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.
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, 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 |
Pepperstone generally delivers lower all-in trading costs than Charles Schwab for forex. On EUR/USD, Pepperstone’s Razor account averages about 0.80 pips all-in (0.10-pip spread plus 0.70 pips in commission), while Schwab averages 1.35 pips with spread-only pricing. In our ratings, Pepperstone scores 4.5/5 stars and ranks #6 out of 63 brokers for Commissions and Fees, whereas Charles Schwab earns 4/5 stars and ranks #23 out of 63.
Charles Schwab charges no commission on forex; your cost is the spread shown in thinkorswim. In October 2024, EUR/USD averaged 1.35 pips. There’s no minimum deposit to open an account, and forex access comes via the Schwab One account (all trades settle in U.S. dollars). The smallest trade size is 10,000 units, implying about $500 minimum margin at 20:1 leverage. If you want to place trades in a foreign market’s local currency, you’ll need to call Schwab. The Schwab Global account supports 12 international markets, with currency conversion fees typically 0.2%–1% based on balance size. Overnight financing (carry) costs are displayed in thinkorswim’s calculator.
Pepperstone’s pricing depends on account type. The Razor account is commission-based (available on TradingView, MT4/MT5, and cTrader) and posts a very low raw spread that averages 0.10 pips on EUR/USD before commission, for about 0.80 pips all-in. The Standard account is commission-free but averaged 1.1 pips on EUR/USD, making it pricier than Razor. High-volume traders can lower costs further via the Active Trader program, which offers spread rebates: in the U.K./EU, roughly 15%–25% depending on monthly volume, and in Australia about 10%–30% per lot across tiers.
| Feature |
Charles Schwab
|
Pepperstone
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average spread (EUR/USD) - Standard account | 1.27 | 1.1 |
| All-in Cost EUR/USD - Active | 1.27 | 0.8 |
| 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.
Charles Schwab vs Pepperstone: which has the wider range of investments? Both brokers support forex trading as CFDs or spot, but Schwab offers far more to trade overall. Schwab lists about 40,000 tradeable symbols and 73 forex pairs, while Pepperstone offers 1,726 symbols and 65 forex pairs. Schwab also earns a higher score for range of investments (5 stars, ranked #5 of 63), compared with Pepperstone (4 stars, ranked #23).
Access to real stocks is a key difference. With Schwab, you can buy exchange-traded securities on U.S. markets (like Apple) and on many international exchanges. Pepperstone does not offer real shares—its focus is on CFDs. For crypto, neither broker lets you buy the actual coins, but both offer cryptocurrency CFDs. Pepperstone adds copy trading, which Schwab does not. In short, Schwab suits investors who want a huge lineup including real stocks, while Pepperstone appeals to traders who prioritize CFDs, forex, and copy trading tools.
| 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 make it easy to get started with paper trading through a free demo account. Each broker offers its own proprietary platform alongside a Windows desktop download and a web-based platform, and both let you place trades directly from a chart. Whether you prefer to run software on your PC or trade in your browser, you can do it with either broker.
For platform extras, there are key differences. Pepperstone supports copy trading and offers MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which is handy if you want a familiar third‑party layout or automated strategies. Charles Schwab does not offer copy trading or MT4/MT5, but it earns a higher score for Trading Platforms and Tools: 5 out of 5 stars and a #7 rank out of 63 brokers at ForexBrokers.com, compared with Pepperstone’s 4 out of 5 stars and #21 rank. Choose Pepperstone if MT4/MT5 or copy trading matters most; choose Charles Schwab if you want a higher-rated in-house platform lineup.
| 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 full-featured mobile trading apps for iPhone and Android. Each app includes price alerts, synced watchlists that update across mobile and web, and handy charting tools like drawing trendlines with auto-save for your annotations. If you want an app that lets you track markets, manage positions, and stay alerted on the go, both brokers check the key boxes.
Where they differ is charting depth and overall app acclaim. Charles Schwab’s mobile app includes 374 technical studies, far more than Pepperstone’s 30, which can matter if you rely on a wide range of indicators. Reflecting that edge, Charles Schwab earns 5 stars and ranks #6 out of 63 brokers for Mobile Trading Apps on ForexBrokers.com, while Pepperstone earns 4 stars and ranks #19. Choose Charles Schwab if you want deeper technical analysis tools; pick Pepperstone if you’re comfortable with the essentials and prefer a simpler set of studies.
| 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 on education for beginners, both brokers make it easy to get started. Each hosts online client webinars at least once a month and offers a sizable video library with 10+ beginner videos plus 10+ advanced videos, so you can build skills step by step and keep progressing.
In independent reviews, Charles Schwab earns 5 stars for Education and ranks #6 out of 63 brokers, while Pepperstone earns 4.5 stars and ranks #15. For most newcomers, Schwab edges ahead thanks to its higher rating, but Pepperstone remains a strong choice—especially if you’re leaning toward active trading—thanks to its frequent webinars and deep catalog of lessons.
| 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 #17.
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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|---|---|---|
| Overall Rating |
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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 (FSA 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 | 1.27 | 1.1 | |
| All-in Cost EUR/USD - Active | 1.27 | 0.8 | |
| 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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