Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs TMGM, 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.
Founded in 1971, Charles Schwab stands as a seasoned player in the financial industry, solidifying its reputation with a ForexBrokers.com Trust Score of 99, indicating it is highly trusted. As a publicly traded bank, Charles Schwab offers enhanced security with its five Tier-1 licenses, the highest level of regulatory endorsement. This gives clients peace of mind, as such licenses signify substantial trust and oversight.
TMGM, established in 2013, is a newer entrant, yet it holds a respectable ForexBrokers.com Trust Score of 83. While it is not publicly traded and operates solely as a brokerage, TMGM still maintains strong credibility through its two Tier-1 licenses, striking a trusted stance in the financial services world. Despite its shorter history compared to Charles Schwab, TMGM continues to establish its reputation as a reliable broker.
| Feature |
Charles Schwab
|
TMGM
|
|---|---|---|
| Year Founded | 1971 | 2013 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 2 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 2 |
Charles Schwab offers an accessible entry into forex trading with no minimum deposit requirement and a variety of account options. Traders using the Schwab One account can access the thinkorswim platform, with trades settled in U.S. dollars. A minimum trade size of 10,000 units is required, equating to a minimum margin of $500 with a 20:1 leverage. Schwab Global account holders can trade across twelve international markets in their local currencies, incurring conversion fees ranging from 0.2% to 1% based on account balance. Schwab doesn't charge direct commissions for forex trading; costs are derived from the bid/ask spread, with the EUR/USD spread averaging 1.35 pips as of October 2024, higher than the industry average. Schwab earns a 4-star rating for commissions and fees, ranked 23rd out of 63 brokers by ForexBrokers.com.
TMGM offers competitive commission structures, particularly with its Edge account, which charges a low commission of $3.50 per side ($7 per round trip) alongside low spreads. Unfortunately, recent average spread data for the EUR/USD wasn't available for TMGM, which might make it challenging for some traders to fully assess trading costs. TMGM provides two account types: the spread-only Classic account and the commission-based Edge account, with the latter being suitable for traders who prefer low commissions. Additionally, the Edge account offers interest-free options for Islamic finance customers, making it a versatile choice. TMGM also holds a 4-star rating for commissions and fees and is ranked 36th out of 63 brokers by ForexBrokers.com.
Both Charles Schwab and TMGM present attractive options for forex traders, each with unique advantages in fees and commission structures. Schwab provides a solid choice for those more accustomed to U.S. dollar-based forex trading, along with access to international markets. TMGM appeals to traders seeking low commissions and spreads, especially with its commission-based Edge account accommodating Sharia-compliant needs. The choice between the two brokers largely depends on individual trading preferences and specific requirements in forex market engagement.
| Feature |
Charles Schwab
|
TMGM
|
|---|---|---|
| Minimum Deposit | $0 | $100 |
| Average Spread EUR/USD - Standard | 1.35 | N/A |
| All-in Cost EUR/USD - Active | 1.35 | N/A |
| Active Trader or VIP Discounts | No | No |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When it comes to the variety of investments available, Charles Schwab and TMGM cater to different types of investors. Charles Schwab shines with a vast selection, offering 40,000 tradeable symbols, including 73 forex pairs. It allows trading of exchange-traded securities on U.S. and international exchanges, giving investors the chance to directly purchase stocks like Apple and Vodafone. While Schwab doesn’t provide copy trading options, it does offer cryptocurrency derivatives, though not the actual cryptocurrencies.
TMGM presents a competitive range with access to 12,000 tradeable symbols and 62 forex pairs, appealing to those who are particularly interested in currency trading. Although TMGM doesn’t offer direct purchases of U.S. and international exchange-traded securities, it compensates with copy trading features, which are popular among beginners or those wanting to mirror experienced traders' strategies. Like Schwab, TMGM facilitates trading of cryptocurrency derivatives. Rated 4.5 stars for its investment range, TMGM ranks 17th among 63 brokers, whereas Charles Schwab holds an impressive 5-star rating, securing the 5th spot on ForexBrokers.com.
| Feature |
Charles Schwab
|
TMGM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 12000 |
| Forex Pairs (Total) | 73 | 62 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| 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.
When comparing Charles Schwab and TMGM for their trading platforms and tools, both brokers offer simulated or paper trading through free virtual demo accounts, making it easy for users to test strategies without risking real money. Charles Schwab stands out with its proprietary platforms, developed in-house, and offers a comprehensive computer-based platform for Windows as well as a convenient web-based platform. TMGM, although lacking a proprietary platform, also provides traders with both a Windows-based and web-based platform. While TMGM supports popular platforms like MetaTrader 4 and MetaTrader 5, Charles Schwab does not, which might influence those who prefer these well-known tools. However, TMGM has the edge in offering copy trading, a feature that is absent from Charles Schwab’s offerings.
When it comes to charting capabilities, Charles Schwab offers 24 drawing tools compared to TMGM’s 15, providing traders with more options for technical analysis. Both brokers allow users to trade directly from stock charts. Watch list features show a significant difference, as Charles Schwab provides a stunning 580 columns, while TMGM offers just 7. This extensive customization allows for an enriched trading experience at Charles Schwab. Ultimately, Charles Schwab receives a superior rating of 5 stars for trading platforms and tools, placing fifth among 63 brokers in a ForexBrokers.com ranking, significantly higher than TMGM's 4 stars and 48th ranking. This showcases Charles Schwab’s leadership in delivering advanced trading technology and functionality.
| Feature |
Charles Schwab
|
TMGM
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| 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 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of Charles Schwab and TMGM, both brokers offer apps compatible with iPhone and Android devices. They provide stock and forex price alerts, as well as the ability to draw trendlines on charts and view multiple time frames such as daily, weekly, or intraday. Both apps also auto-save chart drawings and allow users to create watchlists with real-time quotes. However, a significant difference is in the watchlist symbol syncing. Charles Schwab offers this feature, ensuring your watchlists sync between the mobile app and online account, while TMGM does not.
Charles Schwab stands out with a vast selection of 374 technical studies for charting, compared to TMGM's 30. This extensive toolset might contribute to Charles Schwab's higher user satisfaction, as evidenced by their 5-star rating and #6 ranking out of 63 brokers according to ForexBrokers.com. In contrast, TMGM has a 4-star rating and ranks #47 on the same list. These differences highlight Charles Schwab's strengths in providing a more feature-rich and highly-rated mobile trading experience compared to TMGM.
| Feature |
Charles Schwab
|
TMGM
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 374 | 30 |
| 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.
When it comes to market research, Charles Schwab and TMGM both provide daily market commentary and forex news from leading sources like Bloomberg, Reuters, and Dow Jones. However, the services start to diverge with more specialized tools. Charles Schwab does not provide tools from Autochartist but neither does TMGM. While both brokers offer an economic calendar to keep investors informed of global economic events, TMGM stands out by offering advanced tools from Trading Central and Acuity Trading, which Charles Schwab does not supply.
Charles Schwab is a popular choice, earning a five-star rating for its research and ranking #4 out of 63 brokers on ForexBrokers.com, thanks to its comprehensive market insights. On the other hand, TMGM offers distinctive tools like sentiment-based trading, which Charles Schwab lacks, but receives a lower research rating of 3.5 stars and ranks #53 in the same category. Overall, both platforms provide valuable market research services, but their offerings cater to different trading needs and preferences.
| Feature |
Charles Schwab
|
TMGM
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| Trading Central (Recognia) | No | Yes |
| 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 beginners in the world of trading, Charles Schwab stands out with a wider range of offerings compared to TMGM. Charles Schwab provides an extensive collection of educational materials focused on forex and Contracts for Difference (CFDs), including more than ten pieces of content like articles and videos tailored for beginners. Additionally, the platform hosts monthly educational webinars, which are also available as recorded sessions in a searchable archive. For those looking to deepen their knowledge, Charles Schwab offers over ten video tutorials aimed at beginner traders along with advanced content for more seasoned investors. An investor dictionary is also available, demystifying over fifty finance terms.
On the other hand, TMGM falls short in educational offerings, particularly in forex and CFDs, where it provides fewer than ten educational materials. While it does feature a searchable archive of recorded webinars, TMGM does not offer the ongoing monthly webinars that Charles Schwab provides. The selection of beginner-focused videos on TMGM is limited as well, lacking the breadth found on Charles Schwab. However, TMGM does offer a comprehensive investor dictionary. Considering these factors, Charles Schwab earns a five-star rating for its educational resources, ranking 6th out of 63 brokers as reviewed by ForexBrokers.com. TMGM, in comparison, is rated at 3.5 stars and holds the 54th position, indicating that beginners would find more support and learning opportunities with Charles Schwab.
| Feature |
Charles Schwab
|
TMGM
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | Yes | No |
| 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 TMGM. Charles Schwab finished with an overall rank of #6, while TMGM finished with an overall rank of #37.
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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TMGM
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 83 |
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Both Charles Schwab and TMGM do not offer the ability to purchase actual (delivered) cryptocurrency, but they do provide options for buying cryptocurrency derivatives.
Charles Schwab supports ACH, SEPA, and bank wire transfers for funding and withdrawals, while TMGM offers a broader range of deposit and withdrawal options including PayPal, Skrill, Visa, Mastercard, and bank wires, catering to diverse user preferences.
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 | TMGM | |
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| Trust Score | 99 | 83 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | TMGM Review |
| Broker Screenshots | Charles Schwab | TMGM | |
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| Regulation | Charles Schwab | TMGM | |
|---|---|---|---|
| Trust Score | 99 | 83 | |
| Year Founded | 1971 | 2013 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | No | |
| Tier-1 Licenses | 5 | 2 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 2 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | TMGM | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | Yes | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | Yes | |
| Regulated in one or more EU or EEA countries (MiFID). | No | No |
| Tier-2 Licenses (Trusted) | Charles Schwab | TMGM | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Charles Schwab | TMGM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 12000 | |
| Forex Pairs (Total) | 73 | 62 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| 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 | TMGM | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.35 | N/A | |
| All-in Cost EUR/USD - Active | 1.35 | N/A | |
| Active Trader or VIP Discounts | No | No | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | TMGM | |
|---|---|---|---|
| Minimum Deposit | $0 | $100 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| 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 | TMGM | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| 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 | TMGM | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 580 | 7 | |
| 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 | TMGM | |
|---|---|---|---|
| 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 | 30 | |
| 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 | TMGM | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | No | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | TMGM | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Charles Schwab | TMGM | |
|---|---|---|---|
| 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 | TMGM Review |
| Overall | Charles Schwab | TMGM | |
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| Trust Score | 99 | 83 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | TMGM Review |
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