Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs City Index, 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.
Founded in 1971, Charles Schwab has established itself as a highly trusted online broker, earning a perfect Trust Score rating of 99 from ForexBrokers.com. As a publicly traded company that operates as a bank, Charles Schwab holds five Tier-1 licenses, underscoring its strong regulatory standing. However, it has no Tier-2 licenses, as categorized by ForexBrokers.com.
City Index, founded in 1983, also boasts a Trust Score rating of 99, reflecting its reliability in the online brokerage sphere. Like Charles Schwab, it is publicly traded but operates outside the banking sector. City Index excels in regulatory compliance with seven Tier-1 licenses and one Tier-2 license, indicating a comprehensive legal framework supporting its operations.
| Feature |
Charles Schwab
|
City Index
|
|---|---|---|
| Year Founded | 1971 | 1983 |
| Publicly Traded (Listed) | Yes | Yes |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 7 |
| Tier-2 Licenses | 0 | 1 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When comparing the commissions and fees of Charles Schwab and City Index, both brokers have intriguing offerings for forex traders. Charles Schwab stands out for its no minimum deposit requirement for its primary brokerage account types, providing easy access to forex trading through the Schwab One and Schwab Global accounts. While Schwab doesn't charge commissions for forex trading, its trading costs are based on the bid/ask spread, with the average spread for EUR/USD being 1.35 pips as of October 2024. Additionally, the Schwab Global account allows trading in twelve international markets with conversion fees ranging from 0.2% to 1%, depending on the account balance.
City Index, on the other hand, offers competitive pricing for CFDs, forex, and spread-betting products, using their proprietary platforms or MetaTrader for the best rates. Their Premium Trader account provides exclusive benefits for those depositing over £10,000. City Index's CFD average spread on EUR/USD is 0.74 pips as of July 2023. For active traders, City Index offers rebates ranging from £4 to £7.5 per million for U.K.-based professionals and AUD $4.5 to AUD $14.5 per million for Australians, depending on trade volume levels.
Both brokers receive commendable ratings for their fees, with Charles Schwab earning 4 stars and City Index slightly ahead at 4.5 stars. In terms of rankings, Schwab is positioned at #23, while City Index ranks higher at #14 among 62 brokers evaluated by ForexBrokers.com, making City Index a more cost-effective choice for those focused on fees.
| Feature |
Charles Schwab
|
City Index
|
|---|---|---|
| Minimum Deposit | $0 | £100.00 |
| Average Spread EUR/USD - Standard | 1.35 | 1.4 |
| All-in Cost EUR/USD - Active | 1.35 | 0.74 |
| Active Trader or VIP Discounts | No | Yes |
| ACH or SEPA Transfers | Yes | Yes |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | No |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When choosing between Charles Schwab and City Index for online trading, both platforms offer unique advantages, especially in terms of investment variety. Charles Schwab stands out with a staggering 40,000 tradeable symbols, significantly more than City Index's 13,500 options. For forex enthusiasts, Schwab offers 73 tradeable forex pairs, slightly surpassing City Index's 66 pairs. Beyond forex, Charles Schwab allows clients to invest in exchange traded securities on both U.S. and international exchanges, a feature not available with City Index. However, it's important to note that neither platform provides the option to purchase actual cryptocurrencies, though both do offer cryptocurrency derivatives.
While City Index does not provide access to U.S. or international exchange-traded securities, it compensates with the option to engage in copy trading, a feature not supported by Charles Schwab. Despite these differences, both brokers are highly rated for their range of investments, each earning a perfect five-star rating. On ForexBrokers.com, Charles Schwab is ranked 5th out of 62 brokers for investment range, while City Index holds a respectable 8th place. This comparison highlights each platform's unique offerings, helping traders make informed decisions based on their specific investment needs.
| Feature |
Charles Schwab
|
City Index
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 13500 |
| Forex Pairs (Total) | 73 | 66 |
| 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.
Charles Schwab and City Index both provide a comprehensive range of trading platforms and tools designed to accommodate traders at all levels. Both brokers offer simulated trading experiences with free virtual demo accounts, ensuring users can practice their strategies without financial risks. They also provide proprietary platforms and offer Windows-based desktop downloads and web-based trading platforms for flexible access. However, while City Index supports copy trading and the popular MetaTrader 4 (MT4), Charles Schwab does not, which might be a consideration for traders interested in social or automated trading.
In terms of charting capabilities, City Index offers a substantial selection of 239 drawing tools compared to Charles Schwab's 24, allowing for more detailed technical analysis. Meanwhile, Charles Schwab shines with its ability to support 580 columns for watch lists, providing extensive customization options, compared to City Index's 11. Despite these differences, both platforms allow trading directly from stock charts. Evaluating their overall quality, Charles Schwab receives a five-star rating and is ranked #5 for trading platforms and tools, whereas City Index garners a four-and-a-half-star rating and is ranked #10, as per ForexBrokers.com's analysis among 62 brokers. These insights can help traders choose the best fit for their trading needs.
| Feature |
Charles Schwab
|
City Index
|
|---|---|---|
| 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 | 88 |
| Charting - Drawing Tools (Total) | 24 | 239 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 580 | 11 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of Charles Schwab and City Index, you'll find both offer comprehensive features for iPhone and Android users. They provide essential tools like stock or forex price alerts and ensure your watchlists sync between the app and your online account. While both apps allow for trendline drawing on charts and offer different time frames like daily, weekly, or intraday, Charles Schwab stands out by offering a whopping 374 technical studies for its charting features, compared to City Index's 88. Both apps ensure a seamless experience with auto-saving of chart drawings and the ability to create watchlists with real-time quotes.
In terms of user ratings, Charles Schwab’s mobile app earns a full 5-star rating, while City Index follows closely with 4.5 stars. According to ForexBrokers.com, Charles Schwab is ranked #6 out of 62 brokers in the Mobile Trading Apps category, while City Index holds the #9 spot. In summary, both apps are strong contenders, but Charles Schwab tends to offer more advanced statistical tools and a higher user satisfaction rating.
| Feature |
Charles Schwab
|
City Index
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 374 | 88 |
| 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 City Index both provide solid resources for those interested in market research. They each offer daily market commentary and present forex news from top-tier sources like Bloomberg, Reuters, and Dow Jones. While both brokers include an economic calendar detailing global news events, they diverge in the technical analysis tools they support. City Index surpasses Charles Schwab by providing tools from Trading Central and a sentiment-based trading tool that shows long or short positions across various instruments. Charles Schwab, however, does not offer equivalent trading tools.
In terms of overall research offerings, Charles Schwab is rated with 5 stars, compared to City Index's 4.5 stars. On the rankings list by ForexBrokers.com, Charles Schwab holds the 4th position among 62 brokers, illustrating its strong research foothold. On the other hand, City Index is ranked 10th, reflecting a slightly less comprehensive research provision compared to Charles Schwab. While both brokers offer valuable research tools, prospective users may want to consider the specific tools and market insights they are looking for in making their choice.
| Feature |
Charles Schwab
|
City Index
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | No | Yes |
| 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 aspiring traders, both Charles Schwab and City Index offer a wide array of tools and materials to get started. For beginners looking to dive into forex or CFDs, each platform provides over ten educational pieces including articles, videos, and archived webinars focusing on these topics. Both brokers ensure their clients have access to regular monthly webinars, and offer an accessible archive of past sessions for those who wish to revisit previous lessons. Beginners will find at least ten specially curated videos on each platform to help them grasp the essentials of trading.
Moving beyond the basics, both Charles Schwab and City Index cater to more experienced traders with at least ten advanced educational videos to deepen their trading expertise. Additionally, each platform includes an investor dictionary with over 50 terms to demystify the language of investing. However, when it comes to overall educational ratings, Charles Schwab edges ahead with a 5-star rating compared to City Index's 4.5 stars. Furthermore, ForexBrokers.com ranks Charles Schwab at #6 and City Index at #9 out of 62 brokers in their Education category, highlighting a slight preference towards Schwab's offerings.
| Feature |
Charles Schwab
|
City Index
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | Yes |
| Client Webinars (Archived) | Yes | Yes |
| 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 62 of the best forex brokers, our research and account testing finds that Charles Schwab is better than City Index. Charles Schwab finished with an overall rank of #6, while City Index finished with an overall rank of #8.
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
|
City Index
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 99 |
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Neither Charles Schwab nor City Index offers the ability to buy actual delivered cryptocurrency, but both platforms provide the option to invest in cryptocurrency derivatives.
Charles Schwab and City Index both support ACH and SEPA transfers and bank wires for depositing or withdrawing funds, but while City Index also accepts PayPal and Visa or Mastercard, Charles Schwab does not offer these options.
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 | City Index | |
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| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | City Index Review |
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| Regulation | Charles Schwab | City Index | |
|---|---|---|---|
| Trust Score | 99 | 99 | |
| Year Founded | 1971 | 1983 | |
| Publicly Traded (Listed) | Yes | Yes | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 5 | 7 | |
| Tier-2 Licenses | 0 | 1 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | City Index | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | Yes | |
| Canada (CIRO Authorised) | Yes | Yes | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | Yes | Yes | |
| 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 | Yes |
| Tier-2 Licenses (Trusted) | Charles Schwab | City Index | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | Yes | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Charles Schwab | City Index | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 13500 | |
| Forex Pairs (Total) | 73 | 66 | |
| 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 | City Index | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.35 | 1.4 | |
| All-in Cost EUR/USD - Active | 1.35 | 0.74 | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | City Index | |
|---|---|---|---|
| Minimum Deposit | $0 | £100.00 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| Skrill (Deposit/Withdraw) | No | No | |
| Visa/Mastercard (Credit/Debit) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | Yes |
| Trading Platforms | Charles Schwab | City Index | |
|---|---|---|---|
| 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 | City Index | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 580 | 11 | |
| Charting - Indicators / Studies (Total) | 374 | 88 | |
| Charting - Drawing Tools (Total) | 24 | 239 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Charles Schwab | City Index | |
|---|---|---|---|
| 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 | 88 | |
| 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 | City Index | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | No | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | City Index | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | Yes | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Charles Schwab | City Index | |
|---|---|---|---|
| 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 | City Index Review |
| Overall | Charles Schwab | City Index | |
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| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | City Index Review |
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