Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs XM Group, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
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Charles Schwab vs. XM Group: Schwab was founded in 1971, is publicly traded, and operates as a bank; XM Group began in 2009, is not publicly traded, and is not a bank. According to ForexBrokers.com, Schwab holds a Trust Score of 99 and XM Group scores 93—both fall in the 90–99 range, which is considered highly trusted.
Regulation: Schwab holds 5 Tier-1 licenses (highly trusted) and 0 Tier-2 licenses, while XM Group holds 4 Tier-1 and 3 Tier-2 licenses (trusted). In short, Schwab has a larger set of top-tier approvals and the backing of a listed bank, while XM Group is also highly trusted with strong global coverage through multiple Tier-1 and Tier-2 licenses.
| Feature |
Charles Schwab
|
XM Group
|
|---|---|---|
| Year Founded | 1971 | 2009 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 4 |
| Tier-2 Licenses | 0 | 3 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
In terms of commissions and fees, Charles Schwab comes out ahead of XM Group for most forex traders. Schwab does not charge a forex commission, so trading costs are built into the bid/ask spread instead. Its average EUR/USD spread was 1.35 pips in October 2024, which is on the high side versus the industry average, but Schwab still earns a stronger overall result thanks to its clear pricing structure and no minimum deposit on its main brokerage accounts. Schwab’s commissions and fees rating is 4 stars, and it ranks #25 out of 36 brokers for this category.
Schwab also gives traders two main ways to access forex: Schwab One and Schwab Global. Schwab One supports forex trading through thinkorswim, with all trades settled in U.S. dollars, while Schwab Global is better for trading international markets in local currencies. Schwab Global may also include currency conversion fees of about 0.2% to 1%, depending on account balance. For active traders who want straightforward pricing and the backing of a major U.S. broker, Schwab is the better-known option, though its spreads are not the lowest.
XM Group trails Schwab on fees, especially for standard accounts, where spreads are expensive, and average spreads are not published for the commission-based XM Zero account. That lack of transparency and higher trading costs hurt its score. XM Group’s commissions and fees rating is 3.5 stars, and it ranks #36 out of 36 brokers in the category. In simple terms, Schwab offers the better overall value for commissions and fees, while XM Group is more costly for everyday forex trading.
| Feature |
Charles Schwab
|
XM Group
|
|---|---|---|
| Minimum Deposit | $0 | $5 |
| Average spread (EUR/USD) - Spread-only account | 1.27 | 1.1 |
| All-in Cost EUR/USD - Raw spread account | 1.27 | 0.7+ |
| Non-wire bank transfer (Deposit/Withdraw) | Yes | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When it comes to range of investments, Charles Schwab offers a larger selection than XM Group. Charles Schwab lists about 40,000 tradeable symbols, compared with 1,583 at XM Group, and it also provides more forex pairs, with 73 available versus XM Group’s 54. Both brokers let clients trade forex, buy exchange-traded securities on U.S. and international exchanges, and trade cryptocurrency CFDs. Neither broker lets you buy actual, delivered cryptocurrency.
XM Group does stand out in one area: copy trading is available, while Charles Schwab does not offer it. Still, for investors who want the widest market access, Charles Schwab has the edge, which is reflected in its 5-star Range of Investments rating and #5 ranking out of 36 brokers. XM Group is rated 4.5 stars and ranks #19, making it a solid choice, but with a narrower investment menu overall.
| Feature |
Charles Schwab
|
XM Group
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 1583 |
| Forex Pairs (Total) | 73 | 54 |
| U.S. Stocks (Shares) | Yes | Yes |
| Global Stocks (Non-U.S. Shares) | Yes | Yes |
| Copy Trading | No | Yes |
| Cryptocurrency (Underlying) | No | No |
| Cryptocurrency (CFDs) | 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 XM Group both give traders a choice of simulated paper trading, a Windows desktop platform, a web-based platform, and the ability to place trades directly from charts. Where Schwab stands out is its in-house trading platform, while XM Group does not offer a proprietary platform. XM Group also adds copy trading, MetaTrader 4, and MetaTrader 5, giving it more options for traders who want popular third-party tools.
In ForexBrokers.com’s Trading Platforms and Tools category, Charles Schwab earns 5 out of 5 stars and ranks #7 out of 36 brokers, while XM Group scores 4 out of 5 stars and ranks #29. For traders comparing platform quality and tool selection, Schwab is the stronger choice overall, but XM Group may appeal more to those who want MT4, MT5, or copy trading.
| Feature |
Charles Schwab
|
XM Group
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| Charting - Indicators / Studies (Total) | 374 | 100 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Charles Schwab and XM Group both make it easy to trade on the go with iPhone and Android apps, plus price alerts and watchlist syncing so your saved symbols stay updated across mobile and online accounts. Each app also lets you draw trendlines on charts, which can help with basic technical analysis while you are away from your desktop.
Where Charles Schwab stands out is charting depth and overall mobile performance. Its app offers 374 technical studies, far more than XM Group’s 100, and it also auto-saves chart drawings, which XM Group does not. These differences help explain why Charles Schwab earns a 5-star Mobile Trading Apps rating and ranks #6 out of 36 brokers, while XM Group is rated 4 stars and ranks #26.
| Feature |
Charles Schwab
|
XM Group
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 374 | 100 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | No |
Dive deeper: Best Forex Trading Apps.
Charles Schwab and XM Group both perform well for market research, giving traders daily market commentary, forex news from top sources like Bloomberg, Reuters, and Dow Jones, plus an economic calendar for tracking global events. Both brokers earn a 5-star rating for Research, which makes them strong choices for traders who want timely market updates and a simple way to follow news that may affect prices. In ForexBrokers.com’s Research category, Charles Schwab ranks #5 out of 36 brokers, while XM Group ranks #8 out of 36.
The main difference is in the extra research tools each broker offers. XM Group includes Trading Central tools and a sentiment-based trading feature that shows long and short positioning across instruments, while Charles Schwab does not. Neither broker offers Autochartist, TipRanks, or Acuity Trading tools, so if you are looking for more advanced third-party market analysis, XM Group has the edge here.
| Feature |
Charles Schwab
|
XM Group
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| Trading Central | No | Yes |
| Client sentiment data | No | Yes |
| TipRanks | No | No |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Charles Schwab and XM Group both give beginners plenty of ways to learn, including forex or CFDs education, regular client webinars, and a large library of beginner and advanced trading videos. Each broker offers at least 10 education pieces focused on forex or CFDs, plus monthly online webinars and video lessons that can help new traders build basic knowledge before placing trades. For education quality, both brokers are rated 5 out of 5 stars, which shows a high level of support for learning.
When comparing the two, XM Group has a slight edge in ForexBrokers.com’s Education ranking, placing #5 out of 36 brokers, while Charles Schwab ranks #6 out of 36. In simple terms, both brokers are strong choices for beginners looking for clear trading lessons, but XM Group comes in just ahead in the education category.
| Feature |
Charles Schwab
|
XM Group
|
|---|---|---|
| Webinars | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | 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 XM Group. Charles Schwab finished with an overall rank of #6, while XM Group finished with an overall rank of #16.
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
|
XM Group
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 93 |
| Range of Investments |
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| Research |
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Online brokers Charles Schwab and XM Group both do not offer purchasing actual (delivered) cryptocurrencies, but each provides cryptocurrency CFDs, allowing traders to speculate on crypto prices without owning the underlying asset.
In a Charles Schwab vs XM Group comparison of deposit and withdrawal options, Charles Schwab supports ACH/SEPA and bank wires while XM Group supports Skrill and bank wires; neither supports PayPal, and Visa/Mastercard availability is not specified.
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 | XM Group | |
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| Trust Score | 99 | 93 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | XM Group Review |
| Broker Screenshots | Charles Schwab | XM Group | |
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| Regulation | Charles Schwab | XM Group | |
|---|---|---|---|
| Trust Score | 99 | 93 | |
| Year Founded | 1971 | 2009 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 5 | 4 | |
| Tier-2 Licenses | 0 | 3 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | XM Group | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | Yes | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (FSA 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 | XM Group | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | ||
| Israel (ISA Authorised) | No | ||
| South Africa (FSCA Authorised) | Yes | ||
| UAE (DFSA, FSRA, or CMA Authorised) | Yes | ||
| India (SEBI Authorised) | No | ||
| Jordan (JSC Authorised) |
| Investments | Charles Schwab | XM Group | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 1583 | |
| Forex Pairs (Total) | 73 | 54 | |
| U.S. Stocks (Shares) | Yes | Yes | |
| Global Stocks (Non-U.S. Shares) | Yes | Yes | |
| Copy Trading | No | Yes | |
| Cryptocurrency (Underlying) | No | No | |
| Cryptocurrency (CFDs) | 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 | XM Group | |
|---|---|---|---|
| Average spread (EUR/USD) - Spread-only account | 1.27 | 1.1 | |
| All-in Cost EUR/USD - Raw spread account | 1.27 | 0.7+ | |
| Inactivity Fee | No | Yes | |
| Order execution: Agency | Yes | No | |
| Order execution: Market Maker | No | Yes |
| Funding | Charles Schwab | XM Group | |
|---|---|---|---|
| Minimum Deposit | $0 | $5 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer (Deposit/Withdraw) | Yes | No |
| Trading Platforms | Charles Schwab | XM Group | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No |
| Trading Tools | Charles Schwab | XM Group | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 374 | 100 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Charles Schwab | XM Group | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlists - Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 374 | 100 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | No | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Charles Schwab | XM Group | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | No | |
| Trading Central | No | Yes | |
| TipRanks | No | No | |
| Client sentiment data | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | XM Group | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Charles Schwab | XM Group | |
|---|---|---|---|
| EUR/USD | Yes | Yes | |
| Review | Charles Schwab Review | XM Group Review |
| Overall | Charles Schwab | XM Group | |
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| Overall Rating |
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| Range of Investments |
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| Research |
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| Education |
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| Trust Score | 99 | 93 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | XM Group Review |
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