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 offer distinct advantages for forex traders, with both brokers receiving 4-star ratings for commissions and fees. Charles Schwab provides an accessible entry point with no minimum deposit requirement for its primary brokerage accounts, Schwab One and Schwab Global. Forex trades through Schwab require the use of U.S. dollars with the smallest permissible trade being 10,000 units. Schwab does not charge commissions for forex trading; instead, traders incur costs through spreads, with the EUR/USD spread averaging 1.35 pips in October 2024, slightly higher than the industry average. Schwab ranks as #24 out of 63 brokers for commissions and fees by ForexBrokers.com.
TopFX offers two distinct account types on MetaTrader and cTrader platforms. For traders seeking a spread-only model, the ZERO account averages EUR/USD spreads of 1.03 pips as of July 2024, while the commission-based RAW account charges 2.75 EUR per side, summing to an all-in cost of about 0.88 pips. This cost aligns with the industry norms. The minimum deposit for TopFX varies depending on the chosen payment method, providing flexibility but potentially adding complexity depending on how traders fund their accounts. TopFX ranks #40 out of 63 brokers for commissions and fees on ForexBrokers.com.
Both brokers cater to different trading preferences – Schwab allows seamless U.S. dollar-based forex trading and prioritizes accessibility with no commission fees, while TopFX offers competitive all-in trading costs through its RAW account. Traders should weigh Schwab’s higher-than-average spreads against TopFX’s requirement of understanding commission structures when deciding which broker aligns best with their trading strategy.
| 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.
When comparing the range of investment opportunities, Charles Schwab and TopFX offer distinctly different experiences for traders. Charles Schwab impressively offers access to 40,000 tradeable symbols, including 73 forex pairs, showcasing a broad spectrum of choices. It allows clients to buy exchange-traded securities on both U.S. and international exchanges, providing direct access to stocks like Apple and Vodafone. Additionally, Charles Schwab accommodates forex trading as both a CFD and spot contract as well as offering cryptocurrency derivatives. However, it lacks features like copy trading and the ability to purchase actual cryptocurrencies.
In contrast, TopFX provides a more modest selection with 655 tradeable symbols and 60 forex pairs. While it also supports forex trading as a CFD or spot contract and offers cryptocurrency derivatives, it does not facilitate the purchase of actual cryptocurrencies or exchange-traded securities on any exchanges. Instead, TopFX leverages copy trading to attract traders interested in mimicking the strategies of seasoned investors. This distinct difference in approach results in Charles Schwab receiving an impressive 5-star rating for its range of investments, ranking 5th out of 63 brokers according to ForexBrokers.com, while TopFX earns a 3.5-star rating, positioned at 46th.
| 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.
When comparing the trading platforms and tools of Charles Schwab and TopFX, both brokers offer free virtual demo accounts, allowing users to engage in simulated trading. Charles Schwab stands out with its proprietary platform developed in-house, while TopFX utilizes external platforms. Both companies provide Windows-based desktop and web-based platforms, yet TopFX offers MetaTrader 4, a widely recognized platform, unlike Charles Schwab. For those interested in copy trading, TopFX has options available; however, Charles Schwab does not support this feature.
In terms of charting tools, Charles Schwab offers 24 drawing tools compared to TopFX's 15, and it supports direct trading from stock charts just like TopFX. For watch lists, Charles Schwab significantly surpasses with 580 fields as opposed to TopFX's 7. Ratings reflect these differences, with Charles Schwab earning 5 stars for its trading platforms and tools, and ranking #5 out of 63 brokers by ForexBrokers.com, while TopFX garners 4 stars and sits at #45. These elements make Charles Schwab a top-tier choice for comprehensive trading tools and features.
| 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.
When comparing mobile trading apps, both Charles Schwab and TopFX offer apps for iPhone and Android users, with key features such as stock and forex price alerts, drawing tools, and multiple time frame views. However, Schwab takes the lead with the ability to sync watchlists across devices, ensuring seamless integration between mobile and online accounts. Additionally, their app boasts an impressive 374 technical studies for charting, compared to TopFX's 30, providing a more comprehensive analytical toolkit for traders.
Charles Schwab's app maintains a strong reputation with a perfect 5-star rating, ranking 6th out of 63 brokers according to ForexBrokers.com. TopFX, though competent with its 4-star rating, ranks 51st, indicating room for improvement. Both apps allow for creating watchlists with real-time quotes and automatically save chart drawings, catering to traders who prioritize convenience and analytical depth in their mobile trading experience.
| 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.
When comparing the market research offerings of Charles Schwab and TopFX, several key differences emerge. Charles Schwab excels in providing daily market commentary and forex news from prominent sources like Bloomberg and Reuters. It offers an economic calendar to keep investors informed about global events, earning it a prestigious 5-star rating for research and a rank of 4th out of 63 brokers according to ForexBrokers.com. In contrast, TopFX, although also providing forex news and an economic calendar, does not match Schwab's daily commentary. However, it shines by offering tools from Autochartist and Trading Central, alongside a sentiment-based trading tool, which are not part of Schwab's repertoire. Despite these features, TopFX receives a 3-star research rating and is ranked 60th by ForexBrokers.com.
While Charles Schwab offers a more comprehensive suite of market research tools that cater to conventional investors, TopFX targets traders who benefit from technical analysis tools and sentiment-based insights. Investors looking for detailed daily commentary and broadly sourced news might prefer Schwab. Meanwhile, those seeking additional technical analysis resources may find TopFX more appealing even if it ranks lower overall in research quality. These distinctions make a significant impact depending on the individual needs of investors or traders navigating the complex environment of forex trading.
| 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.
When comparing the educational resources for beginners offered by Charles Schwab and TopFX, you'll find Charles Schwab to be significantly more extensive and beginner-friendly. Charles Schwab provides a comprehensive array of materials tailor-made for new traders, including more than 10 educational pieces focused on forex and CFDs. It also hosts monthly online webinars to guide its clients and maintains a searchable archive of these sessions for future reference. The platform offers over 10 beginner-focused educational videos, ensuring new traders have ample content to help them grasp trading fundamentals. Additionally, with an extensive investor dictionary covering over 50 investing terms, Charles Schwab makes it easy for newcomers to familiarize themselves with industry jargon.
On the other hand, TopFX falls short in comparison. It does not meet the standard of offering a minimum of 10 educational pieces about forex and CFDs and lacks monthly client webinars. Beginners looking for a wealth of video content will find TopFX less accommodating, as it doesn't provide the same level of material tailored for novice learning. Furthermore, the absence of a robust investor dictionary can be a limiting factor for those new to trading. Reflecting these differences, Charles Schwab boasts a perfect 5-star education rating and ranks 6th out of 63 brokers in the education category per ForexBrokers.com, while TopFX holds a 3-star rating and a much lower rank of 61st. Overall, Charles Schwab presents a more holistic educational experience for those starting in the trading world.
| 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
|
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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