Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs IronFX, 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.
Founded in 1971, Charles Schwab has established itself as a reputable online broker with a distinguished presence as a publicly traded company and a bank. Known for its strong regulatory credentials, Charles Schwab holds five Tier-1 licenses, demonstrating its commitment to trust and safety. These credentials are reflected in its exceptional Trust Score of 99 out of 99 from ForexBrokers.com, placing it in the highly trusted category.
Conversely, IronFX, founded in 2010, operates as a privately-held online brokerage. While not a bank or publicly listed entity, IronFX maintains regulatory oversight with three Tier-1 licenses. This ensures a reasonable degree of trust facilitated by their ForexBrokers.com Trust Score of 83, marking IronFX as a trusted option. However, the regulatory standing is not as extensive as Charles Schwab, offering different layers of assurances for potential investors.
| Feature |
Charles Schwab
|
IronFX
|
|---|---|---|
| Year Founded | 1971 | 2010 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 3 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
Charles Schwab offers a welcoming start for forex traders with no minimum deposit requirement and two main account options, Schwab One and Schwab Global, that provide access to the thinkorswim trading platform. For forex trades through Schwab, all transactions are settled in U.S. dollars, and the smallest trade size permitted is 10,000 units, requiring a minimum margin of $500. While Schwab does not charge direct commissions on forex trading, costs are incurred through the bid/ask spread. In October 2024, the average spread for the EUR/USD was 1.35 pips. For those interested in trading international securities, particularly in their local currencies, the Schwab Global account allows access to twelve international markets, with conversion fees ranging from 0.2% to 1% depending on account balance.
IronFX, on the other hand, highlights its pricing through various account types, notably its Standard variable spread account with spreads typically at 1.8 pips, although this can change depending on market conditions. For traders preferring a zero fixed-spread account, spreads start at zero with an $18 commission per lot, but traders should note spreads can widen to 3 pips overnight. While IronFX may have room to optimize its pricing further, it offers traders different account structures to choose based on their trading style.
In terms of commission and fees ratings, both Charles Schwab and IronFX are rated 4 out of 5 stars. However, in a broader comparison among 63 brokers, Schwab holds a higher rank at #24, whereas IronFX is positioned at #46, suggesting Schwab may provide a more competitive edge in these areas.
| Feature |
Charles Schwab
|
IronFX
|
|---|---|---|
| Minimum Deposit | $0 | $50 |
| Average Spread EUR/USD - Standard | 1.35 | 1.2 |
| All-in Cost EUR/USD - Active | 1.35 | N/A |
| Active Trader or VIP Discounts | No | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When evaluating the range of investments available, Charles Schwab stands out with its expansive selection, offering around 40,000 tradable symbols. This includes a variety of investment types such as exchange-traded securities on both U.S. and international exchanges, which allows clients to make direct investments in popular companies like Apple and Vodafone. Moreover, Charles Schwab supports forex trading with 73 currency pairs, providing a comprehensive trading experience. In contrast, IronFX offers a smaller catalog of 340 tradable symbols and, notably, does not provide access to exchange-traded securities on U.S. or international exchanges. However, IronFX offers a wider selection of forex pairs, totaling 83, along with the option for copy trading, which can be appealing to those looking to emulate successful trading strategies.
Both Charles Schwab and IronFX enables clients to engage in forex trading via CFDs or spot contracts, and they also provide cryptocurrency derivatives for those interested in exploring digital currencies beyond traditional assets. In terms of ratings, Charles Schwab receives a stellar 5 stars for its range of investments, ranking 5th out of 63 brokers by ForexBrokers.com. This highlights its dominant position in the market. IronFX, on the other hand, holds a 3.5-star rating and is positioned 51st, reflecting a more limited, yet still significant, array of investment options.
| Feature |
Charles Schwab
|
IronFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 340 |
| Forex Pairs (Total) | 73 | 83 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | No | Yes |
| 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.
Charles Schwab and IronFX both cater to traders with offerings of simulated or paper trading, allowing users to test strategies in a risk-free environment. Charles Schwab showcases its in-house developed trading platform, providing seamless integration for those on a Windows-based desktop or accessing via a web browser. Traders using Schwab are granted access to an impressive array of 24 drawing tools for charting and can customize their watch lists extensively with 580 different columns. Although Charles Schwab does not support popular trading platforms like MetaTrader 4 or 5, it sets itself apart with a five-star rating for its comprehensive trading platforms and tools, ranking 5th among 63 brokers reviewed by ForexBrokers.com.
On the other hand, IronFX supports the well-known MetaTrader 4 platform, appealing to traders who prefer established third-party platforms. Unlike Charles Schwab, IronFX offers copy trading, which is attractive to beginners looking to mirror the trades of experienced investors. Both platforms allow trading directly from stock charts, but IronFX provides fewer drawing tools at 15 and is limited to 7 columns for watch list customization. Despite these functional offerings, IronFX receives a mixed rating of 3.5 stars for trading platforms and tools and holds a lower ranking of 61st out of 63 brokers on ForexBrokers.com. Each broker has its unique strengths, making them suited for different trading styles and preferences.
| Feature |
Charles Schwab
|
IronFX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary 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 | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 374 | 30 |
| Charting - Drawing Tools (Total) | 24 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 580 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Charles Schwab and IronFX offer their clients mobile trading apps for iPhone and Android devices, catering to traders on the go. They both provide essential features such as stock and forex price alerts, trendline drawing capabilities, and support for multiple time frames in charting. However, Charles Schwab takes a significant leap forward with its impressive arsenal of 374 technical studies available for charting, compared to IronFX's offering of just 30. Furthermore, Charles Schwab excels by allowing watchlist symbol syncing between mobile and online accounts, a feature that IronFX lacks.
When it comes to ratings, Charles Schwab shines brightly with a perfect 5-star rating for its mobile trading app, reflecting its user-friendly design and comprehensive features. IronFX, on the other hand, has a 3.5-star rating, indicating room for improvement. This disparity is further highlighted by their rankings from ForexBrokers.com, where Charles Schwab stands at a notable 6th position among 63 brokers, while IronFX lags behind at 62nd. If seamless mobile trading is a priority, Charles Schwab offers a compelling edge over IronFX.
| Feature |
Charles Schwab
|
IronFX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 374 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
When assessing market research offerings, both Charles Schwab and IronFX provide valuable resources to their users. Each broker delivers daily market commentary and access to forex news from top-tier news agencies like Bloomberg, Reuters, and Dow Jones. Both platforms also maintain an insightful economic calendar to keep traders abreast of global news events. However, there are distinctions between their services. IronFX stands out by offering a technical analysis tool from Trading Central, which Charles Schwab does not provide. Yet, neither offers tools from Autochartist, sentiment-based trading insights, or research from TipRanks and Acuity Trading.
In terms of research ratings, Charles Schwab has earned a commendable 5-star rating, with a strong ranking of fourth place out of 63 brokers according to ForexBrokers.com. This is reflective of its comprehensive offering despite the lack of some specialized tools. On the other hand, IronFX is rated slightly lower with 4 stars and ranks 28th among the same 63 brokers. The difference in rankings highlights Charles Schwab's superior overall research capabilities, although IronFX's integration of Trading Central may offer a unique advantage for traders seeking that specific toolset.
| Feature |
Charles Schwab
|
IronFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | No | No |
| TipRanks | No | |
| Signal Centre (Acuity Trading) | No | |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Charles Schwab and IronFX both provide a range of educational resources for beginners interested in forex and CFDs. Both platforms offer more than 10 educational articles, videos, and archived webinars focusing on these topics. Charles Schwab stands out with its monthly online educational webinars, offering a continuous learning opportunity for users, whereas IronFX does not provide this feature. Additionally, each platform makes recorded webinars accessible through a searchable archive. For beginners, both brokers offer over 10 videos detailing trading strategies and concepts. This ensures that newcomers have ample material to get started. However, for more experienced traders looking to advance their skills, Charles Schwab again takes the lead with over 10 advanced videos, a feature IronFX lacks.
Furthermore, both Charles Schwab and IronFX provide an investor dictionary that covers over 50 investing terms, giving users easy access to important definitions. Despite both brokers offering strong educational tools, Charles Schwab receives higher acclaim, with a 5-star rating for education compared to IronFX's 4-star rating. According to ForexBrokers.com, Charles Schwab ranks 6th out of 63 brokers in the education category, reflecting its comprehensive offering. In contrast, IronFX holds the 44th position. Overall, while both platforms provide substantial educational resources, Charles Schwab offers a broader and more sophisticated range of learning materials for traders at various levels.
| Feature |
Charles Schwab
|
IronFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | 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 IronFX. Charles Schwab finished with an overall rank of #6, while IronFX finished with an overall rank of #48.
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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IronFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 83 |
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Both Charles Schwab and IronFX do not offer the ability to purchase actual delivered cryptocurrencies, but they both provide options to buy cryptocurrency derivatives.
When comparing the deposit and withdrawal options of Charles Schwab and IronFX, Charles Schwab supports ACH/SEPA transfers and bank wires but not PayPal, Skrill, or Visa/Mastercard, whereas IronFX does not offer ACH/SEPA transfers or PayPal but provides options for Skrill, Visa/Mastercard, and similarly offers 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 | IronFX | |
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| Trust Score | 99 | 83 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review |
| Broker Screenshots | Charles Schwab | IronFX | |
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| Regulation | Charles Schwab | IronFX | |
|---|---|---|---|
| Trust Score | 99 | 83 | |
| Year Founded | 1971 | 2010 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 5 | 3 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | IronFX | |
|---|---|---|---|
| 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 | 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 | IronFX | |
|---|---|---|---|
| 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 | IronFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 340 | |
| Forex Pairs (Total) | 73 | 83 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | No | Yes | |
| 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 | IronFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.35 | 1.2 | |
| All-in Cost EUR/USD - Active | 1.35 | N/A | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | IronFX | |
|---|---|---|---|
| Minimum Deposit | $0 | $50 | |
| PayPal (Deposit/Withdraw) | No | No | |
| 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 | IronFX | |
|---|---|---|---|
| Proprietary 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 | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Charles Schwab | IronFX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 580 | 7 | |
| Charting - Indicators / Studies (Total) | 374 | 30 | |
| Charting - Drawing Tools (Total) | 24 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Charles Schwab | IronFX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 374 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Charles Schwab | IronFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | No | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | ||
| Social Sentiment - Currency Pairs | No | No | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | IronFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Charles Schwab | IronFX | |
|---|---|---|---|
| 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 | IronFX | |
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| Trust Score | 99 | 83 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review |
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