Written by ForexBrokers.com
In this head to head comparison of Charles Schwab vs XM Group, 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 vs. XM Group: Schwab was founded in 1971, is publicly traded, and operates as a bank; XM Group began in 2009, is not publicly traded, and is not a bank. According to ForexBrokers.com, Schwab holds a Trust Score of 99 and XM Group scores 93—both fall in the 90–99 range, which is considered highly trusted.
Regulation: Schwab holds 5 Tier-1 licenses (highly trusted) and 0 Tier-2 licenses, while XM Group holds 4 Tier-1 and 3 Tier-2 licenses (trusted). In short, Schwab has a larger set of top-tier approvals and the backing of a listed bank, while XM Group is also highly trusted with strong global coverage through multiple Tier-1 and Tier-2 licenses.
| Feature |
Charles Schwab
|
XM Group
|
|---|---|---|
| Year Founded | 1971 | 2009 |
| Publicly Traded (Listed) | Yes | No |
| Bank | Yes | No |
| Tier-1 Licenses | 5 | 4 |
| Tier-2 Licenses | 0 | 3 |
| Tier-3 Licenses | 0 | 0 |
| Tier-4 Licenses | 0 | 1 |
Charles Schwab earns a 4-star rating and ranks #23 out of 36 brokers for commissions and fees. Its forex pricing is simple: Schwab does not charge commissions on forex trades, and costs are built into the spread instead. For the EUR/USD pair, the average spread in October 2024 was 1.35 pips, which sits on the higher side of the industry average. Schwab’s no minimum deposit on key brokerage accounts also lowers the barrier to entry, and traders can use thinkorswim through the Schwab One account. One thing to note is that forex trades are settled in U.S. dollars, and the smallest trade size is 10,000 units, which can mean a minimum margin requirement of about $500 at 20:1 leverage.
The Schwab Global account is better suited to traders who want access to 12 international markets in local currencies. Currency conversion fees may apply when funding in a different currency, and those fees can range from 0.2% to 1% depending on account balance. For traders who hold positions overnight, Schwab also shows carry charges inside thinkorswim, making it easier to estimate total costs before trading.
XM Group is rated 3.5 stars and ranks #34 out of 36 brokers for commissions and fees, placing it behind Schwab in this category. XM’s Standard account spreads are expensive, while average spreads for the commission-based XM Zero account are not published, which makes direct cost comparison harder. Overall, Schwab offers clearer pricing and a better score for fees, while XM Group trails mainly because of its higher spread costs.
| Feature |
Charles Schwab
|
XM Group
|
|---|---|---|
| Minimum Deposit | $0 | $5 |
| Average spread (EUR/USD) - Standard account | 1.27 | 2 |
| All-in Cost EUR/USD - Active | 1.27 | N/A |
| Non-wire bank transfer | Yes | No |
| PayPal (Deposit/Withdraw) | No | No |
| Skrill (Deposit/Withdraw) | No | Yes |
| Bank Wire (Deposit/Withdraw) | Yes | Yes |
Dive deeper: Best Low Spread Forex Brokers.
When it comes to range of investments, Charles Schwab offers a wider selection than XM Group. Schwab lists about 40,000 tradeable symbols, including 73 forex pairs, while XM Group offers about 1,429 symbols and 55 forex pairs. Both brokers let you trade forex as a CFD or spot contract, and both also give access to exchange-traded securities on U.S. and international markets, so you can buy real shares rather than only derivatives.
There are a few key differences to note. XM Group offers copy trading, while Charles Schwab does not. Neither broker lets you buy actual cryptocurrency, but both do offer cryptocurrency CFDs. Based on ForexBrokers.com’s Range of Investments category, Charles Schwab earns 5 out of 5 stars and ranks #5 out of 36 brokers, while XM Group scores 4.5 stars and ranks #19. If you want the broader market selection, Charles Schwab has the edge.
| Feature |
Charles Schwab
|
XM Group
|
|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes |
| Tradeable Symbols (Total) | 40000 | 1429 |
| Forex Pairs (Total) | 73 | 55 |
| U.S. Stocks (Shares) | Yes | Yes |
| Global Stocks (Non-U.S. Shares) | Yes | Yes |
| Copy Trading | No | Yes |
| Cryptocurrency (Underlying) | No | No |
| Cryptocurrency (CFDs) | 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.
Charles Schwab and XM Group both give traders a choice of a free demo account, a Windows desktop platform, and a web-based platform, so each broker makes it easy to practice and trade from a computer or browser. Both also let users place trades directly from charts, which is helpful for active traders who want a quicker way to act on market moves. Charles Schwab stands out with its own in-house platform, while XM Group does not offer a proprietary platform.
When it comes to trading tools and platform extras, XM Group has an edge for traders who want copy trading and access to MetaTrader 4 and MetaTrader 5, features Charles Schwab does not provide. Charles Schwab, however, earns a higher score for Trading Platforms and Tools, with 5 stars versus XM Group’s 4 stars, and ranks #7 out of 36 brokers compared with XM Group’s #27 ranking. This makes Schwab the stronger overall pick for platform quality, while XM Group may appeal more to traders who want MetaTrader support and copy trading.
| Feature |
Charles Schwab
|
XM Group
|
|---|---|---|
| Virtual Trading (Demo) | Yes | Yes |
| Proprietary Desktop Trading Platform | Yes | No |
| Desktop Platform (Windows) | Yes | Yes |
| Web Platform | Yes | Yes |
| Copy Trading | No | Yes |
| MetaTrader 4 (MT4) | No | Yes |
| MetaTrader 5 (MT5) | No | Yes |
| Charting - Indicators / Studies (Total) | 374 | 30 |
| Charting - Trade From Chart | Yes | Yes |
Dive deeper: Best MetaTrader 4 Brokers, Best MetaTrader 5 Brokers.
Charles Schwab and XM Group both offer mobile trading apps for iPhone and Android, along with price alerts, watchlist syncing, and the ability to draw trendlines on charts. For everyday use, both apps make it easy to track markets and keep watchlists aligned with your online account, so changes update across devices.
Where Charles Schwab stands out is in charting and overall mobile app quality. Its app includes 374 technical studies, auto-saves chart drawings, and is rated 5 stars for mobile trading apps, with a ForexBrokers.com rank of #6 out of 36 brokers. XM Group also offers mobile charting tools, but with 30 technical studies, no auto-save for drawings, a 4-star rating, and a ranking of #26. For traders who want more charting options and a stronger mobile experience, Charles Schwab has the edge.
| Feature |
Charles Schwab
|
XM Group
|
|---|---|---|
| Android App | Yes | Yes |
| Apple iOS App | Yes | Yes |
| Mobile Price Alerts | Yes | Yes |
| Mobile Watchlists - Syncing | Yes | Yes |
| Mobile Charting - Indicators / Studies | 374 | 30 |
| Mobile Charting - Draw Trendlines | Yes | Yes |
| Mobile Charting - Trendlines Autosave | Yes | No |
Dive deeper: Best Forex Trading Apps.
Charles Schwab and XM Group both perform well for market research, giving traders daily market commentary, forex news from top sources like Bloomberg, Reuters, and Dow Jones, plus an economic calendar for tracking global events. Both brokers earn a 5-star rating for Research, which makes them strong choices for traders who want timely market updates and a simple way to follow news that may affect prices. In ForexBrokers.com’s Research category, Charles Schwab ranks #5 out of 36 brokers, while XM Group ranks #8 out of 36.
The main difference is in the extra research tools each broker offers. XM Group includes Trading Central tools and a sentiment-based trading feature that shows long and short positioning across instruments, while Charles Schwab does not. Neither broker offers Autochartist, TipRanks, or Acuity Trading tools, so if you are looking for more advanced third-party market analysis, XM Group has the edge here.
| Feature |
Charles Schwab
|
XM Group
|
|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes |
| Forex News (Top-Tier Sources) | Yes | Yes |
| Autochartist | No | No |
| Trading Central | No | Yes |
| Client sentiment data | No | Yes |
| TipRanks | No | No |
| Acuity Trading | No | No |
| Economic Calendar | Yes | Yes |
Dive deeper: Best Brokers for Forex Research.
Charles Schwab and XM Group both give beginners plenty of ways to learn, including forex or CFDs education, regular client webinars, and a large library of beginner and advanced trading videos. Each broker offers at least 10 education pieces focused on forex or CFDs, plus monthly online webinars and video lessons that can help new traders build basic knowledge before placing trades. For education quality, both brokers are rated 5 out of 5 stars, which shows a high level of support for learning.
When comparing the two, XM Group has a slight edge in ForexBrokers.com’s Education ranking, placing #5 out of 36 brokers, while Charles Schwab ranks #6 out of 36. In simple terms, both brokers are strong choices for beginners looking for clear trading lessons, but XM Group comes in just ahead in the education category.
| Feature |
Charles Schwab
|
XM Group
|
|---|---|---|
| Webinars | Yes | Yes |
| Videos - Beginner Trading Videos | Yes | Yes |
| Videos - Advanced Trading Videos | Yes | Yes |
Dive deeper: Best Forex Brokers for Beginners.
After testing 63 of the best forex brokers, our research and account testing finds that Charles Schwab is better than XM Group. Charles Schwab finished with an overall rank of #6, while XM Group finished with an overall rank of #16.
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
|
XM Group
|
|---|---|---|
| Overall Rating |
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| Trust Score | 99 | 93 |
| Range of Investments |
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Online brokers Charles Schwab and XM Group both do not offer purchasing actual (delivered) cryptocurrencies, but each provides cryptocurrency CFDs, allowing traders to speculate on crypto prices without owning the underlying asset.
In a Charles Schwab vs XM Group comparison of deposit and withdrawal options, Charles Schwab supports ACH/SEPA and bank wires while XM Group supports Skrill and bank wires; neither supports PayPal, and Visa/Mastercard availability is not specified.
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 | XM Group | |
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| Trust Score | 99 | 93 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | XM Group Review |
| Broker Screenshots | Charles Schwab | XM Group | |
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| Broker Gallery (click to expand) |
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| Regulation | Charles Schwab | XM Group | |
|---|---|---|---|
| Trust Score | 99 | 93 | |
| Year Founded | 1971 | 2009 | |
| Publicly Traded (Listed) | Yes | No | |
| Bank | Yes | No | |
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes | |
| Tier-1 Licenses | 5 | 4 | |
| Tier-2 Licenses | 0 | 3 | |
| Tier-3 Licenses | 0 | 0 | |
| Tier-4 Licenses | 0 | 1 |
| Tier-1 Licenses (Highly Trusted) | Charles Schwab | XM Group | |
|---|---|---|---|
| Australia (ASIC Authorised) | No | Yes | |
| Canada (CIRO Authorised) | Yes | No | |
| Hong Kong (SFC Authorised) | Yes | No | |
| Japan (FSA Authorised) | No | ||
| Singapore (MAS Authorised) | Yes | No | |
| Switzerland (FINMA Authorised) | |||
| United Kingdom (U.K.) (FCA Authorised) | Yes | No | |
| USA (CFTC Authorized) | Yes | No | |
| New Zealand (FMA Authorised) | No | ||
| Regulated in one or more EU or EEA countries (MiFID). | No | Yes |
| Tier-2 Licenses (Trusted) | Charles Schwab | XM Group | |
|---|---|---|---|
| Kenya (CMA Authorised) | Yes | ||
| Israel (ISA Authorised) | No | ||
| South Africa (FSCA Authorised) | Yes | ||
| UAE (DFSA, FSRA, or CMA Authorised) | Yes | ||
| India (SEBI Authorised) | No | ||
| Jordan (JSC Authorised) |
| Investments | Charles Schwab | XM Group | |
|---|---|---|---|
| Forex Trading (Spot or CFDs) | Yes | Yes | |
| Tradeable Symbols (Total) | 40000 | 1429 | |
| Forex Pairs (Total) | 73 | 55 | |
| U.S. Stocks (Shares) | Yes | Yes | |
| Global Stocks (Non-U.S. Shares) | Yes | Yes | |
| Copy Trading | No | Yes | |
| Cryptocurrency (Underlying) | No | No | |
| Cryptocurrency (CFDs) | 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 | XM Group | |
|---|---|---|---|
| Average spread (EUR/USD) - Standard account | 1.27 | 2 | |
| All-in Cost EUR/USD - Active | 1.27 | N/A | |
| Inactivity Fee | No | Yes | |
| Order execution: Agency | Yes | No | |
| Order execution: Market Maker | No | Yes |
| Funding | Charles Schwab | XM Group | |
|---|---|---|---|
| Minimum Deposit | $0 | $5 | |
| PayPal (Deposit/Withdraw) | No | No | |
| Skrill (Deposit/Withdraw) | No | Yes | |
| Bank Wire (Deposit/Withdraw) | Yes | Yes | |
| Non-wire bank transfer | Yes | No |
| Trading Platforms | Charles Schwab | XM Group | |
|---|---|---|---|
| Proprietary Desktop Trading Platform | Yes | No | |
| Desktop Platform (Windows) | Yes | Yes | |
| Web Platform | Yes | Yes | |
| Copy Trading | No | Yes | |
| MetaTrader 4 (MT4) | No | Yes | |
| MetaTrader 5 (MT5) | No | Yes | |
| cTrader | No | No |
| Trading Tools | Charles Schwab | XM Group | |
|---|---|---|---|
| Virtual Trading (Demo) | Yes | Yes | |
| Price Alerts | Yes | Yes | |
| Charting - Indicators / Studies (Total) | 374 | 30 | |
| Charting - Trade From Chart | Yes | Yes | |
| Charts can be saved | Yes | Yes |
| Mobile Trading | Charles Schwab | XM Group | |
|---|---|---|---|
| Android App | Yes | Yes | |
| Apple iOS App | Yes | Yes | |
| Mobile Price Alerts | Yes | Yes | |
| Mobile Watchlist [DELETED] | |||
| Mobile Watchlists - Syncing | Yes | Yes | |
| Mobile Charting - Indicators / Studies | 374 | 30 | |
| Mobile Charting - Draw Trendlines | Yes | Yes | |
| Mobile Charting - Trendlines Autosave | Yes | No | |
| Mobile Research - Economic Calendar | Yes | Yes |
| Research | Charles Schwab | XM Group | |
|---|---|---|---|
| Daily Market Commentary (Articles) | Yes | Yes | |
| Forex News (Top-Tier Sources) | Yes | Yes | |
| Autochartist | No | No | |
| Trading Central | No | Yes | |
| TipRanks | No | No | |
| Client sentiment data | No | Yes | |
| Economic Calendar | Yes | Yes |
| Education | Charles Schwab | XM Group | |
|---|---|---|---|
| Webinars | Yes | Yes | |
| Videos - Beginner Trading Videos | Yes | Yes | |
| Videos - Advanced Trading Videos | Yes | Yes |
| Major Forex Pairs | Charles Schwab | XM Group | |
|---|---|---|---|
| GBP/USD [DELETED] | |||
| USD/JPY [DELETED] | |||
| EUR/USD | Yes | Yes | |
| USD/CHF [DELETED] | |||
| USD/CAD [DELETED] | |||
| NZD/USD [DELETED] | |||
| AUD/USD [DELETED] | |||
| Review | Charles Schwab Review | XM Group Review |
| Overall | Charles Schwab | XM Group | |
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| Trust Score | 99 | 93 | |
| Winner | check_circle | ||
| Review | Charles Schwab Review | XM Group Review |
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