Charles Schwab vs OANDA Comparison
Weโve made it easy to compare the best forex brokers, side-by-side. Our editorial team has collected thousands of data points, written hundreds of thousands of words of research, and tested over 60 brokers to help you find the best forex brokers in the industry. Our research is unbiased and independent; learn more about how we test. That same research and data powers our broker comparisons. Let's compare Charles Schwab vs OANDA.
Can I trust Charles Schwab?
Charles Schwab is publicly-traded, does operate a bank, and is authorised by five Tier-1 regulators (Highly Trusted), zero Tier-2 regulators (Trusted), zero Tier-3 regulators (Average Risk), and zero Tier-4 regulators (High Risk). Schwab is authorised by the following Tier-1 regulators: Canadian Investment Regulatory Organization (CIRO), Securities Futures Commission (SFC), Monetary Authority of Singapore (MAS), Financial Conduct Authority (FCA), and the Commodity Futures Trading Commission (CFTC).
Can I trust OANDA?
OANDA is not publicly traded and does not operate a bank. OANDA is authorised by seven Tier-1 regulators (Highly Trusted), zero Tier-2 regulators (Trusted), zero Tier-3 regulators (Average Risk), and one Tier-4 regulators (High Risk). OANDA is authorised by the following tier-1 regulators: Australian Securities & Investment Commission (ASIC), Investment Industry Regulatory Organization of Canada (IIROC), Japanese Financial Services Authority (JFSA), Monetary Authority of Singapore (MAS), Financial Conduct Authority (FCA), and the Commodity Futures Trading Commission (CFTC), and regulated in the European Union via the MiFID passporting system.
Is Charles Schwab good?
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 brokerโs forex offering is still largely limited to what is available on thinkorswim.
Is OANDA good?
A trusted global brand, OANDA stands out for its reputation and quality market research. Its regulatory track record is strong, and its support for third-party features bolsters its overall offering.
What is the minimum deposit requirement for opening an account with Charles Schwab?
To open a trading account with Charles Schwab, you'll need to make an initial minimum deposit of $0.
What is the minimum deposit requirement for opening an account with OANDA?
OANDA requires a minimum deposit of $0 before you can open an account and start trading.
What funding options does each broker offer?
It's important to make sure that your forex broker accepts the funding options and deposit methods that work best for you. Charles Schwab offers Bank Wire (Deposit/Withdraw) for banking, whereas OANDA provides Visa/Mastercard (Credit/Debit), Bank Wire (Deposit/Withdraw), PayPal (Deposit/Withdraw), Skrill (Deposit/Withdraw) and Neteller (Deposit/Withdraw).
Does Charles Schwab or OANDA offer lower pricing?
Comparing the trading costs of forex and CFDs is not easy. Not every broker publishes average spread data, and pricing structures vary. Based on our thorough, data-driven testing of each broker's commissions and fees, we found that Charles Schwab offers better pricing overall for traders.
Methodology: When testing each broker's commissions, fees, and pricing, we analyze multiple trade scenarios and award points based on the expansiveness (or inexpensiveness) of the broker's spreads. We then run multiple scenarios for different investor types, incorporating any miscellaneous fees, to determine an "all-in" cost per trade. Learn more about how we test.
Is Charles Schwab or OANDA safer for forex and CFDs trading?
At ForexBrokers.com, we track over 110 international regulatory agencies and sort them by tiers (Tier-1, Tier-2, Tier-3, Tier-4, and Tier-5) to help you choose well-regulated, highly trusted forex brokers. Learn more about our proprietary Trust Score rating system. Based on our research on the regulatory status of over 60 brokers, we've found that OANDA holds 7 global Tier-1 licenses, while Charles Schwab holds 5. Both Charles Schwab and OANDA hold 0 global Tier-2 licenses.
After evaluating each broker based on their number of held licenses, years in business, and a range of other data-driven variables, we've determined that Charles Schwab (99) earned a higher Trust Score than OANDA (93).
Which trading platform is better: Charles Schwab or OANDA?
To compare the trading platforms of both Charles Schwab and OANDA, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, Charles Schwab offers a better experience. With research, OANDA offers superior market research. Finally, we found Charles Schwab to provide better mobile trading apps.
Hereโs what trading platforms are available at Charles Schwab:
- Proprietary Platform - Yes
- Web Platform - Yes
- cTrader - No
- DupliTrade - No
- MT4 - No
- MT5 - No
- ZuluTrade - No
- TradingView - No
Hereโs what trading platforms are available at OANDA:
- Proprietary Platform - Yes
- Web Platform - Yes
- cTrader - No
- DupliTrade - No
- MT4 - Yes
- MT5 - Yes
- ZuluTrade - No
- TradingView - Yes
What about MetaTrader? How about copy trading?
The MetaTrader trading platform suite is wildly popular among forex and CFD traders across the globe. OANDA offers MetaTrader 4 (MT4), while Charles Schwab does not. Forex traders also appreciate the ability to engage in social copy trading. While OANDA offers copy trading, Charles Schwab does not.
What can I trade with each broker?
Charles Schwab provides traders 73 currency pairs (e.g., EUR/USD) compared to OANDA's 68 available pairs. If you are interested in trading a full range of securities, Charles Schwab offers traders access to 40000 tradeable symbols, while OANDA offers access to 3928 tradeable symbols; so Charles Schwab offers 36072 more tradeable symbols than OANDA.
We found in our testing that Charles Schwab offers a more diverse selection of investment options than OANDA, allowing you to trade Forex Trading (Spot or CFDs), Int'l Stock Trading (Non CFD) and Cryptocurrency (Derivative). Neither have U.S. Stocks (CFD).
Overall winner: Charles Schwab
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We review each brokerโs overall global offering โ a โYesโ 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.