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 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.
Comparing the range of investments, Charles Schwab offers a far larger catalog with about 40,000 tradeable symbols, while IC Markets lists roughly 3,583. For currency traders, both brokers support forex as CFDs or spot, with Schwab covering 73 forex pairs and IC Markets 61. Both provide cryptocurrency trading via CFDs, but neither lets you buy actual coins.
If you want to own shares outright, Schwab lets you trade both U.S.-listed and international exchange-traded securities—think Apple (NASDAQ: AAPL) or Vodafone in London. IC Markets does not offer direct access to U.S. stocks, but it does provide some international exchange-traded securities. For social features, IC Markets supports copy trading; Schwab does not. In independent testing of range of investments, Schwab earns 5 stars and ranks 5th out of 63 brokers, while IC Markets scores 4.5 stars and ranks 26th.
| 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 vs. IC Markets: both brokers offer free paper (virtual demo) accounts so you can practice before risking real money. Schwab provides a proprietary, in-house platform along with Windows desktop and web trading, and it lets you place orders directly from charts. IC Markets also supports Windows desktop and web platforms with chart trading; instead of its own platform, it centers on third‑party options, offering MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which Schwab does not support.
Copy trading is a major difference: IC Markets offers copy trading, while Charles Schwab does not. For Trading Platforms and Tools, ForexBrokers.com rates Charles Schwab 5 stars and ranks it #5 out of 63 brokers, while IC Markets earns 4 stars and ranks #16. Choose Schwab if you want an in-house platform with top marks; pick IC Markets if MT4/MT5 and copy trading matter most. Specific counts for technical indicators and watchlist columns were not provided.
| 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.
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 (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 #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 |
|
|
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.
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 (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 | |
|---|---|---|---|
| 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
Pepperstone
FP Markets
Tickmill