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Overview of Paper Trading on thinkorswim
Charles Schwab’s popular trading platform, thinkorswim, offers one of the industry's most well-known paper trading services. Several platform choices, a long list of tools and services, and access to many of the products available inside thinkorswim make it a great platform to practice trading on.
Can You Use thinkorswim Without an Account?
You can try thinkorswim without opening a Charles Schwab brokerage account by using a
Guest Pass. However, it is easy and free to
open a Charles Schwab account, and you don't need to deposit money to keep it.
Getting Started
Getting started with thinkorswim's paper trading service is easy.
Charles Schwab provides one of the best paper trading services in the industry. They make it even better by allowing traders to try the software with either a Schwab account or a Guest Pass.
To register for paper trading and to download the software, you can either
create a free Charles Schwab
account or sign up for a Guest Pass.
Charles Schwab collects some information from new users before allowing access to the downloadable
trading platform.
If you already have a brokerage account, there is nothing that you need to do to enable paper trading as it comes standard with every account.
To access the paper trading environment from the thinkorswim platform, you must choose paper trading when logging in.
thinkorswim Paper Trading Platforms
Since Charles Schwab’s Paper Trading service is a feature of the popular trading platform thinkorswim, you can access it on your PC, smartphone, or through a web browser.
Once you open the platform, you’ll be prompted to use the login credentials you created during the previous step. Alternatively, you can use your Charles Schwab account login information.
You can use any one of the three thinkorswim platforms. There is a mobile app, a browser-based platform, and the main desktop trading platform.
Your platform choice will largely depend on the type of paper trading you plan to do. If the strategies you want to practice require complex charting tools and access to thinkorswim’s deepest feature set, the desktop solution is the best choice.
Get Free thinkorswim Platform
Get thinkorswim platform and $0-fee trades at Charles Schwab.
Open thinkorswim Account
TOS Paper Trading Cost and Fees
One thing that makes paper trading so popular on thinkorswim is the cost structure. It does not cost anything to use the software. That means using the paper trading service is also free.
In addition to free access to thinkorswim, there are no account minimums to keep up with. Membership fees are also a thing of the past.
thinkorswim Demo Account Market Data
thinkorswim paperMoney includes
real-time simulated market data. The platform provides the information most traders would need to make informed decisions based on current market activity. For paper trading, that ability is undoubtedly valuable.
thinkorswim also supports
NASDAQ Level II data. However, free access to NASDAQ TotalView depends on client eligibility, and some users may need a separate subscription if they do not qualify for complimentary access.
Some third-party research services may cost extra. However, for paper trading, these subscriptions are not necessary.
Benefits of Paper Trading on thinkorswim
There are many benefits to using thinkorswim’s Paper Trading service. Some traders use it to get accustomed to the trading software, others to practice trading in a live environment, and others to hone their skills.
Here are some of the ways thinkorswim’s Paper Trading service can help you as an investor.
Strategy Testing (Backward and Forward)
When it comes to successful trading, consistency is vital. Many would argue that trading is nothing more than a numbers game that is highly dependent on probable outcomes.
Understanding the probability of a successful trading idea is crucial if that is true. Paper Trading offers investors a safe environment to test trading ideas (edges).
thinkorswim has a backtesting engine built right into the software to help you see how an idea would have performed in the past.
For many, backtesting is only the first step.
Acting on signals (edges) as they present themselves is paramount. To practice doing that, using a service like thinkorswim’s paper trading can be very beneficial.
Trade Many Asset Classes
Another benefit to the broker’s paper trading service is the fact that you can trade a broad range of products available on thinkorswim.
Unlike many other paper trading services, you're not restricted to trading stocks. At thinkorswim, you can trade
stocks, ETFs, options, futures, and Forex. You can even practice more advanced trading techniques, such as trading Forex pairs, futures spreads, and more.
Practice Scalping on thinkorswim
Some investment strategies require practice and skill. One such strategy is scalping.
Without the required experience, making mistakes and losing money is too easy. Whether you want to practice scalping stocks, ETFs, futures, or Forex, having a paper trading account to hone your skills can certainly be helpful.
Research Tools
Other useful features available in thinkorswim are the education and research tools.
thinkorswim offers a full education suite covering a depth of topics ranging from margin trading to position management to knowledge of the financial markets.
thinkorswim also offers many research tools, such as analyst reports, sector comparisons, live news feeds, and analytical tools for risk assessment.
Screeners
Screeners are another helpful addition to the Paper Trading service. You can practice locating trade
ideas based on predetermined criteria. Then, with the paper trading toolset, you can put your ideas to
the test.
Account Types
thinkorswim's paper trading also allows you to practice with multiple account types. You can switch between
a
margin account and an
IRA account to see what kinds of trading are permitted for
each account type.
thinkorswim’s Paper Trading Pros and Cons
thinkorswim has many pros regarding paper trading, but it is also good to consider the potential cons.
Pros
- Free platforms to practice with
- Real-time simulated market data
- Full library of research tools
- Professional charting tools
- Analytical tools to assess potential risk/reward
- Fully customizable screeners
- Fully-featured mobile app
Cons
- Desktop software takes time to learn
- Position manager feels dated
- Browser version of thinkorswim can be sluggish
Get Free thinkorswim Platform
Get thinkorswim platform and $0-fee trades at Charles Schwab.
Open thinkorswim Account
Updated on 4/17/2026.
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