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Charles Schwab Review 2024

Written by
Fact-checked by Steven Hatzakis, Joey Shadeck
Edited by Jeff Anberg

May 08, 2024

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Our extensive research and testing have led us to recommend Charles Schwab as an outstanding choice for both forex and CFD traders. The broker's excellent overall offerings, combined with top-notch educational support and highly innovative trading tools, set it apart as a market leader.

Overall Rating

9.3 / 10

Minimum Deposit


Trust Score info

Highly Trusted

Pros and Cons

thumb_up_off_alt Pros

  • Wide Range of Offerings: Charles Schwab provides a large variety of tradeable symbols, including 40,000 across different asset classes.
  • Educational Resources: Offers extensive beginner and advanced educational videos, enhancing trader knowledge and skills.
  • Proprietary Platform: Includes a unique, proprietary trading platform, thinkorswim - an industry-leading suite of trading tools.
  • High Trust Score: With a trust score of 99, Charles Schwab stands as a highly reliable broker.

thumb_down_off_alt Cons

  • Lack of MetaTrader Support: Does not offer popular platforms like MetaTrader 4 or MetaTrader 5.
  • Limited Payment Options: Does not support eWallets like PayPal, Neteller, or Skrill, and does not accept credit cards.
  • Forex Spread Cost: The average spread cost of 1.25 for EUR/USD is slightly above the industry average of 1.08.

Ratings Summary

  • Investment Types - 9.5/10
  • Commissions & Fees - 8.0/10
  • Trading platforms - 9.5/10
  • Research - 9.0/10
  • Mobile Apps - 9.5/10
  • Education - 9.0/10
  • Overall - 9.3/10

Can I trust Charles Schwab?

Charles Schwab is a highly trusted broker, evidenced by its status as a publicly traded company (NYSE: SCHW) that runs a bank and its authorisation by major regulatory bodies like the U.S. Commodity Futures Trading Commission (CFTC) and the U.K. Financial Conduct Authority (FCA). It's worth noting that with a trust score of 99, Charles Schwab is rated as "Highly Trusted" according to the industry research website

Charles Schwab is currently licensed and/or authorised by the following regulatory bodies:

Is Charles Schwab good for beginners?

Charles Schwab is extremely well-suited for beginners, offering comprehensive educational resources and a high rating for education and novices.

Feature Charles Schwab logoCharles Schwab
Education (Forex or CFDs) info Yes
Client Webinars info Yes
Videos - Beginner Trading Videos info Yes
Videos - Advanced Trading Videos info Yes
Investor Dictionary (Glossary) info Yes

Charles Schwab commissions and fees summary

In our review, we observed that Charles Schwab offers a transparent fee structure with no inactivity fees and no minimum deposit requirements, although its spread on EUR/USD is slightly higher than the industry average. The broker is highly recommended for its fee structure and cost efficiency.

Feature Charles Schwab logoCharles Schwab
Minimum Deposit info $0
Average Spread EUR/USD - Mini info 1.25 info
Average Spread EUR/USD - Standard info 1.25 info
All-in Cost EUR/USD - Active info 1.25 info
Active Trader or VIP Discounts info No

Charles Schwab trading platforms and tools

tips_and_updates Did you know? Trading platforms comparison

Of the 60+ brokers reviewed on BrokerNotes, 64% offer a proprietary platform, 100% offer a web platform, 91% offer a desktop platform, 11% offer cTrader, 14% offer ZuluTrade, 81% offer MetaTrader 4, and 64% offer MetaTrader 5.

Charles Schwab excels with its proprietary trading platform thinkorswim, earning a high recommendation for its platforms and tools, which cater effectively to diverse trading strategies and preferences.

Trading platforms offered: Charles Schwab offers an industry-leading proprietary trading platform, thinkorswim.

Trading tools: Schwab provides a range of advanced trading tools to enhance trading efficiency.

Metatrader: Schwab does not support MetaTrader platforms.

Copy trading: Schwab does not offer copy trading services.

Feature Charles Schwab logoCharles Schwab
Virtual Trading (Demo) info Yes
Proprietary Platform info Yes
Desktop Platform (Windows) info Yes
Web Platform info Yes
MetaTrader 4 (MT4) info No
MetaTrader 5 (MT5) info No
DupliTrade info No

Charles Schwab trading platform screenshots

Mobile trading apps at Charles Schwab

Charles Schwab provides excellent mobile trading apps, ensuring a seamless trading experience on mobile devices. Forex trading is only available via the thinkorswim app, however.

Feature Charles Schwab logoCharles Schwab
Android App info Yes
Apple iOS App info Yes
Mobile Economic Calendar info Yes
Mobile Alerts - Basic Fields info Yes
Mobile Charting - Draw Trendlines info Yes
Mobile Watchlist info Yes

Charles Schwab mobile app screenshots

How do I open an account with Charles Schwab?

  1. Visit the Charles Schwab website.
  2. Click on the "Open an Account" button.
  3. Choose the type of account you wish to open.
  4. Fill in the required personal information.
  5. Verify your identity as instructed.
  6. Fund your account to start trading.

What can I trade at Charles Schwab?

Charles Schwab offers a substantial range of trading options, with 73 forex pairs and 40,000 tradeable symbols, significantly above the industry average of 3,623 symbols.

Feature Charles Schwab logoCharles Schwab
Tradeable Symbols (Total) info 40000
Forex Pairs (Total) info 73
Social Trading / Copy Trading info No
Cryptocurrency (Physical) info No
Cryptocurrency (Derivative) info Yes
Spread Betting info No

Charles Schwab research screenshots

Account funding at Charles Schwab

Charles Schwab supports account funding through bank wires. It does not support funding via Neteller, PayPal, credit cards, or Skrill eWallets.

Feature Charles Schwab logoCharles Schwab
Visa/Mastercard (Credit/Debit) info No
Bank Wire (Deposit/Withdraw) info Yes
PayPal (Deposit/Withdraw) info No
Skrill (Deposit/Withdraw) info No
Neteller (Deposit/Withdraw) info No

About Charles Schwab

Charles Schwab, founded in 1971, is a major player in the brokerage industry, known for its robust trading platforms and comprehensive educational resources. As a publicly traded company (NYSE: SCHW) that also operates a bank, it adheres to high standards of transparency and regulatory compliance and holds trillions in assets, making it a reliable choice for traders worldwide.

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At, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.

Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.

All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.

Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).

AI disclaimer

We use proprietary AI technology to assist in some aspects of our content production. However, our scores, ratings, and rankings of online brokers are based on our in-depth product testing and thousands of hand-collected data points. Learn more about our AI Policy and How We Test.

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.

About the Editorial Team provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.

Steven Hatzakis
Steven Hatzakis

Steven Hatzakis is the Global Director of Research for and Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).

Joey Shadeck
Joey Shadeck

Joey Shadeck is the Content Strategist and Research Analyst for and He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.

Jeff Anberg
Jeff Anberg

Jeff Anberg is a Staff Editor at and Along with years of experience in media distribution at a global newsroom, Jeff has a versatile knowledge base encompassing the technology and financial markets. He is a long-time active investor and engages in research on emerging markets like cryptocurrency. Jeff holds a Bachelor’s Degree in English Literature with a minor in Philosophy from San Francisco State University.