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 they take different paths to pricing. Schwab is ranked #26 of 63 brokers in this category, while HFM ranks #32 of 63. Schwab does not charge commissions on forex; costs come from the spread. HFM offers spread-only pricing on its Standard account and a lower “after-commission” effective spread on its Zero account.
For forex at Charles Schwab, trades are commission-free and settled in U.S. dollars on the thinkorswim platform via a Schwab One account. The average EUR/USD spread was 1.35 pips in October 2024, which is on the higher side of the industry range. The smallest trade size is 10,000 units (about $500 minimum margin at 20:1 leverage). If you use the Schwab Global account to trade in local currencies, expect currency conversion fees of about 0.2% to 1% depending on your balance; overnight financing costs are shown in-platform with a calculator. Schwab has no minimum deposit for its main brokerage accounts and supports many account types, but only Schwab One and Schwab Global enable forex or multi-currency access.
HFM says its Standard account typically shows a 1.2-pip spread (no date range provided), which suggests costs that are slightly above the industry average. Its Zero account advertises an effective 0.7-pip cost after commission, though this figure is not an average either. In simple terms: Schwab’s pricing is spread-only with no forex commissions, while HFM offers a choice between a higher spread with no commission or a lower effective spread that includes a commission—just be mindful that HFM’s quoted figures aren’t time-weighted averages.
| Feature |
Charles Schwab
|
HFM
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Standard account | 1.32 | 1.2 |
| All-in Cost EUR/USD - Active | 1.32 | 0.7 |
| Non-wire bank transfer | 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.
Comparing Charles Schwab vs HFM on range of investments: both brokers let you trade forex either as spot or CFDs, but Schwab offers far broader market access overall. Schwab lists about 40,000 tradeable symbols and allows clients to buy exchange-traded securities on both U.S. and international exchanges, so you can purchase real shares like Apple or Vodafone. HFM, by contrast, offers around 500 symbols and does not provide direct stock dealing on U.S. or international exchanges.
HFM appeals to active forex traders with 102 currency pairs versus Schwab’s 73, and it also supports copy trading, which Schwab does not. Neither broker lets you buy actual cryptocurrency, though both offer crypto as CFDs. Reflecting this breadth, ForexBrokers.com rates Schwab 5 stars for Range of Investments (ranked #5 out of 63), while HFM earns 4 stars (ranked #37).
| Feature |
Charles Schwab
|
HFM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 500 |
| Forex Pairs (Total) | 73 | 102 |
| 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 cover the basics well: each offers a free paper trading (demo) account, a proprietary in-house platform, Windows desktop software, a web-based platform, and the ability to place trades directly from charts. According to ForexBrokers.com, Schwab earns 5 stars and ranks #5 out of 63 brokers for Trading Platforms and Tools, while HFM earns 4 stars and ranks #43. Specific counts for chart indicators and watchlist fields weren’t provided.
The biggest differences are in third-party platform support and social features. HFM offers copy trading and supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5); Charles Schwab does not. If you want MT4/MT5 or copy trading, HFM is the better fit. If you prefer a highly rated platform ecosystem with paper trading and strong desktop and web options, Schwab stands out.
| 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 | 15 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Charles Schwab and HFM offer mobile trading apps for iPhone and Android, with price alerts, trendline drawing, and auto-saved chart annotations. The key difference in everyday use is watchlists: the Charles Schwab app syncs your watchlists with your online account, while HFM does not, so changes on one platform won’t automatically appear on the other with HFM.
For charting, Charles Schwab packs 374 technical studies compared with HFM’s 30, giving Schwab a much wider range of tools. Reflecting that depth and overall experience, Charles Schwab is rated 5 stars for Mobile Trading Apps and ranks #6 out of 63 brokers on ForexBrokers.com, while HFM holds a 4-star rating and ranks #40. In short, Schwab is better for traders who want advanced chart tools and seamless syncing, while HFM covers the core features many users need.
| 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 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Comparing market research at Charles Schwab and HFM: both deliver daily market commentary, top-tier forex news from sources like Bloomberg, Reuters, or Dow Jones, and an easy-to-use economic calendar for global events. Their toolkits differ, though. HFM includes Autochartist for technical and fundamental pattern analysis and offers a sentiment tool showing long/short positioning, while Schwab does not. Neither broker provides Trading Central, TipRanks, or Acuity Trading tools.
For third-party ratings, Schwab earns 5 stars for Research and ranks #5 out of 63 brokers on ForexBrokers.com; HFM holds 4 stars and ranks #20. Choose Schwab if you want a higher-rated research experience, or pick HFM if built-in Autochartist and trader sentiment are priorities for your trading.
| 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 | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
For beginners comparing education at Charles Schwab and HFM, both brokers deliver a clear starting path: they host online client webinars at least monthly and each provides at least 10 beginner video lessons, plus 10+ advanced videos for when you’re ready to level up. If you’re focused on forex and CFD education specifically, note that the number of forex/CFD-only lessons wasn’t specified here; however, both brokers do maintain active webinar schedules and sizable video libraries that can help new traders build core skills.
Based on overall education quality, Charles Schwab earns a higher score: 5 stars and a #6 ranking out of 63 brokers from ForexBrokers.com. HFM holds 4 stars and ranks #37. In plain terms, beginners will find strong learning support at both, but Schwab edges ahead with a higher-rated education offering, while HFM still provides frequent webinars and plenty of videos to get started.
| 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 #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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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 | 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, FSRA, or SCA 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. 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) - Standard account | 1.32 | 1.2 | |
| All-in Cost EUR/USD - Active | 1.32 | 0.7 | |
| 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 | 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 | 15 | |
| 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 Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 374 | 30 | |
| 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 | |
|---|---|---|---|
| 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 | 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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