thinkorswim vs. TradeStation: Points to Know
• thinkorswim and TradeStation both deliver many advanced trading tools.
• TradeStation and thinkorswim each provide more than one software platform.
• Both thinkorswim and TradeStation support simulated trading.
TradeStation vs. thinkorswim Introduction
Are you searching for top-tier trading software with very competitive pricing? If so, TradeStation and thinkorswim from Charles Schwab are two platforms that deserve attention.
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
|
|
|
|
|
|
|
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TradeStation
|
|
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|
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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 Schwab trading platform available to Schwab customers. The software can place trades in the following asset classes:
- Options
- Forex
- Stocks
- ETFs
- Closed-end funds
- Futures
Through the Schwab website, but not on thinkorswim, customers can also trade mutual funds and bonds.
At TradeStation, the product lineup is somewhat similar. The broker-dealer offers many of the same assets Schwab provides, 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 investment at either company must be traded inside an account, and both brokerage firms offer several account choices. TradeStation customers can open individual, joint, entity, and retirement accounts. Schwab offers these plus a longer 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 focus on advanced trading for experienced investors. Naturally, margin trading is available at both firms.
It isn’t possible to change an account from cash to margin directly on the thinkorswim platform, although Schwab’s website does have this function (look under the Profile button in the upper-right corner of the website). Switching from margin back to cash requires a phone call. TradeStation has the same policy for either change.
When borrowed funds are involved, the two brokers are fairly close. TradeStation customers pay
between 11.75% and 5.75%,
while Schwab has five tiers ranging from 10.075% to 11.825%.
Neither thinkorswim nor TradeStation displays margin requirements on its trading platforms for every specific security, although both firms publish general numbers on their websites, and TradeStation has a list of securities on its site with special requirements.
Winner: Pretty close overall
Websites
TradeStation offers several platforms to begin the trading experience: Desktop, Web Trading,
Mobile Apps, FuturesPlus, and TITAN X. The desktop platform includes many trade types, including bracket and trailing orders.
There are many prebuilt option spreads, and the charts include several graphing tools.
thinkorswim first shows up here as a browser platform. This is Schwab’s main web-based trading platform, although the Schwab site itself has many other tools. The thinkorswim web platform includes multiple order choices and advanced charting tools. Integrated option spreads are available, and charts include studies and drawing tools. A stock screener, which isn’t available on TradeStation’s browser platform, also appears.
Winner: thinkorswim
Mobile Platforms
The comparison continues with the mobile version of thinkorswim. Its order ticket has advanced order choices, and its charts include many technical studies. CNBC video news is available, and the app supports stocks, ETFs, options, futures, and forex.
TradeStation’s mobile app doesn’t provide video news, although it does have more order types than thinkorswim. These include bracket and OSO orders. Its charts have technical studies and drawing tools. Both apps support simulated trading and many integrated option strategies.
Winner: thinkorswim
Desktop Programs
TradeStation Desktop remains one of TradeStation’s main advanced platforms, while TITAN X is the company’s newer next-generation desktop platform. TradeStation has many high-level features, including a walk-forward optimizer, a quick-trade window, trading algorithms, advanced options tools, and much more.
In desktop form, thinkorswim reaches its strongest level with a long list of advanced tools, including an economic calendar, 400+ technical studies, forex dealing boxes, and thinkScript®, which can be used to build custom digital tools.
Winner: thinkorswim
Day and Swing Trading
Because TradeStation and thinkorswim are often used for short-term trading, it’s important to compare their day-trading tools.
Day-Trading Workspaces: Only TradeStation Desktop has a prebuilt layout for day trading, although custom layouts can be created on thinkorswim desktop.
Short Positions: A bearish trade can be placed on thinkorswim or TradeStation’s software. Only TradeStation has a separate sell-short button. 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 lower-left corner and then select the Level II link. 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 1,100 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 through Schwab for eligible S&P 500 stocks, while TradeStation does not offer fractional-share trading.
IPOs: Imminent stock launches can be accessed through Schwab’s IPO tools 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 many other long-term resources that TradeStation does not provide.
Beginners: TradeStation and thinkorswim are built for seasoned traders. A managed account through
Schwab would be a better idea, though.
TradeStation vs thinkorswim: Final Verdict
Experienced traders can do well with either software platform reviewed here. Everyone else should probably stay
with Schwab.
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Updated on 5/28/2026.
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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