Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs LegacyFX, 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, founded in 1971, is a well-established online broker notable for its high level of trust. As a publicly traded company and a bank, Charles Schwab enjoys a top-tier reputation with a perfect Trust Score of 99 out of 99 from ForexBrokers.com. It boasts five highly trusted Tier-1 licenses, reflecting its strong regulatory standing and commitment to safeguarding clients' investments.
In comparison, LegacyFX, established in 2012, is a privately held broker with a more modest trust level. It holds one Tier-1 license and has a ForexBrokers.com Trust Score of 67, placing it in the high-risk category. Although not publicly traded or a bank, LegacyFX offers its services under stringent regulatory conditions but is considered riskier than its counterpart, Charles Schwab.
| Feature |
Charles Schwab
|
LegacyFX
|
|---|---|---|
| Year Founded | 1971 | 2012 |
| 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 |
Comparing Charles Schwab and LegacyFX in terms of commissions and fees provides a clear insight into their forex trading offerings. Charles Schwab stands out with no minimum deposit required for its main brokerage accounts and offers access to the thinkorswim platform through Schwab One and Schwab Global accounts. The lack of commission on forex trading is a plus, although the average spread on popular currency pairs like EUR/USD is at the higher end, recorded at 1.35 pips as of October 2024. Schwab's Global account provides access to a variety of international markets with potential conversion fees ranging from 0.2% to 1%, depending on account balance size. Schwab scores a respectable 4-star rating and ranks 23rd out of 62 brokers in commissions and fees.
On the other hand, LegacyFX offers different account types across its EU and international entities, each with varying minimum deposit requirements. EU accounts—Silver, Gold, and Platinum—have minimum deposits of $500, $5,000, and $25,000 respectively. International accounts offer even more options, from Standard at $500 to VIP at $50,000. LegacyFX does not publicly disclose average spreads, which can make assessing trading costs less straightforward. However, trading costs differ significantly with account types, with the Silver account posting the highest minimum spread of 1.6 pips on the EUR/USD. LegacyFX holds a 3.5-star rating and is ranked 56th in the same category.
In summary, Charles Schwab leads in providing a broad access to global markets with a no-commission structure for forex, gaining a higher ranking and star rating. LegacyFX, although offering a wide range of account types and additional support based on account tier, falls short in spread transparency and ranks lower in industry standings. Both brokers cater to different trader needs, with Schwab more suited for those looking for low entry barriers and LegacyFX potentially appealing to traders interested in more specialized account services.
| Feature |
Charles Schwab
|
LegacyFX
|
|---|---|---|
| Minimum Deposit | $0 | $500 |
| 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 the investment options offered by Charles Schwab and LegacyFX, both platforms provide opportunities for forex trading as either CFDs or spot contracts. However, Charles Schwab stands out significantly with over 40,000 tradeable symbols, compared to LegacyFX's 425. For investors interested in forex, Schwab also has an edge with 73 tradeable pairs, whereas LegacyFX offers 44. Schwab further enhances its appeal by allowing clients to buy traditional exchange-traded securities on both U.S. and international exchanges, including popular stocks such as Apple and Vodafone. In contrast, LegacyFX does not offer exchange-traded securities in these markets. Both brokers provide derivative options for cryptocurrency investment but do not support buying real cryptocurrencies directly.
LegacyFX offers copy trading, a feature Schwab does not provide, which might appeal to those looking to mirror the strategies of successful traders. Despite this, Charles Schwab earns a perfect five-star rating for its range of investments, placing fifth out of 62 brokers in the ForexBrokers.com ranking. On the other hand, LegacyFX receives a 3.5-star rating, positioned at rank 48. The stark difference in ratings and rankings reflects Schwab's broader investment offerings compared to LegacyFX. This comparison underscores Charles Schwab's comprehensive investment services, making it more attractive for those looking for a wide variety of investment options.
| Feature |
Charles Schwab
|
LegacyFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 425 |
| Forex Pairs (Total) | 73 | 44 |
| 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.
When comparing the trading platforms and tools offered by Charles Schwab and LegacyFX, both brokers provide simulated trading with free virtual demo accounts. Charles Schwab stands out with its proprietary platform, developed in-house, while LegacyFX relies on third-party platforms. Both brokers provide a Windows-based desktop download and a web-based trading platform, ensuring flexibility for traders who prefer varied access points. However, while Charles Schwab doesn't support copy trading, LegacyFX caters to this market with this feature. As for MetaTrader offerings, neither supports MT4, but LegacyFX provides access to MT5, setting it apart from Charles Schwab in this particular area.
Charting tools reveal that Charles Schwab provides a more extensive suite with 24 drawing tools compared to LegacyFX's 15. Both platforms allow users to trade directly from a stock chart, aiding quick decision-making. Schwab's watch lists are notably advanced, offering 580 columns for customization, whereas LegacyFX provides only 7 columns. These platform strengths contribute to Charles Schwab's impressive five-star rating and a #5 rank among 62 brokers for trading platforms and tools, compared to LegacyFX's 3.5-star rating and a #59 rank, highlighting Schwab as the more comprehensive choice out of the two for platform performance.
| Feature |
Charles Schwab
|
LegacyFX
|
|---|---|---|
| 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 | No |
| MetaTrader 5 (MT5) | No | Yes |
| 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 the mobile trading apps of Charles Schwab and LegacyFX, both brokers offer apps compatible with iPhone and Android devices. They provide stock and forex price alerts, trendline drawing tools, and multiple time frames to analyze trades. Charles Schwab stands out with 374 technical studies available for charting, significantly more than LegacyFX's 30. Both platforms allow the creation of watchlists with real-time quotes, but Charles Schwab offers the added convenience of watchlist symbol syncing between the app and online account, unlike LegacyFX.
In the realm of app ratings, Charles Schwab excels with a 5-star rating for its mobile trading app, compared to LegacyFX's 3.5 stars. Moreover, Charles Schwab ranks 6th out of 62 brokers assessed by ForexBrokers.com for mobile trading apps, whereas LegacyFX holds the 60th position. Although both apps save drawings automatically, Charles Schwab's features and higher rankings make it a standout choice for those seeking a more comprehensive mobile trading experience.
| Feature |
Charles Schwab
|
LegacyFX
|
|---|---|---|
| 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.
When it comes to market research, both Charles Schwab and LegacyFX offer daily market commentary, providing insights to help investors stay informed. They also provide forex news from top-tier sources like Bloomberg and Reuters, ensuring users have access to accurate and timely information. While Charles Schwab and LegacyFX offer robust economic calendars to track global news events, only LegacyFX takes the lead in offering specialized technical analysis tools from Autochartist, which can be essential for traders looking for detailed market insights.
Charles Schwab surpasses LegacyFX with a 5-star research rating compared to LegacyFX’s 3.5 stars. Additionally, Charles Schwab is ranked significantly higher for research, coming in at #4 out of 62 brokers, whereas LegacyFX holds the #45 position. Though both platforms lack certain advanced tools like Trading Central, Sentiment-based trading tools, and TipRanks market research, Charles Schwab's offerings prove more comprehensive and highly regarded in the market research category.
| Feature |
Charles Schwab
|
LegacyFX
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| 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.
Both Charles Schwab and LegacyFX provide a comprehensive array of educational resources for new investors eager to learn about forex and CFDs. Each offers a minimum of 10 educational pieces, ranging from articles and videos to archived webinars, focused on these crucial trading areas. Beginners can find plenty of beginner-focused educational videos, with both brokers offering at least ten that cover foundational trading topics. Additionally, both platforms facilitate ongoing learning through client webinars held monthly, alongside searchable archives of previously recorded sessions, ensuring access to valuable information anytime.
Beyond resources for beginners, both Charles Schwab and LegacyFX cater to experienced traders with at least 10 advanced educational videos. They also feature an investor dictionary with more than 50 investing terms, which is an excellent tool for demystifying trading jargon. However, their educational credentials differ when considering ForexBrokers.com ratings. Charles Schwab holds an impressive 5-star rating and is ranked 6th out of 62 brokers, indicating top-tier educational offerings. In contrast, LegacyFX has a 3.5-star rating and is placed 35th, suggesting good but not exceptional resources compared to its peers.
| Feature |
Charles Schwab
|
LegacyFX
|
|---|---|---|
| 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 LegacyFX. Charles Schwab finished with an overall rank of #6, while LegacyFX finished with an overall rank of #62.
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
|
LegacyFX
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 67 |
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Both Charles Schwab and LegacyFX do not offer the ability to buy actual delivered cryptocurrency; however, they both provide options for purchasing cryptocurrency derivatives.
Charles Schwab provides ACH and SEPA transfers along with bank wires for fund deposits and withdrawals, while LegacyFX offers bank wires, Skrill, and Visa or Mastercard, but lacks ACH or SEPA transfer options, aligning both brokers with a common absence of PayPal services.
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 | LegacyFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | LegacyFX Review |
| Broker Screenshots | Charles Schwab | LegacyFX | |
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| Regulation | Charles Schwab | LegacyFX | |
|---|---|---|---|
| Trust Score | 99 | 67 | |
| Year Founded | 1971 | 2012 | |
| 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 | LegacyFX | |
|---|---|---|---|
| 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 | 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 | LegacyFX | |
|---|---|---|---|
| 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 | LegacyFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 425 | |
| Forex Pairs (Total) | 73 | 44 | |
| 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 | LegacyFX | |
|---|---|---|---|
| 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 | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | LegacyFX | |
|---|---|---|---|
| Minimum Deposit | $0 | $500 | |
| 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 | LegacyFX | |
|---|---|---|---|
| Proprietary Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Charles Schwab | LegacyFX | |
|---|---|---|---|
| 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 | LegacyFX | |
|---|---|---|---|
| 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 | LegacyFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | No | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | LegacyFX | |
|---|---|---|---|
| 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 | LegacyFX | |
|---|---|---|---|
| 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 | LegacyFX Review |
| Overall | Charles Schwab | LegacyFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | LegacyFX Review |
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