thinkorswim vs. Legend
Highlights:
• Robinhood’s platform Legend and Schwab’s platform thinkorswim both have strengths and weaknesses.
• Legend is a web-browser platform, while thinkorswim functions as a desktop system, browser platform, and mobile app.
• Only thinkorswim offers paper trading.
If you need more than just a website to manage your trading, Legend and thinkorswim are worth considering. Here’s the rundown:
Tradable Products and Accounts
On either Legend or thinkorswim, the following investment vehicles can be traded:
- U.S.-listed stocks
- Option contracts
- Exchange-traded funds
On thinkorswim, Schwab adds futures, forex, closed-end funds, and OTC stocks. On Legend, cryptocurrencies can be traded.
At Robinhood, Legend can be used with a taxable, joint, or individual account; an IRA can also use the trading system. At Schwab, there is a much larger list of account registrations that can use thinkorswim; we’re talking 401k accounts, custodial accounts, trusts, and more.
Winner: thinkorswim
Margin Trading
Both platforms in this two-way comparison can be used with a margin account. Option spreads can be traded on either one, although Legend doesn’t have any multi-leg plays installed (you have to create your own). Robinhood does not permit short positions at all, so Legend cannot be used for shorting.
Despite Legend’s weaknesses here, Robinhood does have lower margin rates; the broker’s tiered
schedule begins at 5% and ends at 3.95%. thinkorswim users, on the other hand, have to pay between 11.825% and 10.075%.
Margin details, such as the account’s maintenance requirement, are shown for a margin account on Legend. thinkorswim only shows the cash available for trading, although Schwab’s website shows the maintenance requirement for individual equities.
Winner: Legend
Trading Experience
With Legend launched in a browser, the software is intuitive and easy to use. A widget button at the top is where more bells and whistles can be added to the platform. A watchlist shows up by default in the lower-left corner of one of the installed layouts; hovering over an entry creates a Trade button. Clicking on the button generates the trade ticket, which has five trade types.
thinkorswim in any version (web, mobile, or desktop) has the same order form, which has thirteen trade types. It also has a position effect (to open or to close) and more duration choices; just the AM or PM session can be specified, for example.
Moving on to charting, we find very good full-screen charts from Legend. There are lots of useful drawing gadgets and technical studies, and a right-click menu adds a degree of simplicity. Buy and Sell buttons are at the top.
The web version of thinkorswim, which is the most comparable platform to Legend, doesn’t have a right-click menu, but it does have color-coded buy and sell buttons at the top. The software includes about 150 technical studies, which is roughly three times the number Legend has. But Legend has more drawing tools. Not only is this the case on the website, it also has more drawing gadgets than thinkorswim mobile and desktop. Such is not the case with technical studies, though, as desktop and mobile thinkorswim both have several hundred.
Despite thinkorswim’s more advanced charting in desktop mode, the software doesn’t offer custom or pre-installed layouts. Legend, on the other hand, does have both. Nevertheless, important features are missing on Legend, including both simulated trading and asset scanners. thinkorswim, by comparison, has these useful features.
thinkorswim web also has a price ladder that can be used as a trade ticket; such a tool is missing on Legend. And desktop thinkorswim has many more useful features that pro-level traders will enjoy.
Winner: thinkorswim
Charles Schwab: $0 commissions + ACAT rebate + satisfaction guarantee at Charles Schwab.
Robinhood:
3% deposit match and FREE stock worth up to $200 at Robinhood.
Day Trading
Extended Hours: Both platforms have pre-market, post-market, and overnight trading.
Direct-access Routing: Only on thinkorswim desktop.
PDT Status: Both platforms in this survey show the number of day trades an account has placed.
Level 2 Data: Robinhood’s website has Level 2 quotes; thinkorswim has them on all three versions.
Day-Trading Workspaces: Neither platform has a dedicated layout for day trading, although it is possible to create your own trading environment with the gadgets and gizmos you want to use.
Maker-Taker Fees: Neither firm has them.
Winner: thinkorswim
Bonus Features
Initial Public Offerings: Investments in IPOs can be made on Robinhood’s and Schwab’s websites. After the initial purchases are set up there, trading is later possible on the platforms presented here.
Fractional Shares: Legend can be used to trade in whole dollars or whole shares. thinkorswim offers whole-share trading only.
Fully-paid Securities Lending Program: Both broker-dealers have it.
DRIP Service: Robinhood and Schwab offer free dividend reinvesting.
Individual Retirement Accounts: Legend and thinkorswim can be used with IRAs. Schwab has more IRA types.
Winner: Draw
Our Recommendations
Active Equity Trading: thinkorswim is the more advanced platform, so experienced traders should go with it.
Small Accounts: Because Legend offers fractional-share trading, we would go with Robinhood.
Beginners: Legend is more user-friendly, although thinkorswim has a practice mode. Take your pick.
Final Verdict
Both Legend and thinkorswim are useful trading platforms that should be seriously considered. Legend is the easier of the two, while thinkorswim is useful for practice trading and advanced strategies in live trading.
Updated on 2/16/2026.
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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