⚠️ CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% 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. X

Compare Forex CFD Brokers 2024 : Webull vs AvaTrade vs Charles Schwab

Updated July 14th 2024
Welcome to the most in-depth comparison table for the following brokers :

The ForexReviews.nl comparison tool rigorously compares forex brokers on factors like fees, platforms, licenses, apps, spreads, and ratings. Filter and narrow down brokers to find the ones that best suit your preferences compared to its competitors.

Plus500 is a CFD provider and they offer CFD service. All the instruments, including the Forex pairs, are available for trading through CFD

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Rating
Overall Rating - 4.5 -
Offering of Investments - 4 -
Commissions & Fees - 4.5 -
Platform & Tools - 4.5 -
Research - 4 -
Mobile Trading - 4.5 -
Education - 5 -
Trustpilot Reviews - 8253 -
Trustpilot Rating - 4.7 -
Trustpilot Profile - View -
Licenses
Tier 1 Licenses - 6 -
Tier 2 Licenses - 3 -
Tier 3 Licenses - 0 -
Licenses - 9 -
Investments
Forex Trading (Spot or CFDs) no no
Forex Pairs (Total) - 65 -
Tradeable Symbols (Total) - 5500 -
U.S. Stock Trading (Non CFD) no no
Int'l Stock Trading (Non CFD) no no
Social Trading / Copy Trading no no
Cryptocurrency (Physical) no no no
Cryptocurrency (CFD) no no
Crypto Pairs (CFD) - 16 -
Assets
CFDs no no
ETFs no no no
Forex no no
Indices no no no
Shares no no
Commodities no no no
Oil Trading no no
Licensing Jurisdiction
ASIC Authorised (Australia) no no
IIROC Authorised (Canada) no no
SFC Authorised (Hong Kong) no no no
CBI Authorised (Ireland) no no
FSA Authorised (Japan) no no
MAS Authorised (Singapore) no no no
FINMA Authorised (Switzerland) no no no
FCA Authorised (U.K.) no no no
CFTC Registered (USA) no no no
FMA Authorised (New Zealand) no no no
CBRC Authorised (China) no no no
CySEC Authorised (Cyprus) no no
SEBI Authorised (India) no no no
Israel (ISA Authorised) no no
CBR Authorised (Russia) no no
FSCA Authorised (South Africa) no no no
SEC Authorised (Thailand) no no
DFSA / Central Bank Authorised (UAE) no no no
SCB Authorised (Bahamas) no no no
FSC Authorised (Belize) no no no
FSA Authorised (Seychelles) no no no
CIMA Authorised (Cayman Islands) no no no
BMA Authorised (Bermuda) no no
FSC Authorised (British Virgin Islands) no no no
FSC Authorised (Mauritius) no no no
VFSC Authorised (Vanuatu) no no no
Funding
Min. Deposit - 0 -
PayPal (Deposit/Withdraw) no no
Skrill (Deposit/Withdraw) no no
Visa/Mastercard (Credit/Debit) no no
Bank Wire (Deposit/Withdraw) no no
Webmoney (Deposit/Withdraw) no no no
Crypto Funding
Bitcoin (BTC) no no no
Litecoin (LTC) no no no
Ethereum (ETH) no no no
Tether (ERC20) no no no
Tether (TRC20) no no no
Dogecoin (DOGE) no no no
Trading Platforms
Proprietary Platform no no
Desktop Platform (Windows) no no
Desktop Platform (Mac) no no no
Web Platform no no
Social Trading / Copy Trading no no
Mobile App (Android) no no no
Mobile App (iOS) no no no
Trading Software
MetaTrader 4 (MT4) no no
MetaTrader 5 (MT5) no no
cTrader no no no
DupliTrade no no
ZuluTrade no no
Myfxbook no no no
VPS Trading no no no
Cost
Average Spread EUR/USD - Standard - 0.92 -
All-in Cost EUR/USD - Active - 0.61 -
Active Trader or VIP Discounts no no
Inactivity Fee no no no
Execution: Agency Broker no no no
Execution: Market Maker no no
Research
Daily Market Commentary no no
Forex News (Top-Tier Sources) no no
Autochartist no no no
Trading Central (Recognia) no no
Social Sentiment - Currency Pairs no no
Economic Calendar no no
Education (Forex or CFDs) no no
Client Webinars no no
Client Webinars (Archived) no no
Videos - Beginner Trading Videos no no
Videos - Advanced Trading Videos no no
Investor Dictionary (Glossary) no no
Tick History no no no
Major Forex Pairs
GBP/USD no no
USD/JPY no no
EUR/USD no no
USD/CHF no no
USD/CAD no no
NZD/USD no no
AUD/USD no no
Mobile Trading
Android App no no
Apple iOS App no no
Mobile Alerts - Basic Fields no no
Mobile Watchlist no no
Watchlist Syncing no no
Mobile Charting - Indicators / Studies - 73 -
Mobile Charting - Draw Trendlines no no
Mobile Charting - Multiple Time Frames no no
Mobile Charting - Drawings Autosave no no no
Forex Calendar no no
Trading Tools
Virtual Trading (Demo) no no
Alerts - Basic Fields no no
Watchlists - Total Fields - 7 -
Charting - Indicators / Studies (Total) - 80 -
Charting - Drawing Tools (Total) - 13 -
Charting - Trade From Chart no no
Charts can be saved no no
Spread
Stocks - - -
Currencies - - -
Indices - - -
Commodities - - -
Max. Leverage
Overall Max. Leverage - 1:400 -
Stocks - - -
Currencies - - -
Indices - - -
Commodities - - -
Features
Scalping no no
Hedging no no no
Trailing Stops no no
Guaranteed Stop Loss no no
Guaranteed Limit Orders no no
Guaranteed Execution no no no
Negative Balance Protection no no no
One-click Execution no no
Interest on Margin no no no
Demo Account no no no
Web-based Trading no no
Mobile Native App Trading no no
Islamic Account no no no
Zero Spreads no no no
Regulation
Trust Score - 93 -
Year Founded - 2006 -
Compensation Fund - 20000 -
Publicly Traded (Listed) no no no
Bank no no no
Authorised in European Union no no
Member of The Financial Commission no no no
The Financial Commission Profile - - -
VerifyMyTrade Audit - - -
Public Disclosures
Financial Statements - View -
Management Team - View -
Support
Email Support no no no
Phone Support no no no
SMS Support no no no
Live Chat no no no
Support Hours - - -
Community
Monthly Website Visitors 3.2 M 750 K 59.8 M
X Subscribers 0 18 K 0
Youtube Subscribers 0 23 K 0

Can you trust Webull?

  • Webull does not operate a bank and is not publicly traded.
  • Webull is not authorised to operate in the 🇪🇺 European Union.

Is Webull authorised to operate in the US?

❌ No, Webull is not authorised to operate in the United States.

What licenses does Webull have to operate?

Webull is authorised by the following regulators: .

Does Webull publicly discloses their financial statements?

❌ No, unfortunately Webull does not list their financial statements publicly on their website.

Does Webull offer trading software like Meta Trader?

No, Webull does not offer any trading software .

Does Webull provide a mobile native app?

No, Webull does not provide a native app for mobile.

Can you trust AvaTrade?

  • AvaTrade was founded in 2006.
  • AvaTrade does not operate a bank and is not publicly traded.
  • AvaTrade is authorised to operate in the 🇪🇺 European Union.
  • AvaTrade is licensed by the world's most strict and feared regulator 🇬🇧 ASIC (AU).

Is AvaTrade authorised to operate in the US?

❌ No, AvaTrade is not authorised to operate in the United States.

What licenses does AvaTrade have to operate?

AvaTrade is authorised by the following regulators: ASIC Authorised (Australia), IIROC Authorised (Canada), CBI Authorised (Ireland), FSA Authorised (Japan), CySEC Authorised (Cyprus), Israel (ISA Authorised), CBR Authorised (Russia), SEC Authorised (Thailand) and BMA Authorised (Bermuda) .

Does AvaTrade publicly discloses their financial statements?

✅ Yes, you can view the financial statements of AvaTrade online

Does AvaTrade offer trading software like Meta Trader?

✅ Yes, you can trade on AvaTrade using MetaTrader 4 (MT4), MetaTrader 5 (MT5), DupliTrade and ZuluTrade trading software as well as through their proprietary trading platform .

Does AvaTrade provide a mobile native app?

No, AvaTrade does not provide a native app for mobile. However, you can access the AvaTrade web platform on mobile for trading.

Can you trust Charles Schwab?

  • Charles Schwab does not operate a bank and is not publicly traded.
  • Charles Schwab is not authorised to operate in the 🇪🇺 European Union.

Is Charles Schwab authorised to operate in the US?

❌ No, Charles Schwab is not authorised to operate in the United States.

What licenses does Charles Schwab have to operate?

Charles Schwab is authorised by the following regulators: .

Does Charles Schwab publicly discloses their financial statements?

❌ No, unfortunately Charles Schwab does not list their financial statements publicly on their website.

Does Charles Schwab offer trading software like Meta Trader?

No, Charles Schwab does not offer any trading software .

Does Charles Schwab provide a mobile native app?

No, Charles Schwab does not provide a native app for mobile.

Comparison & Key Differences

Which brokers offer social/copy trading?

Only AvaTrade offers social/copy trading.

Best Brokers for Social/Copy Trading

Which brokers offer cryptocurrency (CFD) trading?

Only AvaTrade offers cryptocurrency (CFD) trading.

Best Brokers for Cryptocurrency (CFD)

Which brokers allow scalping?

Only AvaTrade allows scalping.

Best Brokers for Scalping

Which brokers allow hedging?

None of these brokers allow hedging: AvaTrade and Charles Schwab.

Best Brokers for Hedging

Which brokers provide Negative Balance Protection?

None of these brokers provide Negative Balance Protection: AvaTrade and Charles Schwab.

Best Brokers with Negative Balance Protection

Which brokers offer a Demo Account?

None of these brokers offer an Demo Account: AvaTrade and Charles Schwab.

Best Brokers Offering Demo Accounts

Which brokers offer an Islamic Account?

None of these brokers offer an Islamic Account: AvaTrade and Charles Schwab.

Best Brokers Supporting Islamic Accounts

What does it matter which licenses a broker has?

Licenses allow brokers like Webull, AvaTrade and Charles Schwab to legally provide services in those countries or regions. By having permits from regulators globally, the broker is authorized to conduct business and operate globally.

These licenses and regulations are good for consumers because they hold these companies to high standards.

For example, licenses from:

  • ASIC in Australia,
  • FCA in the United Kingdom,
  • CFTC in the United States,
  • CySEC in Cyprus,
  • FSC in Belize

Require that Webull, AvaTrade and Charles Schwab follow rules around:

  • Keeping customer money safe
    Regulators make sure brokers keep client money separate from their own money. This stops brokers from spending customer money.
  • Providing clear fees and charges
    Regulators check that brokers show all fees to customers upfront. This helps customers understand and compare costs.
  • Resolving complaints fairly
    Regulators check brokers are dealing with customer complaints fairly. Brokers must have policies to fix complaints.
  • Guarding against fraud
    Regulators make rules so brokers check customer identities. This helps stop criminal activity. Regulators can punish cheating brokers.
  • Advertising honestly
    Regulators tell brokers what they can and can't say in ads. This stops brokers making false promises. Regulators can fine brokers who break ad rules.

Which brokers are authorised by ASIC, FCA, CFTC and CFTC?

AU's ASIC, UK's FCA and America's CFTC are considered global “gold standards” in rigorous consumer protection laws and enforcement policies.

  • ASIC (AU) Authorised - Only AvaTrade is licensed by the ASIC (AU).
  • FCA (UK) Authorised - None of these brokers offer licensed by the FCA (UK): .
  • CFTC (US) Authorised - None of these brokers offer licensed by the CFTC (US): .

CySEC in Cyprus follows the strict rules set by the European Union called MiFID. These MiFID rules were created to strongly protect investors.

  • CySEC (CY) Authorised - Only AvaTrade is licensed by the CySEC (CY).

Which brokers are not registered with ASIC, FCA or CFTC?

  • Not registered with CFTC (US) - The following brokers are not licensed by the CFTC (US): Webull, AvaTrade and Charles Schwab.

    This doesn't necessarily have to be a red flag as some forex brokers make the choice to only have customers who live outside of the United States. They do not accept traders who live inside the U.S. The CFTC is the agency in the U.S. that oversees brokers for U.S. residents. Since these brokers don't have any U.S. customers, the rules and registration enforced by the CFTC does not apply to those brokers. The brokers are still responsible for following the local rules where their international customers live. But they do not have to register specifically with the U.S. agency (CFTC) because they do not serve traders who reside in the United States.

  • Not registered with ASIC (AU) - Both Webull and Charles Schwab are licensed by the ASIC (AU).

    Again, even though ASIC is known globally as having the strictest and most feared regulation of forex brokers, this doesn't always have to ring alarms. However, some brokers deliberately avoid Australia because ASIC aggressively examines brokers in detail and has very high standards of acceptable conduct. If ASIC finds brokers are badly mistreating customers or ignoring the strict rules, ASIC will punish them severely without waiting by issuing massive fines or shutting them down. Forex brokers know not to take ASIC rules lightly because ASIC is watching them closely and will come down hard on them if customers are harmed by their poor behavior.

  • Not registered with FCA (GB) - The following brokers are not licensed by the FCA (GB): Webull, AvaTrade and Charles Schwab.

Background Information

Difference between shares, equity indices and , individual stocks and etfs

The main differences between forex, shares, equity indices, individual stocks, and ETFs are:

  • Forex (Foreign Exchange) - Forex trading involves exchanging one currency for another in the foreign exchange market. Forex traders attempt to profit from fluctuations in currency exchange rates.
  • Shares - A share represents part ownership of a company. Owning shares entitles the shareholder to a portion of the company's assets and earnings.
  • Equity Indices - An equity index is a statistical measure of the performance of a basket of stocks representing a portion of the equity market. Examples include the S&P 500 and the Dow Jones Industrial Average. These indices track the overall performance of their underlying group of stocks.
  • Individual Stocks - An individual stock represents ownership in a single company. The return on an individual stock depends solely on that company's performance. Individual stocks carry higher risk but also the potential for higher returns compared to broader indices.
  • ETFs (Exchange Traded Funds) - An ETF is a collection of securities bundled together into a fund that trades on an exchange like a stock. ETFs can contain various asset classes but equity ETFs typically track an equity index, such as the entire stock market or a sector. ETFs offer diversification with the trading aspects of a stock.

Shares and individual stocks represent ownership in a single company, indices track groups of stocks, while ETFs are funds containing assets like stocks or indices that trade as a single security. The level of diversification, risk, and return potential differs across these asset classes.

Webull Review
AvaTrade Review
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Charles Schwab Review