thinkorswim Rating: 
thinkorswim (TOS) Review
thinkorswim
from Charles Schwab is a powerful trading platform that offers an exceptional experience for both newcomers and experienced traders.
TOS is available in three versions: a desktop platform, a mobile app, and a web-based program. The desktop software is the most sophisticated, offering the greatest number of functions, while the browser system is the easiest to use, with fewer tools.
Pricing
All versions of thinkorswim are free to use and have no minimum requirements of any kind. There is no minimum balance, and Schwab does not enforce any minimum trading requirement. Quotes on thinkorswim, such as Level II quotes and time & sales data, are provided at no cost.
Tradable Assets
thinkorswim in any version can be used to buy or sell stocks, ETFs, closed-end funds, futures, forex, and
option contracts. Although Schwab also offers mutual funds and bonds, these must
be traded on the main website or the regular (not thinkorswim) mobile app.
Platform Features
There are many powerful features on thinkorswim. Some of them include:
- Alerts
- Search engines
- Customizable workspaces
- Advanced trade tickets
- Live financial news in video format
- Highly capable charting
- Account documents
- Transaction history
- Calculator
- Money movement
- Third-party research
- Chat support
- Scratch pad
- Hot keys
- Live audio
- Currency map
- Video games (Mine Sweeper and Tetris)
- Backtesting
- Economic calendar
Some functions are offered on only certain platforms (desktop, mobile, or web), so you may want to explore all three.
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Learning thinkorswim
Clearly, this platform has many advanced capabilities. Even so, you can learn to use it well.
Every thinkorswim platform has paperMoney, a demo mode for practicing trades with imaginary funds. In the mobile app and the desktop version, paperMoney must be chosen before you sign in. On the web interface, there is a switch in the top-left area that lets you move between live and simulated trading without logging out. Given that thinkorswim has a learning curve, practice trading is strongly advised.
In addition to simulated trading, you can also learn thinkorswim on the Education tab on the desktop platform. It has a large library of materials that both beginners and more advanced traders will eventually need.
Customization
A layout, also known as a workspace at Schwab, can be created and modified on the desktop software. Several layouts can be set up under the Setup menu, which appears as a gear symbol in the top-right section.
thinkorswim in all three versions has two color themes (light and dark). On the desktop platform, each theme has multiple styles. For example, dark mode comes in variations like Chinese dark and classic thinkorswim. These and other preferences can be adjusted under the Setup menu. Some customizable options here include:
- Platform language (English or Chinese)
- Hot key preferences
- Order-ticket defaults
- Font spacing
- Quote speed
Charting
The desktop program provides the most robust charting features. Inside, there is a Chart tab on the main menu with a wide array of charting tools. Within that, you can access a sub-tab for multiple charts and another sub-tab showing product depth, which may include elements like implied volatility and Greek values in graphical displays.
You can detach a chart so it occupies your entire monitor. In that mode, you get the best view. A chart has a right-click menu that includes links not only for submitting orders but also for drawing tools and technical indicators.
During our exploration, we found over 400 indicators. This sizable collection has:
- SVE Pivots
- Breakaway
- Stochastic Full
- RSI Crossover
Then there are drawing tools. These include various Fibonacci instruments and price markers. We also appreciate the wide variety of plot styles, which feature some unusual ones like monkey bars.
A vertical panel appears on the far right side of the chart. Here, you can turn add-ons on or off, including a convenient order panel at the top. The right-click menu provides buy and sell shortcuts as well.
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Order Entry
Choosing a buy or sell link in the drop-down or in the top bar brings up an order ticket. Clicking on an advanced trade link in the right-click menu brings up a ticket at the bottom of the screen. Other trade choices open a pop-up ticket.
thinkorswim’s order tickets contain many sophisticated functions. As one example, you can store an order to reuse as a template. You can also copy an order to populate a blank ticket. A camera icon lets you capture the order ticket at the bottom, and you can also print an order.
The order types you can submit are very flexible. Examples include:
- 1st triggers all
- Limit
- Pair
- Blast all
- Trailing stop limit
- Market on close
The pop-up ticket has a drop-down to pick the account you wish to use. Another drop-down lets you split a single trade across multiple accounts. For instance, you could split 100 shares equally into 2 accounts.
The vertical section on the right contains 2 more order tickets. One is the Active Trader ticket. This one is a price ladder with prices listed from top to bottom. Clicking a bid or ask value creates a stop or limit order at that price.
The other order form is called Big Button. It can be personalized with many trade choices. By default, it displays buttons for buying and selling 100 shares at market prices.
Security Research
Even though most research resources are found on Schwab’s main site, thinkorswim, especially the desktop version, has several helpful tools. Under the Scan tab in the top menu, there are scanning tools for stocks and options with many criteria, such as:
- Volume
- Net change
- Put/call ratio
- Yield
- Implied volatility
- Days to expiration
- Probability ITM
- And more...
You can set maximum and minimum values, and there is a graphical tool to easily select upper and lower limits.
The Analyze tab has its own set of features that can be extremely valuable in a range of scenarios. For example, there is a probability-analysis tool that displays the historical volatility of a symbol alongside a chart of possible future increases or drops.
News
For general market stories, you will find articles on individual stocks from multiple outlets, such as Dow Jones and Benzinga. Video news is provided by Schwab’s in-house programming, known as Schwab Network. CNBC is also available in American, European, and Asian editions. You can add these crucial news streams to the left-hand column by hitting the plus icon in the lower left and choosing the feed you want.
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Updated on 6/1/2025.
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