Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs ThinkMarkets, 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 as a highly trusted online broker with a Trust Score rating of 99 out of 99 according to ForexBrokers.com. As a publicly traded company and a bank, Charles Schwab holds five Tier-1 licenses, a testament to its strong regulatory framework. This combination of factors suggests a high level of security and reliability for investors seeking a stable trading environment.
In comparison, ThinkMarkets, established in 2010, is a reputable broker with a Trust Score of 92. Although it is not publicly traded or a bank, ThinkMarkets still maintains a robust presence in the market with five Tier-1 licenses and an additional two Tier-2 licenses, which are deemed trusted. For those navigating the online trading landscape, ThinkMarkets offers a secure platform backed by solid regulatory credentials.
| Feature |
Charles Schwab
|
ThinkMarkets
|
|---|---|---|
| Year Founded | 1971 | 2010 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 5 |
| Tier-2 Licenses | 0 | 2 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 3 |
Charles Schwab offers a range of account types with easy access to forex trading through its Schwab One and Schwab Global accounts, both of which connect to the thinkorswim platform. Schwab stands out with no minimum deposit requirement, but traders should note that the smallest trade size allowed is 10,000 units, requiring a minimum margin of $500. Schwab charges no commissions for forex trading; instead, trading costs come from the bid/ask spread, which averaged 1.35 pips on the EUR/USD in October 2024. This rate is slightly higher than the industry average. For international traders using the Schwab Global account, conversion fees can range from 0.2% to 1%, depending on account balance. For its commissions and fees, Charles Schwab holds a rating of 4 stars out of 5 and is ranked 24th out of 63 brokers by ForexBrokers.com.
ThinkMarkets, in comparison, doesn't provide specific average spread data, making it harder for potential clients to gauge trading costs accurately. ThinkMarkets shares the same 4-star rating for commissions and fees as Charles Schwab but is ranked lower at 47th out of 63 brokers according to ForexBrokers.com. While ThinkMarkets may appeal to traders who prioritize other features, its lack of transparency in spread data might be a consideration for those particularly cost-conscious.
When comparing Charles Schwab and ThinkMarkets for commissions and fees, both brokers hold identical star ratings, indicating similar levels of client satisfaction in this area. However, Charles Schwab is ranked significantly higher, suggesting that its overall cost structure may be more competitive or transparent than that of ThinkMarkets.
| Feature |
Charles Schwab
|
ThinkMarkets
|
|---|---|---|
| Minimum Deposit | $0 | $50 |
| Average Spread EUR/USD - Standard | 1.35 | 1.1 |
| All-in Cost EUR/USD - Active | 1.35 | N/A |
| Active Trader or VIP Discounts | No | Yes |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
For investors seeking diverse investment opportunities, Charles Schwab and ThinkMarkets both offer compelling options, though they differ significantly in scope. Charles Schwab boasts an impressive array of 40,000 tradeable symbols, including 73 forex pairs, making it ideal for those who desire a wide selection. It offers exchange-traded securities on both U.S. and international exchanges, enabling clients to invest in companies like Apple and Vodafone. Schwab also provides cryptocurrency derivatives, although not the actual cryptocurrencies, which may cater to investors looking to engage in cryptocurrency markets in a more traditional format. However, Schwab does not support copy trading, which could be a drawback for those interested in mirroring successful traders' strategies.
ThinkMarkets, compared to Charles Schwab, presents a narrower range of 4,000 tradeable symbols, but still manages to offer a solid suite of options, including forex trading with 46 pairs, and the ability to purchase cryptocurrency derivatives. Notably, ThinkMarkets supports copy trading, a feature absent in Schwab, allowing users to replicate the trades of seasoned investors. However, it lacks the ability to trade exchange-traded securities on U.S. exchanges, such as Apple stocks, although international securities like Vodafone are available. Scoring 4.5 stars for its range of investments, ThinkMarkets ranks #23 out of 63 brokers, compared to Schwab's higher ranking of #5 and a perfect 5-star rating, reflecting Schwab’s broader and more comprehensive investment offerings.
| Feature |
Charles Schwab
|
ThinkMarkets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 4000 |
| Forex Pairs (Total) | 73 | 46 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| 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.
Charles Schwab and ThinkMarkets both offer a variety of features for traders seeking flexible and efficient trading platforms. Both brokers provide simulated, or paper, trading options, allowing users to practice and test strategies in a risk-free environment. Each broker also offers its own proprietary platform, along with Windows-based desktop downloads and web-based platforms, catering well to different user preferences. While Schwab provides an extensive array of drawing tools—24 in total for charting activities—ThinkMarkets offers 15. Schwab’s watch lists impressively offer 580 columns for customization, while ThinkMarkets presents 15 columns. Additionally, both platforms support direct trading from stock charts, enhancing their user-friendly nature.
Despite some similar offerings, significant differences set Schwab and ThinkMarkets apart. A notable distinction is Schwab's lack of support for MetaTrader 4 and MetaTrader 5, whereas ThinkMarkets embraces both, appealing to Forex traders. ThinkMarkets also features copy trading, enabling users to replicate successful trading strategies from others, a feature missing from Schwab’s options. In terms of ratings, Schwab stands out with a five-star ranking for its trading platforms and tools, securing the #5 position out of 63 brokers as reviewed by ForexBrokers.com. ThinkMarkets, on the other hand, holds a four-star rating and is ranked #28, offering a slightly more limited, yet still competitive, trading environment.
| Feature |
Charles Schwab
|
ThinkMarkets
|
|---|---|---|
| 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 | 30 |
| Charting - Drawing Tools (Total) | 24 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 580 | 15 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of Charles Schwab and ThinkMarkets, both providers offer apps for iPhone and Android users, allowing traders to operate on the go. Each app provides stock or forex price alerts, giving traders timely information directly to their devices. A notable distinction is in watchlist synchronization; Charles Schwab syncs watchlists across devices and online accounts, while ThinkMarkets does not have this feature. This advantage can be critical for those who value seamless integration between their mobile and desktop platforms.
The charting tools embedded in these apps also distinguish them from each other. Charles Schwab offers an impressive 374 technical studies, catering heavily to those who rely on in-depth chart analysis. In comparison, ThinkMarkets provides 94 technical studies. Both apps support key features like trendline drawing, multiple time frame views, and auto-saving of chart drawings. For real-time updates, both apps enable the creation of watchlists with live quotes. However, when it comes to overall user satisfaction, Charles Schwab stands out with a 5-star rating, while ThinkMarkets follows with a 4-star rating. According to ForexBrokers.com rankings among 63 brokers, Charles Schwab is placed at #6 for mobile trading apps, while ThinkMarkets is ranked at #20.
| Feature |
Charles Schwab
|
ThinkMarkets
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 374 | 94 |
| 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 Charles Schwab and ThinkMarkets deliver daily market commentary and provide forex news from well-regarded sources such as Bloomberg and Reuters, ensuring traders stay informed with the latest developments. While neither broker offers tools from Autochartist or Trading Central, ThinkMarkets has a slight edge with its sentiment-based trading tool and research resources from Acuity Trading, which may benefit traders looking for alternative insights. On the other hand, both brokers include an economic calendar to track global news events, which is a valuable resource for strategic trading decisions.
In terms of overall market research, Charles Schwab is highly rated with a perfect five-star score and a commendable fourth place ranking out of 63 brokers by ForexBrokers.com. This highlights their strong emphasis on delivering quality research tools and insights to their users. ThinkMarkets, with a respectable 3.5-star rating and 50th position in the same category, offers a more focused set of tools. Despite this, Charles Schwab stands out as the preferred choice for those prioritizing comprehensive research facilities when choosing an online broker.
| Feature |
Charles Schwab
|
ThinkMarkets
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | No | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | Yes |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for novice traders, both Charles Schwab and ThinkMarkets offer a wealth of material. Each platform provides over ten pieces on forex and CFDs, including articles, videos, and archived webinars, making them valuable for those eager to learn about the complexities of trading. Monthly live webinars are hosted by both companies, ensuring that clients have ongoing opportunities to enhance their knowledge. Additionally, each broker maintains a searchable archive of past webinars, making it easy for beginners to revisit key topics at their convenience.
Where Charles Schwab truly excels is in the depth and recognition of its educational offerings. It is ranked 6th out of 63 brokers by ForexBrokers.com and garners a top-tier education rating of five stars. This is reflected in the range of beginner and advanced videos it provides, as well as its comprehensive investor dictionary. Conversely, ThinkMarkets also presents a solid foundation with similar resources, yet it holds a 3.5-star rating and is ranked 52nd in the same category. This indicates a noticeable gap in educational quality and breadth when compared to Charles Schwab, though both brokers remain commendable choices for those stepping into the trading world.
| Feature |
Charles Schwab
|
ThinkMarkets
|
|---|---|---|
| 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 ThinkMarkets. Charles Schwab finished with an overall rank of #6, while ThinkMarkets finished with an overall rank of #27.
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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ThinkMarkets
|
|---|---|---|
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| Trust Score | 99 | 92 |
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Both Charles Schwab and ThinkMarkets do not allow the purchase of actual delivered cryptocurrency, but they each provide options for trading cryptocurrency derivatives, offering potential opportunities for investors interested in this digital asset class.
Charles Schwab allows ACH, SEPA transfers, and bank wires for funding and withdrawals but does not support PayPal, Skrill, or Visa/Mastercard, whereas ThinkMarkets offers Skrill, Visa/Mastercard, and bank wires but lacks ACH or SEPA transfers and does not support PayPal.
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 | ThinkMarkets | |
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| Trust Score | 99 | 92 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review |
| Broker Screenshots | Charles Schwab | ThinkMarkets | |
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| Regulation | Charles Schwab | ThinkMarkets | |
|---|---|---|---|
| Trust Score | 99 | 92 | |
| 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 | 5 | |
| Tier-2 Licenses | 0 | 2 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 3 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | ThinkMarkets | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | Yes | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | Yes | ||
| 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) | Yes | ||
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | Charles Schwab | ThinkMarkets | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | No | ||
| South Africa (FSCA Authorised) | Yes | ||
| UAE (DFSA/Central Bank Authorised) | Yes | ||
| India (SEBI Authorised) | No | ||
| Jordan (JSC Authorised) |
| Investments | Charles Schwab | ThinkMarkets | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 4000 | |
| Forex Pairs (Total) | 73 | 46 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| 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 | Charles Schwab | ThinkMarkets | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.35 | 1.1 | |
| All-in Cost EUR/USD - Active | 1.35 | N/A | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | ThinkMarkets | |
|---|---|---|---|
| Minimum Deposit | $0 | $50 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | No |
| Trading Platforms | Charles Schwab | ThinkMarkets | |
|---|---|---|---|
| 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 | ThinkMarkets | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 580 | 15 | |
| Charting - Indicators / Studies (Total) | 374 | 30 | |
| Charting - Drawing Tools (Total) | 24 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Charles Schwab | ThinkMarkets | |
|---|---|---|---|
| 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 | 94 | |
| 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 | ThinkMarkets | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | No | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | ThinkMarkets | |
|---|---|---|---|
| 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 | ThinkMarkets | |
|---|---|---|---|
| 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 |
| Overall | Charles Schwab | ThinkMarkets | |
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| Trust Score | 99 | 92 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review |
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