Written by ForexBrokers.com
In this head to head comparison of Saxo vs Charles Schwab, 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.
Saxo and Charles Schwab are both well-established online brokers with strong regulatory foundations. Founded in 1992, Saxo is a trusted online trading platform that operates under 7 Tier-1 licenses and 1 Tier-2 license, ensuring it meets high global standards. Charles Schwab, founded in 1971, is a publicly traded company on the stock exchange with 5 Tier-1 licenses, reflecting its widespread recognition and adherence to strict regulatory practices. Both companies are banks, further enhancing their credibility and stability in the financial sector.
According to ForexBrokers.com, both Saxo and Charles Schwab earn a perfect Trust Score of 99 out of 99, placing them in the highly trusted category. This rating assures users of their strong regulatory compliance and reliable investment environments. While Saxo is not publicly traded, both brokers offer secure, bank-level service quality, underpinned by their comprehensive range of licenses and long-standing industry presence.
| Feature |
Saxo
|
Charles Schwab
|
|---|---|---|
| Year Founded | 1992 | 1971 |
| Publicly Traded (Listed) | No | Yes |
| Bank | Yes | Yes |
| Tier-1 Licenses | 7 | 5 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
When comparing Saxo and Charles Schwab in terms of commissions and fees, Saxo stands out with its excellent pricing, particularly for active and high-volume traders. With a 5-star rating for commissions and fees, Saxo is ranked #9 out of 63 brokers, reflecting its competitive edge. Saxo offers three account types—Classic, Platinum, and VIP—with average spreads on the EUR/USD ranging from 0.9 pips for VIP to 1.1 pips for Classic accounts. Saxo provides commission-free forex trading by earning through the spread, although a ticket fee applies to traders with monthly volumes below 50,000 units. Additionally, Saxo waives custody fees for traders who participate in securities lending across all accounts.
Charles Schwab, on the other hand, takes a different approach and offers ease of entry with no minimum deposit requirement for its primary brokerage accounts. Schwab allows forex trading through their Schwab One and Schwab Global accounts. All trades settle in U.S. dollars, and the minimum trade size is 10,000 units. While Schwab doesn't charge commissions, trading costs are embedded in the bid/ask spread, averaging 1.35 pips for the EUR/USD, slightly above the industry average. Schwab earns a 4-star rating and is ranked #23 in the Commissions and Fees category by ForexBrokers.com. Schwab Global appeals to those trading international securities with access to 12 markets in local currencies, subject to conversion fees based on the account balance size.
Overall, while Saxo offers a more favorable fee structure for high-volume traders, Schwab's robust platform and flexibility in account options provide value. Both platforms cater to different trader types, with Saxo being well-suited for those seeking low transaction costs and Schwab appealing to those who prioritize accessibility and diversified trading options.
| Feature |
Saxo
|
Charles Schwab
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average Spread EUR/USD - Standard | 1.1 | 1.35 |
| All-in Cost EUR/USD - Active | 0.9 | 1.35 |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | No | Yes |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | No |
| Visa/Mastercard (Credit/Debit) | Yes | No |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing Saxo and Charles Schwab, both brokers allow clients to engage in forex trading through CFDs or spot contracts. Saxo offers a wider selection of tradeable symbols, boasting an impressive catalog of 70,000 compared to Charles Schwab's 40,000. When it comes to forex pairs, Saxo again takes the lead with 190 available pairs versus Schwab's offering of 73. Both platforms provide access to U.S. exchange-traded securities, allowing investors to purchase shares such as Apple. Additionally, each broker supports international securities, enabling the acquisition of global stocks like Vodafone.
In terms of unique features, Saxo offers copy trading, which is currently not available with Charles Schwab. While neither platform supports the purchase of actual cryptocurrencies, they do offer cryptocurrency derivatives. Both Saxo and Charles Schwab receive a 5-star rating for their range of investments, although Saxo is ranked slightly higher at #3 by ForexBrokers.com, as opposed to Schwab's #5 ranking. This suggests that while both platforms are excellent choices, Saxo offers a more extensive selection and some unique advantages for investors seeking diverse opportunities in the financial markets.
| Feature |
Saxo
|
Charles Schwab
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 40000 |
| Forex Pairs (Total) | 190 | 73 |
| U.S. Stock Trading (Non CFD) | Yes | Yes |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| Social Trading / Copy Trading | Yes | No |
| Cryptocurrency (Physical) | No | No |
| 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 Saxo and Charles Schwab, both brokers offer a comprehensive suite of trading platforms and tools suitable for a range of investors. Both provide a proprietary trading platform developed in-house, with access via a Windows-based desktop download as well as a convenient web-based platform. Investors looking for simulated trading options will appreciate that both Saxo and Charles Schwab offer free virtual demo accounts for practicing trades without financial risk. However, Saxo sets itself apart by supporting copy trading, a feature not available with Charles Schwab.
In terms of trading tools, Saxo and Charles Schwab each allow direct trading from stock charts, though Charles Schwab offers a slightly more extensive array of chart drawing tools (24) compared to Saxo's 20. When creating watch lists, Charles Schwab provides traders with an impressive 580 fields, significantly more than the 60 fields available at Saxo. Despite these differences, both brokers are highly rated, earning five-star ratings for their trading platforms and tools. On ForexBrokers.com, Saxo is ranked as the top broker in this category, whereas Charles Schwab holds a respectable fifth-place position. Overall, both provide powerful resources but cater differently depending on specific trading needs.
| Feature |
Saxo
|
Charles Schwab
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | No |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 64 | 374 |
| Charting - Drawing Tools (Total) | 20 | 24 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 60 | 580 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When evaluating the mobile trading apps from Saxo and Charles Schwab, both platforms provide comprehensive support for iPhone and Android devices, making trading accessible on the go. Each app allows users to set alerts for stock and forex prices, and they both offer seamless synchronization of watchlists with the online account, ensuring that any modifications are reflected across platforms. Saxo and Charles Schwab also share features like the ability to draw trendlines, view multiple time frames on charts, and auto-save chart drawings, supporting in-depth analysis and personalized monitoring of market trends.
Saxo and Charles Schwab offer the creation of watchlists with real-time quotes, but they differ significantly in their charting capabilities. Saxo provides 64 technical studies for charting, while Charles Schwab goes far beyond with 374 studies, giving traders a wider range of analytical tools. Both apps are highly rated, receiving five stars for their mobile offerings. However, ForexBrokers.com ranks Saxo slightly higher, placing it at #2 compared to Charles Schwab's #6 out of 63 brokers. This difference in ranking might reflect the extensive charting options and overall user experience that traders find valuable in Saxo's app.
| Feature |
Saxo
|
Charles Schwab
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 64 | 374 |
| 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.
Both Saxo and Charles Schwab shine as excellent choices for those seeking comprehensive market research in online trading. Each broker offers daily market commentary and keeps traders informed with forex news from top-tier sources like Bloomberg and Reuters. They both provide an economic calendar that highlights current and upcoming global news events, crucial for staying ahead in the trading world. However, key differences set them apart. Saxo stands out by offering tools from Autochartist for technical and fundamental analysis, along with sentiment-based trading tools that reveal the ratio of long and short positions. These features give Saxo clients a more nuanced insight into market trends.
While Charles Schwab matches Saxo in several aspects, such as access to high-quality forex news and daily market updates, it lacks certain advanced analytical tools found at Saxo. Schwab does not provide resources from Autochartist or sentiment-based trading capabilities. Despite this, both brokers have earned a perfect five-star rating for research. However, it is noteworthy that Saxo is ranked higher at number one by ForexBrokers.com, while Charles Schwab holds the fourth position. This distinction highlights Saxo's slight edge in research offerings for traders looking for an in-depth analysis.
| Feature |
Saxo
|
Charles Schwab
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When comparing Saxo and Charles Schwab, both brokers excel in offering educational resources suitable for beginners interested in trading. Saxo provides a wide array of forex and CFDs educational content, including over 10 articles, videos, and archived webinars. Additionally, Saxo hosts monthly online client webinars with a comprehensive searchable archive, allowing users to access past sessions easily. Further supporting traders at different skill levels, Saxo offers an extensive library of educational videos tailored to both beginners and advanced traders. With an investor dictionary featuring over 50 investing terms, Saxo is designed to support a wide range of educational needs.
Similarly, Charles Schwab matches Saxo in offering a wealth of educational resources. Schwab provides over 10 pieces of content focused on forex and CFDs, along with regular live webinars and a convenient archived collection for on-demand access. Schwab's commitment to education is evident in its wide selection of videos for beginners as well as more advanced traders. Its investor dictionary is another resource that supports investors with at least 50 key terms. While both brokers are highly rated with 5 stars for their educational offerings, Charles Schwab stands out with a slightly higher rank at #6 compared to Saxo's #13 according to ForexBrokers.com.
| Feature |
Saxo
|
Charles Schwab
|
|---|---|---|
| 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 Saxo is better than Charles Schwab. Saxo finished with an overall rank of #3, while Charles Schwab finished with an overall rank of #6.
Saxo is an exclusive multi-asset broker with brilliant research and a superb trading platform experience – as well as a stunning selection of over 40,000 securities.
| Feature |
Saxo
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Charles Schwab
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|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 99 |
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Both Saxo and Charles Schwab do not provide the option to buy actual (delivered) cryptocurrency; however, they each offer the ability to invest in cryptocurrency derivatives.
When comparing online brokers, Saxo and Charles Schwab offer distinct methods for depositing and withdrawing account funds: Saxo supports Visa and Mastercard as well as bank wires but lacks ACH, SEPA, PayPal, and Skrill options, while Charles Schwab enables ACH, SEPA, and bank wire transactions but does not support Visa, Mastercard, PayPal, or 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 | Saxo | Charles Schwab | |
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| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | Saxo Review | Charles Schwab Review |
| Broker Screenshots | Saxo | Charles Schwab | |
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| Regulation | Saxo | Charles Schwab | |
|---|---|---|---|
| Trust Score | 99 | 99 | |
| Year Founded | 1992 | 1971 | |
| Publicly Traded (Listed) | No | Yes | |
| Bank | Yes | Yes | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No | |
| Tier-1 Licenses | 7 | 5 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | Saxo | Charles Schwab | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | No | Yes | |
| Hong Kong (SFC Authorised) | Yes | Yes | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | Yes | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | No | Yes | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No |
| Tier-2 Licenses (Trusted) | Saxo | Charles Schwab | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Saxo | Charles Schwab | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 40000 | |
| Forex Pairs (Total) | 190 | 73 | |
| U.S. Stock Trading (Non CFD) | Yes | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| Social Trading / Copy Trading | Yes | No | |
| Cryptocurrency (Physical) | No | No | |
| 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 | Saxo | Charles Schwab | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.1 | 1.35 | |
| All-in Cost EUR/USD - Active | 0.9 | 1.35 | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | No |
| Funding | Saxo | Charles Schwab | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | No | |
| Visa/Mastercard (Credit/Debit) | Yes | No | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | Yes |
| Trading Platforms | Saxo | Charles Schwab | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | No | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Saxo | Charles Schwab | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 60 | 580 | |
| Charting - Indicators / Studies (Total) | 64 | 374 | |
| Charting - Drawing Tools (Total) | 20 | 24 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | Charles Schwab | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 64 | 374 | |
| 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 | Saxo | Charles Schwab | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | Charles Schwab | |
|---|---|---|---|
| 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 | Saxo | Charles Schwab | |
|---|---|---|---|
| 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 | Saxo Review | Charles Schwab Review |
| Overall | Saxo | Charles Schwab | |
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| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | Saxo Review | Charles Schwab Review |
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