Written by ForexBrokers.com
In this head to head comparison of FOREX.com 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.
Since its founding in 1999, FOREX.com has established itself as a highly regarded online broker, indicated by its impeccable Trust Score rating of 99 from ForexBrokers.com. As a publicly traded entity, it offers a secure trading environment, supported by its seven Tier-1 licenses that reflect top-tier trust. Though it is not a bank, FOREX.com holds a Tier-2 license, adding another layer of reliability for its users, making it an attractive choice for those seeking a highly trusted trading platform.
In operation since 1971, Charles Schwab stands as both an established bank and a publicly traded company, offering a comprehensive range of financial services. Like FOREX.com, Charles Schwab carries a pristine Trust Score rating of 99, signifying its reputation as a highly trusted broker. Holding five Tier-1 licenses, it demonstrates significant authority and reliability in the financial space. However, it does not possess any Tier-2 licenses, which distinguishes it slightly from its peer, FOREX.com, in terms of regulatory breadth.
| Feature |
FOREX.com
|
Charles Schwab
|
|---|---|---|
| Year Founded | 1999 | 1971 |
| Publicly Traded (Listed) | Yes | Yes |
| Bank | No | Yes |
| Tier-1 Licenses | 7 | 5 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 1 | 0 |
When comparing the commissions and fees of online brokers FOREX.com and Charles Schwab, it's important to consider your trading style and preferences. FOREX.com offers various account types and is known for transparent execution statistics. However, for trades in the U.S., their Standard account features higher spreads, averaging 1.4 on the EUR/USD. Traders choosing the RAW account benefit from more competitive spreads averaging 0.13 pips, although there's a commission of $7 per Standard lot. It's a better fit for active traders thanks to volume-based rebates. With a commission and fees rating of 4.5 stars, FOREX.com ranks #13 out of 62 brokers according to ForexBrokers.com.
Charles Schwab, on the other hand, allows for a low barrier to entry with no minimum deposit requirements for its primary brokerage account types. Through the Schwab One and Schwab Global accounts, traders can access the thinkorswim platform to trade forex. Schwab doesn't charge commissions for forex trading, with costs arising from the bid/ask spread. The average spread for the EUR/USD stood at 1.35 pips, slightly above the industry average. Charles Schwab's commissions and fees are rated 4 stars, placing it at #23 out of 62 brokers according to ForexBrokers.com.
Ultimately, the choice between FOREX.com and Charles Schwab depends on your trading needs. FOREX.com might benefit frequent, high-volume traders due to its RAW account features, while Schwab offers advantages if you prefer low entry barriers and access to a wide range of account types. Both brokers have their distinct strengths, making them suitable for different trading preferences.
| Feature |
FOREX.com
|
Charles Schwab
|
|---|---|---|
| Minimum Deposit | $100 | $0 |
| Average Spread EUR/USD - Standard | 1.4 | 1.35 |
| All-in Cost EUR/USD - Active | 0.9 | 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.
When it comes to the range of investments, both FOREX.com and Charles Schwab cater to diverse trading preferences but differ in their offerings. FOREX.com provides a focus on forex trading, offering 91 tradable forex pairs as either CFDs or spot contracts. It boasts a selection of 5,500 tradable symbols, emphasizing its commitment to currency pairs and derivatives, including cryptocurrency derivatives. However, FOREX.com does not facilitate the purchase of exchange-traded securities on U.S. or international exchanges, nor does it offer copy trading or the purchase of actual cryptocurrencies.
In comparison, Charles Schwab delivers a broader range of investment options with access to 40,000 tradable symbols. It too supports forex trading with 73 forex pairs available as CFDs or spot contracts, alongside cryptocurrency derivatives. Crucially, Schwab allows clients to invest in exchange-traded securities on both U.S. and international exchanges, offering opportunities to own stocks like Apple and Vodafone. However, like FOREX.com, Schwab does not support copy trading or the purchase of actual cryptocurrencies. Despite these differences, both platforms receive a 5-star rating for their range of investments, with Schwab ranking slightly higher at #5 compared to FOREX.com's #7 in the category on ForexBrokers.com.
| Feature |
FOREX.com
|
Charles Schwab
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 5500 | 40000 |
| Forex Pairs (Total) | 91 | 73 |
| U.S. Stock Trading (Non CFD) | No | Yes |
| Int'l Stock Trading (Non CFD) | No | Yes |
| 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.
When it comes to trading platforms and tools, both FOREX.com and Charles Schwab offer advanced options suitable for diverse traders. They each provide their clients with the capability to engage in simulated or paper trading, offering a free virtual demo account to hone their skills without financial risk. Both brokers boast proprietary platforms while also supporting a Windows-based desktop download and web-based platform for those who prefer trading from their browser. However, a key difference lies in platform offerings such as MetaTrader, where FOREX.com supports both MetaTrader 4 and 5, setting it apart from Charles Schwab, which does not offer this popular platform.
In addition, traders who value charting tools will find FOREX.com to be slightly ahead, offering a comprehensive selection of 239 drawing tools compared to Charles Schwab's 24. On the other hand, Charles Schwab impresses with its extensive customization capabilities, featuring 580 fields for watch lists, significantly surpassing FOREX.com's 20. While neither broker provides options for copy trading, both are rated highly—earning five stars for their trading platforms and tools, with Charles Schwab ranked slightly higher at number five compared to FOREX.com's rank at number seven according to ForexBrokers.com.
| Feature |
FOREX.com
|
Charles Schwab
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | No |
| MetaTrader 4 (MT4) | Yes | No |
| MetaTrader 5 (MT5) | Yes | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 88 | 374 |
| Charting - Drawing Tools (Total) | 239 | 24 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 20 | 580 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Both FOREX.com and Charles Schwab offer comprehensive mobile trading apps available for iPhone and Android devices, providing users with convenient features to manage their portfolios on the go. With both platforms, users can receive stock and forex price alerts, ensuring they never miss important market movements. The apps also offer watchlist symbol syncing, allowing any changes made between the mobile and online accounts to sync seamlessly. When it comes to technical charting, FOREX.com offers 88 technical studies, whereas Charles Schwab goes a step further with 374, catering to traders who rely heavily on charting tools. Both apps allow users to draw trendlines on charts and switch between different time frames, such as daily, weekly, or intraday views, ensuring a comprehensive analysis of market trends.
FOREX.com and Charles Schwab both enable the creation of real-time watchlists, providing traders with up-to-date market information. The apps also easily auto-save any chart drawings, adding a layer of convenience for users. In terms of overall ratings, both apps have received a perfect score of 5 stars for their mobile trading capabilities. However, when it comes to rankings by ForexBrokers.com, FOREX.com edges ahead, ranking #3 out of 62 brokers, whereas Charles Schwab follows closely, occupying the #6 position. This slight edge makes FOREX.com a strong contender for traders seeking a highly-rated mobile trading experience with a slightly higher emphasis on technical studies and chart analysis.
| Feature |
FOREX.com
|
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 | 88 | 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.
Both FOREX.com and Charles Schwab provide daily market commentary and deliver forex news curated from top-tier sources such as Bloomberg, Reuters, and Dow Jones, ensuring traders have access to valuable financial insights. While neither broker offers technical analysis tools from Autochartist, FOREX.com distinguishes itself by offering tools from Trading Central, including technical analytics. In contrast, Charles Schwab does not provide Trading Central's tools. Another advantage of FOREX.com is its sentiment-based trading tool, which provides an overview of long and short positions across different currency pairs, a feature not available with Charles Schwab.
When it comes to other research tools, neither FOREX.com nor Charles Schwab includes offerings from companies like TipRanks or Acuity Trading. However, both offer economic calendars that highlight significant events in the global economy. In terms of overall research ratings, Charles Schwab scores slightly higher with a perfect 5-star rating and ranks 4th among 62 brokers according to ForexBrokers.com, while FOREX.com has a commendable 4.5-star rating and holds the 9th spot. This suggests both brokers are solid choices for market research, with Charles Schwab edging out FOREX.com in overall research prestige.
| Feature |
FOREX.com
|
Charles Schwab
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| Trading Central (Recognia) | Yes | 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 comparing the educational resources provided by FOREX.com and Charles Schwab, both brokers offer valuable learning tools for beginners interested in forex and CFDs. Each platform supplies over ten educational pieces, including articles, videos, and archived webinars, tailored to these trading subjects. Additionally, both brokers host at least one live client webinar monthly, enhancing interactive learning opportunities. Their educational offerings also include a searchable archive of webinars, allowing easy access to past sessions. For those starting their trading journey, both platforms feature ten or more beginner-focused educational videos, along with a comprehensive investor dictionary defining over fifty trading terms, ensuring a solid foundation.
While both brokers excel in delivering advanced educational content with numerous videos aimed at seasoned traders, FOREX.com is rated 4.5 stars for its educational offerings, ranking fourth among 62 brokers according to ForexBrokers.com. Meanwhile, Charles Schwab shines with a five-star rating, although it ranks sixth in the same list. This comparison highlights the strengths of both brokers in providing extensive and accessible educational resources, helping beginners build their knowledge and confidence in trading.
| Feature |
FOREX.com
|
Charles Schwab
|
|---|---|---|
| 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 FOREX.com is better than Charles Schwab. FOREX.com finished with an overall rank of #5, while Charles Schwab finished with an overall rank of #6.
FOREX.com is a trusted brand that delivers an excellent trading experience for forex and CFDs traders across the globe. It offers a wide range of markets and provides an impressive suite of proprietary platforms – alongside limited access to MetaTrader.
| Feature |
FOREX.com
|
Charles Schwab
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 99 |
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Both FOREX.com and Charles Schwab do not offer the ability to buy actual delivered cryptocurrency, but they do provide options to purchase cryptocurrency derivatives.
When comparing deposit and withdrawal options, FOREX.com and Charles Schwab both support ACH or SEPA transfers and bank wires, but differ in that FOREX.com offers PayPal and card services (Visa/Mastercard), which are not available at Charles Schwab.
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 | FOREX.com | Charles Schwab | |
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| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | FOREX.com Review | Charles Schwab Review |
| Broker Screenshots | FOREX.com | Charles Schwab | |
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| Regulation | FOREX.com | Charles Schwab | |
|---|---|---|---|
| Trust Score | 99 | 99 | |
| Year Founded | 1999 | 1971 | |
| Publicly Traded (Listed) | Yes | Yes | |
| Bank | No | Yes | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No | |
| Tier-1 Licenses | 7 | 5 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 1 | 0 |
| Tier-1 Licenses (Highly Trusted) | FOREX.com | Charles Schwab | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | Yes | Yes | |
| Hong Kong (SFC Authorised) | No | Yes | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | No | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | Yes | Yes | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No |
| Tier-2 Licenses (Trusted) | FOREX.com | 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 | FOREX.com | Charles Schwab | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 5500 | 40000 | |
| Forex Pairs (Total) | 91 | 73 | |
| U.S. Stock Trading (Non CFD) | No | Yes | |
| Int'l Stock Trading (Non CFD) | No | Yes | |
| 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 | FOREX.com | Charles Schwab | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.4 | 1.35 | |
| All-in Cost EUR/USD - Active | 0.9 | 1.35 | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | No | Yes | |
| Execution: Market Maker | Yes | No |
| Funding | FOREX.com | Charles Schwab | |
|---|---|---|---|
| Minimum Deposit | $100 | $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 | FOREX.com | Charles Schwab | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | No | |
| MetaTrader 4 (MT4) | Yes | No | |
| MetaTrader 5 (MT5) | Yes | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | FOREX.com | Charles Schwab | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 20 | 580 | |
| Charting - Indicators / Studies (Total) | 88 | 374 | |
| Charting - Drawing Tools (Total) | 239 | 24 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | FOREX.com | 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 | 88 | 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 | FOREX.com | Charles Schwab | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | No | |
| Trading Central (Recognia) | Yes | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | FOREX.com | Charles Schwab | |
|---|---|---|---|
| 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 | FOREX.com | 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 | FOREX.com Review | Charles Schwab Review |
| Overall | FOREX.com | Charles Schwab | |
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| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | FOREX.com Review | Charles Schwab Review |
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