Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs iFOREX, 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 and iFOREX are both established online brokers, but they differ significantly in key attributes. Charles Schwab, founded in 1971, is a publicly traded company and a recognized bank. It commands high trust with a ForexBrokers.com Trust Score of 99, bolstered by holding five Tier-1 licenses. In contrast, iFOREX, established in 1996, is a private entity not listed on the stock exchange and is not a bank. It presents a moderate risk option, with a Trust Score of 75 and only one Tier-1 license.
When choosing between Charles Schwab and iFOREX, consider your priorities. Charles Schwab stands out for its high level of trustworthiness and strong regulatory backing. iFOREX might appeal to those okay with moderate trust ratings, despite its single Tier-1 license endorsement. Whether seeking an option with extensive regulatory credentials or a more modestly vetted alternative, understanding these factors helps in making an informed decision.
| Feature |
Charles Schwab
|
iFOREX
|
|---|---|---|
| Year Founded | 1971 | 1996 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 1 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
Charles Schwab offers a forex trading experience with no minimum deposit requirement for its primary brokerage account, creating an accessible entry point for traders. With accounts like Schwab One and Schwab Global, users can trade forex using the thinkorswim platform. Schwab does not charge commissions for forex trading, with costs primarily from the bid/ask spread. The average spread on the EUR/USD is higher than the industry norm at 1.35 pips. Schwab also provides convenient overnight carry charge calculations within the platform. For trading international securities, the Schwab Global account enables access to twelve markets, with currency conversion fees ranging from 0.2% to 1%, which vary based on account balance.
On the other hand, iFOREX lacks published average spread data, making it challenging to gauge precise trading costs. Traders considering iFOREX should be prepared for potential uncertainty in this area due to the absence of this critical fee information.
When comparing ratings, Charles Schwab receives 4 out of 5 stars for commissions and fees, ranking 23rd among 62 brokers as per ForexBrokers.com. In contrast, iFOREX holds a 3-star rating, ranked 60th out of 62 brokers. This makes Schwab a stronger contender in terms of commissions and fees, offering more transparency and a competitive edge over iFOREX.
| Feature |
Charles Schwab
|
iFOREX
|
|---|---|---|
| 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 | 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.
When it comes to the range of investments available for online trading, Charles Schwab and iFOREX both offer unique advantages. Charles Schwab stands out with an extensive selection of 40,000 tradeable symbols, providing investors with a broad portfolio that includes exchange traded securities on both U.S. and international exchanges. This means clients can directly invest in global companies like Apple and Vodafone. Schwab also offers forex trading through both CFD and spot contracts, with 73 forex pairs available. While cryptocurrency derivatives are on offer, the actual purchase of cryptocurrencies is not supported. Its diverse offerings in investment instruments have earned Charles Schwab a top-tier rating of 5 stars for the range of investments. Furthermore, its high ranking as #5 out of 62 brokers by ForexBrokers.com highlights its eminence in this category.
iFOREX, on the other hand, caters to traders focused on a more niche selection. With 750 tradeable symbols, iFOREX offers a suite that might appeal to users interested in forex trading, as it boasts 88 tradable forex pairs, surpassing Charles Schwab in this specific category. However, iFOREX does not offer exchange traded securities on U.S. or international markets, meaning clients cannot directly buy shares like those of Apple or Vodafone. Similar to Charles Schwab, iFOREX provides access to forex trading through CFD and spot contracts, and while they offer cryptocurrency derivatives, actual cryptocurrency purchases are not available. Despite having a more specialized focus, iFOREX holds a respectable 3.5-star rating for the range of investments and is ranked #41 by ForexBrokers.com.
| Feature |
Charles Schwab
|
iFOREX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 750 |
| Forex Pairs (Total) | 73 | 88 |
| U.S. Stock Trading (Non CFD) | Yes | No |
| Int'l Stock Trading (Non CFD) | Yes | No |
| 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.
Charles Schwab and iFOREX both offer proprietary platforms, allowing traders to utilize tools developed by the brokers themselves. However, Schwab provides a more comprehensive platform suite, featuring options for both Windows-based desktop downloads and web-based trading. Meanwhile, iFOREX only supports a web-based platform, limiting flexibility for desktop users. Furthermore, Charles Schwab stands out with its free virtual demo account for simulated trading, a feature not available with iFOREX. Traders can benefit from Schwab's extensive watch list options, as it offers 580 fields for customization compared to just nine with iFOREX.
In the realm of charting tools, iFOREX takes a slight edge, offering 25 drawing tools against Schwab's 24. Despite this, both platforms enable the ability to trade directly from stock charts. Neither broker supports MetaTrader platforms, copy trading, nor popular social trading services like DupliTrade or ZuluTrade. In terms of ratings, Schwab earns a perfect five-star rating for its trading platforms and tools, ranking 5th out of 62 brokers reviewed by ForexBrokers.com. On the other hand, iFOREX falls behind with a four-star rating, placing 54th in the same ranking, highlighting a stark difference in satisfaction and user experience between the two.
| Feature |
Charles Schwab
|
iFOREX
|
|---|---|---|
| Virtual Trading (Demo) | Yes | No |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | No |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | No | No |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 374 | 57 |
| Charting - Drawing Tools (Total) | 24 | 25 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 580 | 9 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When it comes to mobile trading apps, both Charles Schwab and iFOREX cater to iPhone and Android users. However, their offerings diverge in significant ways. Charles Schwab stands out with features like price alerts and watchlist symbol syncing, ensuring seamless integration with your online account. Additionally, Schwab's mobile app offers an impressive 374 technical studies for charting, alongside the capability to draw trendlines and view multiple time frames. Users will appreciate the auto-saving of chart drawings and the ability to create watchlists with real-time quotes, contributing to Schwab's 5-star rating and a strong #6 ranking out of 62 brokers on ForexBrokers.com.
In contrast, iFOREX provides a reliable experience for basic trading needs, but lacks some advanced features offered by Schwab. Unlike Schwab, iFOREX does not provide stock or forex price alerts or watchlist syncing. The absence of features such as technical studies, trendline drawings, and multiple time frames may limit the trading experience for those seeking detailed analysis options. While you can easily trade on iFOREX's app, the features are comparatively fewer and simpler, reflecting in its 4-star rating and #55 rank in ForexBrokers.com's mobile trading apps category. This makes iFOREX more suitable for traders requiring straightforward functions without the added analytics.
| Feature |
Charles Schwab
|
iFOREX
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | No |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 374 | N/A |
| Mobile Charting - Draw Trendlines | Yes | No |
| Mobile Charting - Multiple Time Frames | Yes | No |
| Mobile Charting - Drawings Autosave | Yes | No |
| Mobile Watchlist | Yes | No |
Dive deeper: Best Forex Trading Apps.
Both Charles Schwab and iFOREX provide daily market commentary that helps investors stay informed about the latest market trends. However, Charles Schwab stands out by offering forex news sourced from top-tier providers such as Bloomberg, Reuters, and Dow Jones, which iFOREX does not. On the other hand, iFOREX compensates with a sentiment-based trading tool, giving insight into the balance of long and short positions, an advantage not available with Charles Schwab. For technical analysis resources, Charles Schwab lacks offerings from companies like Autochartist and Trading Central, while iFOREX provides tools through Trading Central, enhancing their analysis capabilities.
In terms of comprehensive market research, both platforms come equipped with economic calendars displaying significant global events. However, Charles Schwab receives a higher rating of five stars for Research from ForexBrokers.com, compared to iFOREX's 3.5 stars. This difference is reflected in their ranking, with Charles Schwab securing the 4th position out of 62 brokers, while iFOREX ranks at 48th. Overall, Charles Schwab offers a slightly more extensive market research experience, although iFOREX has specific strong points in trading sentiment and technical analysis resources.
| Feature |
Charles Schwab
|
iFOREX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | No |
| Autochartist | No | No |
| 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.
When it comes to educational resources tailored for beginner traders, Charles Schwab emerges as an impressive choice compared to iFOREX. Charles Schwab provides a wide range of learning materials, including over ten units focused on forex or CFDs, covering everything from articles to videos. It also ensures consistent educational engagement with monthly online webinars. Moreover, Charles Schwab boasts a searchable archive of recorded webinars for revisiting past lessons, enriching the learning experience for budding traders. Their educational offerings extend to both beginners and advanced traders, with more than ten detailed videos available for each group. Furthermore, Charles Schwab supports learning with a comprehensive dictionary featuring over 50 investing terms, enabling a well-rounded understanding for newcomers.
In contrast, iFOREX lags behind significantly in this area. Despite offering beginner educational videos, they lack a broad variety of resources that dedicated forex or CFDs learners might find essential. iFOREX does not provide monthly webinars or recorded webinar archives, limiting continuous learning opportunities. Additionally, they do not offer advanced educational content or an extensive investor dictionary. These educational limitations reflect in their ratings and rankings, with Charles Schwab earning a 5-star education rating and a commendable 6th position in ForexBrokers.com's educational ranking, whereas iFOREX receives a lesser 3.5-star rating and ranks 53rd of 62 brokers. For beginners keen on enhancing their trading knowledge, Charles Schwab stands out as a more comprehensive choice.
| Feature |
Charles Schwab
|
iFOREX
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | No |
| Investor Dictionary (Glossary) | Yes | No |
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 iFOREX. Charles Schwab finished with an overall rank of #6, while iFOREX finished with an overall rank of #52.
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
|
iFOREX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 75 |
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Both Charles Schwab and iFOREX do not provide the option to buy actual (delivered) cryptocurrency, but they do offer the ability to trade in cryptocurrency derivatives.
When comparing the deposit and withdrawal options of Charles Schwab and iFOREX, Charles Schwab supports ACH and SEPA transfers as well as bank wires, while iFOREX does not offer ACH or SEPA transfers but provides more flexibility by accepting PayPal, Skrill, Visa, and Mastercard in addition to bank wires.
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 | iFOREX | |
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| Trust Score | 99 | 75 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review |
| Broker Screenshots | Charles Schwab | iFOREX | |
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| Regulation | Charles Schwab | iFOREX | |
|---|---|---|---|
| Trust Score | 99 | 75 | |
| Year Founded | 1971 | 1996 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 5 | 1 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | iFOREX | |
|---|---|---|---|
| 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 | iFOREX | |
|---|---|---|---|
| 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 | iFOREX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 750 | |
| Forex Pairs (Total) | 73 | 88 | |
| U.S. Stock Trading (Non CFD) | Yes | No | |
| Int'l Stock Trading (Non CFD) | Yes | No | |
| 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 | Charles Schwab | iFOREX | |
|---|---|---|---|
| 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 | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | iFOREX | |
|---|---|---|---|
| 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 | iFOREX | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | No | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | No | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Charles Schwab | iFOREX | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | No | |
| Alerts - Basic Fields | Yes | No | |
| Watchlists - Total Fields | 580 | 9 | |
| Charting - Indicators / Studies (Total) | 374 | 57 | |
| Charting - Drawing Tools (Total) | 24 | 25 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | No |
| Mobile Trading | Charles Schwab | iFOREX | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | No | |
| Mobile Watchlist | Yes | No | |
| Watchlist Syncing | Yes | No | |
| Mobile Charting - Indicators / Studies | 374 | N/A | |
| Mobile Charting - Draw Trendlines | Yes | No | |
| Mobile Charting - Multiple Time Frames | Yes | No | |
| Mobile Charting - Drawings Autosave | Yes | No | |
| Mobile Economic Calendar | Yes | No |
| Research | Charles Schwab | iFOREX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | No | |
| Autochartist | No | No | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | iFOREX | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | Charles Schwab | iFOREX | |
|---|---|---|---|
| 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 | iFOREX | |
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| Trust Score | 99 | 75 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review |
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