Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs FXOpen, 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.
When comparing Charles Schwab and FXOpen, potential investors will find that Charles Schwab, established in 1971, stands as a major player in the financial industry with a remarkable trust score of 99 according to ForexBrokers.com. As a publicly traded company and a bank, Charles Schwab holds five Tier-1 regulatory licenses, the highest level of trust. This elevates Schwab’s standing as a leading and reliable choice for online brokering, assuring users of its stability and adherence to stringent regulatory standards.
FXOpen, formed in 2003, offers a different profile. While not a bank nor publicly traded, FXOpen holds two Tier-1 licenses and has a trust score of 76, signifying average risk. These qualities highlight a moderate level of trust compared to certain industry leaders. FXOpen might appeal to users seeking specific trading experiences, though those prioritizing regulatory backing may lean towards more established entities like Charles Schwab.
| Feature |
Charles Schwab
|
FXOpen
|
|---|---|---|
| Year Founded | 1971 | 2003 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 2 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
Charles Schwab stands out for its competitive fee structure and flexible account options tailored for forex trading. There’s no minimum deposit required to start, making it accessible for a wide range of investors. Schwab offers their trading platform, thinkorswim, through Schwab One and Schwab Global accounts. Notably, Schwab does not impose a commission on forex trades; instead, costs are based on the bid/ask spread. The average spread for the EUR/USD pair was observed at 1.35 pips, which is somewhat above the industry average. On ForexBrokers.com, Schwab earns a commendable rating of 4 out of 5 stars, ranking 23rd out of 62 brokers for commissions and fees.
In contrast, FXOpen is known for its competitive pricing structure, though specific average spread data isn’t readily available for comparison. Despite the lack of detailed spread information, FXOpen maintains a solid rating of 4 stars for their commission and fee offerings. ForexBrokers.com places FXOpen at 45th out of 62 brokers in the Commissions and Fees category, indicating room for improvement when compared to other brokers.
Overall, both Charles Schwab and FXOpen receive favorable ratings of 4 stars for their commissions and fees, but Schwab holds a higher rank, suggesting it might offer a slightly more cost-effective trading environment. Schwab’s support for diverse account types and transparent pricing, especially for overnight fees, provides a balanced offering for traders who prioritize such features.
| Feature |
Charles Schwab
|
FXOpen
|
|---|---|---|
| Minimum Deposit | $0 | $100 |
| 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 | Yes |
| 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 FXOpen for their investment offerings, noteworthy differences emerge. Charles Schwab impresses with a vast array of 40,000 tradeable symbols and provides access to 73 forex pairs. This broad selection includes both U.S. and international exchange-traded securities, meaning investors can purchase well-known stocks like Apple and Vodafone. On the other hand, FXOpen offers 87 tradeable symbols with a focus on 25 forex pairs, but it does not permit trading of exchange-traded securities on U.S. or international exchanges. Both platforms provide forex trading as CFDs or spot contracts and enable the trading of cryptocurrency derivatives, although neither supports the purchase of actual cryptocurrencies.
For those interested in unique features like copy trading, FXOpen stands out with this service, while Charles Schwab does not offer it. Despite this, in terms of range and variety of investments, Charles Schwab is highly rated, holding a 5-star rating and ranking 5th out of 62 brokers per ForexBrokers.com. FXOpen, on the contrary, receives a 3-star rating and ranks 61st in the same category. This comparison highlights Charles Schwab's superior breadth of investment opportunities, especially for investors seeking diversity across multiple asset classes and global markets.
| Feature |
Charles Schwab
|
FXOpen
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 87 |
| Forex Pairs (Total) | 73 | 25 |
| 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). |
Dive deeper: Best Copy Trading Platforms.
When comparing Charles Schwab and FXOpen, both brokers offer free simulated trading, giving users the opportunity to practice with a virtual demo account. Charles Schwab boasts a proprietary platform developed in-house, alongside a desktop trading platform for Windows users and a user-friendly web-based trading option. In contrast, FXOpen integrates popular platforms like MetaTrader 4 and MetaTrader 5 but does not offer a proprietary platform. Both brokers provide the ability to trade directly from a stock chart, but FXOpen stands out with features like copy trading and integration with ZuluTrade, targeting traders seeking diverse choices.
For charting features, Charles Schwab impresses with an extensive selection of 24 drawing tools compared to FXOpen's 15. Notably, Schwab offers a vast range of 580 columns for watch lists, easily surpassing FXOpen, which provides only 7. In terms of ratings, Charles Schwab earns a top-tier 5-star rating for its Trading Platforms and Tools, ranking 5th among 62 brokers reviewed by ForexBrokers.com. FXOpen garners a respectable 4-star rating but is positioned lower at 53rd place, underscoring Schwab's comprehensive offerings in trading tools and overall user experience.
| Feature |
Charles Schwab
|
FXOpen
|
|---|---|---|
| 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 | Yes |
| 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.
Both Charles Schwab and FXOpen offer iPhone and Android apps for seamless mobile trading. While each app provides stock and forex price alerts, Schwab takes the lead with features like watchlist symbol syncing, which ensures changes made on the mobile app synchronize with the client's online account. In comparison, FXOpen lacks this functionality. Charting on Schwab's app is enhanced by 374 technical studies, allowing for an in-depth analysis, whereas FXOpen provides 30. Both apps support drawing trendlines and viewing multiple time frames, but Schwab stands out by allowing drawings to be auto-saved.
Creating watchlists with real-time quotes is possible on both platforms, offering users up-to-date information at their fingertips. However, Schwab's mobile trading app has received a perfect 5-star rating, surpassing FXOpen's 4 stars. This disparity is reflected in their rankings by ForexBrokers.com, placing Schwab's app at #6 among 62 brokers, whereas FXOpen ranks at #54. Ultimately, Schwab offers a comprehensive and highly-rated trading experience, making it a strong contender for users seeking advanced mobile trading features.
| Feature |
Charles Schwab
|
FXOpen
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 374 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Multiple Time Frames | Yes | Yes |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Both Charles Schwab and FXOpen provide daily market commentary and deliver forex news from top-tier sources like Bloomberg and Reuters, keeping traders informed with timely updates. Yet, neither broker offers technical analysis tools from companies such as Autochartist or Trading Central, nor do they provide sentiment-based trading tools or research resources from companies like TipRanks and Acuity Trading. Despite these similarities, Charles Schwab distinguishes itself with a highly rated research offering, boasting a 5-star rating compared to FXOpen’s 3 stars.
Additionally, both brokers feature an economic calendar displaying global news events, which is essential for traders tracking economic movements. However, when it comes to research and market analysis, Charles Schwab ranks significantly higher, securing the 4th spot out of 62 brokers on ForexBrokers.com. This prominent ranking contrasts sharply with FXOpen, which sits at the bottom of the list, ranked 62nd. These differences highlight Charles Schwab's superior standing in providing high-quality market research tools and insights compared to FXOpen.
| Feature |
Charles Schwab
|
FXOpen
|
|---|---|---|
| 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 beginners in the world of forex and CFDs trading, Charles Schwab stands out compared to FXOpen. Charles Schwab provides a wide range of materials to help newcomers understand trading concepts, including more than 10 educational pieces focused specifically on forex and CFDs. They also conduct monthly online educational webinars, which are archived and searchable for future reference. Additionally, Charles Schwab offers an extensive library of beginner-friendly and advanced trading videos, ensuring that both novice and experienced traders have ample learning material at their disposal. Their investor dictionary further aids beginners by providing definitions for over 50 common investing terms.
In contrast, FXOpen's educational offerings are more limited. They do provide an investor dictionary similar to Charles Schwab, but they lack the depth in educational resources related to forex and CFDs. FXOpen does not offer monthly webinars or a searchable archive of recorded sessions. Furthermore, they fall short in the availability of beginner-focused and advanced trading videos, which may leave newcomers seeking additional learning avenues. This limited educational support is reflected in FXOpen's lower education rating and ranking, receiving 3 stars and a placement of 58th out of 62 brokers, compared to Charles Schwab's impressive 5 stars and a 6th place ranking.
| Feature |
Charles Schwab
|
FXOpen
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| 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 62 of the best forex brokers, our research and account testing finds that Charles Schwab is better than FXOpen. Charles Schwab finished with an overall rank of #6, while FXOpen finished with an overall rank of #54.
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
|
FXOpen
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 76 |
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Both Charles Schwab and FXOpen do not provide the option to purchase actual or delivered cryptocurrency, but they each allow investors to trade in cryptocurrency derivatives instead.
Charles Schwab provides ACH, SEPA transfers, and bank wire options for depositing or withdrawing funds, while FXOpen offers Skrill, Visa, Mastercard, and bank wire options but lacks ACH and SEPA transfer capabilities.
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 | FXOpen | |
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| Trust Score | 99 | 76 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review |
| Broker Screenshots | Charles Schwab | FXOpen | |
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| Regulation | Charles Schwab | FXOpen | |
|---|---|---|---|
| Trust Score | 99 | 76 | |
| 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 | 2 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | FXOpen | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | No | |
| 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 | FXOpen | |
|---|---|---|---|
| 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 | FXOpen | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 87 | |
| Forex Pairs (Total) | 73 | 25 | |
| 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). |
| Cost | Charles Schwab | FXOpen | |
|---|---|---|---|
| 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 | Yes | |
| Inactivity Fee | No | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | FXOpen | |
|---|---|---|---|
| Minimum Deposit | $0 | $100 | |
| 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 | FXOpen | |
|---|---|---|---|
| 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 | Yes |
| Trading Tools | Charles Schwab | FXOpen | |
|---|---|---|---|
| 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 | FXOpen | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 374 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Multiple Time Frames | Yes | Yes | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Charles Schwab | FXOpen | |
|---|---|---|---|
| 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 | FXOpen | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| 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 | FXOpen | |
|---|---|---|---|
| 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 |
| Overall | Charles Schwab | FXOpen | |
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| Trust Score | 99 | 76 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review |
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