Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs IC Markets, 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 IC Markets, both brokers offer distinct characteristics that are important to consider. Founded in 1971, Charles Schwab has established itself as a well-known name in the financial industry. It is publicly traded and functions as a bank, which adds another layer of trustworthiness. Charles Schwab boasts an impressive five Tier-1 regulatory licenses, contributing to its top-notch rating of 99 out of 99 from ForexBrokers.com. This strong regulatory standing makes Charles Schwab a highly trusted choice for investors.
In contrast, IC Markets, founded in 2007, is not publicly traded and does not function as a bank. While it holds two Tier-1 licenses, the broker has a Trust Score of 84, placing it in the 'trusted' category according to ForexBrokers.com. Though IC Markets may not carry the same level of regulatory accreditation as Charles Schwab, it still presents a viable option for those prioritizing different brokerage features. Ultimately, the choice between these two brokers will depend on individual preferences for regulation, trustworthiness, and other personalized criteria.
| Feature |
Charles Schwab
|
IC Markets
|
|---|---|---|
| Year Founded | 1971 | 2007 |
| 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 | 3 |
Charles Schwab and IC Markets differ significantly in their approach to commissions and fees for forex trading. Charles Schwab offers no minimum deposit requirement, making it accessible for new traders. They provide 18 financial account types, with Schwab One allowing forex trading through the thinkorswim platform. Schwab does not charge commissions for forex; instead, trading costs are reflected in the bid/ask spread, with the EUR/USD spread averaging 1.35 pips. However, the ability to trade international securities in their local currencies incurs conversion fees ranging from 0.2% to 1%. Schwab’s commission and fees structure earned a rating of 4 stars, ranking it #23 among 62 brokers.
IC Markets, known for its low trading costs, offers three account types and operates under three regulatory entities. Their Raw Spread accounts, available through cTrader or MetaTrader, include variable low spreads and small commission fees. With an effective average spread of 0.62 pips for the cTrader account on EUR/USD, IC Markets stands out as highly competitive. Unlike Schwab, IC Markets offers a commission-free Standard account with an average spread of 0.62 pips, appealing to different trading styles. IC Markets was recognized with a 5-star rating for commissions and fees and is ranked #5 out of 62 brokers.
In summary, Charles Schwab appeals to traders seeking straightforward access with no commission fees, offset by wider spreads. On the other hand, IC Markets caters to cost-sensitive traders, offering competitive spreads and multiple account options to fit various trading needs. Their higher star rating and ranking reflect their competitive edge in pricing among forex brokers.
| Feature |
Charles Schwab
|
IC Markets
|
|---|---|---|
| Minimum Deposit | $0 | $200 |
| Average Spread EUR/USD - Standard | 1.35 | 0.62 |
| All-in Cost EUR/USD - Active | 1.35 | 0.62 |
| Active Trader or VIP Discounts | No | Yes |
| 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.
When comparing Charles Schwab and IC Markets for their range of investments, both brokers offer forex trading through CFDs. However, Charles Schwab provides a significantly larger selection of tradeable symbols, boasting 40,000 compared to IC Markets' 3,583. Although both brokers facilitate forex trading, Charles Schwab edges ahead with 73 currency pairs, while IC Markets offers 61. For those interested in U.S. exchange-traded securities, Charles Schwab is the better option, allowing clients to purchase shares in companies like Apple. IC Markets does not provide access to U.S. exchanges but does support international exchanges alongside Charles Schwab.
For investment options beyond traditional securities, both brokers offer cryptocurrency derivatives. However, neither provides the facility to buy actual cryptocurrencies. A notable difference is in copy trading capabilities; IC Markets has this feature while Charles Schwab does not. In terms of overall range, Charles Schwab receives a higher rating, being ranked fifth by ForexBrokers.com and earning 5 stars, compared to IC Markets' 4.5-star rating and 25th position. This makes Charles Schwab a more appealing choice for investors seeking a wider array of investment opportunities.
| Feature |
Charles Schwab
|
IC Markets
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 3583 |
| Forex Pairs (Total) | 73 | 61 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| 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.
When comparing the trading platforms and tools of Charles Schwab and IC Markets, traders will find key differences tailored to various investment needs. Charles Schwab excels with its highly rated proprietary platform, available as a desktop download and web-based option, providing a comprehensive suite of functionalities including 580 watchlist columns and 24 chart drawing tools. Its platform is user-friendly, highly regarded, and well-suited for those who prefer trading directly from stock charts. Furthermore, Schwab offers free virtual demo accounts, allowing beginners to practice without financial risk. Although available platforms do not support MetaTrader or copy trading features, Schwab remains a strong contender with a 5-star ranking, positioning it fifth among 62 brokers by ForexBrokers.com for trading platforms and tools.
In contrast, IC Markets specializes in variety and flexibility, especially for traders who favor widely used platforms such as MetaTrader 4 and 5. While it doesn't offer its own proprietary platform, IC Markets does provide Windows and web-based access, catering to a vast audience with a 4-star rated service. The firm stands out with its copy trading capabilities and integration with ZuluTrade. Although it offers fewer chart drawing tools (15) and watchlist columns (7) compared to Schwab, IC Markets ensures a robust environment for both novices and experienced traders, including free simulated trading accounts. Ultimately, IC Markets secures a respectable 17th rank by ForexBrokers.com, appealing to investors who prefer established third-party trading applications.
| Feature |
Charles Schwab
|
IC Markets
|
|---|---|---|
| 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 IC Markets provide comprehensive mobile trading apps for iPhone and Android users, each offering substantial features to cater to traders' needs. Users of both platforms can set stock or forex price alerts, view charts with multiple time frames, and draw trendlines on their charts. They also provide the ability to manage watchlists with real-time quotes. However, a standout feature of Charles Schwab's app is its watchlist symbol syncing, which allows any changes made to watchlists on mobile to reflect on their online account. This function is not available with IC Markets' app. Additionally, Charles Schwab excels with an impressive 374 technical studies for charting, compared to just 30 provided by IC Markets.
In terms of user satisfaction, Charles Schwab's mobile trading app holds a 5-star rating, as opposed to IC Markets' 4-star rating. ForexBrokers.com ranks Charles Schwab significantly higher, at position 6 among 62 brokers, while IC Markets comes in at rank 22. These ratings reflect the comprehensive nature of Schwab's offerings, combined with user-friendly features that enhance the mobile trading experience. For those seeking a richer set of analytical tools and seamless syncing features, Charles Schwab seems the more favored choice among mobile trading apps. However, IC Markets still maintains a strong app with essential functionalities, potentially appealing to traders prioritizing core features with straightforward use.
| Feature |
Charles Schwab
|
IC Markets
|
|---|---|---|
| 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 | Yes |
| Mobile Watchlist | Yes | Yes |
Dive deeper: Best Forex Trading Apps.
Charles Schwab and IC Markets both offer investors valuable daily market commentary and provide forex news from top-tier sources such as Bloomberg, Reuters, and Dow Jones, enhancing their research offerings. Both platforms include an economic calendar that highlights upcoming global news events, enabling users to stay informed on economic trends. However, IC Markets stands out with its inclusion of tools from Autochartist and Trading Central, offering users enhanced technical and fundamental analysis capabilities. Similarly, IC Markets provides a sentiment-based trading tool showing the ratio of long or short positions across currency pairs, features that Charles Schwab does not offer.
Despite IC Markets boasting these analytical tools, Charles Schwab earns a higher research rating of 5 stars compared to IC Markets' 4 stars. Moreover, in the ForexBrokers.com ranking for research, Charles Schwab secures a notable 4th position out of 62 brokers, while IC Markets ranks 22nd. This suggests that Charles Schwab's comprehensive market research offerings are highly valued, making it an excellent choice for individuals prioritizing in-depth market insights and analysis.
| Feature |
Charles Schwab
|
IC Markets
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| 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.
Charles Schwab and IC Markets both offer comprehensive educational resources geared towards beginner traders. Both platforms provide over 10 articles, videos, and archived webinars with a focus on forex and CFDs. In addition, they offer monthly webinars to keep their clients engaged and informed. For those who may miss out on live webinars, Charles Schwab and IC Markets host searchable archives of previously recorded sessions, ensuring crucial information is always within reach.
When it comes to video content, both brokers excel by offering over 10 beginner-friendly videos focused on trading topics, alongside advanced educational videos for seasoned traders. To aid in understanding, each platform offers an investor dictionary containing definitions of more than 50 investing terms. Despite their similarities, Charles Schwab slightly edges out with a higher education rating of 5 stars, compared to IC Markets' 4 stars, and ranks #6 out of 62 brokers for educational offerings according to ForexBrokers.com, while IC Markets sits at #16.
| Feature |
Charles Schwab
|
IC Markets
|
|---|---|---|
| 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 IC Markets. Charles Schwab finished with an overall rank of #6, while IC Markets finished with an overall rank of #20.
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
|
IC Markets
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 84 |
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Both Charles Schwab and IC Markets do not offer the purchase of actual cryptocurrencies, but they provide options to trade cryptocurrency derivatives, making them suitable for investors interested in cryptocurrency derivatives rather than direct ownership.
When comparing online brokers, Charles Schwab offers ACH and SEPA transfers along with bank wires for fund transactions but lacks support for PayPal, Skrill, and credit cards, whereas IC Markets provides a wider range of deposit and withdrawal options, including PayPal, Skrill, Visa, Mastercard, and bank wires but does not support ACH or 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 | IC Markets | |
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| Trust Score | 99 | 84 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | IC Markets Review |
| Broker Screenshots | Charles Schwab | IC Markets | |
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| Regulation | Charles Schwab | IC Markets | |
|---|---|---|---|
| Trust Score | 99 | 84 | |
| Year Founded | 1971 | 2007 | |
| 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 | 3 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | IC Markets | |
|---|---|---|---|
| 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 | No | |
| 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 | IC Markets | |
|---|---|---|---|
| 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 | IC Markets | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 3583 | |
| Forex Pairs (Total) | 73 | 61 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| 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 | IC Markets | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.35 | 0.62 | |
| All-in Cost EUR/USD - Active | 1.35 | 0.62 | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | IC Markets | |
|---|---|---|---|
| Minimum Deposit | $0 | $200 | |
| 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 | IC Markets | |
|---|---|---|---|
| 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 | Yes | |
| DupliTrade | No | No | |
| ZuluTrade | No | Yes |
| Trading Tools | Charles Schwab | IC Markets | |
|---|---|---|---|
| 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 | IC Markets | |
|---|---|---|---|
| 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 | Yes | |
| Mobile Economic Calendar | Yes | Yes |
| Research | Charles Schwab | IC Markets | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | IC Markets | |
|---|---|---|---|
| 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 | IC Markets | |
|---|---|---|---|
| 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 | IC Markets Review |
| Overall | Charles Schwab | IC Markets | |
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| Trust Score | 99 | 84 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | IC Markets Review |
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