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 account | 1.32 | N/A |
| All-in Cost EUR/USD - Active | 1.32 | N/A |
| Non-wire bank transfer | Yes | No |
| PayPal (Deposit/Withdraw) | No | |
| Skrill (Deposit/Withdraw) | No | |
| Bank Wire (Deposit/Withdraw) | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Comparing the range of investments, Charles Schwab offers far more choice than LegacyFX. Schwab lists around 40,000 tradeable symbols and lets clients buy exchange‑traded securities on both U.S. and international exchanges, while LegacyFX does not offer direct stock trading. Both brokers support forex trading (CFD or spot), with Schwab covering 73 currency pairs versus 44 at LegacyFX. Each provides cryptocurrency CFDs, but neither lets you buy actual, delivered crypto. Copy trading is available at LegacyFX, but not at Charles Schwab.
These differences show up in third‑party ratings: Charles Schwab earns 5 stars and ranks #5 out of 63 brokers for Range of Investments, whereas LegacyFX is rated 3.5 stars and ranks #49. If you want access to U.S. and international listed shares plus a very large catalog of symbols and more forex pairs, Schwab stands out; if you need copy trading within a CFD‑focused lineup, LegacyFX may fit.
| Feature |
Charles Schwab
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 425 |
| Forex Pairs (Total) | 73 | 44 |
| U.S. Stocks (Shares) | Yes | No |
| Global Stocks (Non-U.S. Shares) | Yes | No |
| 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 and LegacyFX both let you practice with a free paper trading account. Each broker offers web and Windows desktop platforms, and both allow trading directly from charts. Charles Schwab provides its own in-house platform, while LegacyFX does not. LegacyFX supports copy trading and MetaTrader 5 (MT5), whereas Schwab does not support copy trading and does not offer MT4 or MT5. The number of built-in technical indicators and watch list columns wasn’t specified for either broker in the information provided.
For trading platforms and tools, Charles Schwab earns 5 stars and ranks #5 out of 63 brokers at ForexBrokers.com, while LegacyFX scores 3.5 stars and ranks #61. If you value a highly rated, proprietary platform, Schwab is the stronger pick. If you want copy trading and MT5 access, LegacyFX is the better match.
| Feature |
Charles Schwab
|
LegacyFX
|
|---|---|---|
| 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 | No |
| 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.
Comparing Charles Schwab vs LegacyFX for mobile trading apps: both offer iPhone and Android apps, stock and forex price alerts, and handy charting tools like drawing trendlines with auto-saved drawings. The key everyday difference is watchlist syncing—Schwab syncs symbols between the mobile app and your online account, while LegacyFX does not, which can matter if you move between devices.
For charting depth, Schwab provides 374 technical studies in its mobile app versus 30 with LegacyFX, giving traders far more indicators to work with. Ratings back this up: Schwab earns 5 stars and ranks #6 out of 63 brokers for Mobile Trading Apps at ForexBrokers.com, while LegacyFX holds 3.5 stars and ranks #62. If you want deep technical analysis and synced watchlists, Schwab is the stronger fit; LegacyFX covers the basics for users who need a simpler setup.
| Feature |
Charles Schwab
|
LegacyFX
|
|---|---|---|
| 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.
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 (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central | No | No |
| Client sentiment data | No | No |
| TipRanks | No | |
| Acuity Trading | No | |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Charles Schwab and LegacyFX both give beginner traders steady learning options: each hosts at least one client webinar every month and offers at least 10 beginner videos plus at least 10 advanced videos. Where they differ is in third‑party scores. According to ForexBrokers.com, Charles Schwab earns a 5‑star Education rating and ranks #6 out of 63 brokers, while LegacyFX earns 3.5 stars and ranks #35—signaling stronger overall education quality at Schwab for newcomers.
Both brokers can help you start with basics and progress to more advanced topics through videos and live sessions. The information provided here does not specify whether either broker supplies a full set of forex- or CFD‑specific materials (10+ dedicated pieces). If ratings and rankings are important to you, Charles Schwab’s higher marks suggest a deeper overall education experience, while LegacyFX still delivers regular webinars and a solid set of beginner videos.
| Feature |
Charles Schwab
|
LegacyFX
|
|---|---|---|
| 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 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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When comparing online brokers Charles Schwab and LegacyFX for cryptocurrency trading, neither supports buying actual delivered cryptocurrencies, but both offer access to cryptocurrency CFDs.
Charles Schwab vs LegacyFX: Charles Schwab supports ACH/SEPA and bank wires but not PayPal or Skrill (Visa/Mastercard not specified), while LegacyFX does not support ACH/SEPA and its support for PayPal, Skrill, Visa/Mastercard, and bank wires is not specified.
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 (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 | 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. Stocks (Shares) | Yes | No | |
| Global Stocks (Non-U.S. Shares) | Yes | No | |
| 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 | LegacyFX | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.32 | N/A | |
| All-in Cost EUR/USD - Active | 1.32 | N/A | |
| Inactivity Fee | No | No | |
| Order execution: Agency | Yes | No | |
| Order execution: Market Maker | No | Yes |
| Funding | Charles Schwab | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $0 | $500 | |
| PayPal (Deposit/Withdraw) | No | ||
| Skrill (Deposit/Withdraw) | No | ||
| Bank Wire (Deposit/Withdraw) | Yes | ||
| Non-wire bank transfer | Yes | No |
| Trading Platforms | Charles Schwab | LegacyFX | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No |
| Trading Tools | Charles Schwab | LegacyFX | |
|---|---|---|---|
| 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 | LegacyFX | |
|---|---|---|---|
| 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 | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central | No | No | |
| TipRanks | No | ||
| Client sentiment data | No | No | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | LegacyFX | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Charles Schwab | LegacyFX | |
|---|---|---|---|
| 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 | 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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