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 are both popular brokers among forex traders, each with distinct approaches to commissions and fees. Charles Schwab, with its no minimum deposit requirement for primary accounts, provides a low entry barrier for traders. The Schwab One account gives access to the powerful thinkorswim platform, facilitating forex trading where all trades settle in U.S. dollars. Schwab doesn’t charge commissions on forex trades, relying instead on the bid/ask spread. Though, the spread for currency pairs like EUR/USD was higher than the industry average, at 1.35 pips in October 2024. Schwab’s Global account offers access to multiple international markets, incurring a conversion fee of 0.2% to 1% based on account balance. Schwab receives a 4-star rating for commissions and fees, ranking 23rd out of 63 brokers according to ForexBrokers.com.
OANDA offers notable features but generally comes with higher forex trading costs compared to some top brokers. It stands out for its automated execution and promises a degree of cost transparency via a trailing average spread report. OANDA’s standard spreads are comparable to brokers like FOREX.com but may be on the steeper side. Their core pricing lowers the spread, offsetting this with a $5 per-side commission for every $100,000 in currency traded, making it somewhat cost-effective with a $10,000 minimum deposit compared to its commission-free structure. OANDA allows trading down to 1 unit or 0.001 micro lot, offering flexibility in trade sizes. OANDA joins Schwab with a 4-star rating in fees but ranks 34th in the same category, as per ForexBrokers.com’s rankings.
| Feature |
Charles Schwab
|
OANDA
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average Spread EUR/USD - Standard | 1.35 | 1.61 |
| All-in Cost EUR/USD - Active | 1.35 | 1.61 |
| Active Trader or VIP Discounts | No | Yes |
| ACH or SEPA Transfers | Yes | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Charles Schwab and OANDA both serve traders with an extensive range of investment opportunities, yet they offer different experiences. Charles Schwab excels in delivering diverse trading options thanks to its vast array of 40,000 tradeable symbols, including exchange-traded securities on both U.S. and international exchanges. It offers 73 tradeable forex pairs, providing comprehensive exposure to currency markets with the option to trade forex as either a CFD or spot contract. Investors looking to diversify across asset classes will find Charles Schwab's access to derivatives and securities advantageous, earning it a 5-star rating and a prestigious 5th place among brokers for investment range.
OANDA, while offering a slightly smaller pool of 3,928 tradeable symbols and 68 forex pairs, still shines with its user-friendly experience in forex trading offered as CFDs or spot contracts. Unlike Charles Schwab, OANDA provides copy trading and a chance to buy actual cryptocurrencies, appealing to those interested in mirroring successful strategies or exploring the crypto market. Although OANDA does not grant access to physical exchange-traded securities, its focus on forex and cryptocurrency still earns it a 4-star rating and a 27th place ranking in the investment range category, appealing to traders with more targeted needs.
| Feature |
Charles Schwab
|
OANDA
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 3928 |
| Forex Pairs (Total) | 73 | 68 |
| 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 | 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.
When comparing Charles Schwab and OANDA, both offer solid trading platforms and tools, but they cater to slightly different needs. Charles Schwab provides a variety of trading platforms, including their proprietary options and a Windows-based desktop platform, ensuring flexibility for traders. They excel in providing an extensive range of watch list columns with 580 fields and an abundance of drawing tools for charting, enhancing user experience for those who are detail-oriented in market analysis. While they do not support MetaTrader platforms or copy trading features, Charles Schwab shines with a five-star rating for its trading platforms and tools, making it a top-five choice among 63 brokers reviewed by ForexBrokers.com.
OANDA also delivers on key features with its proprietary platforms available on Windows and the web, and it distinguishes itself with support for popular platforms like MetaTrader 4 and 5. This makes it ideal for traders who are fond of automated trading strategies. OANDA supports copy trading, an attractive feature for those interested in mirroring trades. Although it provides fewer watch list fields compared to Charles Schwab, OANDA offers a significant number of drawing tools to assist with detailed charting and analysis. Rated with four stars in trading platforms and tools, OANDA offers a competitive choice, ranking 15th in the ForexBrokers.com list of 63 brokers.
| Feature |
Charles Schwab
|
OANDA
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary 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 |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 374 | 81 |
| Charting - Drawing Tools (Total) | 24 | 431 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 580 | 6 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Charles Schwab and OANDA provide comprehensive mobile trading apps for iPhone and Android users. These apps are well-equipped with must-have features such as stock and forex price alerts and the ability to create watchlists with real-time quotes. However, Charles Schwab stands out with its ability to sync watchlists between the mobile app and online account, ensuring any updates are seamlessly reflected across platforms. In contrast, OANDA does not offer this syncing feature. When it comes to chart analysis, Charles Schwab offers an impressive 374 technical studies for charting enthusiasts, far surpassing OANDA's limit of 30. Both platforms, however, allow users to draw trendlines and view charts across multiple time frames, such as daily, weekly, or intraday, with their drawings auto-saved for convenience.
The mobile trading apps from both Charles Schwab and OANDA have garnered impressive ratings, scoring a perfect 5 out of 5 stars. This high rating indicates satisfaction among their users. Despite the tied star ratings, according to ForexBrokers.com, Charles Schwab takes a slight edge in overall ranking, placing sixth out of 63 brokers, whereas OANDA follows closely in seventh place. This slight edge in ranking and feature set gives Charles Schwab a modest advantage for traders seeking a more synchronized and feature-filled mobile trading experience.
| Feature |
Charles Schwab
|
OANDA
|
|---|---|---|
| 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 Charles Schwab and OANDA for their market research capabilities, both platforms provide daily market commentary and share forex news from top-tier sources like Bloomberg, Reuters, and Dow Jones. However, OANDA offers an edge with technical analysis tools from Autochartist, a feature Charles Schwab does not provide. Although neither broker incorporates tools from Trading Central or Acuity Trading such as Signal Centre, OANDA distinguishes itself further with a sentiment-based trading tool that shows the ratio of long or short positions across currency pairs, a service Schwab currently lacks.
Both Charles Schwab and OANDA offer an economic calendar to keep investors informed about global news events. In terms of research ratings, both brokers receive an impressive five-star ranking, yet Charles Schwab ranks slightly higher at #4 compared to OANDA's #5 standing among 63 brokers reviewed by ForexBrokers.com. This distinction reflects Schwab's strong reputation in the research category, while OANDA remains a formidable competitor with unique features that cater to forex traders seeking advanced analysis tools.
| Feature |
Charles Schwab
|
OANDA
|
|---|---|---|
| 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 | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Charles Schwab and OANDA both shine when it comes to providing educational resources for beginners interested in forex and CFDs. Both brokers offer a wealth of over 10 articles, videos, or archived webinars focused on these subjects, making them well-equipped platforms for learning. If you are keen on joining online webinars to sharpen your trading skills, both Charles Schwab and OANDA host monthly sessions, which are quite beneficial for continuous learning. Moreover, they maintain a searchable archive of past webinars, allowing you to catch up on any missed lessons or revisit complex topics at your convenience.
When diving into video content specifically tailored for beginners, both Charles Schwab and OANDA meet the mark with at least 10 educational videos that simplify trading concepts. Charles Schwab and OANDA go the extra mile by also offering 10 advanced videos for more experienced traders. For those who need a quick reference, both brokers provide a comprehensive investor dictionary with over 50 terms to clarify investing jargon. In terms of customer ratings, both brokers score an impressive 5 stars. However, according to ForexBrokers.com, Charles Schwab ranks higher in the education category, placing 6th out of 63 brokers, while OANDA sits at the 22nd position. This ranking distinction may make a difference if you're looking for a more acclaimed educational platform.
| Feature |
Charles Schwab
|
OANDA
|
|---|---|---|
| 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 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
|
OANDA
|
|---|---|---|
| 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.
Both Charles Schwab and OANDA support ACH or SEPA transfers and bank wires for deposits and withdrawals, but OANDA offers additional flexibility with options like PayPal, Skrill, and Visa or Mastercard, whereas Charles Schwab does not.
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) | No | Yes | |
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | Yes | Yes | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | Charles Schwab | OANDA | |
|---|---|---|---|
| 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 | OANDA | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 3928 | |
| Forex Pairs (Total) | 73 | 68 | |
| 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 | 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 | 1.35 | 1.61 | |
| All-in Cost EUR/USD - Active | 1.35 | 1.61 | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | OANDA | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | Yes |
| Trading Platforms | Charles Schwab | OANDA | |
|---|---|---|---|
| Proprietary 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 | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Charles Schwab | OANDA | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 580 | 6 | |
| Charting - Indicators / Studies (Total) | 374 | 81 | |
| Charting - Drawing Tools (Total) | 24 | 431 | |
| 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 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 | OANDA | |
|---|---|---|---|
| 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 | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | OANDA | |
|---|---|---|---|
| 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 | OANDA | |
|---|---|---|---|
| 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 | 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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