Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs LegacyFX, 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.
Charles Schwab, founded in 1971, is a well-established online broker notable for its high level of trust. As a publicly traded company and a bank, Charles Schwab enjoys a top-tier reputation with a perfect Trust Score of 99 out of 99 from ForexBrokers.com. It boasts five highly trusted Tier-1 licenses, reflecting its strong regulatory standing and commitment to safeguarding clients' investments.
In comparison, LegacyFX, established in 2012, is a privately held broker with a more modest trust level. It holds one Tier-1 license and has a ForexBrokers.com Trust Score of 67, placing it in the high-risk category. Although not publicly traded or a bank, LegacyFX offers its services under stringent regulatory conditions but is considered riskier than its counterpart, Charles Schwab.
| Feature |
Charles Schwab
|
LegacyFX
|
|---|---|---|
| Year Founded | 1971 | 2012 |
| 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 |
Comparing commissions and fees, Charles Schwab is the more transparent choice, while LegacyFX’s pricing depends heavily on which entity and account tier you use. Schwab earns 4 out of 5 stars for commissions and fees and ranks #26 of 63 brokers on ForexBrokers.com. LegacyFX earns 3.5 out of 5 stars and ranks #58 of 63. If you want clear, published costs and a low barrier to entry, Schwab stands out; if you choose LegacyFX, expect pricing to vary by region and account level.
Charles Schwab charges no commission on forex; your cost is the spread. In October 2024, the average EUR/USD spread was 1.35 pips, which sits on the higher end of the industry average. There’s no minimum deposit for Schwab’s main accounts. The Schwab One account lets you trade forex on thinkorswim, with trades settled in U.S. dollars. The smallest trade size is 10,000 units (about $500 minimum margin at 20:1 leverage). For international markets, the Schwab Global account lets you trade in local currencies and applies currency conversion fees of about 0.2% to 1% depending on your balance; note that placing trades directly in a foreign currency from a Schwab One account requires a phone order. Overnight financing (carry) charges are shown in-platform so you can estimate holding costs.
LegacyFX’s fees depend on the entity and account tier. In the EU (CySEC), minimum deposits are $500 (Silver), $5,000 (Gold), and $25,000 (Platinum), with lower advertised spreads on higher tiers; the Silver account’s minimum spread can be as high as 1.6 pips on EUR/USD. Internationally (Vanuatu), there are seven tiers from $500 (Standard) up to $50,000 (VIP), with added services and tools at higher levels. Average spreads aren’t published, making it hard to gauge real-world trading costs, so price-sensitive traders may find Schwab’s disclosed spreads easier to evaluate.
| Feature |
Charles Schwab
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $0 | $500 |
| Average Spread EUR/USD - Standard | 1.32 | N/A |
| All-in Cost EUR/USD - Active | 1.32 | 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 it comes to range of investments, Charles Schwab and LegacyFX both support forex trading and offer cryptocurrency derivatives (but not actual crypto purchases). The big difference is breadth: Schwab lists about 40,000 tradeable symbols and 73 forex pairs, while LegacyFX offers roughly 425 symbols and 44 forex pairs. Schwab also lets clients buy and own exchange-traded securities on both U.S. and international stock exchanges—think shares like Apple or Vodafone—whereas LegacyFX does not offer direct stock ownership. On the flip side, LegacyFX includes copy trading, which Schwab does not.
These differences show up in independent evaluations: For Range of Investments, ForexBrokers.com rates Charles Schwab 5 stars and ranks it #5 out of 63 brokers, while LegacyFX earns 3.5 stars and ranks #49. In short, Schwab suits investors who want a very wide selection including real stocks and many currency pairs, while LegacyFX may appeal to CFD-focused traders who value copy trading and a more streamlined lineup.
| Feature |
Charles Schwab
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 425 |
| Forex Pairs (Total) | 73 | 44 |
| 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 LegacyFX both offer free paper trading and give you access on the web and via a Windows desktop platform. Schwab adds a proprietary, in-house platform, while LegacyFX does not. If you want copy trading, LegacyFX supports it; Schwab does not. For third‑party platforms, neither broker offers MetaTrader 4, but LegacyFX supports MetaTrader 5 and Schwab supports neither. DupliTrade and ZuluTrade aren’t available at either broker.
Both let you place trades directly from charts. For charting tools, Schwab lists 24 drawing tools versus 15 at LegacyFX, and watchlists are far deeper at Schwab (580 fields) than at LegacyFX (7). The number of built‑in technical indicators isn’t specified here for either broker. Overall ratings reflect these differences: Schwab earns 5 stars and ranks #5 out of 63 brokers for Trading Platforms and Tools, while LegacyFX scores 3.5 stars and ranks #61—making Schwab the stronger pick for platform depth, with LegacyFX standing out if you want copy trading and MT5.
| Feature |
Charles Schwab
|
LegacyFX
|
|---|---|---|
| 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 | No |
| MetaTrader 5 (MT5) | No | Yes |
| 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 LegacyFX offer mobile trading apps for iPhone and Android, along with price alerts and watchlists with real-time quotes. You can draw trendlines, switch between multiple time frames, and your chart drawings auto-save on both apps. A standout difference is watchlist syncing: Schwab syncs symbols between the mobile app and your online account, while LegacyFX does not, which can affect how smoothly you manage your favorites across devices.
Schwab’s charting depth is far greater, offering 374 technical studies compared with LegacyFX’s 30. That gap shows up in independent ratings: Charles Schwab earns 5 stars and ranks #6 out of 63 brokers for Mobile Trading Apps on ForexBrokers.com, while LegacyFX earns 3.5 stars and ranks #62. If you want advanced chart tools and seamless watchlist syncing, Schwab is the stronger pick; if you just need the essentials with alerts on both iOS and Android, LegacyFX covers the basics.
| Feature |
Charles Schwab
|
LegacyFX
|
|---|---|---|
| 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.
Comparing market research at Charles Schwab and LegacyFX: both brokers deliver daily market commentary, forex news from top-tier sources such as Bloomberg, Reuters, or Dow Jones, and an economic calendar to track global events. Neither platform includes Trading Central tools or a sentiment gauge that shows long/short positioning.
Key difference: LegacyFX offers Autochartist for technical scanning, while Schwab does not. Schwab also does not integrate TipRanks or Acuity Trading; availability of those services at LegacyFX isn’t specified here. According to ForexBrokers.com, Schwab earns 5 stars for Research and ranks 5th out of 63 brokers, whereas LegacyFX scores 3.5 stars and ranks 47th—highlighting a stronger overall research experience at Schwab despite LegacyFX’s Autochartist offering.
| Feature |
Charles Schwab
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | No | No |
| 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 LegacyFX both provide extensive educational resources for beginners interested in forex or CFDs. Both platforms offer at least 10 educational pieces such as articles and videos focused on forex and CFDs. They also host online educational webinars monthly, along with a searchable archive of these sessions for those who want to learn at their own pace. Beginners can find over 10 trading videos specifically designed for their skill level on both platforms. Additionally, each broker provides definitions for over 50 investing terms in an investor dictionary, aiding newcomers in mastering industry language.
However, when looking at reviews and rankings, Charles Schwab tends to stand out. It receives an impressive 5-star rating for its educational resources, ranking 6th out of 63 brokers by ForexBrokers.com. On the other hand, LegacyFX, while offering a solid range of educational tools, holds a 3.5-star rating and is ranked 35th. This difference suggests that while both platforms are capable, Charles Schwab might provide a slightly more refined educational experience for those starting their trading journey.
| Feature |
Charles Schwab
|
LegacyFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
| 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 LegacyFX. Charles Schwab finished with an overall rank of #6, while LegacyFX finished with an overall rank of #63.
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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LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 67 |
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Both Charles Schwab and LegacyFX do not offer the ability to buy actual delivered cryptocurrency; however, they both provide options for purchasing cryptocurrency derivatives.
Charles Schwab provides ACH and SEPA transfers along with bank wires for fund deposits and withdrawals, while LegacyFX offers bank wires, Skrill, and Visa or Mastercard, but lacks ACH or SEPA transfer options, aligning both brokers with a common absence of PayPal services.
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 | LegacyFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | LegacyFX Review |
| Broker Screenshots | Charles Schwab | LegacyFX | |
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| Regulation | Charles Schwab | LegacyFX | |
|---|---|---|---|
| Trust Score | 99 | 67 | |
| Year Founded | 1971 | 2012 | |
| 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 | LegacyFX | |
|---|---|---|---|
| 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 | 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 | LegacyFX | |
|---|---|---|---|
| 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 | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 425 | |
| Forex Pairs (Total) | 73 | 44 | |
| 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 | LegacyFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.32 | N/A | |
| All-in Cost EUR/USD - Active | 1.32 | N/A | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $0 | $500 | |
| 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 | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Charles Schwab | LegacyFX | |
|---|---|---|---|
| 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 | LegacyFX | |
|---|---|---|---|
| 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 | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | ||
| Social Sentiment - Currency Pairs | No | No | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | LegacyFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Charles Schwab | LegacyFX | |
|---|---|---|---|
| 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 | LegacyFX Review |
| Overall | Charles Schwab | LegacyFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | LegacyFX Review |
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