Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs IronFX, 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.
Founded in 1971, Charles Schwab has established itself as a reputable online broker with a distinguished presence as a publicly traded company and a bank. Known for its strong regulatory credentials, Charles Schwab holds five Tier-1 licenses, demonstrating its commitment to trust and safety. These credentials are reflected in its exceptional Trust Score of 99 out of 99 from ForexBrokers.com, placing it in the highly trusted category.
Conversely, IronFX, founded in 2010, operates as a privately-held online brokerage. While not a bank or publicly listed entity, IronFX maintains regulatory oversight with three Tier-1 licenses. This ensures a reasonable degree of trust facilitated by their ForexBrokers.com Trust Score of 83, marking IronFX as a trusted option. However, the regulatory standing is not as extensive as Charles Schwab, offering different layers of assurances for potential investors.
| Feature |
Charles Schwab
|
IronFX
|
|---|---|---|
| Year Founded | 1971 | 2010 |
| 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 |
Charles Schwab impressively offers no minimum deposit requirement for its primary brokerage accounts, facilitating easier entry for forex trading. With 18 financial account types, Schwab's offerings are versatile, but notably, the Schwab One and Schwab Global accounts provide access to the thinkorswim platform for forex trading. One highlight is that forex trades are settled in U.S. dollars, and the minimum trade size is set at 10,000 units, which requires a $500 margin based on 20:1 leverage. While the Schwab One account supports trades in international currencies through phone transactions, the Schwab Global account enables trading in 12 international markets with varying conversion fees between 0.2% and 1%, depending on the account balance. Schwab doesn't charge commissions for forex trading, with costs coming from the bid/ask spread, where the average spread on EUR/USD was 1.35 pips in October 2024. Schwab receives a 4-star rating for its commissions and fees, ranked 23rd out of 62 brokers by ForexBrokers.com.
IronFX, on the other hand, shows potential in pricing but faces challenges with higher spreads compared to the industry average. A typical spread of 1.8 pips is listed for the Standard variable spread account, although spreads do vary by account type. The zero fixed-spread account starts at zero but includes an $18 per lot commission, with spreads increasing to 3 pips overnight. Customers should be wary of these costs as they consider their trading strategy and account options with IronFX. Like Schwab, IronFX also boasts a 4-star rating for commissions and fees but is ranked 47th out of 62 brokers by ForexBrokers.com, highlighting a notable difference in how they stack up against industry peers.
| Feature |
Charles Schwab
|
IronFX
|
|---|---|---|
| Minimum Deposit | $0 | $50 |
| Average Spread EUR/USD - Standard | 1.35 | 1.2 |
| 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.
Charles Schwab and IronFX both provide opportunities for forex trading through CFDs or spot contracts. However, when it comes to the variety of investment options offered, Charles Schwab takes the lead with an impressive 40,000 tradeable symbols compared to IronFX's 340. In terms of forex pairs, IronFX slightly edges out Schwab, offering 83 pairs against Schwab’s 73. Where Charles Schwab truly stands out is in their offering of exchange-traded securities on both U.S. and international exchanges, allowing clients to directly purchase stocks like Apple or Vodafone, a service IronFX does not provide.
While IronFX caters to those interested in copy trading, this feature is not available with Charles Schwab. Both brokers offer cryptocurrency trading, but only in the form of derivatives, not the actual digital currencies. In terms of overall range of investments, Charles Schwab holds a higher rating of 5 stars compared to IronFX's 3.5 stars, and is ranked fifth out of 62 brokers by ForexBrokers.com, whereas IronFX is ranked at a lower 51st position. This distinction highlights Schwab's broader and more versatile investment options for traders seeking diverse market opportunities.
| Feature |
Charles Schwab
|
IronFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 340 |
| Forex Pairs (Total) | 73 | 83 |
| 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 IronFX both offer features geared towards giving traders accessible and effective online trading experiences. For those who prefer simulated trading to practice strategies, both brokers provide free virtual demo accounts. Charles Schwab impresses with its in-house developed trading platform alongside options for a Windows-based desktop download and a web-based browser platform. On the other hand, IronFX, while lacking a proprietary platform, covers its bases with a downloadable platform and a web-based option. In terms of platform variety, IronFX also attracts users with its popular MetaTrader 4 option, which Charles Schwab doesn't offer. However, Schwab shines when it comes to charting tools, offering 24 drawing tools compared to IronFX's 15, and excels in watch list customization with 580 fields versus IronFX's mere 7.
For traders interested in social trading, IronFX offers copy trading, a feature not provided by Charles Schwab. Yet, Charles Schwab rates superior overall in trading platforms and tools, boasting a five-star rating against IronFX’s 3.5 stars. Schwab's platforms are listed as the 5th best among 62 brokers according to ForexBrokers.com, while IronFX lags behind at 60th. This ranking reflects Schwab's comprehensive trading experience, which includes the ability to trade directly from stock charts. Despite strong competition in specific aspects, Charles Schwab’s range of platform features and customization tools make it a favored choice for many traders. Both platforms offer distinct benefits, allowing traders to choose based on their personal needs and preferences.
| Feature |
Charles Schwab
|
IronFX
|
|---|---|---|
| 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 | No |
| 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 mobile trading apps for Charles Schwab and IronFX, both platforms cater to iPhone and Android users, providing crucial features such as stock or forex price alerts. However, Charles Schwab stands out with seamless watchlist symbol syncing, allowing users to effortlessly synchronize their watchlists between the app and online account. In contrast, IronFX lacks this syncing capability. The apps also differ significantly in technical studies offered for charting, with Charles Schwab providing 374 options compared to just 30 from IronFX. Both apps allow users to draw trendlines and view various time frames on charts, as well as auto-save these drawings for convenience. Real-time quote watchlists are also available on both platforms.
Overall user ratings illustrate a broader disparity: Charles Schwab's app garners an impressive 5-star rating, ranking 6th among 62 brokers evaluated by ForexBrokers.com, while IronFX trails with a 3.5-star rating, ranked at 61st. While both apps provide fundamental trading tools, Charles Schwab emerges as the superior choice for those seeking advanced charting capabilities and a more integrated trading experience.
| Feature |
Charles Schwab
|
IronFX
|
|---|---|---|
| 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.
Both Charles Schwab and IronFX provide daily market commentary and access to high-quality forex news from top-tier sources, such as Bloomberg, Reuters, and Dow Jones. While neither platform includes tools from Autochartist, IronFX does cater to those interested in technical analysis with resources from Trading Central. In contrast, Charles Schwab falls short in this aspect. Moreover, both brokers offer economic calendars for tracking global economic events, which is a valuable feature for traders keeping an eye on market trends.
When it comes to overall research services, Charles Schwab stands out with a strong five-star rating and an impressive fourth place ranking among 62 brokers according to ForexBrokers.com. IronFX, while still competitive, holds a four-star rating and is positioned at 28th place in the same evaluation. Although both platforms equip traders with some essential research tools, Charles Schwab seems to gain an edge in delivering comprehensive market insights.
| Feature |
Charles Schwab
|
IronFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| Trading Central (Recognia) | No | Yes |
| 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.
For beginners looking to dive into the world of forex and CFDs, both Charles Schwab and IronFX offer comprehensive educational resources. Charles Schwab provides a host of learning materials, including a significant number of articles, videos, and webinars with over ten pieces focusing on forex and CFDs. In addition to offering monthly online webinars, Schwab maintains a searchable archive of recorded sessions for convenient access. IronFX also meets the basic educational needs with ten or more resources on forex and CFDs and a searchable webinar archive, but it does not offer regular monthly webinars. Both platforms provide beginner-friendly videos, but Schwab surpasses IronFX by also offering advanced materials tailored for seasoned traders.
Engaging with an online broker that offers educational resources is crucial for beginner traders to build their knowledge base effectively. Charles Schwab excels in this area, with bonus features like an investor dictionary containing over 50 investing terms, while also being rated 5 stars for education. In contrast, IronFX, rated 4 stars, falls short in advanced educational content but still provides a decent array of resources for new traders. According to ForexBrokers.com, Charles Schwab ranks #6 in the education category among 62 brokers, highlighting its commitment to trader education, whereas IronFX sits at #44.
| Feature |
Charles Schwab
|
IronFX
|
|---|---|---|
| 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 IronFX. Charles Schwab finished with an overall rank of #6, while IronFX finished with an overall rank of #48.
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
|
IronFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 83 |
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Both Charles Schwab and IronFX do not offer the ability to purchase actual delivered cryptocurrencies, but they both provide options to buy cryptocurrency derivatives.
When comparing the deposit and withdrawal options of Charles Schwab and IronFX, Charles Schwab supports ACH/SEPA transfers and bank wires but not PayPal, Skrill, or Visa/Mastercard, whereas IronFX does not offer ACH/SEPA transfers or PayPal but provides options for Skrill, Visa/Mastercard, and similarly offers 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 | IronFX | |
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| Trust Score | 99 | 83 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review |
| Broker Screenshots | Charles Schwab | IronFX | |
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| Regulation | Charles Schwab | IronFX | |
|---|---|---|---|
| Trust Score | 99 | 83 | |
| Year Founded | 1971 | 2010 | |
| 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 | IronFX | |
|---|---|---|---|
| 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 | IronFX | |
|---|---|---|---|
| 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 | IronFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 340 | |
| Forex Pairs (Total) | 73 | 83 | |
| 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 | IronFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.35 | 1.2 | |
| All-in Cost EUR/USD - Active | 1.35 | N/A | |
| Active Trader or VIP Discounts | No | Yes | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | IronFX | |
|---|---|---|---|
| Minimum Deposit | $0 | $50 | |
| 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 | IronFX | |
|---|---|---|---|
| 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 | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Charles Schwab | IronFX | |
|---|---|---|---|
| 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 | IronFX | |
|---|---|---|---|
| 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 | IronFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | No | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | No | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | IronFX | |
|---|---|---|---|
| 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 | IronFX | |
|---|---|---|---|
| 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 | IronFX | |
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| Trust Score | 99 | 83 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review |
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