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Thinkorswim vs Interactive Brokers (IBKR vs TOS)
Interactive Brokers versus Thinkorswim: compare online trading platforms (IBKR TWS vs TOS),
stock broker account fees, options and chart tools, differences in 2025.
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Interactive Brokers vs thinkorswim: Highlights
• Both thinkorswim and Interactive Brokers have advanced platforms with many trading tools.
• thinkorswim does not offer crypto trading, but Interactive Brokers does.
• Low margin rates are available at Interactive Brokers but not on thinkorswim.
Interactive Brokers vs. thinkorswim Introduction
Professional-level software is available at Interactive Brokers and on thinkorswim from Charles Schwab. Before setting up your next brokerage account, check out this comparison.
Cost Comparison
Tradable Assets
At Interactive Brokers, you can trade the following asset classes:
- Futures
- Forex
- Stocks
- Options
- Mutual Funds
- ETFs
- Closed-end Funds
- Fixed Income
- Precious metals
- Cryptocurrencies
thinkorswim is Schwab’s advanced trading platform. Through it, you can trade nearly everything IBKR offers except bonds, precious metals, mutual funds, and digital currencies. However, you can trade bonds and mutual funds on Schwab’s website.
Winner: Interactive Brokers
Promotions
Charles Schwab: Thinkorswim + $0 trades + satisfaction guarantee at Charles Schwab.
Interactive Brokers: Use this referral link to get up to $1,000 of IBKR stock for free!
Margin
Both companies in this comparison offer margin accounts. Schwab charges between 12.575% and 10.825% for margin balances.
Interactive Brokers has a single rate for IBKR Lite clients at 6.83%.
IBKR Pro customers enjoy even lower rates.
Winner: Interactive Brokers
Websites
thinkorswim starts with a browser-based platform. To open it, click on the Trade tab
in Schwab’s main menu and then pick “thinkorswim Web.”
This version of thinkorswim features time & sales data and a stock screener. Charts have technical indicators and some drawing tools. You can pick from two order tickets, both with powerful order types like stop and limit on close. There’s also a paperMoney mode to practice.
Over at Interactive Brokers, there isn’t a separate web-based system. Instead, charting and trading are built into the regular website, which has excellent resources. In our checks, we found one order ticket with 9 order types and a price management algo that makes trading more professional. Stop-loss and take-profit orders can be attached easily.
IBKR’s site has charts with many styles and indicators. The only downside is the lack of a practice mode.
Winner: Pretty close overall
Mobile Apps
thinkorswim shows up again in mobile form. Paper trading is gone here, but there are some extras. For instance, we found video news from Schwab Network and CNBC. Chat rooms are also available, letting thinkorswim users discuss the day’s market events.
thinkorswim’s order ticket is similar to the web-based system, though you can now add conditions like custom-time entry. Charts here have more technical indicators (over 300).
IBKR’s mobile app has fewer indicators (around a hundred), yet there are three plot styles, and going full-screen unlocks ten more. Those come with drawing tools. However, the older horizontal chart feature has disappeared.
Bloomberg TV stands in for CNBC and Schwab Network on IB’s app, but there are no chat rooms. IB does have mobile check deposit, which thinkorswim’s app doesn’t.
Winner: Draw
Desktop Programs
Here is where top-tier trading happens. thinkorswim appears again, and Trader Workstation (TWS) joins the scene for Interactive Brokers. TWS is IB’s main trading system. It has a paper-trading mode and many tools. Key highlights are advanced charting, a feature-rich order ticket, and pro-level options tools.
thinkorswim’s desktop platform matches TWS with a practice mode for learning this very advanced software. Its charts are packed with features, and we really like the backtesting function.
Winner: Tie
Day Trading
Both thinkorswim and Interactive Brokers have great day-trading capabilities.
Level II Quotes: You can get Level II quotes on Trader Workstation and thinkorswim. IBKR charges for them; Schwab doesn’t.
Extended-hours Trading: Both firms let you trade outside normal market hours. Interactive Brokers now has overnight trading for 10,000+ securities plus 24/7 crypto trading.
Direct-access Routing: Both platforms have it, though TWS has more choices.
Maker-Taker Fees: Available with IBKR.
Short Positions: You can place bearish trades at both, and Interactive Brokers has an HTB list.
Winner: Interactive Brokers
Platform Reviews
Thinkorswim Platform Review
Trader Workstation Review
Promotions
Charles Schwab: Thinkorswim + $0 trades + satisfaction guarantee at Charles Schwab.
Interactive Brokers: Use this referral link to get up to $1,000 of IBKR stock for free!
Thinkorswim vs Interactive Brokers Recap
These two are very close. Day traders may want Interactive Brokers, while investors
might prefer Charles Schwab.
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Updated on 1/28/2025.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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