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.
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Charles Schwab vs OANDA: both are rated highly trusted by ForexBrokers.com, with Trust Scores in the 90–99 range (Schwab 99/99; OANDA 92/99). Schwab holds 5 Tier-1 licenses and 0 Tier-2 licenses, while OANDA holds 7 Tier-1 licenses and 0 Tier-2 licenses. Tier-1 licenses are viewed by ForexBrokers.com as the most stringent regulators.
Founded in 1971, Charles Schwab is publicly traded and operates as a bank, adding corporate transparency and banking oversight to its brokerage regulation. OANDA, founded in 1996, is not publicly traded and is not a bank. In short, both are strongly regulated, with Schwab earning a perfect Trust Score and OANDA carrying an extensive set of top-tier licenses.
| 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 out of 5 stars for commissions and fees, but they take different approaches to pricing. Schwab stands out for having no minimum deposit on its main brokerage accounts, and it does not charge commissions on forex trades. Instead, traders pay through the bid/ask spread, with the EUR/USD averaging 1.35 pips in October 2024. Schwab’s smallest forex trade is 10,000 units, and all trades are settled in U.S. dollars. Charles Schwab is ranked #23 out of 36 brokers for commissions and fees.
OANDA also earns 4 out of 5 stars, but its costs are generally higher than the best low-cost brokers. Its default pricing showed an average EUR/USD spread of 1.61 pips in July 2024, while its core pricing can lower spreads but adds a $5 per side commission per $100,000 traded, with a $10,000 minimum deposit. One advantage is that OANDA allows very small trades, down to 1 unit, and it offers rebates for very active traders in some regions. OANDA is ranked #30 out of 36 brokers for commissions and fees.
In simple terms, Schwab is the better fit if you want a no-commission forex setup with no minimum deposit, while OANDA may appeal more to traders who want smaller trade sizes and are willing to pay for tighter pricing through its core account. Both brokers are rated 4 stars, but Schwab ranks higher overall for commissions and fees.
| Feature |
Charles Schwab
|
OANDA
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Standard account | 1.27 | 1.68 |
| All-in Cost EUR/USD - Active | 1.27 | 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.
When it comes to the range of investments, Charles Schwab offers more choices overall than OANDA. Schwab lists about 40,000 tradeable symbols compared with OANDA’s 4,172, and it also has a slightly larger selection of forex pairs, with 73 available versus 69 at OANDA. Both brokers let clients trade forex as either a CFD or spot contract, and both also offer exchange-traded securities on U.S. and international markets, so investors can buy real shares rather than only derivatives.
There are a few differences worth noting. OANDA supports copy trading and lets clients buy actual cryptocurrency, while Charles Schwab does not offer those features. Both brokers do offer cryptocurrency CFDs. Based on ForexBrokers.com ratings, Charles Schwab scores 5 stars for Range of Investments and ranks #5 out of 36 brokers, while OANDA earns 4.5 stars and ranks #20, which reflects Schwab’s broader product lineup overall.
| Feature |
Charles Schwab
|
OANDA
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 4172 |
| Forex Pairs (Total) | 73 | 69 |
| U.S. Stocks (Shares) | Yes | Yes |
| Global Stocks (Non-U.S. Shares) | Yes | Yes |
| Copy Trading | No | Yes |
| Cryptocurrency (Underlying) | No | Yes |
| Cryptocurrency (CFDs) | 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.
Charles Schwab and OANDA both give traders a strong set of platform options, including free simulated trading accounts, proprietary platforms, Windows desktop downloads, and web-based trading. Each broker also lets you place trades directly from a chart, which can make it easier to act on market moves without switching screens. In ForexBrokers.com’s Trading Platforms and Tools category, Charles Schwab earns 5 stars and ranks #7 out of 36 brokers, while OANDA earns 4 stars and ranks #16.
Where the two differ is in trading extras. OANDA supports copy trading and offers both MetaTrader 4 and MetaTrader 5, which may appeal to traders who want more platform choice and automation features. Charles Schwab does not offer copy trading, MT4, or MT5, but it still stands out with a well-rated set of trading tools for everyday investors who want a simple, all-in-one experience.
| Feature |
Charles Schwab
|
OANDA
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| 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, and each includes price alerts plus tools for drawing trendlines on charts. Both apps also auto-save chart drawings, and each earns a 5-star rating for mobile trading apps. In short, either broker gives mobile traders a solid way to monitor markets and manage trades from a phone or tablet.
The main difference is in charting and syncing. Charles Schwab supports watchlist symbol syncing between the mobile app and online account, while OANDA does not. Schwab also offers far more technical studies in its mobile charting tools, with 374 compared with OANDA’s 30. That edge helps explain why Schwab ranks slightly higher in the mobile trading apps category, coming in at #6 out of 36 brokers, while OANDA ranks #7.
| 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 |
Dive deeper: Best Forex Trading Apps.
When it comes to market research, both Charles Schwab and OANDA give traders a strong set of basic tools. Each broker offers daily market commentary, forex news from major sources like Bloomberg, Reuters, and Dow Jones, plus an economic calendar for tracking global events. Both are rated 5 stars for Research, which puts them among the best choices for staying informed before placing a trade.
The main difference is in added research features. OANDA has an edge because it includes Autochartist for technical and fundamental signals, along with a sentiment tool that shows long and short positioning across currency pairs. Charles Schwab does not offer those tools, though it still earns a higher overall ForexBrokers.com Research ranking at #5 out of 36, compared with OANDA at #4 out of 36. In short, Schwab and OANDA both deliver quality market research, but OANDA offers more built-in trading insight tools.
| Feature |
Charles Schwab
|
OANDA
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central | No | No |
| Client sentiment data | No | Yes |
| TipRanks | No | No |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Charles Schwab and OANDA both give beginners plenty of learning support, with each offering forex or CFDs education, monthly online webinars, and at least 10 beginner and 10 advanced trading videos. Both brokers also earn a 5-star rating for Education, so new traders can expect a strong mix of lessons, videos, and live learning events from either platform. In simple terms, both are good choices if you want to build your trading knowledge from the ground up.
That said, Charles Schwab has the edge in this comparison. ForexBrokers.com ranks Schwab #6 out of 36 brokers for Education, while OANDA sits at #18. For beginners, that ranking suggests Schwab may offer a more complete and easy-to-use learning experience overall, even though OANDA still provides a solid set of educational tools.
| 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 #13.
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 | 92 |
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Charles Schwab vs OANDA: OANDA lets you buy actual (delivered) cryptocurrency and trade cryptocurrency CFDs, while Charles Schwab offers only cryptocurrency CFDs and does not support buying actual coins.
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 | 92 | |
| 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 | 92 | |
| 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 (FSA 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 CMA 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. Stocks (Shares) | Yes | Yes | |
| Global Stocks (Non-U.S. Shares) | Yes | Yes | |
| Copy Trading | No | Yes | |
| Cryptocurrency (Underlying) | No | Yes | |
| Cryptocurrency (CFDs) | 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 account | 1.27 | 1.68 | |
| All-in Cost EUR/USD - Active | 1.27 | 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 | |
| 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 [DELETED] | |||
| 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 (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central | 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 [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | Charles Schwab Review | OANDA Review |
| Overall | Charles Schwab | OANDA | |
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| Trust Score | 99 | 92 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | OANDA Review |
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