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 and XM Group are both notable players in the online brokerage industry with strong trust ratings, though they differ in several key areas. Founded in 1971, Charles Schwab is not only a publicly traded company but also operates as a bank, offering it a unique position in the financial services market. It boasts a perfect Trust Score of 99 from ForexBrokers.com, backed by its possession of 5 Tier-1 licenses, which indicates it is considered highly trusted. In contrast, XM Group, which was established in 2009, is not publicly traded and does not function as a bank, yet it still holds a solid Trust Score of 93. XM Group supports its reputation with 4 Tier-1 licenses and an additional Tier-2 license, affirming its credibility and trustworthy operations.
While both Charles Schwab and XM Group excel in maintaining high standards of trust and regulatory approval, they cater to slightly different audiences. Charles Schwab's longstanding presence in the market and its designation as a bank provide users with a high level of reassurance and a comprehensive suite of financial services. Conversely, XM Group, despite its absence from stock exchange listings, remains a trusted choice among investors, especially those who might prioritize the specialized experience it offers in the trading sector. Both companies demonstrate strong regulatory compliance, making them appealing choices for investors seeking reliability and trust in their brokerage platforms.
| 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 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
Charles Schwab and XM Group both earn 4 out of 5 stars for commissions and fees, but Schwab ranks higher (#23 of 63) than XM Group (#34 of 63) in this category. Schwab doesn’t charge commissions on forex; instead, your cost is the spread, with the EUR/USD averaging 1.35 pips in October 2024, which is on the higher side versus peers. XM Group’s Standard account spreads are described as expensive, and the broker does not publish average spreads for its commission-based XM Zero account, making it harder to gauge total costs there.
At Schwab, there’s no minimum deposit for its main brokerage accounts. Forex trading is available through the Schwab One account on the thinkorswim platform, with all trades settled in U.S. dollars. The smallest trade size is 10,000 units; at 20:1 leverage, that means about $500 in required margin. If you want to place trades in a foreign currency via Schwab One, you must call in. The Schwab Global account supports 12 international markets in local currencies, with currency conversion fees that vary from 0.2% to 1% based on your balance. Schwab also displays overnight financing (carry) charges in a built-in calculator to help you estimate holding costs.
XM Group’s fee picture is simpler to describe but harder to quantify: Standard account spreads are pricey, and the broker doesn’t publish average spreads for the XM Zero account, so active traders may find cost comparisons challenging. If you prefer commission-free forex with clear platform tools and multi-market access, Schwab’s offering—despite higher average spreads—may appeal. If you favor XM, be mindful that wider or undisclosed average spreads can increase your all-in trading costs. Ratings: Charles Schwab 4/5 stars (ranked #23/63); XM Group 4/5 stars (ranked #34/63).
| Feature |
Charles Schwab
|
XM Group
|
|---|---|---|
| Minimum Deposit | $0 | $5 |
| Average spread (EUR/USD) - Standard account | 1.27 | 2 |
| All-in Cost EUR/USD - Active | 1.27 | N/A |
| Non-wire bank transfer | 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.
Charles Schwab vs XM Group: both let you trade forex as CFDs or spot contracts and both offer exchange-traded securities on U.S. and international exchanges. Schwab stands out for pure variety, with about 40,000 tradeable symbols and 73 forex pairs, compared with XM Group’s 1,394 symbols and 55 pairs. Each broker supports crypto CFDs, but neither lets you buy actual cryptocurrency.
If you value the widest selection of markets, Schwab’s range is hard to beat, earning 5 stars for Range of Investments and a #5 ranking out of 63 brokers by ForexBrokers.com. XM Group earns 4.5 stars and ranks #19, and it adds copy trading—something Schwab doesn’t offer—making XM attractive if you want to mirror other traders while still accessing a broad lineup of markets.
| Feature |
Charles Schwab
|
XM Group
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 1394 |
| Forex Pairs (Total) | 73 | 55 |
| 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 offer free paper (demo) accounts, plus Windows desktop and web-based platforms, and the ability to place trades directly from charts. Schwab stands out for having its own proprietary platform built in-house, but it does not support copy trading or MetaTrader 4/MetaTrader 5. In independent testing by ForexBrokers.com, Schwab’s trading platforms and tools earned 5 stars and ranked #7 out of 63 brokers.
XM Group also provides a demo account, desktop and web platforms, and chart trading. Unlike Schwab, XM supports copy trading and offers MetaTrader 4 and MetaTrader 5, but it does not have a proprietary platform. According to ForexBrokers.com, XM’s trading platforms and tools are rated 4 stars and ranked #27 out of 63. Choose Schwab if you want an in-house platform suite and higher-rated tools, or pick XM if MetaTrader access and copy trading are priorities.
| 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 | 30 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both Charles Schwab and XM Group offer full-featured mobile trading apps for iPhone and Android. Each app supports price alerts and lets your watchlists sync between mobile and your online account, so changes show up everywhere. You can draw trendlines on charts in both apps, making it easier to spot patterns while on the go.
The biggest difference is in charting depth and saved work. Charles Schwab includes 374 technical studies compared with 30 on XM Group, and Schwab’s app auto-saves your chart drawings while XM’s does not. In independent testing, Schwab earned 5 stars for Mobile Trading Apps and ranked #6 out of 63 brokers at ForexBrokers.com, while XM Group earned 4 stars and ranked #26. If advanced charting and saved annotations matter to you, Charles Schwab stands out; if you just need the essentials across iPhone and Android with alerts and synced watchlists, XM Group covers the basics.
| 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 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | No |
Dive deeper: Best Forex Trading Apps.
Charles Schwab vs. XM Group for market research: Both brokers provide daily market commentary, top-tier forex news (e.g., Bloomberg, Reuters, Dow Jones), and an economic calendar for global events. Neither offers tools from Autochartist, TipRanks, or Acuity Trading. Each earned a 5-star Research rating; ForexBrokers.com ranks Charles Schwab #5 and XM Group #8 out of 63 brokers for Research.
The biggest difference is in specialized tools. XM Group includes Trading Central analytics and a sentiment tool that shows the ratio of long vs. short positions, helping you gauge market mood and spot ideas. Charles Schwab does not offer Trading Central or a sentiment tool but delivers premium news and daily insights. Pick XM if you want integrated signals and sentiment, or Charles Schwab if you prioritize high-quality news and commentary.
| 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.
Both Charles Schwab and XM Group deliver strong beginner trading education. Each runs online client webinars at least once a month and provides large libraries with 10+ beginner videos, plus another 10+ advanced videos for when you’re ready to level up. ForexBrokers.com rates both at 5 out of 5 stars for Education, signaling quality content and practical, easy-to-follow lessons.
When you compare them side by side, XM Group holds a slight edge in the rankings: #5 for Education versus Charles Schwab at #6 out of 63 brokers. If you’re just starting out, you’ll find helpful webinars and step-by-step video lessons at either broker; choose based on which teaching style and topic list you prefer, and review each site’s course catalog if you’re seeking forex and CFD topics in particular.
| 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
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XM Group
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 93 |
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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 | 1 | |
| 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) | |||
| Israel (ISA Authorised) | No | ||
| South Africa (FSCA Authorised) | Yes | ||
| UAE (DFSA, FSRA, or SCA 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 | 1394 | |
| Forex Pairs (Total) | 73 | 55 | |
| 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) - Standard account | 1.27 | 2 | |
| All-in Cost EUR/USD - Active | 1.27 | N/A | |
| 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 | 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 | 30 | |
| 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 Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 374 | 30 | |
| 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 | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | Charles Schwab Review | XM Group Review |
| Overall | Charles Schwab | XM Group | |
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| Trust Score | 99 | 93 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | XM Group Review |
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