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Pepperstone vs Charles Schwab for US stocks
Charles Schwab gives you the actual share; Pepperstone gives leveraged exposure to the price without ownership. That is not a preference — it is a different product, with different tax, dividend and risk treatment.
Pick Pepperstone if non-US residents trading US shares as CFDs. Pick Charles Schwab if US residents.
A CFD and spread-betting broker, not a US stockbroker. It is on this site because for most non-US traders it is one of the few regulated routes to US-share exposure with leverage.
Visit PepperstoneA full-service US brokerage; thinkorswim gives it a genuinely strong active-trading platform.
Visit Charles SchwabSide by side
| Pepperstone | Charles Schwab | |
|---|---|---|
| What you hold | A CFD on the price | The share |
| US stock access | 1,000+ US share CFDs | Full US listed market |
| Minimum deposit | None | None |
| Fractional shares | n/a | Yes |
| Published pricing | US share CFDs are commission-based on the Razor account and spread-based on Standard; overnight financing applies to positions held past the close. | $0 online commission on US listed stocks and ETFs. |
| Platforms | MetaTrader 4, MetaTrader 5, cTrader, TradingView | Schwab.com, thinkorswim desktop, thinkorswim mobile |
| Extended hours | Selected US share CFDs only — check the instrument schedule | Pre-market and after-hours sessions supported |
| Regulation | FCA 684312, ASIC 414530, CySEC 388/20, DFSA F004356, BaFin 151148 | SEC SIPC member |
| Founded | 2010 | 1971 |
Where each one wins
Pepperstone
- Non-US residents trading US shares as CFDs
- Leveraged short-term positions
- MetaTrader and TradingView users
- CFDs are leveraged: you do not own the share, get no shareholder rights, and can lose more than you expect
- Not available to US residents
Charles Schwab
- US residents
- Long-term investors who want research and banking in one place
- Options traders via thinkorswim
- International account availability is limited and varies by country
Frequently asked questions
Pepperstone or Charles Schwab — which is better for US stocks?
Charles Schwab gives you the actual share; Pepperstone gives leveraged exposure to the price without ownership. That is not a preference — it is a different product, with different tax, dividend and risk treatment. Pepperstone: non-US residents trading US shares as CFDs. Charles Schwab: US residents.
Which is cheaper?
Pepperstone: US share CFDs are commission-based on the Razor account and spread-based on Standard; overnight financing applies to positions held past the close. Charles Schwab: $0 online commission on US listed stocks and ETFs. Both figures are restated from each broker's own pricing page; for small non-USD accounts, currency conversion usually costs more than commission does.
Which is better regulated?
Pepperstone is authorised by FCA, ASIC, CySEC, DFSA, BaFin; Charles Schwab by SEC. What matters is which entity holds your account, since that determines your compensation scheme and leverage limits.
Reviewed August 2026. Figures restated from each broker's published pages.