Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs IC Markets, 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.
When comparing Charles Schwab and IC Markets, both brokers offer distinct characteristics that are important to consider. Founded in 1971, Charles Schwab has established itself as a well-known name in the financial industry. It is publicly traded and functions as a bank, which adds another layer of trustworthiness. Charles Schwab boasts an impressive five Tier-1 regulatory licenses, contributing to its top-notch rating of 99 out of 99 from ForexBrokers.com. This strong regulatory standing makes Charles Schwab a highly trusted choice for investors.
In contrast, IC Markets, founded in 2007, is not publicly traded and does not function as a bank. While it holds two Tier-1 licenses, the broker has a Trust Score of 84, placing it in the 'trusted' category according to ForexBrokers.com. Though IC Markets may not carry the same level of regulatory accreditation as Charles Schwab, it still presents a viable option for those prioritizing different brokerage features. Ultimately, the choice between these two brokers will depend on individual preferences for regulation, trustworthiness, and other personalized criteria.
| Feature |
Charles Schwab
|
IC Markets
|
|---|---|---|
| Year Founded | 1971 | 2007 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 2 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 3 |
When it comes to trading forex, Charles Schwab's offerings present a straightforward approach with no minimum deposit for its primary brokerage accounts, either through Schwab One offering U.S. dollar-based trades or Schwab Global for trading in multiple currencies. Schwab's trading costs are wrapped in the bid/ask spread, with an average on EUR/USD at 1.35 pips, higher than the industry standard, contributing to its 4-star rating for commissions and fees, and a #23 ranking among 63 brokers by ForexBrokers.com. The trading environment also includes convenient tools within their thinkorswim platform to calculate overnight costs, although trades in foreign currencies require direct phone engagement.
IC Markets, by contrast, has earned a stellar reputation with Best in Class recognition for its competitive commissions and fees. It features low effective spreads, enhances accessibility with a low deposit requirement, and offers three different account types: Standard, Raw Spread, and cTrader Raw Spread. These options cater to varied trader preferences, allowing for either spread-only or commission-based trading, with the latter offering low commissions as exemplified by the cTrader Raw Spread's effective costs that are comparable with leading forex brokers.
With average spreads on the EUR/USD standing at an impressively low 0.02 pips, IC Markets' overall trading costs culminate with commissions to a competitive 0.62 pips for their cTrader account and 0.72 on the Raw Spread account using MetaTrader. This efficiency drives forward IC Markets' 5-star rating and a standout #5 ranking in the Commissions and Fees category against 63 brokers, making it an attractive choice for active traders who can also benefit from further discounts based on trading volume.
| Feature |
Charles Schwab
|
IC Markets
|
|---|---|---|
| Minimum Deposit | $0 | $200 |
| Average spread (EUR/USD) - Standard account | 1.27 | 0.62 |
| All-in Cost EUR/USD - Active | 1.27 | 0.62 |
| Non-wire bank transfer | Yes | No |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Charles Schwab vs IC Markets: both let you trade forex as CFDs or spot, but their ranges of investments differ a lot. Charles Schwab lists about 40,000 tradable symbols with 73 forex pairs, while IC Markets offers around 3,583 symbols and 61 forex pairs. Schwab lets clients buy and own exchange-traded U.S. stocks and also trade on international exchanges. IC Markets does not offer U.S.-listed shares, though it does provide exchange-traded international shares. Neither broker sells actual cryptocurrencies, but both offer cryptocurrency CFDs.
IC Markets supports copy trading, which Charles Schwab does not. For breadth of markets, ForexBrokers.com rates Charles Schwab 5 stars and ranks it #5 out of 63 brokers. IC Markets earns 4.5 stars and ranks #22. Choose Schwab if you want a very wide mix of symbols and access to U.S. and international stocks; choose IC Markets if you want a CFD and forex-focused setup with copy trading.
| Feature |
Charles Schwab
|
IC Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 3583 |
| Forex Pairs (Total) | 73 | 61 |
| U.S. Stocks (Shares) | Yes | No |
| Global Stocks (Non-U.S. Shares) | Yes | Yes |
| 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.
Comparing trading platforms and tools, Charles Schwab and IC Markets both offer free paper trading (virtual demo accounts), Windows desktop downloads, and web-based platforms. Schwab provides its own proprietary platform and supports trading directly from charts, but it does not offer copy trading, MT4, or MT5. IC Markets does not have a proprietary platform, yet it supports MetaTrader 4 and MetaTrader 5, offers trading from charts, and includes copy trading.
For platform quality, Charles Schwab is rated 5 stars and ranks #7 out of 63 brokers in ForexBrokers.com’s Trading Platforms and Tools category, while IC Markets is rated 4 stars and ranks #17 out of 63. The number of built-in technical indicators and watchlist columns is not specified here. In short, Schwab suits traders who prefer an in-house platform and paper trading, whereas IC Markets appeals to those who want MetaTrader and copy trading options.
| Feature |
Charles Schwab
|
IC Markets
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | No |
| 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 | 30 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Charles Schwab and IC Markets offer mobile trading apps for iPhone and Android, and both support stock and forex price alerts. A key difference is watchlist syncing: Schwab syncs watchlists between the mobile app and your online account so changes carry over automatically, while IC Markets does not.
For charting, Schwab provides 374 technical studies compared with 30 on IC Markets. Both apps let you draw trendlines and auto-save your drawings. According to ForexBrokers.com, Schwab’s mobile app earned 5 stars and ranked #6 out of 63 brokers, while IC Markets received 4 stars and ranked #22. If you value deeper charting features and synced watchlists, Schwab stands out; if you just need core charting and alerts on the go, IC Markets can fit the bill.
| Feature |
Charles Schwab
|
IC Markets
|
|---|---|---|
| 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.
Both Charles Schwab and IC Markets deliver daily market commentary, top-tier forex news from sources like Bloomberg/Reuters/Dow Jones (or similar), and a clear economic calendar for tracking upcoming events. Neither broker includes TipRanks or Acuity Trading in their research lineup.
The key difference is tools: IC Markets adds third‑party technical analysis from Autochartist and Trading Central, plus a sentiment tool that shows long/short positioning—features Charles Schwab does not provide. Even so, Schwab earns a higher research score overall (5 stars; ranked #5 of 63 by ForexBrokers.com) compared with IC Markets (4 stars; ranked #21 of 63). Choose Schwab if you want higher‑rated, in‑house research and broad market insights; pick IC Markets if you value extra technical and sentiment tools alongside solid news and commentary.
| Feature |
Charles Schwab
|
IC Markets
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central | No | Yes |
| Client sentiment data | No | Yes |
| TipRanks | No | No |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Comparing beginner trading education at Charles Schwab and IC Markets, both brokers make it easy to get started. Each runs client webinars at least monthly and offers at least 10 beginner-friendly videos, along with 10+ advanced videos for when you’re ready to level up. The details provided here don’t confirm whether either broker has 10 or more education pieces focused specifically on forex or CFDs, but both deliver accessible lessons and recordings to help new traders build skills.
For overall quality, Charles Schwab stands out with a 5-star Education rating and a #6 rank out of 63 brokers on ForexBrokers.com. IC Markets earns 4 stars and sits at #16. If you want a higher-rated, easy-to-follow learning hub that covers a wide range of trading topics, Schwab has the edge. If you prefer a broker geared toward active traders and plan to learn through regular webinars and a large video library, IC Markets is a solid alternative for beginners.
| Feature |
Charles Schwab
|
IC Markets
|
|---|---|---|
| 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 IC Markets. Charles Schwab finished with an overall rank of #6, while IC Markets finished with an overall rank of #21.
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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IC Markets
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 84 |
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When comparing online brokers, Charles Schwab and IC Markets both do not support purchasing actual, delivered cryptocurrencies, but each does offer cryptocurrency CFD trading.
In this online broker comparison, Charles Schwab supports ACH/SEPA and bank wire transfers but not PayPal or Skrill, while IC Markets lacks ACH/SEPA yet accepts PayPal and Skrill and also supports bank wires (Visa/Mastercard availability 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 | IC Markets | |
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| Trust Score | 99 | 84 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | IC Markets Review |
| Broker Screenshots | Charles Schwab | IC Markets | |
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| Regulation | Charles Schwab | IC Markets | |
|---|---|---|---|
| Trust Score | 99 | 84 | |
| Year Founded | 1971 | 2007 | |
| 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 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 3 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | IC Markets | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | Yes | |
| 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 | No | |
| 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 | IC Markets | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | No | ||
| South Africa (FSCA Authorised) | No | ||
| UAE (DFSA, FSRA, or SCA Authorised) | No | ||
| India (SEBI Authorised) | No | ||
| Jordan (JSC Authorised) |
| Investments | Charles Schwab | IC Markets | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 3583 | |
| Forex Pairs (Total) | 73 | 61 | |
| U.S. Stocks (Shares) | Yes | No | |
| Global Stocks (Non-U.S. Shares) | Yes | Yes | |
| 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 | IC Markets | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.27 | 0.62 | |
| All-in Cost EUR/USD - Active | 1.27 | 0.62 | |
| Inactivity Fee | No | No | |
| Order execution: Agency | Yes | Yes | |
| Order execution: Market Maker | No | Yes |
| Funding | Charles Schwab | IC Markets | |
|---|---|---|---|
| Minimum Deposit | $0 | $200 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | Yes | No |
| Trading Platforms | Charles Schwab | IC Markets | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | No | |
| 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 | Yes |
| Trading Tools | Charles Schwab | IC Markets | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 374 | 30 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Charles Schwab | IC Markets | |
|---|---|---|---|
| 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 | IC Markets | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central | No | Yes | |
| TipRanks | No | No | |
| Client sentiment data | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | IC Markets | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Charles Schwab | IC Markets | |
|---|---|---|---|
| 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 | IC Markets Review |
| Overall | Charles Schwab | IC Markets | |
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| Trust Score | 99 | 84 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | IC Markets Review |
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