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 |
For commissions and fees, IC Markets generally comes out cheaper than Charles Schwab for forex. IC Markets earns 5 out of 5 stars and ranks #5 of 63 brokers for Commissions & Fees, thanks to very low all‑in costs. Charles Schwab earns 4 out of 5 stars and ranks #26 of 63; it charges no commission on forex, but its spreads are wider. In short: if minimizing spread and commission is your priority, IC Markets tends to be the better value; if you want a $0 minimum deposit with a large U.S. broker and can accept higher spreads, Schwab fits.
Charles Schwab’s forex pricing is spread‑only with no commission. The average EUR/USD spread in October 2024 was 1.35 pips, which is on the higher side. Forex trading runs through thinkorswim via the Schwab One account, all trades settle in U.S. dollars, and the smallest trade size is 10,000 units (about $500 minimum margin at 20:1 leverage). Schwab Global lets you trade in 12 local markets, with currency conversion fees from 0.2% to 1% if you fund in a different currency. Schwab also displays overnight financing charges in-platform so you can estimate carry costs.
IC Markets offers three accounts: Standard (spread‑only) and two Raw Spread options. On the cTrader Raw Spread account, the commission is $3.00 per side per 100,000 units, producing an all‑in EUR/USD cost around 0.62 pips (based on an average 0.02‑pip spread plus commission). On MetaTrader (Raw Spread), commission is $3.50 per side, for about 0.72 pips all‑in. The Standard account averages about 0.62 pips with no commission. IC Markets also provides discounts for high‑volume traders (100+ lots per month), and pricing varies by platform and its EU, Australia, or Seychelles entities. IC Markets earned Best in Class honors for Commissions & Fees in 2024.
| Feature |
Charles Schwab
|
IC Markets
|
|---|---|---|
| Minimum Deposit | $0 | $200 |
| Average Spread EUR/USD - Standard | 1.32 | 0.62 |
| All-in Cost EUR/USD - Active | 1.32 | 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.
Comparing Charles Schwab vs IC Markets for range of investments, both brokers support forex trading as CFDs or spot. Charles Schwab stands out with about 40,000 tradeable symbols and 73 forex pairs, while IC Markets lists 3,583 symbols and 61 forex pairs. According to ForexBrokers.com, Schwab earns 5 stars for Range of Investments and ranks #5 out of 63 brokers, whereas IC Markets earns 4.5 stars and ranks #26.
If you want access to exchange-traded securities, Schwab lets you buy U.S. stocks like Apple on U.S. exchanges and also offers international shares. IC Markets does not provide U.S.-listed exchange-traded stocks, though it does offer exchange-traded securities on international markets. IC Markets supports copy trading; Schwab does not. Neither broker offers actual delivered cryptocurrency, but both provide cryptocurrency derivatives for 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. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| Cryptocurrency (Underlying) | 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.
Charles Schwab and IC Markets both make it easy to practice with a free paper trading (demo) account, and each offers a Windows desktop platform alongside a web-based platform. Schwab provides an in-house platform, while IC Markets focuses on third‑party options, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Both brokers let you place trades directly from charts, which can speed up order entry and help tie analysis to execution.
If copy trading matters to you, IC Markets supports it; Charles Schwab does not. For trading platforms and tools, Schwab is rated 5 stars and ranks #5 out of 63 brokers at ForexBrokers.com, while IC Markets is rated 4 stars and ranks #16. In short, choose Schwab if you prefer an in-house platform experience, or go with IC Markets if you want MT4/MT5 and access to 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 |
| Social Trading / 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 iPhone and Android trading apps with price alerts, trendline drawing tools, real-time quote watchlists, and auto-saved chart drawings. Where they differ most is depth and syncing: Charles Schwab’s app includes 374 built-in technical studies—far more than IC Markets’ 30—and it syncs watchlist symbols with your online account, so changes made on mobile or web carry over. IC Markets supports watchlists but does not sync symbols between platforms.
In testing by ForexBrokers.com, Charles Schwab’s mobile trading apps earned 5 stars and ranked #6 out of 63 brokers, while IC Markets scored 4 stars and ranked #22. If you want an advanced charting toolkit and seamless watchlist syncing across devices, Charles Schwab is the stronger pick. If you simply need a straightforward mobile trading app with alerts and basic charting, IC Markets covers the essentials.
| 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 |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Charles Schwab and IC Markets both deliver daily market commentary, top-tier forex news (from sources like Bloomberg, Reuters, or Dow Jones), and an economic calendar to track key events. Where they differ is in built-in trading tools: IC Markets includes Autochartist and Trading Central, plus a sentiment tool that shows the long/short split across instruments. Charles Schwab does not offer those specific add-ons. Neither broker provides research from TipRanks or Acuity Trading.
For research quality, ForexBrokers.com rates Charles Schwab at 5 stars and ranks it #5 out of 63 brokers, while IC Markets earns 4 stars and ranks #23. In short, choose Charles Schwab if you prioritize high-quality commentary and news coverage; pick IC Markets if you want extra technical and sentiment tools alongside market updates.
| 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 |
| Client sentiment data | No | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Charles Schwab vs IC Markets for beginner trading education: both brokers host ongoing client webinars (at least monthly) and offer large video libraries with 10+ beginner videos plus 10+ advanced videos. According to ForexBrokers.com, Charles Schwab earns 5 stars for Education and ranks #6 out of 63 brokers, while IC Markets earns 4 stars and ranks #16—an edge to Schwab for overall teaching quality and structure.
From the details provided, it isn’t confirmed whether either broker delivers a dedicated forex/CFD education track with at least 10 pieces, offers a searchable archive of recorded webinars, or maintains an investor dictionary with 50+ terms. If you want the higher-rated, broad trading education experience, Charles Schwab stands out; if your priority is regular webinars and plenty of video lessons, both Schwab and IC Markets cover the basics for beginners. Before deciding, check each site for forex and CFD lesson depth, recorded webinar search tools, and glossaries to support your learning.
| 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 #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
|
IC Markets
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 99 | 84 |
| Range of Investments |
|
|
| Commissions & Fees |
|
|
| Platforms & Tools |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
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.
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.
Select Brokers
↓×Compare
0 of 5| Overall Rating | Charles Schwab | IC Markets | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 84 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | IC Markets Review |
| Broker Screenshots | Charles Schwab | IC Markets | |
|---|---|---|---|
| Broker Gallery (click to expand) |
|
|
| 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 | ||
| 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. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| Cryptocurrency (Underlying) | 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 | 1.32 | 0.62 | |
| All-in Cost EUR/USD - Active | 1.32 | 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 | |
| Social Trading / 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 | 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 | |
| Mobile Research - 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 | |
| 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 | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD [DELETED] | |||
| Review | Charles Schwab Review | IC Markets Review |
| Overall | Charles Schwab | IC Markets | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platforms & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 84 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | IC Markets Review |
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Plus500
Pepperstone
FP Markets
Tickmill