Does Charles Schwab Have Paper Trading?
• Both customers and guests of Charles Schwab can practice trading on the broker’s advanced thinkorswim platform.
• Paper trading is free of charge at Schwab for both guests and customers.
• Schwab clients can use paperMoney, while guests can use a 30-day Guest Pass.
Schwab Simulated Trading Overview
Because thinkorswim is such an advanced platform, Charles Schwab offers paper trading with
virtual buying power that has zero risk. All three versions of thinkorswim (mobile, web, and desktop)
have this demo mode. However, neither the Schwab website proper (not including the thinkorswim
browser platform) nor the regular Schwab mobile app offers simulated trading for customers. For the
thinkorswim platforms that do offer demo accounts, here are the details:
Schwab Demo Trading for Current Clients
Account holders at Schwab don’t need to sign up for anything to start paper trading. The web, mobile, and desktop versions of thinkorswim already have simulators built into them. On the desktop system, there is a paperMoney option at the login window. Simply select this to switch from live trading to demo trading.
In the thinkorswim mobile app, finding the simulator is easy once you know where to look. Open the account-selection menu, and then choose either a paperMoney account for simulated trading or a Live Trading account for real trades.
On the web version of thinkorswim, there is a toggle button in the upper-left corner of the platform to switch between live and simulated trading. To access this platform, you can log in directly to thinkorswim web or launch it from Schwab’s website. Using the toggle switch, it’s easy to switch back and forth between live and simulated modes. This is not possible on the desktop version of thinkorswim during the same login session. Only one mode per login can be used.
Schwab Demo Trading for Guests
If you’re not yet a Schwab client but still want to take thinkorswim for a test drive, you’re in luck. Schwab has created something called Guest Pass. This feature allows guests to sign up for a 30-day trial of thinkorswim. Guest Pass accounts are always in demo mode, so live trading is not possible. Because there is no actual brokerage account, there is no need to transfer money or securities.
Getting a Guest Pass is simple. Schwab has a Guest Pass web page with a sign-up form. Once you enroll in Guest Pass, you’ll have login credentials for thinkorswim that will last for a month. These credentials can also be used on the thinkorswim mobile app, which means guests can paper trade on the app. Schwab clients can also use paperMoney on thinkorswim mobile.
The regular login window for thinkorswim desktop should be used by Guest Pass holders. For the web browser, Guest Pass holders can go back to the Guest Pass site and follow the link to the web browser, and then log in with the provided credentials.
Free Charles Schwab Paper Trading
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Schwab Paper Trading Minimums and Fees
Schwab does not charge anything for Guest Pass, and regular customers pay nothing to use paperMoney, which is the simulator on thinkorswim. There are no account minimums, either.
How to Download thinkorswim
There is no need to download the browser version of thinkorswim. It runs in a web browser. The mobile version of thinkorswim can be downloaded from the major app stores. The powerful desktop system can be downloaded from Schwab’s thinkorswim download page. The desktop software is available for Windows, Mac, Linux, and other operating systems.
Practicing Trading on thinkorswim
Besides stocks and options, futures and forex can be traded on thinkorswim. Futures, futures options, and forex trading are subject to approval. Jumping into demo mode is always a good idea before placing any trades in new asset classes.
thinkorswim in its most advanced form is found in desktop format. Here, there are many features that require some practice to master. Here are some tools that may require extra practice:
- thinkBack (a backtesting tool)
- Pairs trading
- Futures and forex dealing boxes
- Active Trader (a price ladder)
- Over 400 technical studies
- Complex orders (there are many)
- Level II quotes
- Right-click trading
- Time & sales data
- Product depth (good for options trading)
- And more...
Although thinkorswim does have direct-access routing, this feature only works in live mode.
Account Values
thinkorswim paperMoney starts with $100,000 of virtual buying power. This value is, of course, pseudo currency. All trades are fake, and no actual assets are purchased or shorted. Nevertheless, it is important to pay attention to these values. They will change with each and every trade. Here are the values that show up on the web browser:
- Account Value
- Option Buying Power
- Stock Buying Power
- Forex Buying Power
Resetting the numbers back to their starting points is really easy. Just click on the blue Reset link that shows up underneath the numbers. On the desktop system, right-click on any position and find the reset link in the drop-down window.
Free Schwab Demo Account
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Updated on 6/4/2026.
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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