Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs Eightcap, 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, founded in 1971, stands out in the financial industry with its status as a publicly traded company and a registered bank. With a perfect Trust Score of 99 from ForexBrokers.com, Charles Schwab is considered highly trusted within the brokerage community. It holds five Tier-1 licenses, reinforcing its strong regulatory standing. Customers seeking a broker with a long-standing history and trustworthy reputation may find Charles Schwab appealing due to its combination of banking authority, market presence, and high level of regulatory compliance.
On the other hand, Eightcap, established in 2009, is not publicly traded and operates without the backing of a bank. Despite this, Eightcap secures a respected position in the trading world with a ForexBrokers.com Trust Score of 85, marking it as a trusted broker. It holds three Tier-1 licenses, indicating a solid regulatory framework. Traders looking for a reliable option within the online brokerage space will find Eightcap's track record appealing, though it's important to note its shorter history compared to Charles Schwab.
| Feature |
Charles Schwab
|
Eightcap
|
|---|---|---|
| Year Founded | 1971 | 2009 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 3 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
When it comes to online brokers, Charles Schwab and Eightcap both offer competitive options for traders, particularly in the realm of forex trading. Charles Schwab makes entry easy with no minimum deposit required for its primary brokerage accounts, particularly Schwab One and Schwab Global that facilitate forex trading through the highly regarded thinkorswim platform. While Schwab does not charge commissions for forex trades, traders should be aware of the bid/ask spread, with the EUR/USD spread at an average of 1.35 pips. The Schwab Global account is ideal for those interested in international markets, though currency conversion fees ranging from 0.2% to 1% may apply.
In contrast, Eightcap offers two primary account types: the commission-based Raw account and the spread-only Standard account. The Raw account boasts an attractive average spread of 0.06 pips, although a per-side commission of $3.50 per trade brings the total cost to an approximate 0.76 pips, which is below the industry average of 0.8 pips. While Eightcap provides a slightly pricier option compared to some of the lowest-cost forex brokers, it still competes well within the industry standards.
In terms of rankings and ratings, both brokers garner similar commendation. Charles Schwab scores a 4-star rating for commissions and fees, placing it 23rd out of 62 brokers in the category according to ForexBrokers.com. Eightcap also earns a 4-star rating, coming in just a few spots behind at 26th. Both brokers offer valuable platforms with nuanced differences that cater to varying trader needs and preferences.
| Feature |
Charles Schwab
|
Eightcap
|
|---|---|---|
| Minimum Deposit | $0 | $100 |
| Average Spread EUR/USD - Standard | 1.35 | 1.0 |
| All-in Cost EUR/USD - Active | 1.35 | 0.76 |
| Active Trader or VIP Discounts | No | No |
| ACH or SEPA Transfers | Yes | No |
| PayPal (Deposit/Withdraw) | No | Yes |
| Skrill (Deposit/Withdraw) | No | Yes |
| Visa/Mastercard (Credit/Debit) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
Charles Schwab and Eightcap both provide investors with the opportunity to engage in forex trading through CFDs. However, the breadth of investment options and the range of tradable symbols differ significantly between the two platforms. Charles Schwab offers an extensive selection with 40,000 tradable symbols, including 73 forex pairs. It provides access to exchange-traded securities on both U.S. and international markets, allowing clients to invest in big names like Apple and Vodafone. On the other hand, Eightcap, with 736 tradable symbols and 56 forex pairs, focuses primarily on CFD trading and lacks the ability to offer direct investment in exchange-traded securities from U.S. or international exchanges.
While both Charles Schwab and Eightcap permit trading in cryptocurrency derivatives, neither supports the purchase of actual cryptocurrencies. Eightcap offers copy trading, making it a compelling choice for investors interested in mirroring the strategies of successful traders, a feature not available with Charles Schwab. In terms of range of investments, Charles Schwab receives higher accolades with a 5-star rating and ranks 5th among 62 brokers, while Eightcap holds a 3.5-star rating and is positioned at 40th. This indicates Schwab's comprehensive approach to investment options, appealing to investors seeking a wide variety of choices.
| Feature |
Charles Schwab
|
Eightcap
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 736 |
| 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 | 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 Eightcap both offer traders the convenience of simulated trading through free virtual demo accounts, allowing new and experienced users to practice trading without financial risks. Charles Schwab provides a proprietary platform developed in-house, which includes a Windows-based desktop version along with a web-based trading platform. Eightcap, however, does not have a proprietary offering; instead, it supports popular platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5), catering to those who prefer familiar trading environments. Furthermore, Eightcap offers copy trading, presenting opportunities for users to automate their trades based on strategies from experienced traders, a feature not available with Charles Schwab.
In terms of tools and charting capabilities, Charles Schwab stands out with an impressive selection, featuring 24 drawing tools and a maximum of 580 fields for watch lists, allowing traders to customize their trading views extensively. In contrast, Eightcap provides 15 drawing tools and watch lists with up to 7 columns. Both brokers enable users to trade directly from stock charts, an essential feature for rapid trade execution. Recognized for its advanced platform capabilities, Charles Schwab is highly rated with five stars and ranked fifth among 62 brokers for its trading platforms and tools by ForexBrokers.com, while Eightcap receives four stars and holds the 38th position.
| Feature |
Charles Schwab
|
Eightcap
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 374 | 30 |
| Charting - Drawing Tools (Total) | 24 | 15 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 580 | 7 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing the mobile trading apps of Charles Schwab and Eightcap, both brokers offer apps compatible with iPhone and Android devices, ensuring access to trading on the go. Users of both apps can set stock or forex price alerts and sync their watchlists across devices, making it easy to track investments seamlessly. The apps also allow you to draw trendlines on charts while switching between various time frames, such as daily, weekly, or intraday views. On the technical side, Charles Schwab offers an impressive 374 technical studies for chart analysis compared to Eightcap's 30. Additionally, both platforms enable users to create watchlists with real-time quotes and auto-save chart drawings for convenience.
User feedback shows a preference for Charles Schwab’s app, which boasts a flawless 5-star rating for mobile trading and is ranked 6th out of 62 brokers by ForexBrokers.com. In contrast, Eightcap’s app holds a 4-star rating and ranks 38th in the same category. Overall, while both brokers provide essential mobile trading features, Charles Schwab seems to offer a more comprehensive trading experience, particularly for those who value detailed technical analysis tools and higher user satisfaction.
| Feature |
Charles Schwab
|
Eightcap
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 374 | 30 |
| 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, both Charles Schwab and Eightcap provide daily market commentary, helping traders stay informed about the latest financial news and trends. However, a key difference between the two is their source of forex news. Charles Schwab excels in this area by providing updates from top-tier sources such as Bloomberg, Reuters, and Dow Jones, while Eightcap does not offer news from these premium sources. Additionally, neither broker teams up with companies like Autochartist or Trading Central to provide technical or fundamental research tools, but you can find sentiment-based trading tools at Eightcap, a feature not provided by Charles Schwab.
Both brokers include an economic calendar that tracks global news events, assisting traders in planning their strategies. However, Charles Schwab takes a lead with a research rating of 5 stars and a high rank of #4 out of 62 brokers according to ForexBrokers.com, underlining its stronger reputation for research offerings. In contrast, Eightcap holds a 3.5-star research rating and is ranked #39, indicating room for improvement in this area. Whether you prioritize exclusive news sources or innovative sentiment tools, Charles Schwab and Eightcap offer different strengths tailored to varied trading needs.
| Feature |
Charles Schwab
|
Eightcap
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | No | No |
| Trading Central (Recognia) | No | No |
| 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.
For beginners exploring educational resources from online brokers, Charles Schwab offers a comprehensive suite of options compared to Eightcap. Both platforms deliver more than ten pieces of content focused on forex or CFD education, ensuring a broad overview for new traders. Charles Schwab enhances learning further by providing monthly online webinars and a searchable archive of past sessions for flexible learning at any time. On the other hand, while Eightcap also features an archive of recorded webinars, it doesn't host regular monthly sessions, which could limit real-time interaction opportunities.
When it comes to video content, Charles Schwab again caters extensively with more than ten beginner videos and a collection dedicated to advanced traders. In comparison, Eightcap provides resources for beginners but falls short in offering advanced education videos. Both brokers present an investor dictionary to familiarize users with industry terms. Nevertheless, Charles Schwab earns a higher rating with five stars in educational excellence and is positioned at #6 in ForexBrokers.com's Education category list out of 62 brokers. Eightcap, with a 3.5-star rating, ranks at #40, indicating a variance in the depth and quality of educational resources between the two brokers.
| Feature |
Charles Schwab
|
Eightcap
|
|---|---|---|
| Education (Forex or CFDs) | Yes | Yes |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | No |
| 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 Eightcap. Charles Schwab finished with an overall rank of #6, while Eightcap finished with an overall rank of #38.
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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Eightcap
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 85 |
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Both Charles Schwab and Eightcap do not offer the ability to buy actual (delivered) cryptocurrency, but they both provide options for purchasing cryptocurrency derivatives.
In comparing the online brokers Charles Schwab and Eightcap, Charles Schwab stands out by offering ACH and SEPA transfers and bank wires for account deposits and withdrawals but lacks support for PayPal, Skrill, Visa, and Mastercard, whereas Eightcap accommodates user transactions through PayPal, Skrill, Visa, and Mastercard alongside bank wires while excluding ACH and SEPA transfers.
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 | Eightcap | |
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| Trust Score | 99 | 85 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | Eightcap Review |
| Broker Screenshots | Charles Schwab | Eightcap | |
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| Regulation | Charles Schwab | Eightcap | |
|---|---|---|---|
| Trust Score | 99 | 85 | |
| 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 | 3 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | Eightcap | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | Yes | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (SFC Authorised) | No | No | |
| Singapore (MAS Authorised) | Yes | No | |
| 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 | Eightcap | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | No | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Charles Schwab | Eightcap | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 736 | |
| 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 | 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 | Eightcap | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.35 | 1.0 | |
| All-in Cost EUR/USD - Active | 1.35 | 0.76 | |
| Active Trader or VIP Discounts | No | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | Eightcap | |
|---|---|---|---|
| Minimum Deposit | $0 | $100 | |
| PayPal (Deposit/Withdraw) | No | Yes | |
| 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 | Eightcap | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Charles Schwab | Eightcap | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 580 | 7 | |
| Charting - Indicators / Studies (Total) | 374 | 30 | |
| Charting - Drawing Tools (Total) | 24 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Charles Schwab | Eightcap | |
|---|---|---|---|
| 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 | 30 | |
| 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 | Eightcap | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | No | No | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | Eightcap | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | Yes | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Charles Schwab | Eightcap | |
|---|---|---|---|
| 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 | Eightcap Review |
| Overall | Charles Schwab | Eightcap | |
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| Trust Score | 99 | 85 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | Eightcap Review |
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