Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs OANDA, 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, stands out as a well-established player in the financial services industry. As a publicly traded bank, it boasts a top Trust Score of 99 from ForexBrokers.com, placing it among the highest in trust. Schwab holds 5 Tier-1 licenses, representing a significant level of trustworthiness in regulatory circles. Being both a bank and publicly traded enhances its credibility and security for clients seeking dependable investment services.
In contrast, OANDA, established in 1996, is a privately held company and not a bank. With a ForexBrokers.com Trust Score of 93, OANDA is also considered highly trusted, though slightly less than Schwab. Despite this, it surpasses Schwab in the number of Tier-1 licenses, holding 7, which indicates a substantial commitment to adhering to stringent regulatory standards. While not publicly traded, OANDA's focus remains solely on online trading, making it a formidable competitor in the space.
| Feature |
Charles Schwab
|
OANDA
|
|---|---|---|
| Year Founded | 1971 | 1996 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 7 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
Charles Schwab and OANDA both earn 4 stars for commissions and fees, but they take different paths to pricing. Schwab offers commission-free forex trading where your cost is the spread; its average EUR/USD spread was 1.35 pips in October 2024. OANDA’s default spreads were higher at 1.61 pips on EUR/USD in July 2024, but its Core pricing can trim costs to about 1.4 pips all-in (0.4-pip spread plus $10 round-trip commission per standard lot), if you meet the $10,000 minimum. In ForexBrokers.com’s Commissions and Fees rankings, Schwab is #26 of 63 brokers, while OANDA is #35 of 63.
For Schwab, there’s no minimum deposit for its main brokerage accounts, and forex trading runs through thinkorswim with a Schwab One account. Trades settle in U.S. dollars and the smallest trade size is 10,000 units (about $500 minimum margin at 20:1 leverage). If you want to trade in a foreign currency directly, you’ll need to call Schwab, or you can use a Schwab Global account to access 12 international markets in local currencies; currency conversion fees range from 0.2% to 1% depending on your balance. Schwab also displays overnight financing charges in-platform to help you estimate carry costs.
OANDA keeps things straightforward with automated trade execution and two pricing choices: default spread-only pricing or Core pricing with lower spreads plus a commission of $5 per side per $100,000 traded. Traders who value small position sizes may appreciate that OANDA allows orders as tiny as 1 unit, and high-volume clients can access Elite Trader rebates of $5–$17 per million. OANDA publishes trailing spread data for transparency, but because it doesn’t fix the reporting window (like a monthly average), apples-to-apples comparisons can be tricky. Spreads and costs vary with market conditions for both brokers.
| Feature |
Charles Schwab
|
OANDA
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average Spread EUR/USD - Standard | 1.32 | 1.69 |
| All-in Cost EUR/USD - Active | 1.32 | 1.69 |
| Non-wire bank transfer | Yes | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Comparing Charles Schwab vs OANDA for range of investments: both support forex trading as CFDs or spot forex. Charles Schwab offers about 40,000 tradeable symbols and 73 forex pairs, while OANDA lists 4,172 symbols and 69 pairs. Both brokers let you buy exchange‑traded securities on U.S. and international exchanges (for example, Apple on Nasdaq and Vodafone in London), giving access to domestic and global stocks and ETFs.
Feature-wise, OANDA includes copy trading and lets you buy actual cryptocurrency, while Charles Schwab does not offer copy trading or delivered crypto; both provide cryptocurrency derivatives. According to ForexBrokers.com’s Range of Investments ratings, Charles Schwab earns 5 stars and ranks #5 out of 63 brokers, whereas OANDA earns 4 stars and ranks #28. Choose Schwab if you want the widest selection of markets; pick OANDA if copy trading and direct crypto access matter more.
| Feature |
Charles Schwab
|
OANDA
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 4172 |
| Forex Pairs (Total) | 73 | 69 |
| U.S. Stock Trading (Non CFD) | Yes | Yes |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| Cryptocurrency (Underlying) | No | Yes |
| 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.
In the Charles Schwab vs OANDA platforms and tools comparison, both brokers provide paper trading so you can practice with a free demo account, along with proprietary platforms available on Windows desktop and in your web browser. Each lets you place trades directly from price charts. Key differences: OANDA supports copy trading and offers MetaTrader 4 and MetaTrader 5 for users who prefer those popular third‑party platforms, while Charles Schwab does not support MT4/MT5 and does not offer copy trading.
Independent ratings from ForexBrokers.com put Charles Schwab at 5 stars and ranked #5 out of 63 brokers for Trading Platforms and Tools, while OANDA earns 4 stars and ranks #15. If you want MetaTrader or copy trading, OANDA is the better fit. If you prefer Schwab’s in-house platform experience and don’t need MetaTrader, Charles Schwab stands out, especially for trying strategies first with its free paper trading and then moving to its desktop or web platform for live trading.
| Feature |
Charles Schwab
|
OANDA
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| Charting - Indicators / Studies (Total) | 374 | 89 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Charles Schwab and OANDA both offer mobile trading apps for iPhone and Android. In each app, you can set price alerts, draw trendlines on charts, create watchlists with real-time quotes, and your chart drawings auto-save so you don’t lose your work.
Key differences show up in charting and watchlists. Schwab’s app includes 374 technical studies, while OANDA offers 30—useful if you rely on indicators for decisions. Schwab also syncs watchlists between the mobile app and your online account; OANDA does not. Even so, both earn 5-star ratings, with Schwab ranked #6 and OANDA #7 out of 63 for Mobile Trading Apps by ForexBrokers.com.
| Feature |
Charles Schwab
|
OANDA
|
|---|---|---|
| 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 |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Comparing market research at Charles Schwab and OANDA shows plenty of overlap with key differences. Both brokers deliver daily market commentary, forex news from top-tier sources like Bloomberg/Reuters/Dow Jones (or similar), and an easy-to-use economic calendar. Where OANDA pulls ahead is in trading extras: it offers Autochartist tools for pattern and signal spotting and a sentiment-based tool that shows the ratio of long vs. short positions. Schwab does not provide Autochartist or a sentiment tool, and neither broker includes Trading Central, TipRanks, or Acuity Trading.
Both brokers earn a 5-star Research rating, but ForexBrokers.com ranks OANDA slightly higher at #4 versus Schwab at #5 out of 63 brokers. If you value built-in pattern recognition and crowd sentiment to help time entries, OANDA has the edge. If you simply want daily insights, premium news, and an economic calendar, both Schwab and OANDA cover those needs well.
| Feature |
Charles Schwab
|
OANDA
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | No | No |
| Client sentiment data | No | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Comparing Charles Schwab vs OANDA for beginner education: both brokers deliver frequent learning events and a sizable video library to get you started. Each hosts at least one client webinar per month and offers 10+ beginner videos plus 10+ advanced videos, so you can progress from basics to more complex trading topics. It is not confirmed whether either broker provides a searchable archive of recorded webinars, an investor dictionary with 50+ terms, or a dedicated set of 10+ forex/CFD-only lessons. Even so, both earn a 5-star Education rating from ForexBrokers.com.
Where they differ is standing: Charles Schwab ranks #6 out of 63 brokers for Education, while OANDA ranks #19. If you want the higher-ranked, all-around education experience, Schwab has the edge. OANDA remains a strong pick for beginners who value monthly webinars and a clear lineup of starter videos. If your priority is forex or CFD education specifically, note that neither firm’s catalog of 10+ forex/CFD-focused pieces has been verified.
| Feature |
Charles Schwab
|
OANDA
|
|---|---|---|
| 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 OANDA. Charles Schwab finished with an overall rank of #6, while OANDA finished with an overall rank of #12.
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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OANDA
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|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 93 |
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While Charles Schwab provides options for cryptocurrency derivatives without offering the purchase of actual delivered cryptocurrency, OANDA allows users to buy both actual delivered cryptocurrency and cryptocurrency derivatives.
Charles Schwab and OANDA both support ACH/SEPA and bank wire transfers for deposits and withdrawals, but only OANDA also accepts PayPal and Skrill, while Visa/Mastercard availability is not specified for either.
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 | OANDA | |
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| Trust Score | 99 | 93 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | OANDA Review |
| Broker Screenshots | Charles Schwab | OANDA | |
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| Regulation | Charles Schwab | OANDA | |
|---|---|---|---|
| Trust Score | 99 | 93 | |
| Year Founded | 1971 | 1996 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 5 | 7 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | OANDA | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | Yes | |
| Canada (CIRO Authorised) | Yes | Yes | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | Yes | ||
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | |||
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | Yes | Yes | |
| New Zealand (FMA Authorised) | No | ||
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | Charles Schwab | OANDA | |
|---|---|---|---|
| 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 | OANDA | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 4172 | |
| Forex Pairs (Total) | 73 | 69 | |
| U.S. Stock Trading (Non CFD) | Yes | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| Cryptocurrency (Underlying) | No | Yes | |
| 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 | OANDA | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.32 | 1.69 | |
| All-in Cost EUR/USD - Active | 1.32 | 1.69 | |
| Inactivity Fee | No | Yes | |
| Order execution: Agency | Yes | No | |
| Order execution: Market Maker | No | Yes |
| Funding | Charles Schwab | OANDA | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | Yes | Yes |
| Trading Platforms | Charles Schwab | OANDA | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No |
| Trading Tools | Charles Schwab | OANDA | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 374 | 89 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Charles Schwab | OANDA | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist | 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 | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Charles Schwab | OANDA | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Client sentiment data | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | OANDA | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Charles Schwab | OANDA | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY | Yes | Yes | |
| EUR/USD | Yes | Yes | |
| USD/CHF | Yes | Yes | |
| USD/CAD | Yes | Yes | |
| NZD/USD | Yes | Yes | |
| AUD/USD [DELETED] | |||
| Review | Charles Schwab Review | OANDA Review |
| Overall | Charles Schwab | OANDA | |
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| Trust Score | 99 | 93 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | OANDA Review |
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