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 provides a compelling option for forex traders thanks to its no minimum deposit requirement. With two account types, Schwab One and Schwab Global, traders can access the thinkorswim platform and engage in forex trading. The Schwab One account facilitates trading in U.S. dollars with a minimum trade size of 10,000 units, requiring a margin of $500 at 20:1 leverage. While Schwab Global offers access to twelve international markets in local currencies, traders should be mindful of conversion fees ranging from 0.2% to 1% depending on their account balance. Schwab charges no commissions for forex trading, instead applying costs through the bid/ask spread, and during October 2024, the average spread for EUR/USD was 1.35 pips. Charles Schwab received 4 out of 5 stars for commissions and fees and ranks #24 out of 63 brokers by ForexBrokers.com.
OANDA presents slightly steeper forex trading costs when compared to top brokers, though it holds advantages like automated execution. The bid/ask spreads with OANDA are on par with other industry players like FOREX.com and FxPro, though generally priced higher. Specifically, the average non-core pricing on the EUR/USD pair was 1.61 pips in July 2024. OANDA's core pricing option features lower spreads, adding a $5 commission per $100,000 currency, resulting in a final cost of about 1.4 pips after commission, slightly better than their default pricing. Notably, OANDA allows trading in micro-lots as small as 1 unit, which is much smaller than the typical minimum trade size. OANDA earns 4 stars for commissions and fees and is ranked #34 out of 63 brokers by ForexBrokers.com.
Both Charles Schwab and OANDA offer unique strengths and considerations for commission and fee structures in forex trading. Schwab's seamless entry with zero commission and various account types contrasts with OANDA's competitive core pricing, though both achieve a commendable 4-star rating in this category. Schwab's wider range of account types might appeal more to traders seeking flexibility, while OANDA’s comprehensive spread transparency and low trade size make it suitable for precise trading strategies.
| Feature |
Charles Schwab
|
OANDA
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average Spread EUR/USD - Standard | 1.35 | 1.69 |
| All-in Cost EUR/USD - Active | 1.35 | 1.69 |
| 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 let you trade forex as CFDs or spot, and both give access to exchange-traded securities on U.S. and international exchanges. Schwab offers a much wider menu overall, with 40,000 tradeable symbols and 73 forex pairs, compared with OANDA’s 4,172 symbols and 69 pairs. For crypto, each broker offers derivatives, but only OANDA lets you buy actual cryptocurrency. OANDA also supports copy trading, while Schwab does not.
For range of investments, ForexBrokers.com rates Charles Schwab at 5 stars (ranked #5 of 63) and OANDA at 4 stars (ranked #27 of 63). If you want the broadest selection of markets under one roof, Schwab stands out. If you value copy trading and direct crypto access alongside forex and traditional markets, OANDA may fit better.
| 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 (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 the trading platforms and tools offered by Charles Schwab and OANDA, both brokers provide a strong lineup of features to enhance the trading experience. Charles Schwab and OANDA each offer simulated or paper trading accounts, allowing users to practice without financial risk. Both brokers also provide proprietary platforms that are developed in-house, supporting Windows-based desktop downloads and web-based trading options. While Charles Schwab does not support copy trading or MetaTrader platforms, OANDA includes both MT4 and MT5, along with copy trading capabilities. Both platforms enable direct trading from stock charts, but OANDA delivers a broader range of drawing tools for charting, with 74 options compared to Schwab’s 24 tools.
For traders seeking comprehensive watch lists, Charles Schwab excels with 580 customizable fields, surpassing OANDA's 6 columns. In terms of overall ratings, Charles Schwab shines with a five-star rating for its trading platforms and tools, while OANDA holds a strong four-star rating. The expert rankings reflect these ratings, with Charles Schwab placing 5th out of 63 brokers according to ForexBrokers.com, while OANDA is ranked 15th. Whether you prioritize advanced charting tools or extensive watch list options, your choice may depend on which aspects of trading you value most.
| 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 | 89 |
| Charting - Drawing Tools (Total) | 24 | 74 |
| 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) | 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/Central Bank 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 (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 | 1.69 | |
| All-in Cost EUR/USD - Active | 1.35 | 1.69 | |
| 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 | 89 | |
| Charting - Drawing Tools (Total) | 24 | 74 | |
| 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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