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 vs HFM: Charles Schwab, founded in 1971, is a publicly traded online broker and a bank. HFM, founded in 2010, is not publicly traded and is not a bank—key differences that can affect transparency and investor confidence.
Regulation and safety: Per ForexBrokers.com, Schwab holds 5 Tier-1 (highly trusted) licenses and 0 Tier-2 licenses, earning a Trust Score of 99 (90–99 = highly trusted). HFM holds 2 Tier-1 and 3 Tier-2 (trusted) licenses with a Trust Score of 85 (80–89 = trusted). Both are regulated, but Schwab scores higher overall and has more top-tier approvals.
| 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 |
When it comes to commissions and fees, Charles Schwab and HFM both earn 4 out of 5 stars, but Schwab comes out ahead in the ranking. ForexBrokers.com places Charles Schwab at #25 out of 36 brokers for commissions and fees, while HFM ranks #30 out of 36. Schwab stands out for having no minimum deposit on its main brokerage accounts and no commission on forex trades, with costs built into the spread instead.
For forex trading at Charles Schwab, the average EUR/USD spread in October 2024 was 1.35 pips, which is on the higher side compared with many competitors. Schwab also supports thinkorswim access through its Schwab One account, and all trades are settled in U.S. dollars. The smallest trade size is 10,000 units, and overnight carry charges can be checked in the platform’s calculator, which helps traders estimate holding costs.
HFM also has trading costs that sit slightly above the industry average. Its standard accounts typically show a 1.2 pip spread, though the company does not provide a date range for that figure, so the real average may be different. HFM’s Zero account advertises an effective spread of 0.7 pips after commission, but that is not presented as an average either. Overall, Schwab offers clearer fee details and a better ranking, while HFM may appeal to traders looking at account variety and pricing options.
| Feature |
Charles Schwab
|
HFM
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Spread-only account | 1.27 | 1.8 |
| All-in Cost EUR/USD - Raw spread account | 1.27 | 1.1 |
| Non-wire bank transfer (Deposit/Withdraw) | Yes | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When it comes to range of investments, Charles Schwab offers a much wider selection than HFM. Schwab lists about 40,000 tradeable symbols and 73 forex pairs, while HFM offers 344 symbols and 38 forex pairs. Both brokers support forex trading as either CFDs or spot contracts, and both also offer cryptocurrency CFDs, but neither lets clients buy actual crypto. Charles Schwab also stands out for giving access to exchange-traded securities on both U.S. and international exchanges, such as shares of Apple or Vodafone, while HFM does not offer these listed stocks.
HFM does have one feature Schwab does not: copy trading. Even so, Schwab is rated higher for investment choice overall, earning 5 stars for Range of Investments versus HFM’s 4 stars. In ForexBrokers.com’s ranking for this category, Charles Schwab places #5 out of 36 brokers, compared with HFM at #30, making Schwab the stronger pick for traders and investors who want more market variety.
| Feature |
Charles Schwab
|
HFM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 344 |
| Forex Pairs (Total) | 73 | 38 |
| 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 HFM both give traders a wide set of platform choices, including a proprietary platform, web-based access, Windows desktop downloads, free demo accounts for paper trading, and the ability to trade directly from charts. For charting and everyday trading, that means both brokers cover the basics well for beginners and more active users who want flexibility across devices.
The biggest difference is that HFM adds copy trading plus MetaTrader 4 and MetaTrader 5, which may appeal to traders who want popular third-party tools and the option to follow other traders. Charles Schwab does not offer copy trading or MetaTrader, but it scores higher overall for trading platforms and tools, with a 5-star rating and a #7 ranking out of 36 brokers, compared with HFM’s 4-star rating and #36 ranking.
| Feature |
Charles Schwab
|
HFM
|
|---|---|---|
| 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 | Yes |
| Charting - Indicators / Studies (Total) | 374 | 38 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Charles Schwab and HFM both offer iPhone and Android apps, along with stock or forex price alerts and tools for drawing trendlines on charts. Both apps also save chart drawings automatically, which is helpful if you switch between devices or return to a chart later. For everyday mobile trading needs, each broker covers the basics well.
The bigger difference is in charting and app quality. Charles Schwab stands out with watchlist syncing between its mobile app and online account, plus 374 technical studies for chart analysis, while HFM does not sync watchlists and offers just 5 technical studies. That gap is reflected in ratings and rankings too: Charles Schwab earns 5 stars and ranks #6 out of 36 brokers for Mobile Trading Apps, while HFM earns 4 stars and ranks #35.
| Feature |
Charles Schwab
|
HFM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 374 | 5 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing Charles Schwab and HFM for market research, both brokers give traders useful daily market commentary, forex news from trusted sources like Bloomberg and Reuters, and an economic calendar with global events. That means each platform can help you stay on top of major news and key market dates. Charles Schwab stands out for its strong overall research offering, with a 5-star Research rating and a #5 rank out of 36 brokers from ForexBrokers.com.
HFM also offers solid research tools, but it goes a step further in a few areas. It includes Autochartist, a sentiment-based trading tool, and Acuity Trading research such as Signal Centre, while Charles Schwab does not. HFM, however, does not offer Trading Central or TipRanks, and it carries a 4-star Research rating with a #18 ranking out of 36 brokers. Overall, Charles Schwab is the stronger choice for research quality, while HFM offers a few extra built-in tools for traders who want more chart and sentiment support.
| Feature |
Charles Schwab
|
HFM
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central | No | No |
| Client sentiment data | No | Yes |
| TipRanks | No | No |
| Acuity Trading | No | Yes |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Charles Schwab and HFM both give beginners a good range of learning tools, including forex or CFDs education, monthly online webinars, and at least 10 beginner and 10 advanced trading videos. That means new traders at either broker can find material on core topics and keep learning as they gain experience. Schwab, however, stands out for its overall education quality, with a 5-star Education rating and a #6 ranking out of 36 brokers from ForexBrokers.com.
HFM also provides forex or CFDs learning content, along with webinars and video lessons for both beginners and more experienced traders. Even so, its Education rating is 4 stars, and it ranks #31 out of 36 brokers in the ForexBrokers.com Education category. For beginners who want the stronger all-around educational offering, Charles Schwab appears to have the edge.
| Feature |
Charles Schwab
|
HFM
|
|---|---|---|
| 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 HFM. Charles Schwab finished with an overall rank of #6, while HFM finished with an overall rank of #27.
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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HFM
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 85 |
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Charles Schwab and HFM both do not offer the ability to buy actual (delivered) cryptocurrencies, but each allows trading cryptocurrency CFDs for exposure without owning the underlying asset.
Among online brokers, Charles Schwab supports ACH/SEPA and bank wire deposits and withdrawals, while HFM lacks ACH/SEPA but offers Skrill alongside bank wires; neither supports PayPal, 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 | HFM | |
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| Trust Score | 99 | 85 | |
| 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 | 85 | |
| 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 (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 | HFM | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | ||
| Israel (ISA Authorised) | No | ||
| South Africa (FSCA Authorised) | Yes | ||
| UAE (DFSA, FSRA, or CMA Authorised) | Yes | ||
| India (SEBI Authorised) | No | ||
| Jordan (JSC Authorised) |
| Investments | Charles Schwab | HFM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 344 | |
| Forex Pairs (Total) | 73 | 38 | |
| 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 | HFM | |
|---|---|---|---|
| Average spread (EUR/USD) - Spread-only account | 1.27 | 1.8 | |
| All-in Cost EUR/USD - Raw spread account | 1.27 | 1.1 | |
| Inactivity Fee | No | Yes | |
| Order execution: Agency | Yes | No | |
| Order execution: Market Maker | No | Yes |
| Funding | Charles Schwab | HFM | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer (Deposit/Withdraw) | Yes | No |
| Trading Platforms | Charles Schwab | HFM | |
|---|---|---|---|
| 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 | Yes | |
| cTrader | No | No |
| Trading Tools | Charles Schwab | HFM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 374 | 38 | |
| 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 Price Alerts | Yes | Yes | |
| Mobile Watchlists - Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 374 | 5 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | Yes | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Charles Schwab | HFM | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central | No | No | |
| TipRanks | No | No | |
| Client sentiment data | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | HFM | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Charles Schwab | HFM | |
|---|---|---|---|
| EUR/USD | Yes | Yes | |
| Review | Charles Schwab Review | HFM Review |
| Overall | Charles Schwab | HFM | |
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| Trust Score | 99 | 85 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | HFM Review |
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