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Head to head
Charles Schwab or IC Markets? Fees, regulation, platform and product range compared side by side — with a verdict drawn from the data.
Risk warning: CFDs and leveraged products are complex instruments and come with a high risk of losing money rapidly. Investments can fall in value. Past performance is not an indicator of future results.
The full-service US giant that also happens to own the best retail trading platform in the business.
One of the cheapest routes to raw institutional FX pricing - as long as you check which entity you are signing with.
Advertising disclosure: where a partnership is active, we may earn a commission through broker links. The provider’s terms apply. Commissions do not influence our ratings; paid placements are separately labelled as sponsored.
Four decision axes, each derived from the recorded data.
Overall Charles Schwab takes it, 4.6 against 4.2 out of 5. Charles Schwab is the cheaper of the two: a reference EUR 5,000 stock order costs €0.00 there against €5.00. Charles Schwab scores 93 against 70 out of 100 on the group index. Your account's protection depends on its legal entity. Both cover 9 of 14 asset classes. On platform and app Charles Schwab is ahead, 4.6 against 4.1 out of 5. Which one is right depends on which of these axes matters for your trading profile.
Up to four brokers at once — every row a decision point.
Data as of: 30 Aug 2026
| Criterion | ||
|---|---|---|
| Overall score | 4.6 — Better | 4.2 |
| Group index | 93 of 100 | 70 of 100 |
| Best for | US long-term investorsOptions and futures tradersRetirement accountsInvestors who want branchesOne-account consolidation | Algorithmic and EA tradersScalping and high-frequency FXcTrader usersHigh-volume tradersCopy trading |
| Regulation | SECFINRAFDIC | ASICCySECFSCAFSASCBCMA |
| Top-tier licences | 3 — Better | 1 |
| Investor protection | US$500,000 — Better | €20,000 |
| Listed group | Yes | No |
| Banking licence | Yes | No |
| Segregated client accounts | Yes | Yes |
| Negative balance protection | No | Yes |
| Audited financials | Yes | Yes |
| Disclosed regulatory actions | 1 | 1 |
| Founded | 1971 | 2007 |
| Headquarters | Westlake, US | Sydney, AU |
| Fees | 4.6 | 4.7 — Better |
| Safety & regulation | 4.9 — Better | 3.9 |
| Trading platform | 4.8 — Better | 4.5 |
| Product range | 4.2 — Better | 3.7 |
| Mobile app | 4.4 — Better | 3.6 |
| Research | 4.7 — Better | 3.6 |
| Customer support | 4.8 — Better | 4.5 |
| Deposit & withdrawal | 4.2 | 4.4 — Better |
| Account opening | 4.3 | 4.3 |
| Education | 4.6 — Better | 3.3 |
| Reference order EUR 5,000 | €0.00 — Better | €5.00 |
| Minimum deposit | None — Better | €200 |
| Stocks (per order) | Free | 0.1 % |
| US stocks | Free | US$0.02/share |
| ETFs | Free | Not offered |
| Options | US$0.65 | Not offered |
| Futures | US$2.25 | in the spread |
| Crypto | Not offered | in the spread |
| Bonds (order) | US$1 | in the spread |
| Funds (order) | US$49.95 | n/a |
| EUR/USD spread | n/a | 0.8 pips |
| Index CFD spread | n/a | n/a |
| FX conversion | 1 % | n/a |
| Inactivity fee | None — Better | €10 · after 6 months |
| Custody fee | None | None |
| Withdrawal fee | US$15 | free — Better |
| Deposit fee | free | free |
| Overnight financing | n/a | n/a |
| Other fees |
|
|
| Asset classes (of 14) | 9 | 9 |
| Exchanges | 12 | n/a |
| Stocks | Yes | Yes |
| ETFs | Yes | No |
| Options | Yes | No |
| Futures | Yes | Yes |
| Forex | Yes | Yes |
| CFDs | No | Yes |
| Crypto | No | Yes |
| Bonds | Yes | Yes |
| Funds | Yes | No |
| Commodities | Yes | Yes |
| Indices | Yes | Yes |
| Warrants | No | No |
| Spread betting | No | No |
| Social trading | No | Yes |
| Platforms | Schwab.com web platformthinkorswim Desktopthinkorswim WebSchwab Mobilethinkorswim MobileSchwab Trader API | MetaTrader 4MetaTrader 5cTraderTradingViewIC Markets appFIX API |
| Demo account | Yes | Yes |
| Fractional shares | Yes | No |
| Maximum leverage | 1:2 | 1:30 · Pro 1:500 |
| Account opening | Under 10 minutes online for US residents; 1–2 weeks for a Schwab One International account | Digital application, usually approved within one business day |
| Account types | Schwab One brokerageSchwab Global AccountTraditional / Roth / Rollover IRASchwab One International | Raw Spread (MT4/MT5)cTrader RawStandardRaw ProRaw Pro+Swap-free |
| Payment methods | Bank transferCheque | Bank transferSEPACredit cardDebit cardPayPalSkrillNetellerApple PayGoogle PayCrypto |
| Account currencies | USD | EURUSDGBP |
| Deposit time | Instant to 3 business days (ACH, wire, cheque) | Instant to 12 hours on cards and e-wallets, 1-3 business days by bank transfer |
| Withdrawal time | 1–3 business days by ACH; same day by wire | Same day to 1 business day on e-wallets and crypto, 2-5 business days by bank wire |
| Free withdrawals | n/a | n/a |
| Languages | EnglishSpanishChinese | EnglishGermanSpanishFrenchItalianPortugueseChineseVietnameseThaiArabic |
| Channels | PhoneEmailLive chatBranch | PhoneEmailLive chat |
| Availability | 24/7 | 24/7 |
Editorial assessment based on the recorded data.
Charles Schwab
The full-service US giant that also happens to own the best retail trading platform in the business.
Pros
Cons
Best for
IC Markets
One of the cheapest routes to raw institutional FX pricing - as long as you check which entity you are signing with.
Pros
Cons
Best for
Open an account with either
A demo account costs nothing and answers the platform question in ten minutes.
Advertising disclosure: where a partnership is active, we may earn a commission through broker links. The provider’s terms apply. Commissions do not influence our ratings; paid placements are separately labelled as sponsored.
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