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 | 1.35 | 0.62 |
| All-in Cost EUR/USD - Active | 1.35 | 0.62 |
| Active Trader or VIP Discounts | No | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When it comes to the variety of investment options, Charles Schwab and IC Markets each have their unique strengths, catering to different types of investors. Charles Schwab offers a vast selection, with 40,000 tradeable symbols and 73 forex pairs. This makes it an attractive platform for those interested in a broad spectrum of investments, especially in exchange-traded securities on both U.S. and international exchanges. In contrast, IC Markets offers 3,583 tradeable symbols and 61 forex pairs. While it does not provide access to U.S.-traded securities, it does allow trading on international exchanges. Additionally, its provision of copy trading features may appeal to a wide range of forex traders.
Both brokers offer forex trading as CFDs or spot contracts and cryptocurrency derivatives instead of actual cryptocurrencies. However, Charles Schwab edges ahead with a five-star rating for its diverse range, ranking 5th out of 63 brokers on ForexBrokers.com for investments offered. IC Markets follows closely with a 4.5-star rating, holding the 25th rank. These distinctions emphasize that while Schwab excels in an extensive array of stocks and investment tools, IC Markets may appeal more to forex enthusiasts who value the option of copy trading alongside their functional tradeable instruments.
| Feature |
Charles Schwab
|
IC Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 3583 |
| Forex Pairs (Total) | 73 | 61 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| Cryptocurrency (Physical) | No | No |
| Cryptocurrency (Derivative) | 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.
When it comes to trading platforms and tools, Charles Schwab and IC Markets provide distinct experiences tailored for different types of traders. Charles Schwab offers its own in-house developed trading platform, available on both Windows desktop and web-based interfaces, ensuring flexibility for users who prefer switching between devices. Additionally, Schwab provides a free virtual demo account for simulated trading, allowing users to hone their skills without the risk. For chart enthusiasts, Schwab offers a significant advantage with 24 drawing tools compared to IC Markets' 15, and it supports a remarkably high 580 watch list columns, making it ideal for those who track numerous data points. However, Schwab does not support popular third-party platforms like MetaTrader 4 (MT4) or MetaTrader 5 (MT5), which might deter those who prefer these international favorites.
IC Markets, on the other hand, caters to traders who value third-party platform versatility, offering both MT4 and MT5, popular options for forex and CFD trading. While it lacks a proprietary platform, IC Markets excels with its copy trading capabilities, providing traders the opportunity to replicate successful strategies. They also offer ZuluTrade, enhancing social trading possibilities. IC Markets, just like Schwab, offers a demo account, allowing traders to practice trading strategies in a risk-free setting. While Schwab scores a five-star rating for its trading platforms and tools and is ranked fifth out of 63 by ForexBrokers.com, IC Markets is close on its heels with a commendable four-star rating and a sixteenth-place ranking. Ultimately, the choice between Charles Schwab and IC Markets hinges on whether proprietary tools and vast customization options or platform flexibility and copy trading features are more important to the trader.
| Feature |
Charles Schwab
|
IC Markets
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | Yes |
| Charting - Indicators / Studies (Total) | 374 | 30 |
| Charting - Drawing Tools (Total) | 24 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 580 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Charles Schwab and IC Markets provide convenient mobile trading applications for iPhone and Android users, supporting traders on-the-go. Both apps include essential features like stock and forex price alerts, real-time watchlist creation, and the ability to draw trendlines on charts. However, Charles Schwab offers a few additional features that give it an edge. One significant advantage is the ability to sync watchlists seamlessly, allowing changes made on one device to be reflected across all platforms. Moreover, Charles Schwab's app is loaded with 374 technical studies for charting, compared to IC Markets' 30, which can provide a more comprehensive toolkit for technical analysis enthusiasts.
When it comes to viewing different time frames on charts or auto-saving drawings, both brokers provide similar options, ensuring traders' preferences are well catered to. However, user ratings strongly favor Charles Schwab, with a perfect 5-star score, indicating higher user satisfaction compared to IC Markets’ 4-star rating. Charles Schwab is also ranked higher by ForexBrokers.com at #6, whereas IC Markets stands at #22. This suggests that while both apps offer many useful features, Charles Schwab might deliver a slightly better overall user experience.
| Feature |
Charles Schwab
|
IC Markets
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 374 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Charles Schwab and IC Markets both provide daily market commentary and access to top-tier forex news from sources such as Bloomberg and Reuters, making them rich in information for traders. They each offer an economic calendar featuring global news events, ensuring you stay updated on important market movements. However, the availability of advanced analysis tools differs between the two. IC Markets includes research tools from Autochartist and Trading Central, along with a sentiment-based trading tool, helping traders with technical and fundamental analysis. Charles Schwab, while lacking these specific tools, still stands out with a higher research rating.
Charles Schwab is rated five stars for its research capabilities, ranking 4th among 63 brokers, reflecting its strong reputation in the industry. In contrast, IC Markets receives a four-star rating and is ranked 23rd, indicating a solid but comparatively weaker research provision. Although neither broker uses services like TipRanks or Acuity Trading, Schwab's higher ranking and comprehensive market resources make it a robust choice for those prioritizing research excellence.
| Feature |
Charles Schwab
|
IC Markets
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | No | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for beginners, both Charles Schwab and IC Markets provide a wealth of materials to help aspiring traders navigate the world of forex and CFDs. Each platform offers more than ten educational pieces, such as articles and videos, focusing on these financial instruments. Both offer online webinars at least once a month and maintain a searchable archive of past sessions, ensuring that learners can readily access a variety of topics at their convenience. Furthermore, each broker has at least ten beginner videos, providing step-by-step guidance on trading essentials, alongside ten advanced videos aimed at more experienced traders. Both platforms also feature an investor dictionary with over 50 definitions to help clarify complex terms.
Despite their similarities in offerings, Charles Schwab and IC Markets have differences in their rankings and overall ratings. Charles Schwab receives five stars for its educational initiatives, earning a commendable sixth place in the Education category according to ForexBrokers.com. Meanwhile, IC Markets garners a four-star rating and is ranked 16th in the same category. This suggests that while both brokers offer a thorough array of learning resources, Charles Schwab's educational materials are held in slightly higher esteem among industry experts. Ultimately, whether beginners opt for the comprehensive education at Charles Schwab or the solid offerings of IC Markets, they can feel confident that they are receiving valuable guidance on their trading journey.
| Feature |
Charles Schwab
|
IC Markets
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| Investor Dictionary (Glossary) | 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 #20.
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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Both Charles Schwab and IC Markets do not offer the purchase of actual cryptocurrencies, but they provide options to trade cryptocurrency derivatives, making them suitable for investors interested in cryptocurrency derivatives rather than direct ownership.
When comparing online brokers, Charles Schwab offers ACH and SEPA transfers along with bank wires for fund transactions but lacks support for PayPal, Skrill, and credit cards, whereas IC Markets provides a wider range of deposit and withdrawal options, including PayPal, Skrill, Visa, Mastercard, and bank wires but does not support ACH or SEPA transfers.
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 (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | Charles Schwab | IC Markets | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Charles Schwab | IC Markets | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 3583 | |
| Forex Pairs (Total) | 73 | 61 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| Cryptocurrency (Physical) | No | No | |
| Cryptocurrency (Derivative) | 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 | 1.35 | 0.62 | |
| All-in Cost EUR/USD - Active | 1.35 | 0.62 | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | IC Markets | |
|---|---|---|---|
| Minimum Deposit | $0 | $200 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | Charles Schwab | IC Markets | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | Yes | |
| DupliTrade | No | No | |
| ZuluTrade | No | Yes |
| Trading Tools | Charles Schwab | IC Markets | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 580 | 7 | |
| Charting - Indicators / Studies (Total) | 374 | 30 | |
| Charting - Drawing Tools (Total) | 24 | 15 | |
| 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 Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 374 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Charles Schwab | IC Markets | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | IC Markets | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Charles Schwab | IC Markets | |
|---|---|---|---|
| GBP/USD | Yes | Yes | |
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD | Yes | Yes | |
| 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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