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CHARLES SCHWAB Review

CHARLES SCHWAB Review

 

 

Overall, CHARLES SCHWAB offers different account types depending on ownership. CHARLES SCHWAB provides three trading platforms that differ in the tradable products and the devices the platforms are offered for.

 

CHARLES SCHWAB at a Glance

 

📅 Year Founded1971
📍 Head Office
United States
⚖️ Financial Regulatory Bodies
SEC, FINRA, CFTC, FCA, and MAS.
📈 Managed accounts
Yes
📊 Institutional accounts
Yes
☪️ Islamic AccountNo
💰 Minimum Deposit
$0 for US citizens
👍 Demo Trading Account available
Yes
🌐 Countries not accepted for tradeNot indicated on the website
💰 Withdrawal options
Wire Transfer
📒 Deposit optionsWire Transfer
💻Platform(s) provided

Schwab.com

StreetSmart Edge

StreetSmart Central
🖥️ OS compatibility
Web, iOS, and Android
📈 Tradable assets
Stocks, Futures, Funds and Bonds, Options and Futures, ETFs
📓 Languages supported on the websiteEnglish
📓  Customer support languagesEnglish
☎️ Customer service hours24/7
Maximum LeverageNot indicated on the website
👉 Open a account👉 Click Here

 

Overall Rating

4.8/5

Rated #359 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FCA

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Charles Schwab Review – 18 key points quick overview:

 

 

CHARLES SCHWAB is a forex broker company that was founded in 1971 as a United States discount broker.

 

Finding a reputable CHARLES SCHWAB review local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

 

Below is an in-depth review regarding CHARLES SCHWAB to help you make an informed decision before opening your account or trading on their platform.

 

CHARLES SCHWAB is a forex broker company in the United States.

 

A Forex broker like CHARLES SCHWAB provides traders with access to one or more platforms that will allow them to buy and sell foreign currencies. Forex brokers are also known as retail or currency trading brokers. Retail currency traders in turn use these broker companies to gain access to the 24-hour currency market for speculation purposes.

 

Forex broker services can also be provided for institutional clients and large companies such as investment banks.

 

At first, it targeted mainly United States clients, but it is now already available in more than 40 other countries, with varying services in different countries.

 

CHARLES SCHWAB is registered and regulated by top-tier financial authorities, such as the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and the Financial Conduct Authority (FCA). The company is also listed on the New York Stock Exchange.

 

CHARLES SCHWAB offers free stock and ETF trading but charges high fees for some mutual funds. Traders have only access to trading with assets available on US exchanges.

 

CHARLES SCHWAB Awards and Recognition

 

Charles Schwab Awards

 

In the world of forex broker companies being honored with awards from esteemed organizations or publications, count much for the company’s reputation.

 

Although CHARLES SCHWAB is rated highly by some customers in personal reviews on review websites, there is no information available on the CHARLES SCHWAB homepage or elsewhere about any awards received.

 

Their website does however indicate that Charles Schwab Bank, SSB received the highest numerical score in the J.D. Power 2019-2020 U.S. Direct Banking Satisfaction Studies of customers satisfaction who have direct banking accounts.

 

CHARLES SCHWAB Accounts

 

A forex account is a trading account held by a trader with a company like CHARLES SCHWAB, that is issued with the primary purpose of trading through its platforms. Usually, the number and type of accounts that a trader can open with a broker company differ according to the country in which the brokerage operates, the country of residence of the trader, and the regulatory authorities under whose jurisdiction it operates.

 

Overall Rating

4.8/5

Rated #359 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FCA

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

CHARLES SCHWAB Types of Accounts and Their Features

 

Charles Schwab Accounts

 

📍 CHARLES SCHWAB offers different account types depending on ownership. These include the following:

➡️ Brokerage Individual Account

➡️ Brokerage Joint Account

➡️ Corporate Account

➡️ Trust Account

➡️ Roth IRA Account

➡️ Traditional IRA Account

➡️ Rollover IRA Account

➡️ Schwab Intelligent Portfolios

➡️ Schwab Intelligent Portfolios Premium

➡️ Schwab Charitable Account

 

More information about the features of the different accounts can be obtained from the company’s customer service teams.

 

Overall Rating

4.8/5

Rated #359 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FCA

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

CHARLES SCHWAB Deposits and Withdrawals

 

Charles Schwab Deposit and Withdrawal

 

CHARLES SCHWAB does not require a minimum deposit for US clients. If you open an account outside the United States, however, the minimum deposit is $25 000.

 

Depositing money in accounts is free but only wire transfers may be used. There is no withdrawal fee if you use ACH transfers but high fees are charged for withdrawals that are made to other banks using wire transfers. These usually cost $25.

 

Withdrawals normally take two business days and you can only withdraw money to accounts in your name.

 

Accounts may only be held in USD, so if a trader has a personal bank account in any currency other than USD, he will have to pay conversion fees too.

 

CHARLES SCHWAB Cost and Fees, Commissions, and Spreads

 

Charles Schwab Fees

 

The cost of trading depends on different factors like commissions, spreads, and margins.

 

The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move. One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.

 

The amount of money required in your account to open a position is called the margin and is calculated according to the current price of the base currency against USD, the size (volume) of the position, and the leverage applied to your account.

 

Commissions are the charges imposed by an investment broker on a trader for making trades on the trader’s behalf. The level of commissions depends on the asset being traded and the type of service offered by the broker.

 

Execution-only brokers, which do not involve in personal investment advice and give traders complete control over how they trade the markets, usually charge lower commissions.

 

While the contract for differences (CFDs) trading is a form of derivative trading that enables traders to speculate on the rising or falling prices of fast-moving global financial markets, its trading on shares will incur a commission. CFD trades on other markets have no commission but do wrap a spread around the market price of a certain instrument.

 

📍 CHARLES SCHWAB accounts may incur the following costs:

➡️ CHARLES SCHWAB charges stock and ETF commission of a $2 000 trade.

➡️ There is no commission for Treasury bonds. For other bonds, like corporate bonds, the commission is $1 per bond with a $10 minimum and $250 maximum.

➡️ CHARLES SCHWAB offers free trading of some mutual funds and bonds.

➡️ Non-trading fees are low but fees for some mutual funds are quite high.

➡️ CHARLES SCHWAB options fees are $0.65 per contract.

➡️ There is no withdrawal fee if you use an ACH transfer. The withdrawals to other banks using wire transfers cost $25.

➡️ CHARLES SCHWAB charges no inactivity or other account fees.

 

CHARLES SCHWAB Leverage

 

Charles Schwab Leverage

 

Leveraged product trading magnifies a trader’s potential profit – but of course, it also increases the potential loss. This facility that enables traders to get a larger exposure to the market than the amount they deposited to open a trade, is called leverage.

 

The amount of leverage is expressed as a ratio, for instance, 50:1, 100:1, or 500:1. Assuming that a trader has $1 000 in a trading account and is trading ticket sizes of 100 000 USD/JPY, that leverage will equate to 100:1.

 

CHARLES SCHWAB does not give any indication of leverage ratios on its website.

 

CHARLES SCHWAB Bonuses

 

CHARLES SCHWAB Bonuses

 

Forex brokers often lure new traders with offers of deposit bonuses. This can be useful, but it is essential to discern what the conditions are to really benefit from a bonus.

 

The bonus usually compensates traders for choosing a certain broker, since once the account is active, the trader will have the same expenses as any other. The bonus usually only starts giving some expenses back to the trader, once the person has proved himself as an active trader.

 

Hence, although no deposit bonuses are a great way to help you start trading, the terms to benefit from it often require trading with such a high volume before you can withdraw profits, that it may not be worthwhile.

 

The European Securities and Markets Authority (ESMA) has also recently placed investor protection measures on the marketing, distribution, or sale of CFDs which prevent brokers to provide the retail client with a payment, monetary or excluded non-monetary benefit about the marketing, distribution, or sale of a CFD, thus ruling out the offering of such bonuses.

 

According to the company website and other sources CHARLES SCHWAB, the following bonuses may apply:

📍 When you were referred to and become a new client of CHARLES SCHWAB, you can get a bonus of up to $500. After opening an eligible account and making a qualifying net deposit, a client can apply for this Bonus Award according to the following scale:

➡️ With a net deposit of $25 000 to $49 999, a Bonus Award of $200

➡️ With a net deposit of $50 000 to $99 999, a Bonus Award of $300

➡️ With a net deposit of $100 000 and more, a Bonus Award of $500

 

CHARLES SCHWAB Trading Platforms, Software, and its Features

 

CHARLES SCHWAB Trading Platforms, Software, and its Features

 

The forex trading software, also called the platform, provided by a broker company to its clients to carry out their trades can be a multi-asset one that allows clients to trade forex as well as other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.

 

Some companies provide their own proprietary platform, while others prefer well-known platforms. If there is a choice, the trader should keep in mind what he would like to trade.

 

📍  CHARLES SCHWAB provides three trading platforms that differ in the tradable products and the devices the platforms are offered for. They are:

 

📌 Schwab.com

Schwab.com is the company’s only available desktop-based trading platform.

It is suitable for investors that are looking for easy execution. Although a fairly good web-based trading platform, it is not customizable.

It is available as a mobile platform too.

 

📌 StreetSmart Edge

The StreetSmart Edge is a suitable trading platform for traders that are looking for more sophisticated research.

 

📌 StreetSmart Central

The StreetSmart Central trading platform is ideal for futures traders that are looking for sophisticated research. It has a mobile version available both for iOS and Android devices.

 

CHARLES SCHWAB Markets, Products, and Instruments

 

Charles Schwab Market Instruments

 

📍  Most brokers offer all or some of the following market instruments for trading:

 

Forex:

Forex trading, or currency or FX trading, involves the currency exchange market where individuals, companies, and financial institutions exchange currencies for one another at floating rates.

 

Commodities:

As with currency exchange markets, commodity markets offer trading in contract-based tradable goods.

 

Indices:

Equity or stock indices can represent a specific set of the largest companies of a nation or they can represent a specific stock market. It is actual stock market indexes that measure the value of a specific section of a stock market.

 

Precious metals:

This involves the trading of gold, silver, and other precious metals as hard commodities that are contract-based tradable.

 

Energy:

The high volatility of energy prices due to political, environmental, and several other factors, is a typical feature of this product, making it a popular trading choice.

 

Cryptocurrencies:

📍  Tradable cryptocurrencies include the following:

Bitcoin (BTC) is the digital currency with the largest market capitalization and price levels and dominates 50% of the total crypto market cap.

Litecoin (LTC) is similar to Bitcoin but differs in terms of scalability.

Ethereum (ETH) is the second-largest cryptocurrency after Bitcoin, allowing developers to create smart contracts on a platform.

Ripple (RPL) is popular among big banks with the Ripple network a next-generation real-time gross settlement system.

Bitcoin Cash (BCH) was created as a new version of the blockchain with different rules.

CHARLES SCHWAB offers trading in a lot of asset classes, from stocks to futures but the product portfolio covers only US exchanges.

Stocks can be traded on the following stock exchanges: NYSE, NYSE MKT, NASDAQ, and OTC.

The broker offers access to a wide selection of funds and bonds, an average range of options and futures, and a small stock and ETF selection. Customers can trade with futures on the CBOT, CFE, CME, ICE, MGE, NYMEX, COMEX, and EUREX exchanges.

 

The offered products may also vary in different countries.

 

Overall Rating

4.8/5

Rated #359 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FCA

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

CHARLES SCHWAB Safety and Regulation

 

Charles Schwab Safety and Security

 

Before deciding to join a brokerage company to start trading, a potential trader needs to establish whether a broker like CHARLES SCHWAB is safe and secure to trade with. One of the most reliable benchmarks to measure the safety of a brokerage is to establish which regulating authorities are watching and overseeing its actions and whether the company complies with those regulations.

 

As a broker, CHARLES SCHWAB is regulated by top-tier regulators, such as the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the Commodity Futures Trading Commission (CFTC), the Financial Conduct Authority (FCA), the Hong Kong Securities and Futures Commission and the Monetary Authority of Singapore (MAS).

 

Traders are protected to an amount of $500 000 with a $250 000 limit for cash but no negative balance protection is provided.

 

CHARLES SCHWAB Customer Support

 

Charles Schwab Customer Support

 

Potential traders need to be assured that the broker company they chose can offer the necessary support and help whenever they may need it.

 

The customer support team of CHARLES SCHWAB can be reached via live chat or telephone call. The support team is available 24/7 and support is only given in English.

 

CHARLES SCHWAB Education and Training

 

CHARLES SCHWABEducation and Training

 

Before starting to trade, potential CHARLES SCHWAB clients should arm themselves with all possible information and trading skills needed to be successful in the world of forex and commodity trading. If CHARLES SCHWAB ’s website itself does not provide enough means, a trader should explore other information sources to obtain that skills and knowledge.

 

CHARLES SCHWAB does offer platform tutorial videos, general educational videos, webinars, and some high-quality educational articles.

 

CHARLES SCHWAB Research

 

CHARLES SCHWAB Research

 

Potential traders need to be enabled to do as much as possible research about speculative trading before commencing to do it and while trading with a specific brokerage. Trading successfully relies heavily on knowledge and understanding of the markets and the platforms offered by a broker, therefore research options offered by brokers form an integral part of its features when choosing the right company to trade with.

 

CHARLES SCHWAB offers research options that cover a lot of tools, including charting tools, trading ideas, and detailed fundamental data. There are sophisticated screeners for stocks, ETFs, and mutual funds. Unfortunately, all the research tools are also only available in English.

 

Conclusion

 

Overall, CHARLES SCHWAB offers different account types depending on ownership. CHARLES SCHWAB provides three trading platforms that differ in the tradable products and the devices the platforms are offered for.

 

Disclaimer

 

CHARLES SCHWAB warns potential traders that Forex and CFDs trading always carries a high level of risk, therefore may not be suitable for all investors.

Before clients decide to trade the products offered by CHARLES SCHWAB, they are advised to contemplate their investment objectives, financial situation, needs, and level of experience carefully before investing money that they cannot afford to lose.

Especially when traders use CHARLES SCHWAB ’s leveraged accounts, they should make sure to maintain a sufficient level of margin to sustain their positions, since trading Forex/CFD and Options on margin and using a higher than necessary leverage can be either beneficial or detrimental to a trader. It is always possible to sustain a loss of some or all of an initial investment.

While CHARLES SCHWAB promises to make all efforts to fill a trade at the requested price, trading online does not necessarily reduce risks associated with currency trading, therefore quotes and trades are usually subject to the terms and conditions of a Client Agreement, which is accessible through the broker’s website.

Potential traders should first acquaint themselves with all these associated risks and seek advice from an independent financial advisor.

 

Overall Rating

4.8/5

Rated #359 of
Recommended FX Brokers

💰Minimum Deposit

USD 0

🌐 Regulators

FCA

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

Frequently Asked Questions

Trading Environment

 

How many instruments can I trade with CHARLES SCHWAB?

You can trade several different instruments with CHARLES SCHWAB, which include the following:

  • Stocks
  • Futures
  • Funds and bonds
  • Options and futures

 

Which platforms are supported by CHARLES SCHWAB?

CHARLES SCHWAB provides the following popular trading platforms:

  • com
  • StreetSmart Edge
  • StreetSmart Central

 

Does CHARLES SCHWAB offer leverage?

Not indicated on the website.

 

What spreads can I expect with CHARLES SCHWAB?

CHARLES SCHWAB offers different spreads on its various accounts. If details on the website are not comprehensive, more information can be obtained from the customer support service.

 

Does CHARLES SCHWAB charge commission?

For bonds like corporate bonds, the commission is $1 per bond with a $10 minimum and $250 maximum. More information on commissions can be obtained from the customer support service.

 

Is CHARLES SCHWAB regulated and by whom?

CHARLES SCHWAB is regulated by SEC, FINRA, CFTC, FCA, and MAS.

 

Is CHARLES SCHWAB a recommended forex trading broker for experts and beginners?

CHARLES SCHWAB offers a fair trading environment for most types of traders.

 

What is the overall rating out of 10 for CHARLES SCHWAB?

7/10

 

Accounts

 

What is the difference between a demo and a live trading account?

A demo account as is offered by broker companies like CHARLES SCHWAB is usually funded with virtual money and allows a prospective customer to experiment with the company’s trading platforms and its features, before setting up a real account that needs to be funded with the customer’s own real money.

 

Does CHARLES SCHWAB offer a demo account?

Yes

 

Can I convert my demo account to a live trading account with CHARLES SCHWAB?

This is not clear from the information on the company homepage.

 

Which live trading accounts does CHARLES SCHWAB offer?

  • Brokerage Individual Account
  • Brokerage Joint Account
  • Corporate Account
  • Trust Account
  • Roth IRA Account
  • Traditional IRA Account
  • Rollover IRA Account
  • Schwab Intelligent Portfolios
  • Schwab Intelligent Portfolios Premium
  • Schwab Charitable Account.

 

What are the available deposit currencies for a live trading account?

Only USD.

 

Deposits and Withdrawals

 

What is the minimum deposit required to open an account with CHARLES SCHWAB?

$ 0 for United States citizens.

 

How do you make a deposit and withdraw money with CHARLES SCHWAB?

CHARLES SCHWAB offers only bank transfers as deposit and withdrawal methods.

The same method that was used to fund an account must be used to withdraw money. Also, monies will usually only be refunded to accounts in the same name as the trading account.

 

Does CHARLES SCHWAB charge withdrawal fees?

There is no withdrawal fee if you use an ACH transfer. The withdrawals to other banks using wire transfers cost $25. Since accounts may only be held in USD, a trader with a personal bank account in any currency other than USD will have to pay conversion fees.

 

How long does it take to make a withdrawal?

Withdrawals usually take two days but depending on bank services it may take several days longer for the money to be available in a customer’s bank account.

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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