Overview of Paper Trading on thinkorswim
Charles Schwab’s popular trading platform, thinkorswim, is one of the industry's most popular paper trading services. Several platform choices, a long list of tools and services, and access to many of Schwab’s major trading products make
thinkorswim paperMoney a great platform to practice trading on.
Can You Use thinkorswim Without an Account?
You can use thinkorswim without a brokerage account at Charles Schwab through a
30-day thinkorswim Guest Pass. However, ongoing access requires Schwab access, and it is easy and free to
open a Charles Schwab account. You don't need to deposit money to keep a Schwab brokerage account open.
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. Schwab makes it even better by allowing nonclients to try the software for 30 days with a Guest Pass, while clients get ongoing access through their Schwab login.
To register for paper trading and to download the software, you can
create a free Charles Schwab
account or use a
30-day thinkorswim Guest Pass.
Charles Schwab collects some information from new investors before allowing access to the downloadable
trading platform or Guest Pass.
If you already have a brokerage account, there is nothing that you need to do to enable paper trading, as
paperMoney is built into every thinkorswim platform.
To access the paper trading environment from the thinkorswim platform, 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 use it on thinkorswim desktop, thinkorswim web, or the thinkorswim mobile app.
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 the deepest thinkorswim toolset, 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.
Schwab clients get access to the thinkorswim platform suite for no charge, and paperMoney is also free for Schwab clients. Schwab’s standard pricing still applies to real trades placed through the platform.
In addition to free access to thinkorswim, there are no account minimums to keep up with for a standard Schwab brokerage account. Platform membership fees are not required.
thinkorswim Demo Account Market Data
thinkorswim paperMoney uses real-time market data, which is very valuable for practice trading. Access to real-time market data can require acceptance of exchange agreements, and some data feeds or subscriptions may carry separate fees.
Advanced depth-of-market data is not automatically free for everyone. For example,
NASDAQ TotalView is free only for eligible non-professional clients who meet Schwab’s trading or household-balance requirements; otherwise, it may require a paid subscription.
If you want to subscribe to additional Charles Schwab market insight or data services, you may pay extra. However, for paper trading, these subscriptions are not necessary for most users.
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 simulated market 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 and potential edges.
thinkorswim has strategy-testing tools built into the software to help you study how an idea may have performed historically.
For many, backtesting is only the first step.
Acting on signals as they present themselves is also important. To practice doing that, using a service like thinkorswim’s paper trading can be very beneficial.
Trading Many Asset Classes
Another benefit to the broker’s paper trading service is the fact that you can practice trading several major asset classes.
Unlike many other paper trading services, you're not restricted to trading stocks. At thinkorswim, you can practice with
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 set up
standard brokerage accounts, retirement accounts, and portfolio margin-style accounts 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 market data in paperMoney
- 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 6/8/2026.
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