Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs iFOREX, 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 iFOREX are both established online brokers, but they differ significantly in key attributes. Charles Schwab, founded in 1971, is a publicly traded company and a recognized bank. It commands high trust with a ForexBrokers.com Trust Score of 99, bolstered by holding five Tier-1 licenses. In contrast, iFOREX, established in 1996, is a private entity not listed on the stock exchange and is not a bank. It presents a moderate risk option, with a Trust Score of 75 and only one Tier-1 license.
When choosing between Charles Schwab and iFOREX, consider your priorities. Charles Schwab stands out for its high level of trustworthiness and strong regulatory backing. iFOREX might appeal to those okay with moderate trust ratings, despite its single Tier-1 license endorsement. Whether seeking an option with extensive regulatory credentials or a more modestly vetted alternative, understanding these factors helps in making an informed decision.
| Feature |
Charles Schwab
|
iFOREX
|
|---|---|---|
| Year Founded | 1971 | 1996 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
Charles Schwab offers a user-friendly entry into forex trading due to its lack of a minimum deposit requirement for primary brokerage accounts. Forex traders can choose between the Schwab One account, which provides access to the thinkorswim platform and allows trading settled in U.S. dollars, and the Schwab Global account, which opens doors to twelve international markets with trades in local currencies. Schwab does not charge commissions for forex trading; instead, trading costs revolve around the bid/ask spread. In October 2024, the average spread on the EUR/USD pair was 1.35 pips, considered relatively high compared to industry standards. Schwab also provides a useful calculator for estimating overnight carry charges within the thinkorswim platform. With a rating of 4 stars, Schwab ranks #24 out of 63 brokers for commissions and fees.
Conversely, iFOREX presents fewer details publicly regarding its commissions and fees, making it challenging for traders to assess costs upfront. However, iFOREX lacks available average spread data, creating a layer of uncertainty for potential forex traders. This less transparent approach may not cater well to those seeking clarity in fee structures and comparative cost analysis. In light of this, iFOREX earns a 3-star rating and ranks at #61 out of 63 brokers in the ForexBrokers.com evaluation for commissions and fees.
When comparing the two, Charles Schwab stands out for its clear presentation of costs and additional tools for managing trading expenses, despite having higher spreads. iFOREX’s appeal might be limited due to its less transparent fee structure. For forex traders prioritizing transparency and tools for calculating trading costs, Schwab offers a more comprehensive overview, justifying its higher position in the rankings.
| Feature |
Charles Schwab
|
iFOREX
|
|---|---|---|
| Minimum Deposit | $0 | $100 |
| Average Spread EUR/USD - Standard | 1.35 | N/A |
| All-in Cost EUR/USD - Active | 1.35 | N/A |
| Active Trader or VIP Discounts | No | No |
| 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.
Charles Schwab stands out as a versatile online broker, boasting an impressive array of 40,000 tradeable symbols and 73 forex pairs. It provides investors with access to exchange-traded securities on both U.S. and international exchanges, enabling the purchase of stocks like Apple and Vodafone. Additionally, Charles Schwab offers the ability to trade cryptocurrency derivatives, meeting the needs of modern investors looking to diversify their portfolios. As a result of these comprehensive offerings, Charles Schwab has earned a 5-star rating in the Range of Investments category and ranks #5 among 63 brokers according to ForexBrokers.com.
In contrast, iFOREX offers a more limited selection, featuring 750 tradeable symbols and a slightly higher number of forex pairs, at 88. While it provides opportunities for forex trading via CFDs or spot contracts, as well as access to cryptocurrency derivatives, iFOREX does not offer exchange-traded securities on U.S. or international exchanges. This narrower range of investment options has resulted in a 3.5-star rating for its investment offerings, placing it at #41 out of 63 brokers in the ForexBrokers.com rankings. Despite its limitations, iFOREX serves as an option for traders focused on forex and cryptocurrency derivatives.
| Feature |
Charles Schwab
|
iFOREX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 750 |
| Forex Pairs (Total) | 73 | 88 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | No | No |
| 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 comparing Charles Schwab and iFOREX for their trading platforms and tools, there's a notable distinction in the resources and features each broker offers. Charles Schwab stands out with a five-star rating, partly due to its extensive capabilities, such as simulated trading with a free virtual demo account and a proprietary, Windows-compatible desktop platform. In contrast, iFOREX offers a proprietary platform but lacks a desktop download option, focusing primarily on a web-based experience. Both brokers provide web-based trading platforms, but Schwab's flexibility with advanced features like trading directly from stock charts further elevates its platform compared to iFOREX's setup. Additionally, Schwab provides a significantly broader range of watchlist columns with 580 different fields available, which greatly enhances the trading experience.
For traders interested in charting, both companies enable trading directly from stock charts and offer a plethora of drawing tools. iFOREX slightly outpaces Schwab in charting drawing tools with 25 options compared to Schwab's 24, but Schwab ultimately garners higher praise for overall platform capabilities. Neither broker supports popular third-party platforms like MetaTrader 4 or 5, maintaining a focus on their in-house offerings. Ultimately, ForexBrokers.com ranks Charles Schwab as the 5th broker in the Trading Platforms and Tools category out of 63 brokers, while iFOREX falls at 54th place. Schwab’s combination of a comprehensive toolset, flexibility, and high user ratings makes it a strong choice for traders seeking a rich platform experience.
| Feature |
Charles Schwab
|
iFOREX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | No |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | No |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | No |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 374 | 57 |
| Charting - Drawing Tools (Total) | 24 | 25 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 580 | 9 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Charles Schwab offers a comprehensive mobile trading experience, available on both iPhone and Android devices. It stands out by providing features such as stock or forex price alerts and watchlist syncing with a user's online account. This allows for smooth transitions between different platforms, with changes reflected across all devices automatically. The app offers an impressive 374 technical studies for charting, and users can draw trendlines and explore multiple time frames on stock and forex charts. In addition, Charles Schwab’s app auto-saves drawings, ensuring a seamless user experience. Ranked sixth out of 63 brokers by ForexBrokers.com, Charles Schwab's mobile trading app earns a high rating of 5 stars, highlighting its strong performance factors that appeal to both novice and experienced investors.
Conversely, iFOREX delivers a more basic mobile app for trading, also available for iPhone and Android. However, it lacks several key features such as stock or forex price alerts, watchlist symbol syncing, and technical charting tools. Users cannot draw trendlines or view different time frames on charts, and the app does not auto-save chart drawings. While iFOREX allows for the creation of watchlists, these do not offer real-time quotes, which could be a limitation for those seeking active market participation. Rated 4 stars for its mobile trading app and ranked 55th by ForexBrokers.com, iFOREX's mobile platform serves traders looking for a simplified, albeit limited, approach to mobile trading.
| Feature |
Charles Schwab
|
iFOREX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | No |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 374 | N/A |
| Mobile Charting - Draw Trendlines | Yes | No |
| Mobile Charting - Multiple Time Frames | Yes | No |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | No |
Dive deeper: Best Forex Trading Apps.
Charles Schwab and iFOREX both offer daily market commentary and provide access to an economic calendar that displays global news events. While both brokers strive to keep their clients informed, Charles Schwab stands out with its provision of forex news from top-tier sources like Bloomberg, Reuters, and Dow Jones, giving traders access to leading market insights. In contrast, iFOREX doesn’t feature such high-profile news sources but compensates with tools such as sentiment-based trading, showing ratios of long or short positions across currency pairs. iFOREX also integrates research tools from Trading Central, offering technical analytics that are not available with Charles Schwab.
Even though Charles Schwab does not incorporate Autochartist or Trading Central tools, it receives a high rating for its research capabilities with 5 stars and ranks #4 out of 63 brokers according to ForexBrokers.com. This reflects the comprehensive nature and quality of its available research infrastructure. Conversely, iFOREX, rated at 3.5 stars and ranked #48 in the research category, adds value with sentiment and Trading Central features but lags behind in overall coverage, reflected in its lower rating. Ultimately, Charles Schwab's superior access to respected news sources and solid overall research rating make it a more comprehensive choice for clients seeking in-depth market analysis.
| Feature |
Charles Schwab
|
iFOREX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | No | No |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | No | Yes |
| TipRanks | No | |
| Signal Centre (Acuity Trading) | No | |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing the educational resources for beginners offered by Charles Schwab and iFOREX, it's clear that Charles Schwab provides a more comprehensive learning experience. For those interested in forex or CFDs, Charles Schwab delivers over 10 educational pieces, including articles, videos, and webinars focusing on these topics. In contrast, iFOREX falls short in this area. Each month, Charles Schwab hosts online educational webinars for clients, alongside providing access to a searchable archive of previous webinars, which iFOREX does not offer. Both platforms supply at least 10 beginner-friendly trading videos, but Schwab surpasses iFOREX by also covering advanced topics with more than 10 dedicated videos.
Beginners will appreciate Charles Schwab's extensive resource offerings, including an investor dictionary containing definitions for over 50 investing terms, a feature iFOREX lacks. Consequently, Charles Schwab earns a stellar 5-star rating for its education tools, ranking 6th out of 63 brokers according to ForexBrokers.com. In comparison, iFOREX receives a 3.5-star rating and ranks 53rd, highlighting Schwab's superior commitment to providing educational support for novice investors.
| Feature |
Charles Schwab
|
iFOREX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | No |
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 iFOREX. Charles Schwab finished with an overall rank of #6, while iFOREX finished with an overall rank of #52.
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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iFOREX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 75 |
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Both Charles Schwab and iFOREX do not provide the option to buy actual (delivered) cryptocurrency, but they do offer the ability to trade in cryptocurrency derivatives.
When comparing the deposit and withdrawal options of Charles Schwab and iFOREX, Charles Schwab supports ACH and SEPA transfers as well as bank wires, while iFOREX does not offer ACH or SEPA transfers but provides more flexibility by accepting PayPal, Skrill, Visa, and Mastercard in addition to bank wires.
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 | iFOREX | |
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| Trust Score | 99 | 75 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review |
| Broker Screenshots | Charles Schwab | iFOREX | |
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| Regulation | Charles Schwab | iFOREX | |
|---|---|---|---|
| Trust Score | 99 | 75 | |
| Year Founded | 1971 | 1996 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 5 | 1 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | iFOREX | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | No | |
| 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 | Yes | |
| 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 | iFOREX | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | No | ||
| South Africa (FSCA Authorised) | No | ||
| UAE (DFSA/Central Bank Authorised) | No | ||
| India (SEBI Authorised) | No | ||
| Jordan (JSC Authorised) |
| Investments | Charles Schwab | iFOREX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 750 | |
| Forex Pairs (Total) | 73 | 88 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | No | No | |
| 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 | iFOREX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.35 | N/A | |
| All-in Cost EUR/USD - Active | 1.35 | N/A | |
| Active Trader or VIP Discounts | No | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | iFOREX | |
|---|---|---|---|
| Minimum Deposit | $0 | $100 | |
| 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 | iFOREX | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | No | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | No | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Charles Schwab | iFOREX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | No | |
| Alerts - Basic Fields | Yes | No | |
| Watchlists - Total Fields | 580 | 9 | |
| Charting - Indicators / Studies (Total) | 374 | 57 | |
| Charting - Drawing Tools (Total) | 24 | 25 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | No |
| Mobile Trading | Charles Schwab | iFOREX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | No | |
| Mobile Watchlist | Yes | No | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 374 | N/A | |
| Mobile Charting - Draw Trendlines | Yes | No | |
| Mobile Charting - Multiple Time Frames | Yes | No | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | No |
| Research | Charles Schwab | iFOREX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | No | No | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | ||
| Social Sentiment - Currency Pairs | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | iFOREX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | Charles Schwab | iFOREX | |
|---|---|---|---|
| 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 |
| Overall | Charles Schwab | iFOREX | |
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| Trust Score | 99 | 75 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review |
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