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 |
When it comes to commissions and fees, Charles Schwab offers a simple setup for forex traders because it does not charge a commission on forex trades. Instead, costs are built into the bid/ask spread, and its average EUR/USD spread of 1.35 pips in October 2024 sits on the higher side compared with many rivals. Schwab’s Schwab One account and Schwab Global account both allow forex access, but keep in mind that all trades are settled in U.S. dollars in Schwab One, and trading international currencies through Schwab Global may involve conversion fees. Charles Schwab is rated 4 stars and ranked #24 out of 36 brokers for commissions and fees.
IC Markets is generally the lower-cost choice for active forex traders, especially those who want tighter pricing. It offers a commission-free Standard account as well as commission-based Raw Spread and cTrader Raw Spread accounts, with all-in costs that can be very competitive. For example, its EUR/USD pricing can be extremely low after commissions are included, and its lower-cost cTrader setup is especially appealing for frequent traders. IC Markets is rated 5 stars and ranked #5 out of 36 brokers for commissions and fees.
In plain terms, Schwab is easier to understand and may suit traders who value convenience, but IC Markets usually comes out ahead on price. If keeping trading costs as low as possible is your main goal, IC Markets has the edge. If you prefer a straightforward broker with no forex commission and broader account options, Schwab may still be a good fit.
| Feature |
Charles Schwab
|
IC Markets
|
|---|---|---|
| Minimum Deposit | $0 | $200 |
| Average spread (EUR/USD) - Spread-only account | 1.27 | 0.62 |
| All-in Cost EUR/USD - Raw spread account | 1.27 | 0.62 |
| Non-wire bank transfer (Deposit/Withdraw) | 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 it comes to the range of investments, Charles Schwab offers more choice than IC Markets. Schwab lists about 40,000 tradeable symbols, compared with 7,435 at IC Markets, and it also provides more forex pairs, with 73 available versus 61. Both brokers support forex trading, including CFDs or spot contracts, and both offer cryptocurrency CFDs, but neither lets you buy actual cryptocurrency. Charles Schwab also stands out for access to real exchange-traded securities on both U.S. and international exchanges, so you can buy shares like Apple or Vodafone directly rather than only through CFDs.
IC Markets does have one feature Schwab does not: copy trading. Still, for investors who want a wider selection of markets and the ability to trade real stocks, Charles Schwab is the stronger pick overall. That matches the ratings too, with Schwab earning 5 stars and a #5 ranking out of 36 brokers for Range of Investments, while IC Markets receives 4.5 stars and ranks #22.
| Feature |
Charles Schwab
|
IC Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 7435 |
| Forex Pairs (Total) | 73 | 61 |
| 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 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 | 32 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Charles Schwab and IC Markets both make it easy to trade on the go with iPhone and Android apps, plus price alerts for stocks or forex. Both apps also let users draw trendlines on charts, and any drawings are saved automatically. For mobile use, Charles Schwab stands out because it also syncs watchlists between the app and the online account, while IC Markets does not offer this feature.
When it comes to charting tools, Charles Schwab offers a much larger selection with 374 technical studies in its mobile app, compared with 32 at IC Markets. That difference shows up in overall ratings too: Charles Schwab earns 5 out of 5 stars for Mobile Trading Apps and ranks #6 out of 36 brokers on ForexBrokers.com, while IC Markets is rated 4 out of 5 stars and ranks #22. If mobile charting and watchlist syncing matter most, 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 | 32 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When comparing Charles Schwab vs. IC Markets for market research, both online brokers give traders daily market commentary, top-tier forex news from sources like Bloomberg and Reuters, and an economic calendar with key global events. That means each broker offers solid basic tools for staying on top of the market and tracking what may move prices.
The main difference is in the extra research tools. IC Markets includes Trading Central, sentiment data, and TipRanks, which can help traders look deeper into market trends and ideas. Charles Schwab does not offer those tools, but it still earns a higher Research rating of 5 stars and ranks #5 out of 36 brokers, compared with IC Markets at 4 stars and #21, showing Schwab is rated stronger overall for research.
| Feature |
Charles Schwab
|
IC Markets
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| Trading Central | No | Yes |
| Client sentiment data | No | Yes |
| TipRanks | No | Yes |
| 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
|
|---|---|---|
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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 | 7435 | |
| Forex Pairs (Total) | 73 | 61 | |
| 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 | IC Markets | |
|---|---|---|---|
| Average spread (EUR/USD) - Spread-only account | 1.27 | 0.62 | |
| All-in Cost EUR/USD - Raw spread account | 1.27 | 0.62 | |
| Inactivity Fee | No | Yes | |
| 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 (Deposit/Withdraw) | 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 | 32 | |
| 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 | 32 | |
| 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 | No | |
| Trading Central | No | Yes | |
| TipRanks | No | Yes | |
| 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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