Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs Xtrade, 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, established in 1971, is a well-recognized online broker with a strong reputation for trustworthiness and reliability. As a publicly traded institution and a fully developed bank, Charles Schwab holds an outstanding Trust Score of 99 out of 99 according to ForexBrokers.com. This rating is supported by its possession of five highly trusted Tier-1 regulatory licenses, underscoring Charles Schwab's commitment to providing secure and credible trading services.
In contrast, Xtrade, founded in 2003, is a privately held company that does not operate as a bank. With a Trust Score of 74, Xtrade is considered by ForexBrokers.com to fall within an average risk category. The company holds one Tier-1 regulatory license and one Tier-2 license, which indicates a moderate level of regulatory oversight compared to Charles Schwab. While Xtrade offers certain levels of security and trust, potential clients may consider these differences when choosing the right broker for their needs.
| Feature |
Charles Schwab
|
Xtrade
|
|---|---|---|
| Year Founded | 1971 | 2003 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 1 |
| Tier-2 Licenses | 0 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When comparing Charles Schwab and Xtrade in terms of commissions and fees, Charles Schwab presents a more favorable option for many traders. Schwab offers a no-minimum deposit requirement for their primary brokerage accounts, making it easier for beginners to start trading forex. Traders have access to platforms like thinkorswim via Schwab One, although trades are settled in U.S. dollars, and the smallest trade size permitted is 10,000 units, equating to a $500 margin based on 20:1 leverage. Schwab charges no commissions for forex trades; instead, costs are built into the bid/ask spread. For instance, the average spread on the EUR/USD pair in October 2024 was 1.35 pips, which, while on the higher side, can be transparently tracked using the platform's built-in tools.
On the other hand, Xtrade appears to offer less competitive terms. The broker lacks available average spread data, which might signal less transparency in trading costs compared to Schwab's clearly defined spreads. Additionally, the differences are highlighted in customer reviews and rankings, with Schwab earning a commendable 4 out of 5 stars for commissions and fees while Xtrade scores 2.5 stars. This positions Schwab at rank #24 out of 63 brokers, whereas Xtrade finds itself at the bottom of the list at #63 according to ForexBrokers.com.
Overall, Schwab provides a more transparent and cost-effective trading experience with straightforward leverage and settlement conditions, as well as the flexibility of local currency transactions through its Schwab Global account. While both brokers enable forex trading, Schwab's superior ratings and broader service offerings make it a more attractive choice for traders who prioritize both transparency and flexibility in their trading activities.
| Feature |
Charles Schwab
|
Xtrade
|
|---|---|---|
| Minimum Deposit | $0 | $250 |
| Average Spread EUR/USD - Standard | 1.35 | N/A |
| All-in Cost EUR/USD - Active | 1.35 | N/A |
| 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.
When comparing Charles Schwab and Xtrade in terms of their range of investments, several key differences emerge. Charles Schwab boasts an impressive offering with 40,000 tradeable symbols, which include a diverse array of exchange-traded securities on both U.S. and international exchanges. This allows investors to buy popular stocks like Apple and Vodafone. Moreover, Schwab provides access to 73 forex pairs and offers options to trade in cryptocurrency derivatives, though it does not support purchasing actual cryptocurrencies. Schwab's extensive offerings earn it a 5-star rating and rank it #5 out of 63 brokers for investment range according to ForexBrokers.com.
In contrast, Xtrade provides 482 tradeable symbols with a focus on forex, offering 56 forex pairs and the ability to trade in forex as CFDs or spot contracts. Xtrade also facilitates trading in cryptocurrency derivatives, yet it doesn't allow for the purchase of actual cryptocurrencies. Unlike Schwab, Xtrade doesn’t support the buying of exchange-traded securities on U.S. or international exchanges, which limits direct stock investments. This narrower range of offerings results in Xtrade receiving a 3.5-star rating and a #49 ranking in the Range of Investments category by ForexBrokers.com.
| Feature |
Charles Schwab
|
Xtrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 482 |
| Forex Pairs (Total) | 73 | 56 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| Social Trading / Copy Trading | No | No |
| 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.
Charles Schwab and Xtrade both offer a variety of trading platforms and tools for online investors. Charles Schwab’s trading platform stands out with its extensive desktop software, allowing Windows users to download and utilize their proprietary software. This platform offers a comprehensive range of features, including 580 watch list columns and 24 drawing tools for charting. Schwab provides traders the ability to trade directly from stock charts and access a simulated trading experience through their virtual demo account. In contrast, Xtrade does not offer a desktop download option but does provide a web-based platform. While it also supports direct trading from stock charts and offers a demo account, Xtrade falls short in customization capabilities, offering only 9 watch list columns but compensates with 100 drawing tools.
Both brokers have opted not to incorporate popular third-party platforms like MetaTrader 4 or MetaTrader 5, and neither offers copy trading features. Despite this, Charles Schwab’s robust offerings have earned it an impressive 5-star rating and a #5 ranking out of 63 brokers in the Trading Platforms and Tools category, according to ForexBrokers.com. Xtrade, on the other hand, received a 3.5-star rating and is ranked #58, suggesting that while it provides some useful tools, it may not match the breadth of features available through Charles Schwab’s platform.
| Feature |
Charles Schwab
|
Xtrade
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | No |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | No |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 374 | N/A |
| Charting - Drawing Tools (Total) | 24 | 100 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 580 | 9 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of Charles Schwab and Xtrade, there are several key differences to consider. Both platforms offer apps for iPhone and Android devices, but Charles Schwab stands out by providing stock or forex price alerts and watchlist symbol syncing, ensuring seamless updates between the mobile app and the client's online account. In contrast, Xtrade lacks these features. Charles Schwab's app offers an impressive 374 technical studies for charting, allowing users to draw trendlines and view multiple time frames such as daily, weekly, or intraday. These capabilities are absent in Xtrade's app, which also doesn't auto-save chart drawings.
Charles Schwab further enhances the trading experience by enabling the creation of a watchlist with real-time quotes within its app, a feature not available with Xtrade. These comprehensive functionalities contribute to Charles Schwab's top-notch rating of 5 stars for mobile trading apps, significantly higher than Xtrade's 4-star rating. Additionally, ForexBrokers.com ranks Charles Schwab at number 6 out of 63 brokers for mobile trading apps, while Xtrade lags behind at number 53. Overall, Charles Schwab's mobile app offers a richer and more integrated trading experience compared to Xtrade's more basic offering.
| Feature |
Charles Schwab
|
Xtrade
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | No |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 374 | N/A |
| Mobile Charting - Draw Trendlines | Yes | No |
| Mobile Charting - Multiple Time Frames | Yes | No |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | No |
Dive deeper: Best Forex Trading Apps.
When comparing the market research offerings of Charles Schwab and Xtrade, both platforms provide daily market commentary and access to forex news from leading sources like Bloomberg and Reuters. However, neither offers advanced tools from companies such as Autochartist or Trading Central. Additionally, there is a lack of sentiment-based trading tools and market analysis from firms like TipRanks and Acuity Trading on both platforms. Despite these similarities, Charles Schwab stands out with its highly rated research capabilities, earning a notable five stars and ranking fourth among 63 brokers surveyed by ForexBrokers.com. Conversely, Xtrade holds a 3.5-star rating and is positioned at number 52 in the same ranking.
Both Charles Schwab and Xtrade offer an economic calendar to keep traders informed of global news events, providing valuable insights for decision-making. The distinctive edge for Charles Schwab is evident in its superior research ranking, which reflects comprehensive and well-organized market information that can be crucial for traders seeking detailed analysis and insights. Xtrade, while offering similar basic resources, does not match Charles Schwab's level of recognition and credibility in market research, making Schwab the preferred choice for traders who prioritize in-depth research support.
| Feature |
Charles Schwab
|
Xtrade
|
|---|---|---|
| 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 | No |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educational resources for budding traders, Charles Schwab and Xtrade both provide foundational knowledge in forex and CFDs through a variety of articles, videos, and webinars. However, Charles Schwab offers a more extensive educational suite for beginners, featuring a monthly series of online client webinars and a searchable archive of past recordings—resources that are available to help users learn at their own pace. Xtrade, on the other hand, lacks in providing regular webinars and access to an archive of educational content, which might limit the learning opportunities for those looking for more live interaction and recorded material.
For beginners seeking comprehensive video content tailored to their level, Charles Schwab outshines Xtrade with a stronger lineup of both beginner and advanced educational videos. These resources provide clear guidance across a variety of trading topics, which serve as crucial learning tools for newcomers and experienced traders alike. Additionally, both platforms offer investor dictionaries with definitions of key trading terms, but Charles Schwab holds a higher educational rating with five stars, compared to Xtrade’s 3.5-star rating. That difference is further underscored by their standings in the ForexBrokers.com educational rankings, with Charles Schwab taking the #6 spot out of 63 brokers, significantly ahead of Xtrade's #46 ranking. This comprehensive education makes Charles Schwab a go-to choice for those just starting their trading journey, while Xtrade might be more suited for users seeking basic educational resources.
| Feature |
Charles Schwab
|
Xtrade
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| 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 | 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 Xtrade. Charles Schwab finished with an overall rank of #6, while Xtrade finished with an overall rank of #60.
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
|
Xtrade
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 74 |
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Both Charles Schwab and Xtrade do not offer the ability to buy actual delivered cryptocurrency, but they do provide options for trading cryptocurrency derivatives.
When comparing online brokers, Charles Schwab supports ACH or SEPA transfers and bank wires for deposits and withdrawals, while Xtrade, lacking ACH or SEPA transfer support, provides Visa or Mastercard options, Skrill, and bank wires, although neither offers deposits or withdrawals via PayPal.
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 | Xtrade | |
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| Trust Score | 99 | 74 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | Xtrade Review |
| Broker Screenshots | Charles Schwab | Xtrade | |
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| Regulation | Charles Schwab | Xtrade | |
|---|---|---|---|
| Trust Score | 99 | 74 | |
| Year Founded | 1971 | 2003 | |
| 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 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | Xtrade | |
|---|---|---|---|
| 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 | Xtrade | |
|---|---|---|---|
| Kenya (CMA Authorised) | |||
| Israel (ISA Authorised) | No | ||
| South Africa (FSCA Authorised) | Yes | ||
| UAE (DFSA/Central Bank Authorised) | No | ||
| India (SEBI Authorised) | No | ||
| Jordan (JSC Authorised) |
| Investments | Charles Schwab | Xtrade | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 482 | |
| Forex Pairs (Total) | 73 | 56 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| Social Trading / Copy Trading | No | No | |
| 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 | Xtrade | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.35 | N/A | |
| All-in Cost EUR/USD - Active | 1.35 | N/A | |
| Active Trader or VIP Discounts | No | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | Xtrade | |
|---|---|---|---|
| Minimum Deposit | $0 | $250 | |
| 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 | Xtrade | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | No | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | No | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Charles Schwab | Xtrade | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | No | |
| Watchlists - Total Fields | 580 | 9 | |
| Charting - Indicators / Studies (Total) | 374 | N/A | |
| Charting - Drawing Tools (Total) | 24 | 100 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | No |
| Mobile Trading | Charles Schwab | Xtrade | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | No | |
| Mobile Watchlist | Yes | No | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 374 | N/A | |
| Mobile Charting - Draw Trendlines | Yes | No | |
| Mobile Charting - Multiple Time Frames | Yes | No | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | No |
| Research | Charles Schwab | Xtrade | |
|---|---|---|---|
| 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 | No | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | Xtrade | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| 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 | Yes |
| Major Forex Pairs | Charles Schwab | Xtrade | |
|---|---|---|---|
| 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 | Xtrade Review |
| Overall | Charles Schwab | Xtrade | |
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| Trust Score | 99 | 74 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | Xtrade Review |
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