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 |
When comparing the commissions and fees of Charles Schwab and LegacyFX, both platforms offer unique advantages for forex traders. Charles Schwab stands out with a 4-star rating for its commission-free forex trading and accessibility. Schwab doesn’t impose a minimum deposit for its main trading accounts, allowing easy entry into forex. It offers two key account types: Schwab One, which lets traders access the thinkorswim platform in U.S. dollars, and Schwab Global, allowing trading in twelve international markets with variable conversion fees ranging between 0.2% and 1%. However, Schwab's average spread on the EUR/USD is 1.35 pips, slightly higher than many industry standards.
In contrast, LegacyFX provides various account options depending on whether you choose its EU-regulated entity or international entity in Vanuatu. The EU entity has three account tiers—Silver, Gold, and Platinum—with minimum deposits ranging from $500 to $25,000. The spreads are lower with the higher tiers, with the Silver account experiencing spreads as high as 1.6 pips on the EUR/USD. For international clients, the Vanuatu entity offers seven account types, including options like Standard and VIP. Overall, LegacyFX's trading costs and fee transparency fall short, earning it a 3.5-star rating for commissions and fees.
In terms of rankings on ForexBrokers.com, Charles Schwab ranks #23 out of 63 brokers for its commission and fee structure, while LegacyFX comes in at #57. This comparison highlights Schwab's more affordable and transparent fee structure in contrast to the somewhat complex and less competitive pricing model of LegacyFX.
| Feature |
Charles Schwab
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $0 | $500 |
| 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 | 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 comparing the investment offerings of Charles Schwab and LegacyFX, it's clear there are distinct differences tailored to varied investor needs. Charles Schwab boasts an impressive range with 40,000 tradeable symbols, including 73 forex pairs and exchange-traded securities on both U.S. and international exchanges. This wide array allows investors to access stocks like Apple on the NASDAQ and Vodafone on the London Stock Exchange. While Charles Schwab doesn't support copy trading or purchasing actual cryptocurrencies, it does offer cryptocurrency derivatives, providing a spectrum of choices for seasoned investors.
In contrast, LegacyFX offers a smaller selection with 425 tradeable symbols and 44 forex pairs, focusing primarily on CFD trading without access to U.S. or international exchange-traded securities. However, it compensates with features like copy trading, appealing to individuals interested in mirroring experienced traders' strategies. Like Charles Schwab, LegacyFX doesn't provide for purchasing actual cryptocurrencies but does offer derivatives. This gives clients a basic exposure to the crypto market. With a higher ranking and five-star rating from ForexBrokers.com for their investment range, Charles Schwab emerges as the more comprehensive option, whereas LegacyFX appeals to those looking for straightforward trading options with some innovative features.
| 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.
When comparing the trading platforms and tools offered by Charles Schwab and LegacyFX, both brokers provide the option for simulated or paper trading through free virtual demo accounts. However, a significant difference lies in their platform offerings. Charles Schwab has developed its own proprietary platform, ensuring unique features tailored specifically for its clients, while LegacyFX does not offer a proprietary system. Both brokers support Windows-based desktop downloads and web-based trading platforms accessible through browsers, making it easy for users to access their trading accounts. However, LegacyFX distinguishes itself with the availability of MetaTrader 5 (MT5), a popular platform not available through Charles Schwab. Additionally, LegacyFX caters to traders interested in copy trading, a service not provided by Charles Schwab.
In terms of charting tools and customization, Charles Schwab offers a significant advantage with 24 drawing tools, compared to 15 provided by LegacyFX. Meanwhile, the number of columns available for watch lists is where Charles Schwab clearly outshines, offering an impressive 580 fields to LegacyFX’s 7. Both platforms permit trading directly from stock charts, adding to the convenience. This array of features and tools contributes to Charles Schwab’s high rating of 5 stars for Trading Platforms and Tools, as evaluated by ForexBrokers.com, placing it at an impressive rank of 5 out of 63. Conversely, LegacyFX receives a more modest rating of 3.5 stars, holding a rank of 60 out of 63, indicating room for improvement in its trading platform offerings.
| 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.
When it comes to mobile trading apps, both Charles Schwab and LegacyFX offer options for iPhone and Android users. Traders can receive stock and forex price alerts on both platforms, ensuring they stay updated with market changes. While both apps allow users to draw trendlines and view charts in various time frames, a key difference lies in the ability to sync watchlists. Charles Schwab provides seamless syncing between the mobile app and online account, while LegacyFX does not offer this feature.
In terms of charting tools, Charles Schwab takes a notable lead with 374 technical studies available, compared to just 30 offered by LegacyFX. Both apps allow users to auto-save drawings and create watchlists with real-time quotes. However, when it comes to user ratings, Charles Schwab shines with a perfect 5-star rating and ranks 6th out of 63 brokers for mobile trading apps. In contrast, LegacyFX holds a 3.5-star rating and ranks 61st, demonstrating a significant disparity in overall user experience.
| 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.
When comparing the market research offerings of Charles Schwab and LegacyFX, both brokers provide daily market commentary and forex news from top-tier sources like Bloomberg and Reuters. However, a key distinction arises with the inclusion of tools from Autochartist; LegacyFX provides these technical analysis tools, whereas Charles Schwab does not. Despite this, neither broker offers tools from Trading Central or sentiment-based trading tools to show the ratio of long or short positions across currency pairs. Additionally, both brokers lack offerings from TipRanks and Acuity Trading for enhanced research capabilities.
An economic calendar is available at both Charles Schwab and LegacyFX, allowing traders to stay informed about crucial global economic events. However, Charles Schwab outshines with a stellar research rating of five stars and a commendable fourth-place rank among 63 brokers, thanks to its diverse and reliable research services. In contrast, LegacyFX earns a 3.5-star rating, placing it at 46th in the same category, suggesting a broader opportunity for growth and enhancement in its research offerings.
| 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 | No |
| Signal Centre (Acuity Trading) | No | 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
|
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 | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| 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 | LegacyFX | |
|---|---|---|---|
| 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 | 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 | 1.35 | N/A | |
| 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 | 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 | 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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