Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs TeleTrade, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
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Charles Schwab, established in 1971, and TeleTrade, founded in 1994, are both notable names in the realm of online brokerage. Charles Schwab stands out as a publicly traded bank, while TeleTrade is neither publicly listed nor a bank. Such attributes often add an extra layer of credibility and stability, especially for those seeking a reliable financial partner. When considering regulatory credentials, Charles Schwab shines with five Tier-1 licenses, which are highly trusted, reflecting its solid standing in the financial world compared to TeleTrade's single Tier-1 license. In terms of trustworthiness, as evaluated by ForexBrokers.com, Charles Schwab scores an impressive 99 out of 99, indicating it is highly trusted, whereas TeleTrade receives a score of 71, placing it within the average risk category.
Choosing between these two online brokers largely depends on individual needs and risk appetite. Charles Schwab, with its public listing and banking status, offers a history of financial stability and a strong regulatory reputation. This makes it an attractive choice for individuals prioritizing high levels of trust and established security. On the other hand, TeleTrade may appeal to those who are comfortable with a moderate risk level while seeking more niche or specialized trading opportunities. This comparison highlights the importance of understanding each broker's background and regulatory commitments to make an informed decision in the ever-evolving world of online brokerage.
| Feature |
Charles Schwab
|
TeleTrade
|
|---|---|---|
| Year Founded | 1971 | 1994 |
| 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 | 0 |
Charles Schwab stands out in the online brokerage landscape with no minimum deposit required for its primary brokerage account types, making it an attractive choice for those new to forex trading. Schwab offers two key accounts for forex traders: Schwab One and Schwab Global. The Schwab One account allows traders to use the thinkorswim platform and settle all trades, including forex, in U.S. dollars, with a minimum trade size of 10,000 units. On the other hand, the Schwab Global account provides access to twelve international markets but requires currency conversion fees that range from 0.2% to 1%, depending on the account balance size. Charles Schwab charges no commissions on forex trades, with costs consisting solely of the bid/ask spread, where the average spread on the EUR/USD is 1.35 pips. Schwab is rated four out of five stars for its commissions and fees and ranks #23 out of 62 brokers as per ForexBrokers.com.
TeleTrade's fees structure is less transparent compared to Charles Schwab, as average spread data is not readily available. Despite this, TeleTrade is rated similarly to Schwab, earning a four-star rating for its commissions and fees framework. However, when stacked against Schwab’s versatile account offerings and competitive spreads, TeleTrade is ranked lower in the industry, coming in at #46 out of the 62 brokers evaluated by ForexBrokers.com. This suggests that while TeleTrade has some merits, it may lag behind Schwab in terms of cost transparency and overall ranking in the commission and fees category.
Both Charles Schwab and TeleTrade achieve a four-star rating for their fees and commissions. Yet, Schwab’s broader range of account types and transparent pricing for forex trading enhances its appeal, especially when considering its higher ranking. For potential forex traders deciding between the two brokers, Charles Schwab offers a slightly more favorable mix of accessible trading options, account variety, and clear cost structures, positioning it as a more advantageous choice in the realm of online trading.
| Feature |
Charles Schwab
|
TeleTrade
|
|---|---|---|
| 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 | 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 Charles Schwab to TeleTrade in terms of available investments, both brokers offer forex trading as CFDs or spot contracts. However, the investment options at Charles Schwab significantly outpace those at TeleTrade. Charles Schwab provides access to 40,000 tradeable symbols, including 73 forex pairs. In stark contrast, TeleTrade features 500 tradeable symbols, among which are 61 forex pairs. Notably, Charles Schwab offers clients the opportunity to buy U.S. and international exchange-traded securities, allowing investments in companies like Apple and Vodafone. TeleTrade, on the other hand, only allows trading in CFDs for such securities.
While Charles Schwab does not support copy trading, TeleTrade does offer this feature, which could be appealing to those interested in mirroring successful trades. Currently, neither Charles Schwab nor TeleTrade allows clients to buy actual cryptocurrencies directly; instead, both offer cryptocurrency derivatives for those looking to venture into this digital asset class. When ranked on investment range, Charles Schwab achieves a notable rating of 5 stars and holds the 5th position among 62 brokers on ForexBrokers.com. TeleTrade, rated at 3.5 stars, is placed at the 45th position, indicating a more limited investment scope compared to its counterpart.
| Feature |
Charles Schwab
|
TeleTrade
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 500 |
| Forex Pairs (Total) | 73 | 61 |
| 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 evaluating online trading platforms, Charles Schwab and TeleTrade offer distinct features tailored for different user needs. Both brokers provide simulated or paper trading, allowing users to practice without risk. Charles Schwab stands out with its in-house developed proprietary platform, making it a unique choice for those who value tailored experiences, while TeleTrade does not have a proprietary platform. Both brokers offer downloadable desktop and web-based platforms, but only TeleTrade supports popular third-party options like MetaTrader 4 and 5, catering to users who prefer these industry-standard tools. Additionally, TeleTrade offers copy trading and integration with ZuluTrade, providing social trading capabilities that Schwab lacks.
Charles Schwab excels in offering a rich set of trading resources, with impressive features such as the ability to trade directly from charts and a staggering 580 fields for watch lists, which dwarfs TeleTrade's offering of 7 fields. Schwab also provides more drawing tools for charting than TeleTrade, with 24 tools compared to 15. While TeleTrade garners praise with a solid 4-star rating for its platforms and is ranked 51st out of 62 brokers, Charles Schwab earns a top-tier, 5-star rating and is positioned 5th for its superior trading platforms and tools. This makes Schwab a compelling choice for those seeking a comprehensive and high-ranking trading experience.
| Feature |
Charles Schwab
|
TeleTrade
|
|---|---|---|
| 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 | 35 |
| 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 TeleTrade provide solid mobile trading applications compatible with iPhones and Android devices. Their apps offer essential features like stock or forex price alerts, chart navigation with different time frames, and the ability to draw trendlines. While both platforms allow users to create watchlists with real-time quotes, Charles Schwab's app has a distinct advantage by offering watchlist symbol syncing between the mobile app and the online account, ensuring seamless updates across platforms.
When it comes to charting capabilities, Charles Schwab significantly outpaces TeleTrade by providing 374 technical studies compared to TeleTrade's 35. Both apps can auto-save chart drawings, enhancing the user experience. In terms of user ratings, Charles Schwab's app boasts a 5-star rating, while TeleTrade is rated 4 stars. Additionally, Charles Schwab ranks higher at #6 among 62 brokers for mobile trading apps, as per ForexBrokers.com, whereas TeleTrade stands at #25. Overall, Charles Schwab offers a more feature-rich and user-friendly mobile trading experience.
| Feature |
Charles Schwab
|
TeleTrade
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Alerts - Basic Fields | Yes | Yes |
| Watchlist Syncing | Yes | No |
| Mobile Charting - Indicators / Studies | 374 | 35 |
| 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.
Comparing Charles Schwab and TeleTrade reveals differences in their market research offerings while showcasing some similarities. Both firms provide daily market commentary and access to forex news from reputable sources like Bloomberg, Reuters, and Dow Jones. Each broker also features an economic calendar to help track global news events. However, neither Charles Schwab nor TeleTrade offers technical analysis tools from companies like Autochartist or Trading Central, sentiment-based trading tools, market research from TipRanks, or research tools from Acuity Trading.
When it comes to research ratings and rankings, Charles Schwab outshines TeleTrade with a stellar five-star rating for research, compared to TeleTrade's 3.5 stars. Additionally, Charles Schwab holds an impressive fourth-place rank in the Research category among 62 brokers reviewed by ForexBrokers.com, while TeleTrade finds itself further down the list at 38th. This ranking reflects a more favorable reception of Charles Schwab's research capabilities compared to TeleTrade's.
| Feature |
Charles Schwab
|
TeleTrade
|
|---|---|---|
| Daily Market Commentary | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| 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.
When it comes to educational resources for beginners, Charles Schwab excels in providing an extensive array of learning materials, specifically focusing on forex and CFDs. Schwab offers more than ten pieces of educational content that include articles, videos, and archived webinars, catering to both new and seasoned traders. Furthermore, its monthly online webinars, which are also archived for future reference, make it easy for clients to enhance their trading knowledge at their pace. Beginners can take advantage of at least ten trading-focused instructional videos, while advanced traders are also well-catered to, with the same number of videos dedicated to more complex topics. Schwab even offers an investor dictionary to help beginners grasp investing terms, making it a comprehensive educational resource for anyone starting in the world of trading. Rated 5 stars for education by industry experts, Charles Schwab ranks impressively at #6 out of 62 brokers.
In contrast, TeleTrade falls short of offering similarly extensive educational resources, particularly for those interested in forex or CFDs. While TeleTrade provides some educational support, it does not meet the minimum threshold of ten focused pieces for these trading areas. Unlike Charles Schwab, TeleTrade does not hold regular monthly webinars or maintain a searchable archive of past presentations. The beginner and advanced educational video offerings are also limited, with TeleTrade lacking the range that would significantly benefit newcomers and experienced traders alike. Without the support of a robust investor dictionary, newcomers might find it challenging to navigate trading terminology. With a 3.5-star rating in the education category and a rank of #61 out of 62 brokers, TeleTrade's educational offerings might not meet the expectations of those looking for a supportive learning environment.
| Feature |
Charles Schwab
|
TeleTrade
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | No |
| Videos - Beginner Trading Videos | Yes | No |
| 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 TeleTrade. Charles Schwab finished with an overall rank of #6, while TeleTrade finished with an overall rank of #50.
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
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TeleTrade
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 71 |
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Charles Schwab and TeleTrade both provide the option to buy cryptocurrency derivatives but do not offer the ability to purchase actual cryptocurrency.
When comparing online brokers Charles Schwab and TeleTrade, Charles Schwab supports ACH and SEPA transfers and bank wires for depositing or withdrawing funds but does not accept PayPal, Skrill, Visa, or Mastercard, whereas TeleTrade allows fund transfers via Skrill, Visa, Mastercard, and bank wires, but not ACH, SEPA, or PayPal.
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 | TeleTrade | |
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| Trust Score | 99 | 71 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review |
| Broker Screenshots | Charles Schwab | TeleTrade | |
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| Regulation | Charles Schwab | TeleTrade | |
|---|---|---|---|
| Trust Score | 99 | 71 | |
| Year Founded | 1971 | 1994 | |
| 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 | 0 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | TeleTrade | |
|---|---|---|---|
| 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 | TeleTrade | |
|---|---|---|---|
| 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 | TeleTrade | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 500 | |
| Forex Pairs (Total) | 73 | 61 | |
| 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 | TeleTrade | |
|---|---|---|---|
| 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 | TeleTrade | |
|---|---|---|---|
| Minimum Deposit | $0 | $100 | |
| 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 | TeleTrade | |
|---|---|---|---|
| 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 | No | |
| DupliTrade | No | No | |
| ZuluTrade | No | Yes |
| Trading Tools | Charles Schwab | TeleTrade | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Alerts - Basic Fields | Yes | Yes | |
| Watchlists - Total Fields | 580 | 7 | |
| Charting - Indicators / Studies (Total) | 374 | 35 | |
| Charting - Drawing Tools (Total) | 24 | 15 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Charles Schwab | TeleTrade | |
|---|---|---|---|
| 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 | 35 | |
| 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 | TeleTrade | |
|---|---|---|---|
| Daily Market Commentary | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | No | |
| Trading Central (Recognia) | No | No | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | No | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | TeleTrade | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | No | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | No |
| Major Forex Pairs | Charles Schwab | TeleTrade | |
|---|---|---|---|
| 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 | TeleTrade | |
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| Trust Score | 99 | 71 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review |
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