Charles Schwab vs Xtrade 2024

Trust Score is a data-driven rating system that provides an at-a-glance rating of a broker’s overall trust by tracking 60+ brokers and over 100 regulatory jurisdictions across the globe. To make things clearer for everyday traders, we’ve created a five-tier system for regulators and Trust Score rating labels. Learn more about Trust Score, and check out our country guides to see the most trusted brokers in your country of residence.

Charles Schwab has a Trust Score of 99, giving it a "Highly Trusted" Trust Score Label.

Xtrade has a Trust Score of 74, giving it a "Average Risk" Trust Score Label.

Charles Schwab is a leader in platform technology and trusted by millions of investors globally with trillions in assets under its brands. Available exclusively to U.S. residents, Charles Schwab's forex offering consists of just over 70 currency pairs, along with powerful research, trading tools, and comprehensive educational resources for investing.

Founded in 2006, Xtrade is a trusted forex broker that holds multiple regulatory licenses from Tier-1 jurisdictions, boosting its overall Trust Score rating. Though Xtrade offers a proprietary platform, the MetaTrader platform suite is unavailable, and with less than 200 available symbols it just can't compete with the best forex brokers.

Tier-1 is reserved for the strictest, most stringent regulatory jurisdictions in the world. Tier-1 regulators impose additional capital requirements and require a tougher initial screening process. Charles Schwab holds regulatory licenses in the following Tier-1 jurisdictions: Canada (CIRO Authorised), Hong Kong (SFC Authorised), Singapore (MAS Authorised), United Kingdom (U.K.) (FCA Authorised) and USA (CFTC Authorized). Xtrade, on the other hand, is licensed in these Tier-1 regulatory jurisdictions: none. Neither have Australia (ASIC Authorised), CBI Authorised (Ireland), Japan (SFC Authorised), New Zealand (FMA Authorised) and Switzerland (FINMA Authorised)

Tier-2 and tier-3 licenses are still important in evaluating the overall trustworthiness of forex brokers. As far as tier-2 licenses go, Charles Schwab is none, while Xtrade is Cyprus (CySEC Authorised) and South Africa (FSCA Authorised).. Neither have China (CBRC Authorised), India (SEBI Authorised), Israel (ISA Authorised), Russia (CBR Authorised), Thailand (SEC Authorised) and UAE (DFSA/Central Bank Authorised). When comparing tier-3 licenses Charles Schwab is none, while Xtrade is Belize (FSC Authorised).. Neither have Bahamas (SCB Authorised), Bermuda (BMA Authorised), British Virgin Islands (FSC Authorised), Cayman Islands (CIMA Authorised), Mauritius (FSC Authorised) and Vanuatu (VFSC Authorised).

Whether your broker develops its own proprietary platforms or provides access to popular third-party platforms, you should make sure you can use your preferred type of trading platform. In our testing, we found that Charles Schwab offers a Proprietary Platform and Desktop Platform (Windows), whereas Xtrade supports a Proprietary Platform. Neither have cTrader, DupliTrade and ZuluTrade

Neither Charles Schwab or Xtrade offer MT4 or MT5. If MetaTrader is a must for you, read our guides on the best MT4 brokers or best MT5 brokers.. Neither have MetaTrader 4 (MT4) and MetaTrader 5 (MT5)

Charles Schwab requires a minimum deposit of $0, while Xtrade requires a minimum deposit of $250. It's also important to ensure your broker accepts the funding options and deposit methods that work best for you. In our research, we've found that Charles Schwab supports Bank Wire (Deposit/Withdraw) for funding and deposit methods, whereas Xtrade supports Bank Wire (Deposit/Withdraw), Visa/Mastercard (Credit/Debit) and Skrill (Deposit/Withdraw). Neither have PayPal (Deposit/Withdraw)

When choosing a forex broker, it’s important to consider each broker’s available investment products and tradeable asset classes. We’ve researched each broker’s individual offering of investments to help you pick the right broker for what you want to trade. During our testing, we found that Charles Schwab delivers a more diverse selection of investment options than Xtrade, offering tradeable asset classes and investment types such as Forex Trading (Spot or CFDs), Metals, Energies and ETF. Neither have Spread Betting, Social Trading / Copy Trading and U.S. Stocks (CFD).

We also keep track of each broker’s total number of tradeable symbols; Charles Schwab offers 40000, and Xtrade offers a total of 482 tradeable symbols.

Crypto trading has become popular among forex traders across a range of international jurisdictions. As a result, many forex brokers now offer crypto products to their clients; most crypto assets are offered either as an underlying physical asset (such as when you own actual bitcoin assets, for example) or as a derivative product like a CFD. If you are looking to trade physical cryptocurrencies, you’ll find that neither Charles Schwab nor Xtrade allow you to trade physical cryptocurrencies.

The best forex brokers arm their clients with a variety of research tools and resources. Market research plays a huge role in any forex trader’s ability to conduct analysis within the global forex market. In our testing, we discovered that both Charles Schwab and Xtrade offer the same suite of research tools and resources. Here’s a comprehensive list of the tools provided by both brokers: Daily Market Commentary, Stock Charts and Forex News (Top-Tier Sources).. Neither have Autochartist, Trading Central (Recognia) and Social Trading / Copy Trading

Broker Reviews