thinkorswim vs. TradeStation: Points to Know
• Many advanced trading tools are available with thinkorswim and TradeStation.
• TradeStation and thinkorswim have multiple software platforms.
• Simulated trading is possible on both thinkorswim and TradeStation.
TradeStation vs. thinkorswim Introduction
Are you looking for the absolute best in trading software with the lowest possible fees? If so, TradeStation and thinkorswim from Charles Schwab are two trading services worth checking out.
Pricing
| Broker Fees |
Stock/ETF
Commission |
Mutual Fund
Commission |
Options
Commission |
Maintenance
Fee |
Annual IRA
Fee |
|
thinkorswim
|
$0
|
$49.99 ($0 to sell)
|
$0.65 per contract
|
$0
|
$0
|
|
TradeStation
|
$0
|
$14.95
|
$0.50 per contract
|
$120*
|
$35
|
Services
| Broker Review |
Cost |
Investment Products |
Trading Tools |
Customer Service |
Research |
Overall Rating |
|
thinkorswim
|
|
|
|
|
|
|
|
TradeStation
|
|
|
|
|
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Promotions
Charles Schwab: thinkorswim + $0 trades + satisfaction guarantee at Charles Schwab.
TradeStation:
Currently, no promotions.
Asset Classes and Accounts
thinkorswim is a trading platform available to Schwab customers. The software can submit orders for the following asset classes:
- Options
- Forex
- Stocks
- ETFs
- Closed-end funds
- Futures
Through the Schwab website, but not on thinkorswim, it’s possible to trade mutual funds and bonds.
Over at TradeStation, we find a similar situation. The broker-dealer offers many of the same assets Schwab delivers except forex. Bonds must be traded through a rep, while mutual funds are available on the website. TradeStation also offers options on futures, while Schwab provides futures and forex through Charles Schwab Futures and Forex LLC.
Every asset at either firm must be traded in an account, and both brokerage houses offer several choices. TradeStation customers can open individual, joint, entity, and retirement accounts. Schwab has these plus a long list of specialized accounts, including custodial and Self-Employed 401k accounts. thinkorswim and TradeStation’s software can be used with several tax structures.
Winner: Schwab/thinkorswim
Margin Services
thinkorswim and TradeStation both emphasize advanced trading for experienced investors. So of course margin is available.
It is not possible to switch from cash to margin status on the thinkorswim platform, although Schwab’s website does have such a tool (look under the Profile button in the upper-right corner of the website). Going in the other direction, from margin to cash, requires a phone call. TradeStation has the same policy for either change.
When it comes time to pay for borrowed funds, both firms are pretty close. TradeStation customers pay
between 12% and 6%,
while Schwab has five tiers ranging from 10.325% to 12.075%.
Neither thinkorswim nor TradeStation displays margin requirements on its trading platforms for every specific security, although both firms display general numbers on their websites, and TradeStation has a list of securities on its site with special requirements.
Winner: Pretty close overall
Websites
To kick off the trading experience, TradeStation delivers multiple platforms: Desktop, Web Trading,
Mobile Apps, FuturesPlus, and TITAN X. The desktop platform has many trade types, including bracket and trailing orders.
There are many pre-installed option spreads, and charts have several graphing tools.
thinkorswim makes its first appearance here as a browser platform. This is the main trading platform Schwab has on its website, although the site itself has several other tools. thinkorswim here has multiple order choices and advanced charting tools. There are integrated option spreads, and graphs have studies and drawing tools. A stock screener, which isn’t available on TradeStation’s browser platform, makes an appearance.
Winner: thinkorswim
Mobile Platforms
Continuing the fight, thinkorswim is available in mobile format. The order ticket has advanced order choices, and charts have many technical studies. Video news from CNBC appears, and the app supports stocks, ETFs, options, futures, and forex.
TradeStation’s mobile app doesn’t have video news, although it does have more order types than thinkorswim. These include bracket and OSO orders. Charts have technical studies and drawing tools. Both apps have simulated trading and lots of integrated option strategies.
Winner: thinkorswim
Desktop Programs
TradeStation Desktop remains one of TradeStation’s major advanced platforms, while TITAN X is the company’s newer next-generation desktop platform. TradeStation has a lot of advanced features, including a walk-forward optimizer, a quick-trade window, trading algorithms, high-level option tools, and so much more.
thinkorswim in desktop mode reaches its zenith with all sorts of bells and whistles, including an economic calendar, 400+ technical studies, forex dealing boxes, and thinkScript®, which can be used to create custom digital tools.
Winner: thinkorswim
Day and Swing Trading
Because TradeStation and thinkorswim are often used for short-term trading, day trading resources are worth considering.
Day-Trading Workspaces: Only TradeStation Desktop has a pre-installed layout for day trading, although it’s possible to create custom layouts on thinkorswim desktop.
Short Positions: A bearish trade can be made on thinkorswim or on TradeStation’s software. Only TradeStation has a discrete button for sell short. TradeStation, but not thinkorswim, has a short-locate tool.
Direct-access Routing: On thinkorswim, we counted just 3 routing destinations. On TradeStation’s software, we found 17.
Level II Quotes: Available at both firms. On TradeStation Desktop, click on the Market Depth app on the Apps page. On thinkorswim, click on the plus sign (+) in the bottom-left corner and then select the link for Level II. They are free on thinkorswim but not at TradeStation.
Maker-Taker Fees: TradeStation provides access to Maker-Taker pricing models, specifically
through its routing options for equities. It offers rebates for adding liquidity ("Maker") on various venues.
Extended-hours Trading: Pre-market and post-market trading are available at both firms in many
securities. TradeStation’s pre-market equity session starts at 6:00 am ET, and Schwab offers
24/5 trading for more than 1,300 stocks and ETFs on thinkorswim. Futures
trade nearly around the clock. Foreign exchanges will have their own schedules.
Winner: TradeStation
Additional Services
Fractional Shares: Only whole-share trading is available on thinkorswim and TradeStation’s
software. Schwab Stock Slices is available separately for stocks and ETFs trading in the U.S. exchanges, while TradeStation does not offer fractional-share trading.
IPOs: Imminent stock launches can be traded on Schwab’s website (but not on thinkorswim) and through ClickIPO with a TradeStation account.
DRIP Service: Schwab has it; TradeStation does not.
Individual Retirement Accounts: thinkorswim and TradeStation’s software can be used with IRAs. Schwab charges no IRA fees, while TradeStation has a $35 annual fee and $50 closeout fee. Futures IRAs have their own fee schedules.
Fully-Paid Stock Lending: Available at both brokerage firms.
Winner: Pretty close
Promotions
Charles Schwab: thinkorswim + $0 trades + satisfaction guarantee at Charles Schwab.
TradeStation:
Currently, no promotions.
Our Recommendations
Small Accounts: Definitely thinkorswim.
Active Equity Trading: thinkorswim.
Long-Term Investing & Retirement Saving: Schwab has financial advisors, branch locations, and lots of other long-term resources that TradeStation lacks.
Beginners: TradeStation and thinkorswim are designed for seasoned pros. A managed account through
Schwab would be a good idea, though.
TradeStation vs thinkorswim: Final Verdict
Experienced traders can’t go wrong with either software platform investigated here. Everyone else should stick
to Schwab.
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Updated on 9/4/2026.
Chad Morris has been analyzing investment firms for Brokerage-Review.com since 2015. Backed by FINRA Series 65, 66, and SIE credentials, his work reflects a deep knowledge of the retail brokerage industry and digital trading tools.
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