Written by ForexBrokers.com
In this head to head comparison of Saxo vs Charles Schwab, 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.
Saxo and Charles Schwab are both well-established online brokers with strong regulatory foundations. Founded in 1992, Saxo is a trusted online trading platform that operates under 7 Tier-1 licenses and 1 Tier-2 license, ensuring it meets high global standards. Charles Schwab, founded in 1971, is a publicly traded company on the stock exchange with 5 Tier-1 licenses, reflecting its widespread recognition and adherence to strict regulatory practices. Both companies are banks, further enhancing their credibility and stability in the financial sector.
According to ForexBrokers.com, both Saxo and Charles Schwab earn a perfect Trust Score of 99 out of 99, placing them in the highly trusted category. This rating assures users of their strong regulatory compliance and reliable investment environments. While Saxo is not publicly traded, both brokers offer secure, bank-level service quality, underpinned by their comprehensive range of licenses and long-standing industry presence.
| Feature |
Saxo
|
Charles Schwab
|
|---|---|---|
| Year Founded | 1992 | 1971 |
| Publicly Traded (Listed) | No | Yes |
| Bank | Yes | Yes |
| Tier-1 Licenses | 7 | 5 |
| Tier-2 Licenses | 1 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 0 |
When comparing Saxo and Charles Schwab for commissions and fees, Saxo stands out for offering excellent all-around pricing, particularly advantageous for active and high-volume traders or those who maintain large account balances. Saxo's EUR/USD average spreads in November 2023 were 1.1, 1.0, and 0.9 pips for their Classic, Platinum, and VIP accounts, respectively. While the Classic account spreads are slightly above the industry average, the Platinum and VIP account spreads are closer to it. Saxo holds a 5-star rating for commissions and fees and ranks #9 out of 62 brokers in this category according to ForexBrokers.com. Furthermore, Saxo's accounts waive certain fees, such as custody fees for traders opting into securities lending, and offer commission-free forex trading, with a minor exception for low-volume trades.
In contrast, Charles Schwab offers a more accessible entry for forex trading with no minimum deposit requirement for its primary brokerage accounts. Schwab traders can access the thinkorswim platform and trade forex through Schwab One and Schwab Global accounts. The Schwab Global account allows trading across twelve international markets, though conversion fees of 0.2% to 1% may apply depending on the market and account balance. Schwab, rated with 4 stars for commissions and fees, ranks #23 out of 62 brokers. While Schwab does not charge commissions for forex trading, traders encounter costs in the form of spreads. In October 2024, the average spread on the EUR/USD was 1.35 pips, placing it at the upper end of the industry average.
Overall, while Saxo offers competitive spreads and benefits for high-volume traders, Schwab’s lower barrier to entry and access to a vast range of financial products may appeal to traders looking for flexibility, especially in international markets. Both brokers have unique strengths, but in terms of commissions and fees, Saxo’s pricing strategy and high rating make it a standout choice for cost-efficient trading.
| Feature |
Saxo
|
Charles Schwab
|
|---|---|---|
| Minimum Deposit | $0 | $0 |
| Average Spread EUR/USD - Standard | 1.1 | 1.35 |
| All-in Cost EUR/USD - Active | 0.9 | 1.35 |
| Active Trader or VIP Discounts | Yes | No |
| ACH or SEPA Transfers | No | Yes |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | No |
| Visa/Mastercard (Credit/Debit) | Yes | No |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When comparing Saxo and Charles Schwab for their range of investments, both brokers offer impressive opportunities to investors, each receiving a 5-star rating. Saxo leads the way with a vast selection of 70,000 tradeable symbols and exceptional diversity in forex trading, allowing access to 190 forex pairs. Charles Schwab also provides substantial offerings with 40,000 tradeable symbols and 73 forex pairs available for trading. Both platforms support forex trading either as a CFD or spot contract, providing flexibility for different trading preferences.
Investors looking to trade securities on U.S. and international exchanges will find both Saxo and Charles Schwab accommodating, as they offer the option to purchase shares like Apple and Vodafone. However, a distinct feature of Saxo is its copy trading functionality, which Charles Schwab does not provide. For those interested in cryptocurrency derivatives, both brokers cater to this area, though they do not support the purchase of actual cryptocurrencies. According to ForexBrokers.com, Saxo holds a higher rank at #3 in the Range of Investments category, while Charles Schwab stands commendably at #5, making both platforms strong contenders in the investment landscape.
| Feature |
Saxo
|
Charles Schwab
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 70000 | 40000 |
| Forex Pairs (Total) | 190 | 73 |
| U.S. Stock Trading (Non CFD) | Yes | Yes |
| Int'l Stock Trading (Non CFD) | Yes | Yes |
| Social Trading / Copy Trading | Yes | 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.
When it comes to trading platforms and tools, both Saxo and Charles Schwab excel in offering comprehensive experiences, each with their unique strengths. Saxo provides a noticeable advantage with its inclusion of copy trading, something Charles Schwab lacks. Both platforms offer simulated trading through demo accounts and have developed their trading systems in-house, allowing users to experience a robust Windows-based desktop download platform as well as a convenient web-based platform. Neither broker offers MetaTrader 4 or 5, DupliTrade, or ZuluTrade. However, trading directly from stock charts is possible with both, providing a seamless and interactive trading experience.
In terms of customization and adaptability, Saxo and Charles Schwab both shine but in different areas. Saxo stands out with its extensive 60-column watch list, while Charles Schwab impresses with an overwhelming 580 columns available, allowing for detailed tracking and analysis. Charting tools are also a highlight, with Saxo featuring 20 drawing tools compared to Charles Schwab's 24. Reflecting the high quality of their offerings, both platforms have earned a five-star rating for their trading tools, yet Saxo holds the top spot in the Trading Platforms and Tools category according to ForexBrokers.com, while Charles Schwab comes in at an impressive fifth.
| Feature |
Saxo
|
Charles Schwab
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Platform | Yes | Yes |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Social Trading / Copy Trading | Yes | No |
| MetaTrader 4 (MT4) | No | No |
| MetaTrader 5 (MT5) | No | No |
| DupliTrade | No | No |
| ZuluTrade | No | No |
| Charting - Indicators / Studies (Total) | 64 | 374 |
| Charting - Drawing Tools (Total) | 20 | 24 |
| Charting - Trade From Chart | Yes | Yes |
| Watchlists - Total Fields | 60 | 580 |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
When comparing Saxo and Charles Schwab, both brokers offer impressive mobile trading apps compatible with iPhone and Android devices. Each app supports essential features like stock and forex price alerts, watchlist synchronization with online accounts, and the ability to draw trendlines on charts. Users can also view multiple time frames such as daily, weekly, or intraday, with the convenience of auto-saving their chart annotations. Additionally, both allow you to create watchlists with real-time quotes, helping you stay updated on market movements.
However, when it comes to technical charting tools, Charles Schwab offers significantly more technical studies, boasting 374 compared to Saxo's 64. Both brokers achieve a commendable 5-star rating for their mobile trading platforms, but Saxo edges ahead in ForexBrokers.com's rankings at #2, surpassing Charles Schwab's #6 spot. These differences make Saxo a more appealing choice for technical analysts, while Schwab could cater well to those who value abundant charting tools.
| Feature |
Saxo
|
Charles Schwab
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 64 | 374 |
| 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 comparing Saxo to Charles Schwab in terms of market research options, both brokers provide daily market commentary and access to forex news from reputable sources like Bloomberg and Reuters. Saxo shines with additional features that set it apart, such as offering technical analysis tools from Autochartist and a sentiment-based trading tool to gauge market positions. These extra tools help traders make informed decisions by providing a deeper insight into market trends and positions. Charles Schwab, on the other hand, does not offer these specific tools from Autochartist nor the sentiment-based trading feature but still delivers solid market research services.
Both brokers offer an economic calendar that tracks global news events, ensuring traders remain updated on important economic developments. Saxo is recognized for its superior research offerings, holding the top spot among 62 brokers as ranked by ForexBrokers.com, while Charles Schwab is highly rated at number four. Despite the differences in specific research tools, each broker receives a five-star rating for their research services, highlighting their dedication to providing quality market insights.
| Feature |
Saxo
|
Charles Schwab
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | Yes | No |
| Trading Central (Recognia) | No | No |
| Social Sentiment - Currency Pairs | Yes | 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, both Saxo and Charles Schwab cater extensively to those looking to learn more about trading. Both platforms provide a solid selection of educational content, including over ten pieces focusing on forex and CFDs. Whether you prefer to learn from articles, videos, or archived webinars, both brokers have got you covered. Additionally, they each host online client webinars regularly, at least once a month, and keep an archive that you can explore at any time. For those starting on their trading journey, both Saxo and Charles Schwab offer at least ten beginner educational videos, ensuring a comprehensive introduction to trading topics.
Aside from beginner resources, they also cater to experienced traders with advanced educational videos, offering over ten on each platform. To support your learning further, both brokers provide an investor dictionary, defining more than 50 crucial investing terms. While both Saxo and Charles Schwab have earned a perfect five-star rating for education, they differ slightly in their rankings through ForexBrokers.com, with Schwab securing the sixth spot while Saxo ranks thirteenth out of 62 brokers. Overall, both offer valuable educational resources, making them strong contenders for traders eager to enhance their knowledge and skills.
| Feature |
Saxo
|
Charles Schwab
|
|---|---|---|
| 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 Saxo is better than Charles Schwab. Saxo finished with an overall rank of #3, while Charles Schwab finished with an overall rank of #6.
Saxo is an exclusive multi-asset broker with brilliant research and a superb trading platform experience – as well as a stunning selection of over 40,000 securities.
| Feature |
Saxo
|
Charles Schwab
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 99 |
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Both Saxo and Charles Schwab do not provide the option to buy actual (delivered) cryptocurrency; however, they each offer the ability to invest in cryptocurrency derivatives.
When comparing online brokers, Saxo and Charles Schwab offer distinct methods for depositing and withdrawing account funds: Saxo supports Visa and Mastercard as well as bank wires but lacks ACH, SEPA, PayPal, and Skrill options, while Charles Schwab enables ACH, SEPA, and bank wire transactions but does not support Visa, Mastercard, PayPal, or Skrill.
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 | Saxo | Charles Schwab | |
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| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | Saxo Review | Charles Schwab Review |
| Broker Screenshots | Saxo | Charles Schwab | |
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| Regulation | Saxo | Charles Schwab | |
|---|---|---|---|
| Trust Score | 99 | 99 | |
| Year Founded | 1992 | 1971 | |
| Publicly Traded (Listed) | No | Yes | |
| Bank | Yes | Yes | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No | |
| Tier-1 Licenses | 7 | 5 | |
| Tier-2 Licenses | 1 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 0 |
| Tier-1 Licenses (Highly Trusted) | Saxo | Charles Schwab | |
|---|---|---|---|
| Australia (ASIC Authorised) | Yes | No | |
| Canada (CIRO Authorised) | No | Yes | |
| Hong Kong (SFC Authorised) | Yes | Yes | |
| Japan (SFC Authorised) | Yes | No | |
| Singapore (MAS Authorised) | Yes | Yes | |
| Switzerland (FINMA Authorised) | Yes | No | |
| United Kingdom (U.K.) (FCA Authorised) | Yes | Yes | |
| USA (CFTC Authorized) | No | Yes | |
| New Zealand (FMA Authorised) | No | No | |
| Regulated in one or more EU or EEA countries (MiFID). | Yes | No |
| Tier-2 Licenses (Trusted) | Saxo | Charles Schwab | |
|---|---|---|---|
| Kenya (CMA Authorised) | No | No | |
| Israel (ISA Authorised) | No | No | |
| South Africa (FSCA Authorised) | No | No | |
| UAE (DFSA/Central Bank Authorised) | Yes | No | |
| India (SEBI Authorised) | No | No | |
| Jordan (JSC Authorised) | No | No |
| Investments | Saxo | Charles Schwab | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 70000 | 40000 | |
| Forex Pairs (Total) | 190 | 73 | |
| U.S. Stock Trading (Non CFD) | Yes | Yes | |
| Int'l Stock Trading (Non CFD) | Yes | Yes | |
| Social Trading / Copy Trading | Yes | 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 | Saxo | Charles Schwab | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.1 | 1.35 | |
| All-in Cost EUR/USD - Active | 0.9 | 1.35 | |
| Active Trader or VIP Discounts | Yes | No | |
| Inactivity Fee | Yes | No | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | Yes | No |
| Funding | Saxo | Charles Schwab | |
|---|---|---|---|
| Minimum Deposit | $0 | $0 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | No | |
| Visa/Mastercard (Credit/Debit) | Yes | No | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| ACH or SEPA Transfers | No | Yes |
| Trading Platforms | Saxo | Charles Schwab | |
|---|---|---|---|
| Proprietary Platform | Yes | Yes | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Social Trading / Copy Trading | Yes | No | |
| MetaTrader 4 (MT4) | No | No | |
| MetaTrader 5 (MT5) | No | No | |
| cTrader | No | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Saxo | Charles Schwab | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 60 | 580 | |
| Charting - Indicators / Studies (Total) | 64 | 374 | |
| Charting - Drawing Tools (Total) | 20 | 24 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Saxo | Charles Schwab | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Alerts - Basic Fields | Yes | Yes | |
| Mobile Watchlist | Yes | Yes | |
| Watchlist Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 64 | 374 | |
| 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 | Saxo | Charles Schwab | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | Yes | No | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | Yes | No | |
| Economic Calendar | Yes | Yes |
| Education | Saxo | Charles Schwab | |
|---|---|---|---|
| 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 | Saxo | Charles Schwab | |
|---|---|---|---|
| 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 | Saxo Review | Charles Schwab Review |
| Overall | Saxo | Charles Schwab | |
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| Trust Score | 99 | 99 | |
| Winner | check_circle | ||
| Review | Saxo Review | Charles Schwab Review |
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