Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs TopFX, 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, founded in 1971, stands out as a highly trusted online broker with a near-perfect Trust Score of 99 as evaluated by ForexBrokers.com. This American-based company is publicly traded and operates as a bank, providing it with strong financial credibility. Additionally, Charles Schwab holds five Tier-1 licenses, reflecting significant regulatory oversight and compliance with high standards. These credentials contribute to its excellent reputation and stability in the financial markets.
In contrast, TopFX, established in 2010, offers a different profile. It is not listed on any stock exchange and does not operate as a bank. With a Trust Score of 67, TopFX is categorized as high risk according to ForexBrokers.com. The broker holds one Tier-1 license, marking partial regulatory compliance but falling short of the assurances provided by a company like Charles Schwab. These factors are essential for investors considering their options in online trading services.
| Feature |
Charles Schwab
|
TopFX
|
|---|---|---|
| Year Founded | 1971 | 2010 |
| 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 |
When comparing the commissions and fees of Charles Schwab and TopFX, both brokers have distinct offerings that cater to different trading preferences. Charles Schwab impresses with a no minimum deposit requirement for its primary brokerage accounts, specifically Schwab One and Schwab Global, which are known for providing forex trading capabilities through the thinkorswim platform. All trades, including forex, are settled in U.S. dollars, and the minimum trade size is 10,000 units, requiring a margin of $500 with 20:1 leverage. Schwab does not impose commissions on forex trading, relying on the bid/ask spread to determine trading costs. For October 2024, the average spread on the EUR/USD stood at 1.35 pips. Schwab is rated 4 out of 5 stars for commissions and fees and ranks #23 out of 62 brokers according to ForexBrokers.com.
On the other hand, TopFX provides two account options—ZERO and RAW—catered to users on platforms like MetaTrader and cTrader. The ZERO account charges no commissions, whereas the RAW account is commission-based with a fee of 2.75 EUR per side per standard lot. The average spread for the EUR/USD in the RAW account during July 2024 was 0.33 pips, leading to an all-in cost of 0.88 pips after including commissions. The ZERO account, although commission-free, comes with a higher average spread of 1.03 pips for EUR/USD. Like Schwab, TopFX also holds a 4-star rating for commissions and fees but sits lower in the ForexBrokers.com ranking at #40 out of 62 brokers.
Both brokers offer competitive pricing features tailored to various trading strategies. Charles Schwab’s commission-free structure and versatile international market access might appeal to traders focused on diverse securities within a U.S. dollar-centric trading environment. In contrast, TopFX offers flexibility with its choice of account types and platforms, catering to traders who are precise about cost calculations and platform preferences. Ultimately, the decision between these brokers relies on individual trading needs and the specific features each broker provides.
| Feature |
Charles Schwab
|
TopFX
|
|---|---|---|
| Minimum Deposit | $0 | Depends on payment method |
| Average Spread EUR/USD - Standard | 1.35 | 1.03 |
| All-in Cost EUR/USD - Active | 1.35 | 0.88 |
| 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 to TopFX in terms of available investment options, Charles Schwab stands out with an impressive offering of 40,000 tradeable symbols, which includes a wide array of exchange-traded securities on both U.S. and international markets. Additionally, Charles Schwab caters to forex traders with 73 tradeable forex pairs and provides the option to trade forex either as CFDs or spot contracts. However, Charles Schwab does not offer copy trading, and while it doesn't facilitate the purchase of actual cryptocurrency, clients have access to cryptocurrency derivatives. This comprehensive range makes Charles Schwab a popular choice, earning it a 5-star rating and a #5 ranking in the Range of Investments category by ForexBrokers.com.
TopFX, on the other hand, offers a selection of 655 tradeable symbols and focuses on forex trading, with 60 tradeable forex pairs available. Like Charles Schwab, TopFX provides forex trading in the form of CFDs or spot contracts and also supports cryptocurrency derivatives. Despite not offering exchange-traded securities on U.S. or international markets, TopFX distinguishes itself by providing copy trading services, which might appeal to investors looking to mirror successful trading strategies. With a 3.5-star rating and a #46 ranking in the Range of Investments category by ForexBrokers.com, TopFX offers a more specialized investment experience compared to the broader range available at Charles Schwab.
| Feature |
Charles Schwab
|
TopFX
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 655 |
| Forex Pairs (Total) | 73 | 60 |
| 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 Charles Schwab and TopFX for their trading platforms and tools, both offer users the advantage of simulated (paper) trading through free virtual demo accounts, allowing traders to practice strategies without risk. Charles Schwab distinguishes itself with a proprietary platform developed in-house, while TopFX does not. Both brokers provide desktop and web-based trading platforms, ensuring a flexible trading experience. Charles Schwab, however, does not support MetaTrader 4 (MT4) or MetaTrader 5 (MT5), unlike TopFX, which supports MT4 but not MT5. Additionally, Charles Schwab doesn't offer copy trading, whereas TopFX provides this feature for traders interested in mirroring others' strategies.
In terms of charting abilities, Charles Schwab presents a wide array of tools with 24 drawing options, compared to TopFX's 15. Schwab also allows trading directly from stock charts and boasts an impressive 580 fields for watch lists, enriching the user's ability to track and analyze market trends. In contrast, TopFX offers 7 watch list fields. For its comprehensive offering, Charles Schwab earns a 5-star rating for Trading Platforms and Tools from ForexBrokers.com and ranks 5th out of 62 brokers, underscoring its superior service. Meanwhile, TopFX receives a commendable 4-star rating but ranks 44th, reflecting its more modest toolset compared to the industry giant, Schwab.
| Feature |
Charles Schwab
|
TopFX
|
|---|---|---|
| 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.
Charles Schwab and TopFX both provide mobile apps for iPhone and Android devices, ensuring a convenient trading experience on the go. When it comes to certain features, the two platforms offer similar capabilities such as stock and forex price alerts, the ability to draw trendlines on charts, view multiple time frames, and create watchlists with real-time quotes. They also both support auto-saving of chart drawings. However, a key difference lies in watchlist syncing—Charles Schwab's app syncs seamlessly with the client's online account, while TopFX lacks this functionality. Additionally, Schwab outshines TopFX with a whopping 374 technical studies for chart analysis compared to TopFX's 30.
User feedback and rankings further highlight these differences. Charles Schwab's mobile app is awarded a full five-star rating by users, securing the sixth spot among 62 brokers on ForexBrokers.com in the Mobile Trading Apps category. TopFX, with a respectable four-star rating, ranks at number 51. With its comprehensive features and higher user satisfaction, Charles Schwab seems to cater more effectively to the needs of traders who require chart customization and online account integration.
| Feature |
Charles Schwab
|
TopFX
|
|---|---|---|
| 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 considering market research offerings, Charles Schwab and TopFX both bring distinct strengths to the table. Charles Schwab provides daily market commentary, ensuring that users have constant access to fresh insights. Both platforms deliver timely forex news from top-tier outlets like Bloomberg and Reuters, catering to traders who thrive on up-to-date information. Additionally, Charles Schwab includes a comprehensive economic calendar, similar to the one offered by TopFX, giving users a full view of major global events. However, Charles Schwab shines with a remarkable 5-star rating for research, placing it 4th out of 62 brokers on ForexBrokers.com, a testament to its quality offerings.
In contrast, TopFX excels in technical analysis tools, providing access to renowned resources such as Autochartist and Trading Central tools, which can help traders more effectively analyze market trends. Furthermore, TopFX offers a sentiment-based trading tool that Charles Schwab lacks, giving users insight into the ratio of long or short positions across currency pairs. Despite these offerings, TopFX earns a 3-star research rating and ranks 59th in the ForexBrokers.com assessment. For traders prioritizing technical and sentiment analysis, TopFX might hold appeal, but Charles Schwab leads in overall research support with its high ratings and extensive market commentary.
| Feature |
Charles Schwab
|
TopFX
|
|---|---|---|
| Daily Market Commentary | Yes | No |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | Yes |
| Trading Central (Recognia) | No | Yes |
| Social Sentiment - Currency Pairs | No | Yes |
| TipRanks | No | No |
| Signal Centre (Acuity Trading) | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
When it comes to educating beginners in online trading, Charles Schwab stands out with a comprehensive selection of resources while TopFX falls behind. Charles Schwab excels by offering a rich array of over ten educational pieces focused on forex and CFDs, aimed at making complex topics easier to grasp for newcomers. In addition, they hold regular online webinars to further guide their clients and maintain an easily accessible archive for those who wish to revisit past sessions. Their library also includes a diverse collection of videos tailored for both beginners and advanced traders, easing the learning curve for all levels of expertise. Furthermore, with the inclusion of a well-structured investor dictionary, Charles Schwab ensures that users can easily familiarize themselves with over 50 key investing terms, making the education experience seamless and comprehensive.
On the other hand, TopFX's educational offerings do not compare. They lack the essential educational materials on forex and CFDs and do not provide monthly webinars or an archive of recorded sessions for clients to access. The absence of a structured video library and a substantial investor dictionary further impacts the learning experience for beginners. Consequently, these differences in educational support are reflected in their ratings, with Charles Schwab earning a 5-star rating and ranking sixth out of 62 brokers by ForexBrokers.com, while TopFX receives a 3-star rating and ranks significantly lower at sixtieth, indicating a less supportive environment for beginner traders seeking educational resources.
| Feature |
Charles Schwab
|
TopFX
|
|---|---|---|
| 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 TopFX. Charles Schwab finished with an overall rank of #6, while TopFX finished with an overall rank of #61.
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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TopFX
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|---|---|---|
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| Trust Score | 99 | 67 |
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Both Charles Schwab and TopFX do not provide the option to purchase actual delivered cryptocurrency, but they do offer cryptocurrency derivatives, allowing investors to engage in crypto trading without owning the underlying asset.
When comparing online brokers Charles Schwab and TopFX for deposit and withdrawal options, Charles Schwab supports ACH/SEPA transfers and bank wires, but does not offer PayPal, Skrill, or Visa/Mastercard options, whereas TopFX provides a broader range of methods including PayPal, Skrill, Visa/Mastercard, and bank wires, albeit lacking ACH/SEPA transfer capabilities.
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 | TopFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | TopFX Review |
| Broker Screenshots | Charles Schwab | TopFX | |
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| Regulation | Charles Schwab | TopFX | |
|---|---|---|---|
| Trust Score | 99 | 67 | |
| 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 | 1 | |
| Tier-2 Licenses | 0 | 0 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | TopFX | |
|---|---|---|---|
| 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 | TopFX | |
|---|---|---|---|
| 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 | TopFX | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 655 | |
| Forex Pairs (Total) | 73 | 60 | |
| 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 | TopFX | |
|---|---|---|---|
| Average Spread EUR/USD - Standard | 1.35 | 1.03 | |
| All-in Cost EUR/USD - Active | 1.35 | 0.88 | |
| Active Trader or VIP Discounts | No | No | |
| Inactivity Fee | No | No | |
| Execution: Agency Broker | Yes | No | |
| Execution: Market Maker | No | Yes |
| Funding | Charles Schwab | TopFX | |
|---|---|---|---|
| Minimum Deposit | $0 | Depends on payment method | |
| 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 | TopFX | |
|---|---|---|---|
| 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 | Yes | |
| DupliTrade | No | No | |
| ZuluTrade | No | No |
| Trading Tools | Charles Schwab | TopFX | |
|---|---|---|---|
| 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 | TopFX | |
|---|---|---|---|
| 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 | TopFX | |
|---|---|---|---|
| Daily Market Commentary | Yes | No | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | Yes | |
| Trading Central (Recognia) | No | Yes | |
| TipRanks | No | No | |
| Social Sentiment - Currency Pairs | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | TopFX | |
|---|---|---|---|
| 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 | TopFX | |
|---|---|---|---|
| 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 | TopFX Review |
| Overall | Charles Schwab | TopFX | |
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| Trust Score | 99 | 67 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | TopFX Review |
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