Overview of thinkorswim and Active Trader Pro
Charles Schwab (thinkorswim) and Fidelity (Active Trader Pro) are two major players in the brokerage industry. Both are popular among investors looking for short-term and long-term investment opportunities. Which one stands out? Let’s dive into the details.
Cost Comparison
| 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
|
|
Fidelity
|
$0
|
$49.95
|
$0.65 per contract
|
$0
|
$0
|
Services
| Broker Review |
Cost |
Investment Products |
Trading Tools |
Customer Service |
Research |
Overall Rating |
|
Thinkorswim
|
|
|
|
|
|
|
|
Fidelity
|
|
|
|
|
|
|
Promotions
Charles Schwab: Get Thinkorswim platform and $0-fee trades at Charles Schwab.
Fidelity: None right now.
Category 1: Available Investments
Fidelity:
If you open a self-directed Fidelity account, you can trade the following:
- Stocks, including international and OTC options
- Fixed-income securities
- Funds (mutual, exchange-traded, and closed-end)
- Annuities
Fidelity also offers managed accounts. Fidelity Go, its robo-advisory service, charges just 0.35% annually (or less) and trades no-cost mutual funds. Traditional account packages cost more but provide more comprehensive services.
For all customers, Fidelity offers insurance products such as life and long-term care coverage.
Charles Schwab:
Charles Schwab provides both brokerage and advisory accounts, accessible in person or online. Accounts opened in person through advisors at local branches may have higher fees and minimums compared to online accounts. Online options include both managed and self-directed accounts with competitive fees and lower minimums.
Charles Schwab offers a broad range of investments, including:
- Forex
- Futures
- Stocks, excluding international exchanges but including OTC
- Bonds
- Funds (all types)
- Annuities
Winner: Charles Schwab
Category 2: Margin Accounts
Why use only your money when you can leverage someone else’s? Both brokers offer margin trading, requiring you to provide collateral.
Fidelity:
Fidelity starts its margin rates at 12.575% and lowers them to 8.275% for balances over $1 million.
Charles Schwab:
Charles Schwab also uses a tiered margin rate system, starting at 12.575% and reducing to 10.825% for balances of $250,000 or more. For loans above $500,000, rates are negotiable.
Winner: Even
Category 3: Websites
Fidelity:
The Fidelity website is intuitive and easy to navigate. During testing, the search bar in the upper-right corner proved helpful, along with a watchlist and a top menu for quick access.
Fidelity’s trade ticket is now integrated into web pages. Features include a share calculator, eight order types, and five time-in-force options.
The charting tools on Fidelity’s website remain robust, allowing users to save charts, export data, detach charts into new windows, or print them. A tutorial video is also available, along with tools that work well in full-screen mode.
Charles Schwab:
Charles Schwab also has an excellent charting system. Charts can be detached into new windows and saved, although there’s no spreadsheet export or video tutorial. Tools function effectively in full-screen mode.
Charles Schwab retains its SnapTicket trade bar, allowing order submission without leaving the current page. SnapTicket includes real-time data, a small graph, and a rapid-fire trading mode.
Other tools, like bond ladders, advanced order tickets, portfolio planners, and software demos, are accessible via a user-friendly top menu.
Winner: Charles Schwab
Category 4: Desktop Programs
Fidelity:
Active Trader Pro is Fidelity’s desktop application, designed for Mac and Windows users. It offers features that cater to even the most advanced traders.
In our evaluation, the platform was both powerful and easy to navigate. It includes color-coded Level II quotes and a trade ticket with eight order types (four trailing) and six time-in-force options, including a custom feature.
Beyond the default order ticket, there are additional options on ATP. The conditional order form supports triggers and conditional orders, while the discrete form is used for direct-access routing, providing four routing options.
Fidelity’s desktop platform also streams live Bloomberg TV and includes a time and sales window for additional market insight.
Charles Schwab:
Charles Schwab’s thinkorswim platform supports Linux in addition to Mac and Windows, offering a trading environment with unique tools like forex and futures trading boxes, not available on Active Trader Pro.
The platform includes a single trade ticket capable of handling direct-access routing (with two venues) and advanced orders like blast all, order cancels other, and first triggers all. It supports fifteen different order types.
While Bloomberg isn’t available on thinkorswim, it does feature CNBC and Charles Schwab Network streams.
Winner: Charles Schwab
Category 5: Mobile Apps
Fidelity:
Fidelity’s mobile app offers robust features, including charts with technical studies, comparison tools, and multiple graph styles. Charts can be displayed in both vertical and horizontal orientations.
The app’s order ticket mirrors the website, featuring eight order types, with a simplified version for faster order entry.
Fidelity has packed its app with market news, featuring thumbnails for articles, market movers in tile format, and quick data on sectors and regions. An AI assistant is another standout feature.
Charles Schwab:
Charles Schwab’s mobile offerings include two apps, both packed with tools. The thinkorswim app includes advanced charting tools and a robust trade ticket.
The standard app includes features like market news, an economic calendar, and bill payment options. It can also be used for trading, with an order form that includes multiple trade types and a dedicated sell short button.
Winner: Charles Schwab
Category 6: Security Research
Fidelity:
Fidelity provides screeners for all the assets it supports. While the mutual fund screener lacks a filter for load status, the screeners offer plenty of search variables, making them highly useful.
Stock profiles include detailed data, such as ESG ratings, technical analysis from Recognia, competitor insights, analyst reports, and more. For example, Uber’s profile included ten downloadable reports.
Charles Schwab:
Charles Schwab provides seven reports for Uber along with trade recommendations from TipRanks. While its stock profiles are informative, they are slightly less detailed than Fidelity’s, lacking social sentiment scores, which Fidelity includes.
The screeners at Charles Schwab are comprehensive, with the mutual fund tool allowing searches by load status and other criteria. The ETF screener even supports searches for exchange-traded notes.
Winner: Pretty even
Category 7: Extra Services
Individual Retirement Accounts: Both brokers offer IRAs with no maintenance fees.
DRIP Service: Enrollment is straightforward on both Fidelity and Charles Schwab’s websites.
Cash Management Features: Both offer debit cards, checkwriting, and FDIC insurance. Fidelity provides more insurance coverage.
Fractional Shares: Fidelity provides fractional trading for stocks and ETFs, which Charles Schwab does not.
Extended Hours: Both brokers offer pre-market and after-hours trading.
Periodic Mutual Fund Investing: This feature is available at both firms.
Initial Public Offerings: Both Fidelity and Charles Schwab offer IPOs and follow-on offerings, subject to eligibility requirements.
Winner: Draw
Our Recommendations
Mutual Fund Trading: Fidelity offers 9,625 mutual funds, with 3,412 being no-fee, no-load options. Charles Schwab provides more options overall, with over 4,200 no-fee, no-load funds and approximately 13,000 total funds. Charles Schwab is our pick.
ETF & Stock Trading: Charles Schwab offers better trading tools.
Small Accounts: Both brokers perform well for smaller investors.
Beginners: Both Fidelity and Charles Schwab offer 24/7 customer support, branch locations, demo trading features, and solid educational resources.
Long-Term Investors and Retirement Savers: Both firms provide strong options like individual 401(k) plans, annuities, target-date funds, and retirement education.
Promotions
Charles Schwab/Thinkorswim: Get Thinkorswim platform and $0-fee trades at Charles Schwab.
Fidelity: None right now.
Thinkorswim vs Active Trader Pro: Results
While Charles Schwab edges out overall, Fidelity remains a strong choice for fractional shares and mutual fund investing.
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Updated on 6/23/2025.