Is thinkorswim Free?
Charles Schwab's thinkorswim is a FREE advanced trading platform that comes with no fees or account
requirements. It is available in multiple versions, and all of them are free to use.
Thinkorswim Commissions
| Investments | Commissions |
|---|
| Stocks and ETFs | $0 |
| Stocks and ETFs broker assisted | $25 |
| US Over-The-Counter (OTC) Equities | $6.95 |
| Options | $0.65 per contract |
| Mutual funds | $0/$49.95/$74.95 to buy, $0 to sell |
| Futures | $2.25 per contract |
| CDs, Corporate Bonds, Municipal Bonds, Government Agencies, Zero-Coupon Treasuries, including STRIPS and Mortgage-Backed Securities | $1 per bond, $10 minimum, $250 maximum |
| Preferred Stocks and REITs | $0 |
| Commercial Paper and Foreign Bonds, Unit Investment Trusts | call for pricing |
| Investments |
stocks, bonds, mutual funds, futures, Treasury issues, options, CDs, insurance, ETFs,
forex, annuities, non-U.S. securities and ADRs, WEBs and Canadian foreign orders
|
| Charles Schwab minimum deposit to open account | $0 for cash account, $2,000 for margin account |
| Fees | Thinkorswim fees |
Downloading the thinkorswim Desktop Version
It’s really easy to download the thinkorswim desktop platform. Simply log into Schwab’s website and click on the Trade tab that appears at the top of the site. In the drop-down menu that appears, click on the link for ‘thinkorswim Desktop.’ Doing so will generate a new page with a link to download the platform. The software is compatible with Linux, Windows, and Mac machines. It’s possible with a little elbow grease to run the software on Unix or Unix-like operating systems as well.
Once installed, logging in is quite easy. Simply use the same login credentials you use for the website. It does have two modes: live and paperMoney, which is a simulated-trading environment. It is recommended to spend some time with paperMoney, as this platform is difficult to learn.
Free thinkorswim Platform
Visit Thinkorswim Website
thinkorswim in Mobile Version
thinkorswim does come in mobile format. It is compatible with both Android and Apple devices. The relevant app can be downloaded from either app store. Logging in follows the same rules as for the desktop system (use the website credentials and specify live or practice trading).
thinkorswim in a Web Browser
The third and final version of thinkorswim is in web-browser format. To access this platform, head back to the Trade tab we have already visited. This time, select ‘thinkorswim Web.’ Doing so will generate a new web-browser window with the thinkorswim platform. No download is needed this time.
The web-browser version of thinkorswim is trimmed down from the desktop system. Many resources are missing, although Level II quotes, time & sales data, and two robust trade tickets are still there.
thinkorswim in web-browser version will automatically begin in live mode. To switch to demo mode, look for the paperMoney tab in the upper-left corner. Clicking on this button will generate $200,000 of fake money to practice with.
Highlights
Level II quotes are on all three versions of thinkorswim. Time & sales numbers are on the web-browser and desktop programs. Direct-access routing is available on the desktop system only. Schwab does not charge for any of these features, and no signup is required.
thinkorswim can trade stocks, options, ETFs, futures, forex, and closed-end funds.
Enabling Live Trading
Although any account can log into any version of thinkorswim, an account does have to be enabled for thinkorswim to place live trades. This is easy enough to do on the website. Just go back to the ‘thinkorswim Desktop’ page we have already visited. In the middle of the page, there is a blue button to enable thinkorswim. Click on this button and follow the instructions. It’s possible to enable some accounts but not others for thinkorswim. By default, every account is enabled for Thinkorswim, which is the older platform.
Awards
thinkorswim Education
Schwab has built a library of videos that covers all sorts of trading topics that thinkorswim users may want to brush up on. These resources can be found under the Learn tab on the website (look for the link for thinkorswim demos). Examples we found include:
- Set Up thinkorswim® Desktop for Options Trading
- Customize Platform Appearance
- Stock Trading on paperMoney®
Free Charles Schwab/thinkorswim Account
Visit Thinkorswim Website
Updated on 2/7/2025.
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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