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 |
When it comes to comparing Charles Schwab and IronFX for commissions and fees, there are some noteworthy distinctions. Charles Schwab offers a no-minimum deposit requirement for its primary brokerage accounts like Schwab One and Schwab Global, allowing easy access to forex trading through the thinkorswim platform. Schwab does not charge commissions on forex trades, but costs are embedded within the bid/ask spread, which was about 1.35 pips for EUR/USD in October 2024. The Schwab Global account provides access to international markets in local currencies, although conversion fees apply and range from 0.2% to 1%. Schwab is well-rated for its commissions and fees, receiving 4 out of 5 stars and placing 23rd out of 63 brokers ranked by ForexBrokers.com.
On the other hand, IronFX's pricing strategy shows potential for improvement, particularly as its spreads tend to be higher than the industry average. For example, the standard account has a typical spread of 1.8 pips, while the zero fixed-spread account starts at zero but includes an $18 per lot commission. This account also has spreads that widen to 3 pips overnight. Similar to Schwab, IronFX also carries a 4-star rating for commissions and fees but stands at 46th place in the ForexBrokers.com rankings, suggesting there could be better value found elsewhere.
Both brokers provide unique offerings in their approach to trading costs. Charles Schwab stands out with its fee structure embedded in the bid/ask spread and access to multiple international markets, perfect for those trading international securities. In contrast, IronFX might appeal more to traders who prefer a fixed spread setup, albeit at a higher overall cost, underlining the importance of considering your trading style and objectives when choosing a broker.
| 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.
Both Charles Schwab and IronFX provide daily market commentary and offer forex news from top-tier sources like Bloomberg and Reuters, ensuring investors stay informed about the latest market trends. While neither broker offers research tools from Autochartist, IronFX stands out by providing access to Trading Central's technical analysis tools, which can give traders an edge in understanding market dynamics. However, both brokers lack sentiment-based trading tools and do not offer resources from TipRanks or Acuity Trading, such as Signal Centre.
In terms of research rating, Charles Schwab surpasses IronFX with a five-star rating compared to IronFX's four stars. Additionally, Charles Schwab ranks higher at number four, while IronFX holds the 28th position out of 63 brokers according to ForexBrokers.com. Both brokers provide economic calendars that highlight global news events, helping traders anticipate market movements. Overall, Charles Schwab offers a more comprehensive research experience, but IronFX's inclusion of Trading Central tools presents a valuable resource for technically inclined traders.
| 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 | No |
| Signal Centre (Acuity Trading) | No | 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
|
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 | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | Charles Schwab | IronFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| 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 | 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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