Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs Pepperstone, 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, founded in 1971, is a publicly traded company that operates as both an online broker and a bank. It holds a total of five Tier-1 licenses, reflecting its strong regulatory standing, and boasts a perfect Trust Score of 99 from ForexBrokers.com. This makes it one of the most reliable options available to investors. Being publicly listed adds an additional layer of transparency and accountability, catering well to those who prioritize secure and well-regulated financial services.
Pepperstone, on the other hand, was established in 2010 and is not publicly traded. While it does not operate as a bank, Pepperstone holds three Tier-1 licenses and two Tier-2 licenses, signifying a secure regulatory framework. Its Trust Score of 95 is a strong indication of its credibility and reliability in the online trading space. Despite being younger and less diversified compared to Charles Schwab, Pepperstone remains a trustworthy option for traders seeking a specialized brokerage experience.
| Feature |
Charles Schwab
|
Pepperstone
|
|---|---|---|
| Year Founded | 1971 | 2010 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 3 |
| Tier-2 Licenses | 0 | 2 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 2 |
Charles Schwab vs. Pepperstone on commissions and fees: Pepperstone’s Razor account typically delivers lower all-in pricing for forex, with an average EUR/USD cost of about 0.80 pips (0.10 spread + 0.70 in commission-equivalent), while Schwab’s forex pricing is spread-only and averaged 1.35 pips on EUR/USD in October 2024. Pepperstone’s Standard account is commission-free but averaged 1.1 pips, which is still leaner than Schwab’s figure. Ratings and rankings: Pepperstone earns 4.5 stars and ranks #11 of 63 for Commissions and Fees; Charles Schwab earns 4 stars and ranks #26 of 63.
Charles Schwab has no minimum deposit for its main brokerage accounts and lets forex traders use thinkorswim via the Schwab One account; all trades settle in U.S. dollars. Forex pricing is commission-free (you pay the spread), with a 10,000-unit minimum trade size that typically requires about $500 in margin at 20:1 leverage. For global markets, Schwab One lets you trade international securities in USD, but orders placed directly in a foreign currency must be done by phone. The Schwab Global account supports 12 local-currency markets, with currency conversion fees that vary from 0.2% to 1% depending on your balance. Overnight financing costs are shown in thinkorswim via a built-in calculator.
Pepperstone is an agency-execution broker known for sharp pricing on its Razor account across TradingView, MetaTrader (MT4/MT5), and cTrader. The Razor account averaged a 0.10-pip EUR/USD spread plus commissions for a 0.80-pip all-in cost (as of July 2024). The commission-free Standard account averaged 1.1 pips. High-volume traders can reduce costs further with the Active Trader program, which offers tiered rebates or discounts by region (e.g., 15%–25% spread rebates for eligible UK/EU professionals, and roughly 10%–30% per-lot discounts for eligible Australian professionals). Net takeaway: active traders seeking the lowest forex costs will likely prefer Pepperstone’s Razor pricing, while Schwab appeals to those who want $0 account minimums, U.S.-dollar settlement, and thinkorswim access.
| Feature |
Charles Schwab
|
Pepperstone
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Standard account | 1.32 | 1.00 |
| All-in Cost EUR/USD - Active | 1.32 | 0.70 |
| Non-wire bank transfer | Yes | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | No |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
For range of investments, Charles Schwab offers far broader market access than Pepperstone. Schwab lists about 40,000 tradeable symbols versus Pepperstone’s 1,726, and 73 forex pairs compared with 65. Both brokers support forex trading as CFDs or spot. A key difference is stock access: Schwab lets you buy exchange-traded securities on U.S. and international exchanges (think U.S. stocks and major global listings), while Pepperstone does not offer direct stock ownership.
Feature-wise, Pepperstone supports copy trading, whereas Schwab does not. Neither broker lets you buy actual cryptocurrency, but both offer cryptocurrency CFDs. Reflecting the wider product lineup, Schwab earns 5 stars and ranks #5 out of 63 for Range of Investments, while Pepperstone scores 4 stars and ranks #27. Choose Schwab if you want extensive markets including U.S. and global stocks; pick Pepperstone if you focus on CFD forex and value copy trading.
| Feature |
Charles Schwab
|
Pepperstone
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 1726 |
| Forex Pairs (Total) | 73 | 65 |
| U.S. Stocks (Shares) | Yes | No |
| Global Stocks (Non-U.S. Shares) | Yes | No |
| Copy Trading | No | Yes |
| Cryptocurrency (Underlying) | No | No |
| 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 Pepperstone both check key boxes for trading platforms and tools: each offers free paper (demo) trading, an in-house proprietary platform, a Windows desktop app, a web-based platform, and the ability to place trades directly from charts. Where they differ is in third‑party and social features. Pepperstone supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5) and offers copy trading, while Charles Schwab does not support MT4/MT5 and does not offer copy trading. If you want MetaTrader or to mirror other traders’ strategies, Pepperstone is the natural pick; if you prefer an all-in-one brokerage experience with strong in-house tools, Charles Schwab stands out.
In independent testing by ForexBrokers.com for Trading Platforms and Tools, Charles Schwab earns 5 out of 5 stars and ranks #5 of 63 brokers, while Pepperstone scores 4 out of 5 stars and ranks #22 of 63. In short, both are capable, but Schwab takes the edge for overall platform quality, and Pepperstone shines if you need MetaTrader and copy trading.
| Feature |
Charles Schwab
|
Pepperstone
|
|---|---|---|
| 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 | 15 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Charles Schwab and Pepperstone offer well-equipped mobile trading apps for iPhone and Android. You’ll find handy features on both, including price alerts, synced watchlists that update between mobile and web, and charting tools with trendline drawing and auto-saved annotations. Whether you’re checking markets on the go or fine-tuning a trade from your phone, each app covers the essentials for active traders.
Where they differ is charting depth and overall ratings. Schwab’s mobile app packs 374 technical studies, far more than Pepperstone’s 30, which can matter if you rely on indicators for timing and analysis. In our source data, Schwab earns 5 stars for Mobile Trading Apps and is ranked #6 out of 63 brokers by ForexBrokers.com, while Pepperstone earns 4 stars and ranks #21. In short, Schwab is better suited to traders who want extensive chart tools, while Pepperstone delivers a leaner experience with the key features most traders need.
| Feature |
Charles Schwab
|
Pepperstone
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 374 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Comparing market research at Charles Schwab vs Pepperstone: both deliver daily market commentary, offer forex news from top-tier sources (Bloomberg, Reuters, Dow Jones or similar), and include an economic calendar for global events. Neither broker currently offers research from Trading Central, TipRanks, or Acuity Trading.
Where they differ: Pepperstone adds Autochartist tools and a sentiment-based gauge showing long/short positioning, while Charles Schwab does not include those. Even so, Schwab earns a higher overall research score—5 stars and #5 out of 63 brokers at ForexBrokers.com—compared with Pepperstone’s 4.5 stars and #12. Choose Pepperstone if you want Autochartist and sentiment insights built in; pick Schwab if top-tier news, commentary, and a higher third-party research rating matter more.
| Feature |
Charles Schwab
|
Pepperstone
|
|---|---|---|
| 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.
Comparing Charles Schwab vs. Pepperstone for beginner trading education, both brokers make it easy to start learning. Each provides at least 10 beginner-friendly videos that explain core trading topics step by step, plus 10+ advanced videos for when you’re ready to go deeper. You’ll also get ongoing support through online client webinars held at least once per month, so you can keep building skills over time.
In independent ratings, Charles Schwab earns the higher score for education at 5 out of 5 stars and ranks #6 out of 63 brokers, while Pepperstone scores 4.5 out of 5 stars and ranks #17 out of 63. For most newcomers, that edge gives Schwab the overall win for education quality and depth, though Pepperstone remains a strong choice with plenty of beginner content and regular live sessions.
| Feature |
Charles Schwab
|
Pepperstone
|
|---|---|---|
| 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 Pepperstone. Charles Schwab finished with an overall rank of #6, while Pepperstone finished with an overall rank of #16.
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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Pepperstone
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|---|---|---|
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| Trust Score | 99 | 95 |
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Comparing online brokers Charles Schwab vs Pepperstone: neither offers direct, delivered cryptocurrency purchases, but both let you trade cryptocurrency CFDs instead.
Comparing deposit and withdrawal methods at online brokers Charles Schwab and Pepperstone: both support ACH/SEPA transfers and bank wires, Pepperstone additionally accepts PayPal (not available at Charles Schwab), and neither broker supports Skrill.
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 | Pepperstone | |
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| Trust Score | 99 | 95 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | Pepperstone Review |
| Broker Screenshots | Charles Schwab | Pepperstone | |
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| Regulation | Charles Schwab | Pepperstone | |
|---|---|---|---|
| Trust Score | 99 | 95 | |
| Year Founded | 1971 | 2010 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 5 | 3 | |
| Tier-2 Licenses | 0 | 2 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 2 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | Pepperstone | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | Yes | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | No | ||
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | |||
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | ||
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | Charles Schwab | Pepperstone | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | ||
| Israel (ISA Authorised) | No | ||
| South Africa (FSCA Authorised) | No | ||
| UAE (DFSA, FSRA, or SCA Authorised) | Yes | ||
| India (SEBI Authorised) | No | ||
| Jordan (JSC Authorised) |
| Investments | Charles Schwab | Pepperstone | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 1726 | |
| Forex Pairs (Total) | 73 | 65 | |
| U.S. Stocks (Shares) | Yes | No | |
| Global Stocks (Non-U.S. Shares) | Yes | No | |
| Copy Trading | No | Yes | |
| Cryptocurrency (Underlying) | No | No | |
| 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 | Pepperstone | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.32 | 1.00 | |
| All-in Cost EUR/USD - Active | 1.32 | 0.70 | |
| Inactivity Fee | No | No | |
| Order execution: Agency | Yes | Yes | |
| Order execution: Market Maker | No | Yes |
| Funding | Charles Schwab | Pepperstone | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | No | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | Yes | Yes |
| Trading Platforms | Charles Schwab | Pepperstone | |
|---|---|---|---|
| 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 | Yes |
| Trading Tools | Charles Schwab | Pepperstone | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 374 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Charles Schwab | Pepperstone | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | Yes | |
| 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 | Pepperstone | |
|---|---|---|---|
| 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 | Pepperstone | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Charles Schwab | Pepperstone | |
|---|---|---|---|
| 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 | Pepperstone Review |
| Overall | Charles Schwab | Pepperstone | |
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| Trust Score | 99 | 95 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | Pepperstone Review |
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