Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs TMGM, 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 stands as a seasoned player in the financial industry, solidifying its reputation with a ForexBrokers.com Trust Score of 99, indicating it is highly trusted. As a publicly traded bank, Charles Schwab offers enhanced security with its five Tier-1 licenses, the highest level of regulatory endorsement. This gives clients peace of mind, as such licenses signify substantial trust and oversight.
TMGM, established in 2013, is a newer entrant, yet it holds a respectable ForexBrokers.com Trust Score of 83. While it is not publicly traded and operates solely as a brokerage, TMGM still maintains strong credibility through its two Tier-1 licenses, striking a trusted stance in the financial services world. Despite its shorter history compared to Charles Schwab, TMGM continues to establish its reputation as a reliable broker.
| Feature |
Charles Schwab
|
TMGM
|
|---|---|---|
| Year Founded | 1971 | 2013 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 2 |
| Tier-2 Licenses | 0 | 0 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 2 |
When comparing the commissions and fees between Charles Schwab and TMGM, both brokers present unique advantages. Charles Schwab stands out by offering a zero minimum deposit for its primary brokerage accounts, providing easy entry into forex trading. It features Schwab One and Schwab Global accounts, which allow trading through the thinkorswim platform. Schwab doesn't charge commissions on forex trades; rather, it relies on the bid/ask spread across currency pairs. However, spreads can be at the higher end of the industry average, as observed with an average spread of 1.35 pips for EUR/USD in October 2024. Schwab has a star rating of 4 out of 5 for commissions and fees and ranks #23 out of 62 brokers reviewed by ForexBrokers.com in this category.
TMGM, on the other hand, offers a competitive Edge account that features low spreads and a commission structure. The Edge account charges a small commission of $3.50 per side, amounting to $7 per round trip, making it particularly appealing for cost-conscious traders. However, specific average spread data is not always available, which may limit a trader's ability to assess overall costs. TMGM also provides an Islamic finance-friendly Edge account option, which is crucial for traders seeking swap-free accounts. TMGM is rated 4 out of 5 stars for its commissions and fees and is ranked #36 out of 62 brokers by ForexBrokers.com for this category.
Overall, Charles Schwab could be a better fit for those who prioritize a commission-free structure and access to multiple account types and international markets. In contrast, TMGM might be more appealing for traders seeking low, transparent commissions and Sharia-compliant options. Both brokers are well-regarded, sharing the same star rating for commissions and fees, though Schwab enjoys a higher ranking in this specific area.
| Feature |
Charles Schwab
|
TMGM
|
|---|---|---|
| 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 comparing Charles Schwab and TMGM, both brokers offer forex trading as CFDs or spot contracts, catering to investors interested in currency markets. Charles Schwab stands out with an extensive selection of 40,000 tradable symbols, including 73 forex pairs, which may appeal to traders seeking a wide array of investment options. In contrast, TMGM provides 12,000 symbols and 62 forex pairs, focusing more on straightforward offerings. A distinct advantage of Charles Schwab is its access to exchange-traded securities on both U.S. and international markets, allowing clients to buy shares like Apple and Vodafone directly. TMGM does not offer such direct exchange options but provides copy trading, which can be an appealing feature for investors interested in mirroring successful trades.
Both Charles Schwab and TMGM allow for cryptocurrency derivatives trading, although they do not offer the purchase of actual cryptocurrencies. In terms of range of investments, Charles Schwab receives a five-star rating, reflecting its broad market offerings and is ranked 5th among 62 brokers by ForexBrokers.com. TMGM holds a 4.5-star rating and is ranked 17th, which still showcases a commendable range of investment opportunities but slightly less variety compared to Charles Schwab. For traders prioritizing depth and diversity in their investment choices, Charles Schwab may have the edge, whereas TMGM might attract those interested in copy trading and a more focused range of options.
| Feature |
Charles Schwab
|
TMGM
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 12000 |
| Forex Pairs (Total) | 73 | 62 |
| 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 of Charles Schwab and TMGM, several distinctions arise that may influence your choice of broker. Charles Schwab provides a comprehensive suite that includes a proprietary platform with various features such as a Windows desktop download and a web-based trading platform. They also offer a free virtual demo account for paper trading, enhancing your experience with simulated market conditions. Charles Schwab excels with advanced charting capabilities, including 24 drawing tools and the ability to trade directly from stock charts. Furthermore, their watchlist can accommodate up to 580 fields, offering customized monitoring. Charles Schwab's platform earns a highly commendable 5-star rating, placing it in the top tier (#5) among 62 brokers evaluated by ForexBrokers.com.
On the other hand, TMGM offers a solid platform with options for Windows and web-based trading and a demo account for paper trading. However, it stands out with features such as copy trading and support for popular platforms like MetaTrader 4 (MT4) and MetaTrader 5 (MT5), which are favored by many traders for their extensive functionalities. While TMGM offers fewer drawing tools for charting - 15 compared to Charles Schwab's offerings - and a more limited seven fields for watch lists, it does provide the ability to place trades directly from stock charts. TMGM's trading platform and tools receive a 4-star rating and hold the #48 spot in the ForexBrokers.com ranking. These differences highlight each broker's strengths, helping you choose based on your specific trading needs and preferences.
| Feature |
Charles Schwab
|
TMGM
|
|---|---|---|
| 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 | 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 evaluating the mobile trading experience offered by Charles Schwab and TMGM, both platforms provide iPhone and Android apps, catering to a wide user base. They also deliver stock and forex price alerts and allow users to draw trendlines on charts while providing the option to view multiple time frames. However, Charles Schwab distinguishes itself with watchlist symbol syncing, a feature absent in TMGM, enabling seamless updates across devices and accounts. Additionally, with a staggering 374 technical studies accessible through its charting tools, Charles Schwab significantly outpaces TMGM, which offers only 30 studies.
For those seeking user ratings, Charles Schwab's mobile app boasts a top-tier score of 5 stars, whereas TMGM holds a slightly lower rating of 4 stars. In global rankings, Charles Schwab's app shines, securing the 6th spot out of 62 brokers on ForexBrokers.com. In contrast, TMGM is placed at #47, suggesting a gap in user preference and feature richness. Both platforms support creating watchlists with real-time quotes and auto-saving chart drawings, but Charles Schwab's comprehensive offerings and superior user ratings may sway more tech-savvy traders seeking advanced tools and synchronization features.
| Feature |
Charles Schwab
|
TMGM
|
|---|---|---|
| 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 comparing Charles Schwab and TMGM, both offer daily market commentary and provide forex news from top-tier sources like Bloomberg and Reuters. An economic calendar highlighting key global events is also available with each broker. However, TMGM edges ahead with additional research tools, providing access to Trading Central for technical analytics, a sentiment-based trading tool, and Acuity Trading’s Signal Centre. Charles Schwab, in contrast, does not offer these specialized features.
Despite TMGM's expanded toolset, Charles Schwab remains a leader in market research, earning a five-star rating and ranking fourth among 62 brokers according to ForexBrokers.com. TMGM, while offering various advanced tools, rates 3.5 stars and holds the 53rd position in the same category. This indicates that Charles Schwab excels in delivering reliable and well-regarded market research services, whereas TMGM provides a more diverse range of research features, albeit with room for enhancement in quality.
| Feature |
Charles Schwab
|
TMGM
|
|---|---|---|
| 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 | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | Yes |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
For beginners seeking to enhance their understanding of forex and CFDs, Charles Schwab stands out with a wide array of educational resources. It provides over ten educational pieces that focus on forex and CFDs, along with monthly online webinars designed to engage learners. Charles Schwab also offers an extensive archive of recorded webinars, enabling users to revisit previous sessions at their convenience. Additionally, the brokerage includes more than ten beginner-focused videos to help newcomers grasp essential trading concepts, complemented by advanced videos for experienced traders seeking deeper insights. These features contribute to its impressive 5-star rating for education and a notable 6th place ranking among 62 brokers, making it a go-to choice for those prioritizing comprehensive learning tools.
In contrast, TMGM offers a more limited selection of educational materials for beginners interested in forex and CFDs. While it provides a searchable archive of webinars like Charles Schwab, TMGM does not hold monthly educational webinars or cover a variety of topics in beginner and advanced videos. Its educational offerings are reflected in its 3.5-star rating and 54th place finish in educational rankings among 62 brokers. Although TMGM does present an investor dictionary with explanations for over 50 investing terms, beginners might find Charles Schwab's broader educational resources more beneficial for an in-depth understanding of trading.
| Feature |
Charles Schwab
|
TMGM
|
|---|---|---|
| Education (Forex or CFDs) | Yes | No |
| Client Webinars | Yes | No |
| Client Webinars (Archived) | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | No |
| 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 TMGM. Charles Schwab finished with an overall rank of #6, while TMGM finished with an overall rank of #37.
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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TMGM
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 83 |
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Both Charles Schwab and TMGM do not offer the ability to purchase actual (delivered) cryptocurrency, but they do provide options for buying cryptocurrency derivatives.
Charles Schwab supports ACH, SEPA, and bank wire transfers for funding and withdrawals, while TMGM offers a broader range of deposit and withdrawal options including PayPal, Skrill, Visa, Mastercard, and bank wires, catering to diverse user preferences.
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 | TMGM | |
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| Trust Score | 99 | 83 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | TMGM Review |
| Broker Screenshots | Charles Schwab | TMGM | |
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| Regulation | Charles Schwab | TMGM | |
|---|---|---|---|
| Trust Score | 99 | 83 | |
| Year Founded | 1971 | 2013 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | No | |
| Tier-1 Licenses | 5 | 2 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 2 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | TMGM | |
|---|---|---|---|
| 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 | No | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | Yes | |
| Regulated in one or more EU or EEA countries (MiFID). | No | No |
| Tier-2 Licenses (Trusted) | Charles Schwab | TMGM | |
|---|---|---|---|
| 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 | TMGM | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 12000 | |
| Forex Pairs (Total) | 73 | 62 | |
| 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 | TMGM | |
|---|---|---|---|
| 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 | Yes | |
| Execution: Agency Broker | Yes | Yes | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | TMGM | |
|---|---|---|---|
| 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 | TMGM | |
|---|---|---|---|
| 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 | No |
| Trading Tools | Charles Schwab | TMGM | |
|---|---|---|---|
| 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 | TMGM | |
|---|---|---|---|
| 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 | TMGM | |
|---|---|---|---|
| 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 | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | TMGM | |
|---|---|---|---|
| Education (Forex or CFDs) | Yes | No | |
| Client Webinars | Yes | No | |
| Client Webinars (Archived) | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | No | |
| Videos - Advanced Trading Videos | Yes | No | |
| Investor Dictionary (Glossary) | Yes | Yes |
| Major Forex Pairs | Charles Schwab | TMGM | |
|---|---|---|---|
| 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 | TMGM Review |
| Overall | Charles Schwab | TMGM | |
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| Trust Score | 99 | 83 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | TMGM Review |
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