Written by ForexBrokers.com
In this head to head comparison of CMC Markets vs Charles Schwab, 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.
CMC Markets and Charles Schwab are both well-regarded online brokers with identical top-tier trust scores of 99 out of 99 from ForexBrokers.com, indicating a high level of trustworthiness. Established in 1989 and 1971 respectively, both firms are publicly traded. Charles Schwab stands out as it also operates as a bank, unlike CMC Markets which purely focuses on brokerage services. This distinction might appeal to users desiring integrated banking features alongside investment opportunities.
Both brokers possess five Tier-1 licenses, which underscores their strong regulatory standing. Additionally, CMC Markets holds one Tier-2 license, highlighting its additional compliance with global regulatory standards, whereas Charles Schwab has none. This contrast can be essential for investors who consider multiple regulatory assurances a priority in their choices of an online broker.
| Feature |
CMC Markets
|
Charles Schwab
|
|---|---|---|
| Year Founded | 1989 | 1971 |
| Publicly Traded (Listed) | Yes | Yes |
| Bank | No | Yes |
| Tier-1 Licenses | 5 | 5 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
CMP Markets and Charles Schwab offer intriguing options for forex traders, each with their unique advantages in commissions and fees. For those looking for competitive spreads, CMC Markets stands out, having won the #1 ranking in ForexBrokers.com's Commissions and Fees category among 62 brokers, along with a 5-star rating. CMC Markets boasts low average spreads, such as 0.61 pips on the EUR/USD, and offers incentives through its Price Plus Scheme. Their FX Active pricing structure is notable, especially with a $2.50 commission per side and minimum spreads of zero pips, making it a compelling choice for both casual and active traders in multiple regions like Southeast Asia, Australia, and the U.K.
On the other hand, Charles Schwab provides a more accessible entry with no minimum deposit requirement and offers 18 different account types, focusing particularly on their Schwab One and Schwab Global accounts for forex trading. The Schwab One account grants access to the popular thinkorswim platform, facilitating U.S. dollar settlements and a requirement of trading at least 10,000 currency units. Although Schwab does not charge commissions for forex trading, it applies costs through the bid/ask spread, which averaged 1.35 pips for the EUR/USD in October 2024. Schwab's Global account is ideal for those who trade across 12 international markets, with varying conversion fees applied.
When comparing the two brokers, CMC Markets is particularly appealing for those prioritizing low spreads and transparent commission-based pricing. Meanwhile, Charles Schwab offers flexibility and ease of access, especially for those who value a comprehensive platform like thinkorswim. While CMC Markets holds the top spot with a 5-star rating, Charles Schwab maintains a strong presence with a 4-star rating and ranks #23 in the same category, making both worthy considerations depending on a trader's specific needs and strategies.
| Feature |
CMC Markets
|
Charles Schwab
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average Spread EUR/USD - Standard | 0.61 | 1.35 |
| All-in Cost EUR/USD - Active | 0.51 | 1.35 |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | Yes | Yes |
| PayPal (Deposit/Withdraw) | Yes | No |
| Skrill (Deposit/Withdraw) | No | No |
| Visa/Mastercard (Credit/Debit) | Yes | No |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
CMC Markets and Charles Schwab both offer a rich variety of investment options, especially for those interested in trading forex. CMC Markets provides 11,925 tradeable symbols, including an impressive 156 forex pairs, making it a strong choice for forex enthusiasts. In comparison, Charles Schwab offers access to 40,000 tradeable symbols but with a smaller selection of 73 forex pairs. Both platforms enable clients to trade exchange-traded securities on U.S. and international exchanges, giving investors the opportunity to purchase shares in well-known companies like Apple and Vodafone. Additionally, both platforms support cryptocurrency derivatives, although neither allows the purchase of actual cryptocurrencies.
For investors interested in additional features, CMC Markets offers the benefit of copy trading, a tool not available from Charles Schwab. Despite these differences, both platforms have been highly rated at five stars for their range of investments. However, their rankings differ slightly, with CMC Markets placed at #9 and Charles Schwab at #5 according to ForexBrokers.com. This comparison highlights each broker's strengths while providing essential information for individuals deciding which platform aligns better with their trading preferences.
| Feature |
CMC Markets
|
Charles Schwab
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 11925 | 40000 |
| Forex Pairs (Total) | 156 | 73 |
| U.S. Stock Trading (Non CFD) | Yes | Yes |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| Social Trading / Copy Trading | Yes | 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.
CUSTOMERS looking to engage in online trading might find both CMC Markets and Charles Schwab appealing, as each broker offers comprehensive trading platforms with robust features. Both brokers provide simulated trading through free virtual demo accounts, allowing new users to build confidence. They also developed their own proprietary platforms, accessible through Windows-based desktops and web browsers, catering to varied trader preferences. However, CMC Markets stands out by supporting popular third-party platforms MetaTrader 4 and MetaTrader 5, a feature that Charles Schwab does not currently offer. Furthermore, CMC Markets provides copy trading options, while Charles Schwab lacks this capability.
When it comes to charting capabilities, CMC Markets and Charles Schwab let traders execute trades directly from stock charts, though CMC Markets offers more drawing tools—40 compared to Schwab's 24. In the realm of watch lists, however, Charles Schwab shines with 580 columns available, significantly more than CMC Markets’ 11. Despite these differences, both platforms achieve top ratings for their trading tools, earning 5-star reviews. In terms of industry rankings, CMC Markets is positioned slightly ahead at #4, with Charles Schwab closely following at #5, among 62 brokers reviewed by ForexBrokers.com.
| Feature |
CMC Markets
|
Charles Schwab
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | No |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | Yes | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 79 | 374 |
| Charting - Drawing Tools (Total) | 40 | 24 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 11 | 580 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both CMC Markets and Charles Schwab offer impressive mobile trading apps available on iPhone and Android devices. Users can easily manage their investments on-the-go with the ability to receive stock and forex price alerts and enjoy seamless syncing of watchlist symbols across the app and their online account. Both platforms allow traders to view multiple time frames, draw trendlines, and benefit from auto-saving of chart drawings. Additionally, CMC Markets and Charles Schwab provide the functionality to create watchlists with real-time quotes, enhancing the overall trading experience.
When it comes to charting features, CMC Markets offers 29 technical studies, whereas Charles Schwab boasts an extensive collection of 374 technical studies. This broad array may appeal to users seeking advanced analytical tools. Despite this difference, both apps hold a commendable five-star rating for their mobile trading offerings. According to ForexBrokers.com, CMC Markets is ranked slightly higher at #5, while Charles Schwab closely follows at #6, reflecting the high level of satisfaction among users for both trading apps.
| Feature |
CMC Markets
|
Charles Schwab
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 29 | 374 |
| 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.
When it comes to market research offerings, both CMC Markets and Charles Schwab deliver daily market commentary, helping traders stay updated with the latest financial insights. Each also provides forex news from renowned sources like Bloomberg, Reuters, and Dow Jones. Traders looking for technical analysis will find CMC Markets offers tools from Autochartist, while Charles Schwab does not provide this option. However, neither broker provides tools from Trading Central. Interestingly, CMC Markets includes a sentiment-based trading tool that shows a ratio of long or short positions in various instruments, a feature that is absent in Charles Schwab's offerings.
In addition to these tools, both brokers share the feature of an economic calendar, helping traders anticipate and react to global news events. While CMC Markets and Charles Schwab do not include market research tools from TipRanks or Acuity Trading, they have both garnered high praise for their research capabilities, each earning a five-star rating for research. Although CMC Markets ranks #6 in the Research category according to ForexBrokers.com, Charles Schwab edges slightly ahead with a #4 ranking, indicating a minor advantage in overall research rankings.
| Feature |
CMC Markets
|
Charles Schwab
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | Yes | No |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When evaluating educational resources for beginners, both CMC Markets and Charles Schwab stand out as excellent online brokers. They both offer an extensive collection of over 10 educational pieces focused on forex and CFDs. This includes a mix of articles, videos, and archived webinars. While CMC Markets does not host monthly online educational webinars, Charles Schwab fills this gap by providing them regularly. However, both brokers make up for this by offering searchable archives of recorded webinars, ensuring that beginners have access to a wealth of learning material whenever they need it.
In addition to their forex and CFDs education, both CMC Markets and Charles Schwab provide beginner traders with more than 10 specialized educational videos to help them get started. They each also cater to more experienced traders with a library of advanced videos. An investor dictionary with definitions for over 50 investing terms is another useful feature offered by both brokers. Impressively, CMC Markets and Charles Schwab both achieve a perfect 5-star educational rating, with Charles Schwab slightly edging ahead in the ForexBrokers.com Education rankings at number six compared to CMC Markets’ tenth position.
| Feature |
CMC Markets
|
Charles Schwab
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | No | 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 CMC Markets is better than Charles Schwab. CMC Markets finished with an overall rank of #4, while Charles Schwab finished with an overall rank of #6.
CMC Markets is well-trusted across the globe, and delivers a terrific trading experience thanks to its excellent pricing and selection of over 12,000 tradeable instruments.
| Feature |
CMC Markets
|
Charles Schwab
|
|---|---|---|
| Overall Rating |
|
|
| Trust Score | 99 | 99 |
| Range of Investments |
|
|
| Commissions & Fees |
|
|
| Platform & Tools |
|
|
| Research |
|
|
| Mobile Trading |
|
|
| Education |
|
|
Both CMC Markets and Charles Schwab do not provide the option to purchase actual (delivered) cryptocurrencies; however, they each offer the ability to engage in cryptocurrency derivatives trading.
When comparing online brokers CMC Markets and Charles Schwab, both platforms support ACH and SEPA transfers, although CMC Markets offers additional flexibility with PayPal, Visa, and Mastercard for deposits and withdrawals, whereas Charles Schwab does not; both brokers provide bank wires, yet neither supports Skrill.
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.
Select Brokers
↓×Compare
0 of 5| Overall Rating | CMC Markets | Charles Schwab | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platform & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | CMC Markets Review | Charles Schwab Review |
| Broker Screenshots | CMC Markets | Charles Schwab | |
|---|---|---|---|
| Trading Platforms Gallery (click to expand) |
|
| |
| Mobile Trading Gallery (click to expand) |
|
| |
| Research Gallery (click to expand) |
|
| |
| Education Gallery (click to expand) |
|
|
| Regulation | CMC Markets | Charles Schwab | |
|---|---|---|---|
| Trust Score | 99 | 99 | |
| Year Founded | 1989 | 1971 | |
| Publicly Traded (Listed) | Yes | Yes | |
| Bank | No | Yes | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No | |
| Tier-1 Licenses | 5 | 5 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | CMC Markets | Charles Schwab | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | Yes | |
| Hong Kong (SFC Authorised) | No | Yes | |
| 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) | No | Yes | |
| New Zealand (FMA Authorised) | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No |
| Tier-2 Licenses (Trusted) | CMC Markets | Charles Schwab | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | CMC Markets | Charles Schwab | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 11925 | 40000 | |
| Forex Pairs (Total) | 156 | 73 | |
| U.S. Stock Trading (Non CFD) | Yes | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| Social Trading / Copy Trading | Yes | 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 | CMC Markets | Charles Schwab | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 0.61 | 1.35 | |
| All-in Cost EUR/USD - Active | 0.51 | 1.35 | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | Yes | |
| Execution: Market Maker | Yes | No |
| Funding | CMC Markets | Charles Schwab | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | Yes | No | |
| Skrill (Deposit/Withdraw) | No | No | |
| Visa/Mastercard (Credit/Debit) | Yes | No | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | Yes | Yes |
| Trading Platforms | CMC Markets | Charles Schwab | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | No | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | Yes | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | CMC Markets | Charles Schwab | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 11 | 580 | |
| Charting - Indicators / Studies (Total) | 79 | 374 | |
| Charting - Drawing Tools (Total) | 40 | 24 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | CMC Markets | Charles Schwab | |
|---|---|---|---|
| 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 | 29 | 374 | |
| 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 | CMC Markets | Charles Schwab | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | CMC Markets | Charles Schwab | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | No | 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 | CMC Markets | Charles Schwab | |
|---|---|---|---|
| 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 | CMC Markets Review | Charles Schwab Review |
| Overall | CMC Markets | Charles Schwab | |
|---|---|---|---|
| Overall Rating |
|
| |
| Commissions & Fees |
|
| |
| Range of Investments |
|
| |
| Platform & Tools |
|
| |
| Mobile Trading |
|
| |
| Research |
|
| |
| Education |
|
| |
| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | CMC Markets Review | Charles Schwab Review |
IG
CMC Markets
FOREX.com
XTB
eToro
AvaTrade
Plus500
Pepperstone
FP Markets
Tickmill