thinkorswim vs. Legend
Highlights:
• Robinhood’s platform Legend and Schwab’s platform thinkorswim both have strengths and weaknesses.
• Legend is a browser-based desktop 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 and forex for approved accounts. Schwab also supports OTC stock trading through its equity-trading lineup. Schwab’s cryptocurrency account is coming soon, but crypto is not currently available on thinkorswim. On Legend, cryptocurrencies and futures can be traded by eligible customers through the appropriate Robinhood entities.
At Robinhood, Legend can be used with individual and joint accounts; Robinhood also offers IRAs, although features and eligible products vary by account type. 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 approval requirements apply. Robinhood now permits short selling on Legend for eligible margin customers with the required portfolio value.
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 several trade types.
thinkorswim has many order types, including market, limit, stop, stop limit, trailing stop, trailing stop limit, market on close, limit on close, Blast All, first triggers sequence, first triggers OCO, first triggers 2 OCO, first triggers 3 OCO, and OCO. 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 many technical studies. Legend also has useful drawing tools. Desktop and mobile thinkorswim both have several hundred technical studies or indicators.
Despite thinkorswim’s more advanced charting in desktop mode, the platform also offers customizable workspaces. Legend has customizable layouts as well. Nevertheless, important features are missing on Legend, including full 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 for eligible orders.
Level 2 Data: Robinhood offers Level 2 market data, and Legend also uses several market-data sources for stocks, ETFs, and options. thinkorswim has Level II data, including a Level II gadget on desktop and Level II quotes on mobile with a subscription for supported symbols.
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 also supports notional orders for eligible stocks and ETFs, including fractional shares.
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: Both firms offer fractional-share trading, so either platform can work for small accounts. Robinhood still has the simpler workflow, while thinkorswim has the stronger advanced-trading tools.
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 more useful for practice trading and advanced strategies in live trading.
Updated on 7/8/2026.
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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