD - Standard | 1.35 | 1.2 |
| All-in Cost EUR/USD - Active | 1.35 | 0.7 |
| Active Trader or VIP Discounts | No | No |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Comparing the range of investments, Charles Schwab offers a far wider lineup than HFM: about 40,000 tradeable symbols versus HFM’s 500. Schwab lists 73 forex pairs and provides access to exchange-traded securities on both U.S. and international exchanges, so you can buy shares like Apple (NASDAQ: AAPL) and Vodafone (VOD-GB: London Stock Exchange). HFM lists 102 forex pairs—more than Schwab—and supports copy trading, while Schwab does not. Neither broker supports buying actual cryptocurrency, but both offer cryptocurrency derivatives. Both also allow forex trading as a CFD or spot contract.
For overall breadth, ForexBrokers.com rates Charles Schwab 5 stars and ranks it #5 out of 63 brokers for Range of Investments. HFM earns 4 stars and ranks #37. In short, Schwab suits investors who want a very wide selection across asset classes and markets, while HFM appeals more to forex-focused traders who value a larger pair count and copy trading.
| Feature |
Charles Schwab
|
HFM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 500 |
| Forex Pairs (Total) | 73 | 102 |
| 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.
Charles Schwab and HFM both make it easy to get started with a free demo (paper) account and each offers its own in-house trading platform, along with Windows desktop and web-based platforms. You can place trades straight from charts on both. Where they differ: HFM supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5) and also offers copy trading, while Charles Schwab does not. Neither broker integrates DupliTrade or ZuluTrade.
For charting, Schwab lists 24 drawing tools versus 30 with HFM. Indicator totals weren’t specified. Watchlists are a standout area for Charles Schwab, with 580 available columns compared with HFM’s 7. Reflecting these strengths, ForexBrokers.com rates Charles Schwab 5 stars and ranks it #5 out of 63 for Trading Platforms and Tools, while HFM earns 4 stars and ranks #43.
| Feature |
Charles Schwab
|
HFM
|
|---|---|---|
| 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 | 15 |
| Charting - Drawing Tools (Total) | 24 | 30 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 580 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Charles Schwab and HFM both offer mobile trading apps for iPhone and Android with price alerts and watchlists featuring real-time quotes. Each app lets you draw trendlines, switch between intraday, daily, and weekly time frames, and auto-save chart drawings. A key difference is watchlist syncing: Schwab syncs symbols between the mobile app and your online account, while HFM does not.
For chart analysis, Schwab provides 374 technical studies compared with HFM’s 30, giving Schwab a wider range of indicators on mobile. Reflecting this, Schwab’s mobile app is rated 5 stars and ranks #6 out of 63 brokers at ForexBrokers.com, while HFM’s app is rated 4 stars and ranks #40. If you want deeper on-the-go chart tools and synced watchlists, Schwab stands out; if you need the essentials, HFM covers the basics.
| Feature |
Charles Schwab
|
HFM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| 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.
Both Charles Schwab and HFM deliver daily market commentary and supply forex news from industry-leading sources like Bloomberg, Reuters, and Dow Jones, ensuring investors stay informed on market movements. Both brokers provide an economic calendar, displaying key global economic events. However, when it comes to specific research tools, there are distinctions. HFM distinguishes itself by offering Autochartist tools for technical and fundamental analysis and also provides a sentiment-based trading tool that showcases the ratio of long or short positions across various instruments. Charles Schwab does not offer these particular tools, which may be a consideration for traders focused on these aspects of market analysis.
For overall market research, Charles Schwab excels with a top ranking of #4 by ForexBrokers.com and a perfect five-star rating for research capabilities. In comparison, HFM holds a respectable #20 rank and a four-star rating, indicating solid offerings but with room for improvement. If you're seeking comprehensive research support, Charles Schwab may be the better choice, albeit those who value advanced trading tools like Autochartist and sentiment indicators might find HFM more appealing. Both platforms strive to cater to investor needs, each with its unique strengths.
| Feature |
Charles Schwab
|
HFM
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| 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.
Both Charles Schwab and HFM provide an array of educational resources tailored for beginner traders interested in forex and CFDs. Each offers a minimum of 10 educational pieces like articles, videos, and archived webinars specifically focused on these topics. Additionally, they both host regular monthly webinars accessible online, which are excellent for learners eager to further their knowledge. A searchable archive of previous webinars ensures clients can learn at their own pace, while both platforms also present extensive beginner educational videos designed to cover the essentials of trading.
When it comes to more advanced learning materials, Charles Schwab and HFM once again shine, offering at least 10 advanced educational videos to cater to experienced traders aiming to refine their strategies. To support traders in mastering financial terminology, both brokers provide an investor dictionary with over 50 essential investing terms. However, Charles Schwab stands out in terms of ratings, receiving a full 5 stars for its educational offerings compared to HFM's 4 stars. Furthermore, Charles Schwab ranks impressively at #6 out of 63 brokers in the Education category by ForexBrokers.com, while HFM holds the #37 spot. This recognition highlights Charles Schwab's comprehensive and effective educational tools, making it an attractive option for those starting their trading journey.
| Feature |
Charles Schwab
|
HFM
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| 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 HFM. Charles Schwab finished with an overall rank of #6, while HFM finished with an overall rank of #30.
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
|
HFM
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 86 |
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Both Charles Schwab and HFM do not offer the option to buy actual (delivered) cryptocurrencies; however, they both provide the ability to buy cryptocurrency derivatives, allowing investors to trade based on cryptocurrency values without owning the digital currency itself.
Charles Schwab supports ACH and SEPA transfers and bank wires for fund transactions but does not offer PayPal, Skrill, or Visa/Mastercard, whereas HFM provides Skrill, Visa/Mastercard, and bank wire options but does not support ACH or SEPA transfers or PayPal.
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 | HFM | |
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| Trust Score | 99 | 86 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | HFM Review |
| Broker Screenshots | Charles Schwab | HFM | |
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| Regulation | Charles Schwab | HFM | |
|---|---|---|---|
| Trust Score | 99 | 86 | |
| Year Founded | 1971 | 2010 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 5 | 2 | |
| Tier-2 Licenses | 0 | 3 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 2 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | HFM | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | No | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC 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 | HFM | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | ||
| Israel (ISA Authorised) | No | ||
| South Africa (FSCA Authorised) | Yes | ||
| UAE (DFSA/Central Bank Authorised) | Yes | ||
| India (SEBI Authorised) | No | ||
| Jordan (JSC Authorised) |
| Investments | Charles Schwab | HFM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 500 | |
| Forex Pairs (Total) | 73 | 102 | |
| 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 | HFM | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.35 | 1.2 | |
| All-in Cost EUR/USD - Active | 1.35 | 0.7 | |
| Active Trader or VIP Discounts | No | No | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | HFM | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | Charles Schwab | HFM | |
|---|---|---|---|
| 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 | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Charles Schwab | HFM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 580 | 7 | |
| Charting - Indicators / Studies (Total) | 374 | 15 | |
| Charting - Drawing Tools (Total) | 24 | 30 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Charles Schwab | HFM | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| 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 | HFM | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | HFM | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Charles Schwab | HFM | |
|---|---|---|---|
| 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 | HFM Review |
| Overall | Charles Schwab | HFM | |
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| Trust Score | 99 | 86 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | HFM Review |
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