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 |
Charles Schwab and HFM both earn 4 out of 5 stars for commissions and fees, but Schwab ranks higher in this category at #24 out of 36 brokers, compared with HFM at #29 out of 36. For forex traders, Schwab does not charge a commission; instead, costs come from the bid/ask spread. Its average EUR/USD spread in October 2024 was 1.35 pips, which sits on the higher side of the industry average. Schwab also stands out for having no minimum deposit on its main brokerage accounts, though forex trading through Schwab One requires a minimum trade size of 10,000 units.
HFM is also rated 4 out of 5 stars, but its pricing is a bit less favorable overall. The broker says its standard accounts typically have spreads around 1.2 pips, though it does not provide a date range for that figure. Its Zero account advertises an effective spread of 0.7 pips after commission, but that is not presented as an average. In simple terms, HFM can be competitive, but its fees appear slightly above the industry average.
For traders comparing the two, Schwab may appeal more to those who want no commission on forex trades and a clearer view of overnight carry costs through thinkorswim. HFM may suit traders looking for account variety, but based on commissions and fees alone, Schwab edges it out thanks to its stronger ranking and slightly better overall pricing profile.
| 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 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 a CFD or spot contract, and both offer cryptocurrency CFDs rather than the actual coins. Charles Schwab also stands out because it lets clients trade exchange-listed securities on both U.S. and international markets, including stocks such as Apple and Vodafone, while HFM does not offer direct share trading on these exchanges.
HFM does have one feature Schwab does not: copy trading. Still, Schwab earns the stronger rating for range of investments, with 5 stars compared with HFM’s 4 stars. In ForexBrokers.com’s ranking for this category, Charles Schwab places #5 out of 36 brokers, while HFM ranks #29, which reflects Schwab’s broader product lineup and deeper market access.
| 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 choice of free paper trading, their own in-house platforms, desktop software for Windows, web-based platforms, and the ability to place trades directly from a chart. For traders who want a simple way to practice, either broker can work, and both cover the main platform formats most people look for. Charles Schwab stands out with a top 5-star rating for Trading Platforms and Tools and ranks #7 out of 36 brokers in ForexBrokers.com’s category review.
Where HFM pulls ahead is with extra platform options for active traders. It offers copy trading plus access to MetaTrader 4 and MetaTrader 5, while Charles Schwab does not support those tools. HFM is rated 4 stars for Trading Platforms and Tools and ranks #34 out of 36 brokers in the same category, so while it offers more third-party platform choices, Charles Schwab appears to deliver the stronger overall platform experience.
| 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 mobile trading apps for iPhone and Android, along with price alerts and chart tools like trendline drawing and auto-saving drawings. For traders who want to check the market and manage trades on the go, both apps cover the basics well. However, Charles Schwab stands out with watchlist symbol syncing, so changes made in the mobile app also update in the online account, while HFM does not offer this feature.
When it comes to charting, Charles Schwab has a much wider range of technical studies in its mobile app, with 374 compared with HFM’s 5. That gap helps explain why Charles Schwab earns a 5-star rating for mobile trading apps and ranks #6 out of 36 brokers at ForexBrokers.com, while HFM is rated 4 stars and ranks #33. Overall, Charles Schwab offers a more complete mobile trading experience, especially for traders who rely on charts and synced watchlists.
| 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 wide range of learning tools, including forex or CFDs education, monthly live webinars, and at least 10 beginner videos plus 10 advanced videos on trading topics. That means either broker can help new traders build basic knowledge and keep learning as their skills grow. In simple terms, both platforms cover the core lessons a beginner would expect, with content available through videos, webinars, and other educational materials.
Where Charles Schwab stands out is in the overall quality and recognition of its education offering. Charles Schwab is rated 5 stars for Education and ranks #6 out of 36 brokers in the ForexBrokers.com Education category, while HFM is rated 4 stars and ranks #29 out of 36. For beginners who want a broker with a stronger track record for learning support, Charles Schwab has the edge, even though HFM still offers a solid set of educational resources.
| 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 | 85 |
| 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 | 85 | |
| 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 | 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) - 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 | 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 Watchlist [DELETED] | |||
| 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 | |
|---|---|---|---|
| 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 | 85 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | HFM Review |
IG
FOREX.com
CMC Markets
XTB
eToro
Capital.com
AvaTrade
Pepperstone
FP Markets
Tickmill