Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs Trade Nation, 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 and Trade Nation are two online brokers catering to different needs in the financial market. Established in 1971, Charles Schwab is a publicly traded company that also functions as a bank, offering a broad spectrum of financial services. In contrast, Trade Nation, founded in 2014, focuses solely on brokerage services and is not publicly traded. Charles Schwab is highly regarded in terms of trustworthiness, boasting a perfect ForexBrokers.com Trust Score of 99. This high level of trust is backed by its five Tier-1 licenses, which are deemed highly trusted by ForexBrokers.com.
While Trade Nation has a solid Trust Score of 85, it holds two Tier-1 licenses and one Tier-2 license. This positions Trade Nation as a reliable option in the industry, although it lacks the broad recognition and banking capabilities of Charles Schwab. When evaluating which broker suits your needs, consider these aspects along with their regulatory standing and services provided. Both brokers offer distinct advantages, making them suitable for different types of investors.
| Feature |
Charles Schwab
|
Trade Nation
|
|---|---|---|
| Year Founded | 1971 | 2014 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 2 |
| Tier-2 Licenses | 0 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 2 |
Charles Schwab offers a user-friendly entry point for forex trading with no minimum deposit requirement for its primary brokerage accounts, Schwab One, and Schwab Global. Schwab does not charge commissions for forex trading, and trading costs are drawn from the bid/ask spread across available currency pairs. Notably, the average spread on the EUR/USD pair during October 2024 was 1.35 pips, which is on the higher end of the industry spectrum. Although Schwab provides access to 12 international markets through its Global account, conversion fees ranging from 0.2% to 1% may apply depending on the account balance and currency in use. Schwab’s transparent overnight carry charges calculator within the thinkorswim platform is a valuable tool for traders. Overall, Charles Schwab is rated 4 out of 5 stars and ranks #23 in commissions and fees among 63 brokers according to ForexBrokers.com.
Trade Nation stands out by offering competitive, fixed-spread pricing on its proprietary platform while also presenting variable-spread options on MetaTrader. It lists a fixed spread of 0.6 pips for the EUR/USD pair, although the spread can widen to as much as 1.4 pips during the daily rollover period, settling the average around 1 pip. Trade Nation provides three primary account types: two MetaTrader accounts, one with commission-based Raw Spread and one commission-free, alongside its TN Trader account. The TN Trader web platform boasts the lowest spreads overall, considering all-in costs. This fixed-spread feature makes Trade Nation notably appealing in terms of pricing. For its commissions and fees, Trade Nation excels with a 5-star rating, securing the #7 rank among 63 brokers on ForexBrokers.com.
| Feature |
Charles Schwab
|
Trade Nation
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average Spread EUR/USD - Standard | 1.35 | 0.6 |
| All-in Cost EUR/USD - Active | 1.35 | 0.6 |
| Active Trader or VIP Discounts | No | No |
| 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.
Charles Schwab and Trade Nation both provide opportunities for forex trading, offering contracts for difference or spot contracts. However, when considering the overall range of investments available, Charles Schwab significantly outpaces Trade Nation. With an impressive 40,000 tradeable symbols, Schwab dwarfs Trade Nation’s 1,000. For those interested in forex specifically, Schwab again leads with 73 tradeable forex pairs compared to Trade Nation's 46. Additionally, Charles Schwab allows clients to purchase exchange-traded securities on both U.S. and international exchanges, meaning investors can directly own shares like Apple or Vodafone. In contrast, Trade Nation does not offer direct purchasing of shares on these exchanges.
While both platforms permit trading in cryptocurrency derivatives, neither allows for the purchase of actual cryptocurrencies. In terms of specialization, Trade Nation does offer copy trading, providing a social trading angle for its users that Charles Schwab lacks. However, Schwab's breadth of offerings positions it with a 5-star rating for the range of investments compared to Trade Nation's 3.5-star rating. In industry rankings, Charles Schwab is placed 5th out of 63 brokers for its diverse investment options, whereas Trade Nation is ranked 38th. This highlights Schwab’s stronger position for those seeking a wider variety of investment opportunities.
| Feature |
Charles Schwab
|
Trade Nation
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 1000 |
| Forex Pairs (Total) | 73 | 46 |
| 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 offered by Charles Schwab and Trade Nation, several differences come to light that cater to varied trading needs. Both brokers provide simulated trading, allowing users to practice with virtual accounts, and offer proprietary platforms developed in-house. Additionally, each offers a Windows-based desktop platform and a web-based browser platform, providing flexibility for different user preferences. However, when it comes to features like copy trading and access to the MetaTrader 4 platform, Trade Nation has the upper hand, as it supports both whereas Charles Schwab does not. On the other hand, Charles Schwab allows trading directly from a stock chart, a feature unavailable with Trade Nation. Moreover, while Trade Nation offers more drawing tools with 39 compared to Schwab's 24, Schwab excels in providing a more extensive range of watch list fields, totaling 580 compared to just 14 at Trade Nation.
In terms of ratings, Charles Schwab claims a superior position with a full 5-star rating for its trading platforms and tools, compared to Trade Nation's commendable 4-star rating. This difference in ratings is further emphasized by their respective rankings on ForexBrokers.com, where Charles Schwab holds the 5th spot out of 63 brokers, while Trade Nation ranks 44th. This higher ranking of Schwab can be attributed to its extensive features and comprehensive capabilities, making it a preferred choice for those seeking a platform rich in functionalities and tools. Overall, the choice between these two brokers will largely depend on personal trading requirements and the specific tools and features that traders prioritize.
| Feature |
Charles Schwab
|
Trade Nation
|
|---|---|---|
| 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 | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 374 | 115 |
| Charting - Drawing Tools (Total) | 24 | 39 |
| Charting - Trade From Chart | Yes | No |
| Watchlists - Total Fields | 580 | 14 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing mobile trading apps, both Charles Schwab and Trade Nation offer options for iPhone and Android users. They provide essential features, such as stock or forex price alerts and watchlist symbol syncing across devices, ensuring that your watchlists are always up-to-date regardless of how you access them. Both platforms also allow users to draw trendlines and view charts with multiple time frames. Additionally, any drawings made on charts are automatically saved, which adds convenience for active traders. Both apps support creating watchlists with real-time quotes, keeping users informed about market changes as they happen.
Where the apps start to differ is in the depth of their charting capabilities. Charles Schwab offers an impressive 374 technical studies in its mobile app, far surpassing the 99 studies provided by Trade Nation. This makes Schwab's app more appealing to those who value extensive analysis tools. Furthermore, Charles Schwab’s mobile app is rated 5 stars and ranks #6 out of 63 brokers in the Mobile Trading Apps category by ForexBrokers.com—ahead of Trade Nation, which is rated 4 stars and ranks #45. These distinctions reflect the enhanced user experience and more advanced features available on Charles Schwab’s platform, suggesting it might be a better choice for traders who prioritize comprehensive charting and higher app ratings.
| Feature |
Charles Schwab
|
Trade Nation
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 374 | 99 |
| 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.
Charles Schwab and Trade Nation both cater to traders seeking quality market research, but they provide slightly different offerings. Both brokers deliver daily market commentary and access to forex news from respected sources like Bloomberg and Reuters. However, Schwab holds an advantage with an economic calendar displaying important global news events, while Trade Nation does not. In terms of ratings, Charles Schwab shines with a five-star research score, ranking 4th out of 63 brokers, demonstrating a strong commitment to providing its clients with comprehensive research tools. In contrast, Trade Nation scores 3.5 stars and ranks 42nd, indicating there's room for improvement in its research offerings.
When it comes to specific research tools, neither broker incorporates third-party tools such as Autochartist or Trading Central. Trade Nation distinguishes itself by offering Acuity Trading’s Signal Centre and a sentiment-based trading tool showing the ratio of long or short positions across currency pairs, features that Schwab lacks. However, neither broker provides research from TipRanks. Overall, while Schwab's platform is noted for its robust research resources and strong market presence, Trade Nation appeals to traders interested in sentiment analysis and specific research tools, though it trails behind in overall rankings and ratings.
| Feature |
Charles Schwab
|
Trade Nation
|
|---|---|---|
| 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 | No |
Dive deeper: Best Brokers for Forex Research.
Charles Schwab and Trade Nation both offer a solid collection of educational resources tailored for beginners, making them attractive options for novice traders. Charles Schwab provides a comprehensive array of forex and CFD education, including more than ten distinct educational items such as articles, videos, and archived webinars. They go a step further by hosting monthly webinars and maintaining a searchable archive of recorded sessions. This archive is a valuable resource for those who wish to revisit past learning events. Trade Nation also offers beginner-friendly content with a selection of beginner educational videos and articles, but they do not provide monthly webinars or an archive of previous sessions.
Both Charles Schwab and Trade Nation cater to more experienced traders with advanced educational videos, and they both support users with an investor dictionary that defines over 50 investing terms. However, when it comes to educational excellence, Charles Schwab stands out with a perfect 5-star rating from ForexBrokers.com, earning a commendable 6th place ranking among 63 brokers in the Education category. Trade Nation, on the other hand, has a respectable 3.5-star rating, placing it at 41st in the same category. For beginners eager to dive into the world of trading, Charles Schwab's extensive and structured educational offerings make it a more appealing choice compared to Trade Nation.
| Feature |
Charles Schwab
|
Trade Nation
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| 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 Trade Nation. Charles Schwab finished with an overall rank of #6, while Trade Nation finished with an overall rank of #34.
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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Trade Nation
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|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 85 |
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Both Charles Schwab and Trade Nation do not offer the ability to purchase actual delivered cryptocurrency, but both provide options for trading cryptocurrency derivatives.
Charles Schwab supports bank wires and ACH or SEPA transfers for managing account funds, while Trade Nation allows bank wires and offers flexibility with Skrill, Visa, and Mastercard options, although neither supports PayPal transactions.
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 | Trade Nation | |
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| Trust Score | 99 | 85 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | Trade Nation Review |
| Broker Screenshots | Charles Schwab | Trade Nation | |
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| Regulation | Charles Schwab | Trade Nation | |
|---|---|---|---|
| Trust Score | 99 | 85 | |
| Year Founded | 1971 | 2014 | |
| 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 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 2 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | Trade Nation | |
|---|---|---|---|
| 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 | Yes | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | No |
| Tier-2 Licenses (Trusted) | Charles Schwab | Trade Nation | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | Yes | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Charles Schwab | Trade Nation | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 1000 | |
| Forex Pairs (Total) | 73 | 46 | |
| 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 | Trade Nation | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.35 | 0.6 | |
| All-in Cost EUR/USD - Active | 1.35 | 0.6 | |
| Active Trader or VIP Discounts | No | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | Trade Nation | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| 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 | Trade Nation | |
|---|---|---|---|
| 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 | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Charles Schwab | Trade Nation | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 580 | 14 | |
| Charting - Indicators / Studies (Total) | 374 | 115 | |
| Charting - Drawing Tools (Total) | 24 | 39 | |
| Charting - Trade From Chart | Yes | No | |
| Charts can be saved | Yes | No |
| Mobile Trading | Charles Schwab | Trade Nation | |
|---|---|---|---|
| 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 | 374 | 99 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | Yes | |
| Mobile Economic Calendar | Yes | No |
| Research | Charles Schwab | Trade Nation | |
|---|---|---|---|
| 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 | No |
| Education | Charles Schwab | Trade Nation | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Charles Schwab | Trade Nation | |
|---|---|---|---|
| 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 | Trade Nation Review |
| Overall | Charles Schwab | Trade Nation | |
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| Trust Score | 99 | 85 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | Trade Nation Review |
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