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. In ForexBrokers.com’s rankings of 63 brokers, Schwab is #23 while HFM is #28. The key difference: Schwab doesn’t charge a commission on forex trades (you pay the spread), whereas HFM’s pricing is slightly above the industry average and varies by account type.
At Charles Schwab, there’s no minimum deposit for its main brokerage accounts. Forex trading runs through the Schwab One account on the thinkorswim platform; all trades settle in U.S. dollars and the smallest order is 10,000 units (about $500 minimum margin at 20:1 leverage). To place orders in a foreign currency via Schwab One you must call, while the Schwab Global account supports 12 local markets with currency conversion fees of roughly 0.2%–1% based on balance. Schwab doesn’t charge forex commissions; in October 2024 its average EUR/USD spread was 1.35 pips (on the higher side). Overnight financing estimates are available in a built-in calculator.
HFM lists a typical 1.2‑pip spread for its Standard account, though no date range is provided, so the actual average may be higher. Its Zero account advertises an effective 0.7‑pip spread after commission, but this is also not presented as an average. Overall, HFM’s trading costs skew slightly above the industry average, while Schwab avoids forex commissions but can have wider spreads on major pairs.
| Feature |
Charles Schwab
|
HFM
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Standard account | 1.27 | 1.8 |
| All-in Cost EUR/USD - Active | 1.27 | 1.1 |
| 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.
When comparing the range of investments at online brokers Charles Schwab and HFM, Schwab targets multi-asset investors with about 40,000 tradeable symbols and the ability to buy actual exchange-traded stocks on both U.S. and international exchanges—access HFM does not offer. Both brokers support forex as CFDs and spot, and both offer cryptocurrency via CFDs only (neither lets you buy actual coins). HFM, however, lists more forex pairs than Schwab (102 vs 73).
If you want copy trading, HFM includes it while Schwab does not. For overall range of investments, ForexBrokers.com rates Schwab 5/5 and ranks it 5th of 63 brokers, versus HFM at 4/5 and 28th of 63. In short: choose Schwab for broad market coverage and the ability to buy real U.S. and international shares; consider HFM if your focus is forex pairs 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. 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.
Both Charles Schwab and HFM offer free paper trading (demo accounts), in-house platforms, Windows desktop software, web-based platforms, and the ability to place trades directly from charts. The big differences are in third-party and social tools: HFM supports copy trading and offers MetaTrader 4 (MT4) and MetaTrader 5 (MT5), while Charles Schwab does not. The exact counts for technical indicators and watchlist fields weren’t specified for either broker.
For trading platforms and tools, Charles Schwab earns 5 stars and ranks #7 out of 63 brokers on ForexBrokers.com, signaling a polished, feature-rich experience. HFM scores 4 stars and ranks #33 out of 63, appealing to traders who want MT4/MT5 and copy trading alongside web and desktop access.
| 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, and each supports stock and forex price alerts. Schwab stands out with watchlist symbol syncing between its mobile app and online account, so changes carry over automatically. HFM does not offer watchlist syncing between app and web.
For charting, Schwab includes 374 technical studies in its mobile app, compared with HFM’s 30. Both apps let you draw trendlines and automatically save those drawings. In testing by ForexBrokers.com, Schwab’s mobile trading apps earned 5 stars and ranked #6 out of 63 brokers, while HFM received 4 stars and ranked #32.
| 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.
In a head‑to‑head look at market research from Charles Schwab vs HFM, both deliver daily market commentary and forex news from major outlets like Bloomberg, Reuters, and Dow Jones, plus an economic calendar for upcoming events. The differences show up in tools: HFM includes Autochartist for pattern ideas and a sentiment tool that shows the balance of long and short positions, while Charles Schwab does not. Neither broker integrates Trading Central, TipRanks, or Acuity Trading tools.
According to ForexBrokers.com, Charles Schwab earns 5 stars for Research and ranks #5 out of 63 brokers, while HFM earns 4 stars and ranks #18. If you want built‑in pattern scanning and sentiment data, HFM offers those extras; if you’re after higher‑rated overall research, Schwab takes the lead.
| 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 Charles Schwab and HFM, both brokers make learning to trade straightforward. Each hosts ongoing online client webinars at least once a month and offers large video libraries with 10+ beginner videos plus 10+ advanced videos for when you’re ready to go deeper. Independent ratings from ForexBrokers.com give Charles Schwab a 5-star Education score and a #6 ranking out of 63 brokers, while HFM earns 4 stars and ranks #29. In short, both are solid for newcomers, but Schwab’s education earns the higher marks overall.
Expect step-by-step videos, live sessions, and a clear path from basics to more advanced topics at both brokers. If your main interest is forex or CFDs, review each provider’s latest catalog to gauge topic depth and the number of lessons currently available in those areas, as specific counts can change over time.
| 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
|
HFM
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 99 | 86 |
| Range of Investments |
|
|
| Trading Fees |
|
|
| Trading Platforms |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
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.
Select Brokers
↓×Compare
0 of 5| Overall Rating | Charles Schwab | HFM | |
|---|---|---|---|
| Overall Rating |
|
| |
| Trading Fees |
|
| |
| Range of Investments |
|
| |
| Trading Platforms |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 86 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | HFM Review |
| Broker Screenshots | Charles Schwab | HFM | |
|---|---|---|---|
| Broker Gallery (click to expand) |
|
|
| 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 (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 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 | 1.27 | 1.8 | |
| All-in Cost EUR/USD - Active | 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 | 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 | |
|---|---|---|---|
| Overall Rating |
|
| |
| Trading Fees |
|
| |
| Range of Investments |
|
| |
| Trading Platforms |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 86 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | HFM Review |
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Pepperstone
FP Markets
Tickmill