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.
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Charles Schwab and IC Markets differ in age, structure, and licensing. Charles Schwab, founded in 1971, is a publicly traded online broker and a bank. IC Markets, founded in 2007, is privately held and not a bank. On regulation, Schwab holds 5 Tier-1 (highly trusted) licenses and 0 Tier-2 licenses, while IC Markets holds 2 Tier-1 licenses and 0 Tier-2 licenses.
According to ForexBrokers.com’s Trust Score scale (90–99 highly trusted, 80–89 trusted, 70–79 average risk, 60–69 high risk, under 59 not trusted), Charles Schwab scores 99/99, placing it in the highly trusted category. IC Markets scores 83/99, which is considered trusted.
| 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 |
Charles Schwab and IC Markets take very different approaches to commissions and fees, which can make one a better fit than the other depending on how you trade. Schwab earns a 4-star rating and ranks #23 out of 36 brokers for commissions and fees. It does not charge forex commissions, but instead builds costs into the spread. In October 2024, the average EUR/USD spread was 1.35 pips, which is on the higher side compared with many forex brokers. Schwab also has no minimum deposit for its main brokerage accounts, but forex trading through Schwab One requires trades of at least 10,000 units, and international currency trades may require a phone call.
IC Markets comes out ahead on pricing, with a 5-star rating and a #5 ranking out of 36 brokers. It offers three account types: Standard, Raw Spread, and cTrader Raw Spread. The Standard account is commission-free and uses spread-only pricing, while the Raw Spread accounts charge a small commission but can deliver lower overall trading costs. For example, IC Markets has reported a very low EUR/USD spread, and even after commissions, its all-in cost remains competitive. Active traders can also qualify for discounts after trading more than 100 standard lots per month.
In simple terms, Schwab is better known for convenience and account access, while IC Markets is usually the cheaper choice for forex trading. If keeping trading costs low is your top priority, IC Markets has the edge. If you prefer Schwab’s wider account options and are comfortable with slightly higher spread-based pricing, Schwab may still be a good fit.
| 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.
When comparing Charles Schwab and IC Markets for range of investments, Charles Schwab comes out ahead for choice and variety. Schwab offers around 40,000 tradeable symbols and 73 forex pairs, plus access to exchange-traded securities on both U.S. and international exchanges. IC Markets also offers forex trading as both CFDs and spot contracts, with 3,583 tradeable symbols and 61 forex pairs, but it does not offer U.S. exchange-traded shares like Apple stock. Both brokers provide access to international exchange-traded securities and cryptocurrency CFDs, while neither supports buying actual cryptocurrency.
For extra features, IC Markets supports copy trading, which Schwab does not. Still, Schwab scores higher overall for range of investments, with a 5-star rating and a #5 ranking out of 36 brokers from ForexBrokers.com, compared with IC Markets’ 4.5-star rating and #22 ranking. If you want the broader selection of markets and stocks, Schwab is the stronger pick; if copy trading matters more, IC Markets may be the better fit.
| 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.
Charles Schwab and IC Markets both give traders a choice of web-based and Windows desktop platforms, plus free paper trading so you can practice before risking real money. Both brokers also let you place trades directly from charts, which can make it easier to act on market moves quickly. Charles Schwab stands out for its in-house platform, while IC Markets does not offer a proprietary platform and instead focuses more on third-party tools.
For traders who want extra features, IC Markets has the edge with copy trading and support for MetaTrader 4 and MetaTrader 5, which are popular with active forex traders. Charles Schwab does not offer those options, but it earns a higher overall score for trading platforms and tools, with a 5-star rating and a #7 ranking from ForexBrokers.com, compared with IC Markets’ 4 stars and #17 ranking. In short, Schwab may appeal more to investors who want a polished all-in-one platform, while IC Markets may suit traders who prefer MT4, MT5, and copy trading.
| 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.
Charles Schwab and IC Markets both offer iPhone and Android apps, along with price alerts, trendline drawing, and auto-saving chart drawings. That means either broker can cover the basics well for trading on the go. Where Charles Schwab stands out is watchlist syncing, which lets changes made in the mobile app and online account stay in step, while IC Markets does not offer this feature.
Charles Schwab also has a much larger selection of chart tools in its mobile app, with 374 technical studies compared with 30 at IC Markets. 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 IC Markets is rated 4 stars and ranks #22. For traders who want a more complete mobile charting experience, Charles Schwab has the edge.
| 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.
Charles Schwab and IC Markets both give traders useful market research tools, including daily market commentary, forex news from major sources like Bloomberg, Reuters, and Dow Jones, plus an economic calendar for tracking upcoming global events. For traders who want a steady flow of news and basic market updates, both brokers cover the essentials well.
Where IC Markets stands out is in its extra research tools. It offers Autochartist, Trading Central, and a sentiment tool that shows long-versus-short positioning, while Charles Schwab does not. That edge is reflected in ForexBrokers.com’s ratings and rankings: Charles Schwab earns 5 stars and ranks #5 out of 36 for Research, while IC Markets scores 4 stars and ranks #21.
| 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.
For beginners looking for trading education, Charles Schwab and IC Markets both offer a good mix of learning tools. Each broker provides forex or CFDs education, online educational webinars at least once a month, and at least 10 beginner videos plus 10 advanced videos, so new traders and more experienced users can both find helpful material. That said, Charles Schwab stands out more clearly for education overall, with a 5-star rating and a higher ForexBrokers.com ranking at #6 out of 36 brokers.
IC Markets still gives beginners plenty to work with, including regular webinars and a solid library of trading videos, but its education offering is rated a bit lower at 4 stars and ranked #16 out of 36. In simple terms, both brokers support learning well, but Charles Schwab appears to offer the stronger educational experience for beginners who want more guidance and a wider range of study resources.
| 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 | 83 |
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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 | 83 | |
| 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 | 83 | |
| 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 CMA 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 | 83 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | IC Markets Review |
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