Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs TopFX, 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 out as a highly trusted online broker with a near-perfect Trust Score of 99 as evaluated by ForexBrokers.com. This American-based company is publicly traded and operates as a bank, providing it with strong financial credibility. Additionally, Charles Schwab holds five Tier-1 licenses, reflecting significant regulatory oversight and compliance with high standards. These credentials contribute to its excellent reputation and stability in the financial markets.
In contrast, TopFX, established in 2010, offers a different profile. It is not listed on any stock exchange and does not operate as a bank. With a Trust Score of 67, TopFX is categorized as high risk according to ForexBrokers.com. The broker holds one Tier-1 license, marking partial regulatory compliance but falling short of the assurances provided by a company like Charles Schwab. These factors are essential for investors considering their options in online trading services.
| Feature |
Charles Schwab
|
TopFX
|
|---|---|---|
| Year Founded | 1971 | 2010 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
Charles Schwab and TopFX both earn 4 out of 5 stars for commissions and fees. In ForexBrokers.com’s Commissions and Fees rankings, Schwab places #25 of 63 brokers, while TopFX ranks #41. That parity in star ratings makes the cost details worth a closer look, especially around spreads, commissions, and how each broker handles currency and account options.
Schwab does not charge a commission for forex; your costs come from the spread. In October 2024, the average EUR/USD spread was 1.35 pips, which sits on the higher end of the industry range. Forex trading is available via thinkorswim through a Schwab One account, with all trades settled in U.S. dollars; the smallest trade size is 10,000 units (about $500 minimum margin at 20:1 leverage). If you want to place trades in a foreign currency with Schwab One, you must call by phone. The Schwab Global account supports 12 international markets in local currencies, with currency conversion fees ranging from 0.2% to 1% depending on balance size. There’s no minimum deposit for Schwab’s main brokerage accounts, and thinkorswim shows overnight financing (carry) in a built-in calculator.
TopFX offers two account types on MetaTrader and cTrader. The RAW account charges 2.75 EUR per side (5.50 per round turn) and, based on July 2024 data, paired a 0.33-pip average EUR/USD spread with a commission equivalent of about 0.55 pips, for an all-in cost near 0.88 pips (around the industry average). The ZERO account is commission-free but carried higher average spreads of 1.03 pips on EUR/USD in July 2024. Minimum deposit varies by payment method. On the headline EUR/USD pair during the periods cited, TopFX’s RAW—and even its ZERO—pricing can work out cheaper than Schwab’s 1.35-pip average, though both brokers hold the same 4-star cost rating and differ in their rankings (#25 Schwab vs. #41 TopFX).
| Feature |
Charles Schwab
|
TopFX
|
|---|---|---|
| Minimum Deposit | $0 | Depends on payment method |
| Average Spread EUR/USD - Standard | 1.35 | 1.03 |
| All-in Cost EUR/USD - Active | 1.35 | 0.88 |
| 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.
Comparing the range of investments, Charles Schwab offers a far wider selection than TopFX. Schwab lists about 40,000 tradeable symbols and 73 forex pairs, and supports forex trading as CFDs or spot contracts. It also gives access to exchange-traded securities on both U.S. and international exchanges, so you can buy shares like Apple or Vodafone directly. TopFX, by contrast, offers 655 tradeable symbols and 60 forex pairs, also supports CFDs or spot forex, but does not provide direct access to U.S. or international exchange-traded stocks.
Feature-wise, TopFX includes copy trading, which Schwab does not. Neither broker lets you buy actual cryptocurrency, but both offer cryptocurrency derivatives. For Range of Investments, Charles Schwab earns 5 stars and ranks #5 out of 63 brokers at ForexBrokers.com, while TopFX scores 3.5 stars and ranks #47. Choose Schwab for the broadest selection and direct stock investing; pick TopFX if copy trading and a focused CFD/forex lineup fit your needs.
| Feature |
Charles Schwab
|
TopFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 655 |
| Forex Pairs (Total) | 73 | 60 |
| 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.
Comparing Charles Schwab vs TopFX for trading platforms and tools: both brokers provide free paper trading and offer Windows desktop and web-based platforms. Schwab includes a proprietary, in-house platform, while TopFX does not; instead, TopFX supports MetaTrader 4 (MT4), which Schwab does not. Neither broker offers MT5, DupliTrade or ZuluTrade. Copy trading is available at TopFX but not at Schwab. Both let you place orders directly from charts. Indicator counts for charting aren’t specified by either broker.
For charting extras, Schwab lists 24 drawing tools versus 15 at TopFX. Schwab’s watch lists are very detailed, with up to 580 fields, compared to 7 at TopFX. Based on platform and tool evaluations, Schwab earns 5 stars and ranks #5 out of 63 brokers, while TopFX earns 4 stars and ranks #46. In short, Schwab suits traders who want an in-house platform with deep watch list customization, while TopFX appeals to those who prefer MT4 and copy trading.
| Feature |
Charles Schwab
|
TopFX
|
|---|---|---|
| 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 | No |
| 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.
Both Charles Schwab and TopFX offer mobile trading apps for iPhone and Android, with core features most traders expect. You can set price alerts, build watchlists with real-time quotes, draw trendlines on charts, view multiple time frames (like intraday, daily, or weekly), and your chart drawings auto-save in each app. For everyday trading, both platforms cover the essentials on the go.
The biggest differences show up in charting depth and convenience. Charles Schwab provides far more technical indicators (374 vs. 30 for TopFX), which can help if you lean on technical analysis. Schwab also syncs watchlists between the mobile app and your online account, while TopFX does not. Reflecting these gaps, ForexBrokers.com rates Schwab’s mobile apps 5 stars and ranks it #6 out of 63 brokers, compared with TopFX’s 4 stars and #52 ranking. If you want richer charts and seamless watchlist syncing, Schwab is the stronger pick; if you just need the basics, TopFX gets the job done.
| Feature |
Charles Schwab
|
TopFX
|
|---|---|---|
| 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.
Choosing between Charles Schwab and TopFX for market research comes down to what kind of insights you want. Schwab delivers daily market commentary and streams forex news from top-tier sources like Bloomberg, Reuters, or Dow Jones, plus an economic calendar—earning it 5/5 stars for Research and a #4 ranking out of 63 brokers by ForexBrokers.com. TopFX also provides premium news and an economic calendar, but it scored 3/5 stars and ranked #61, reflecting a more limited overall research experience.
Tool-wise, TopFX offers extras such as Autochartist, Trading Central, and a sentiment tool that shows the ratio of long vs. short positions—features Charles Schwab does not include. Schwab also doesn’t offer TipRanks or Acuity Trading; for TopFX, availability of TipRanks and Acuity Trading wasn’t specified in the provided data. If you value daily commentary and a highly rated research suite, Schwab is the safer pick; if you want built-in third‑party tools and sentiment data, TopFX has an edge.
| Feature |
Charles Schwab
|
TopFX
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | No | Yes |
| TipRanks | No | |
| Signal Centre (Acuity Trading) | No | |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
For beginner traders who want clear guidance, Charles Schwab offers a wide range of learning tools focused on forex and CFDs. You’ll find 10+ articles and videos on these topics, monthly live webinars, and an easy-to-search archive of past sessions. Schwab also has at least 10 beginner videos and 10 advanced videos to help you grow step by step, plus an investor dictionary with 50+ terms for quick definitions. This depth earns Schwab a 5-star Education rating and a #6 ranking out of 63 brokers by ForexBrokers.com.
TopFX, by comparison, doesn’t meet the 10-piece minimum for forex and CFD education, doesn’t run monthly educational webinars, and doesn’t provide a searchable archive. It also falls short of having 10 beginner videos, 10 advanced videos, or a 50+ term investor dictionary. As a result, TopFX holds a 3-star Education rating and ranks #62 out of 63 brokers. If you want a clear, structured learning path, Schwab is the better pick; if you’re fine sourcing education elsewhere, TopFX may still work, but it’s not as friendly for first-time traders.
| Feature |
Charles Schwab
|
TopFX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | No |
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 TopFX. Charles Schwab finished with an overall rank of #6, while TopFX finished with an overall rank of #62.
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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TopFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 67 |
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Both Charles Schwab and TopFX do not provide the option to purchase actual delivered cryptocurrency, but they do offer cryptocurrency derivatives, allowing investors to engage in crypto trading without owning the underlying asset.
When comparing online brokers Charles Schwab and TopFX for deposit and withdrawal options, Charles Schwab supports ACH/SEPA transfers and bank wires, but does not offer PayPal, Skrill, or Visa/Mastercard options, whereas TopFX provides a broader range of methods including PayPal, Skrill, Visa/Mastercard, and bank wires, albeit lacking ACH/SEPA transfer capabilities.
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 | TopFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | TopFX Review |
| Broker Screenshots | Charles Schwab | TopFX | |
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| Regulation | Charles Schwab | TopFX | |
|---|---|---|---|
| Trust Score | 99 | 67 | |
| 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 | 1 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | TopFX | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | No | |
| 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 | No | |
| 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 | TopFX | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | No | ||
| South Africa (FSCA Authorised) | No | ||
| UAE (DFSA/Central Bank Authorised) | No | ||
| India (SEBI Authorised) | No | ||
| Jordan (JSC Authorised) |
| Investments | Charles Schwab | TopFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 655 | |
| Forex Pairs (Total) | 73 | 60 | |
| 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 | TopFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.35 | 1.03 | |
| All-in Cost EUR/USD - Active | 1.35 | 0.88 | |
| Active Trader or VIP Discounts | No | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | TopFX | |
|---|---|---|---|
| Minimum Deposit | $0 | Depends on payment method | |
| 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 | TopFX | |
|---|---|---|---|
| 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 | No | |
| cTrader | No | Yes | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Charles Schwab | TopFX | |
|---|---|---|---|
| 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 | TopFX | |
|---|---|---|---|
| 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 | TopFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | ||
| Social Sentiment - Currency Pairs | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | TopFX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | Charles Schwab | TopFX | |
|---|---|---|---|
| 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 | TopFX Review |
| Overall | Charles Schwab | TopFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | TopFX Review |
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