Interactive Brokers vs thinkorswim: Pro Trading Stack vs Schwab’s Flagship Platform
Interactive Brokers (IBKR) and thinkorswim often get compared because both can support serious trading workflows, but the comparison is really about the platforms and how you like to trade.
IBKR gives you a professional-grade brokerage plus multiple trading interfaces built around routing control, advanced order types, and automation friendly tooling. thinkorswim is the flagship trading platform inside Charles Schwab’s brokerage ecosystem, built for charting, options analysis, paper trading, and a smooth all-in-one trading workspace.
This guide focuses on the trading platforms themselves, then backs into pricing and market access where it matters.
Key takeaways
- If you want maximum control and automation potential, IBKR usually wins. The platform suite is built for advanced execution and systematic workflows, but has a steeper learning curve.
- If you want a complete trading workstation that feels intuitive, thinkorswim is hard to beat. Especially for charting, options analysis, and paper trading inside a Schwab account.
- They can be close on core commissions, but differ in futures costs and data. IBKR is often cheaper on futures and requires paid real-time data in many cases.
- Professional grade order control
- Automation and system friendly tools
- Competitive options pricing
- Chart first trading workstation
- Paper trading and options analysis
- Included with Schwab accounts
Interactive Brokers platform overview
Interactive Brokers is a long-established brokerage (founded in 1978) known for professional trading infrastructure. The “platform” experience with IBKR is really a suite: desktop, web, and mobile interfaces designed to serve active traders, institutions, and systematic strategies.
IBKR tends to shine when you care about execution precision, order control, and tooling that fits a more technical workflow. The tradeoff is usability. Many traders find IBKR’s interface less beginner-friendly and its charting experience less streamlined than chart-first platforms.
What stands out on IBKR
- Broad order control and advanced order types
- Strong fit for automation-oriented traders
- Competitive options pricing
Who IBKR is best for
IBKR is best for experienced traders who want more control over execution and are comfortable with complex platforms. If you want a modern, simple investing experience first, IBKR typically is not the easiest on-ramp.
thinkorswim platform overview (Schwab)
thinkorswim is Schwab’s trading platform. It is where Schwab clients go when they want an active trading workstation rather than a basic brokerage interface. It’s popular for its charting, options tools, screeners, and its paper trading feature for practicing without risking capital.
In practice, thinkorswim is less about raw execution customization and more about giving you a complete environment: charts, options chain analysis, trade management, and research tools in one place.
What stands out on thinkorswim
- Highly customizable charting and workspaces
- Paper trading for practice and testing
- Included with Schwab brokerage accounts
Who thinkorswim is best for
thinkorswim is best for Schwab clients who want a powerful platform for technical analysis, options trading, and paper trading. It’s a strong fit if you prefer a workstation experience that feels cohesive and chart-forward.
Key characteristics
| Platform | Platform Type | Tradeable Assets | Charting & Platforms | Data | Premium Pricing |
|---|---|---|---|---|---|
| Interactive Brokers | Brokerage + platform suite | Stocks, ETFs, mutual funds, options, futures, futures options, crypto, bonds | Desktop, web, mobile | Often requires paid real-time data | No premium features |
| thinkorswim (Schwab) | Trading platform inside Schwab | Stocks, ETFs, mutual funds, options, index options, futures, futures options, bonds | Desktop and web | Real-time data with funded account | No premium features |
Trading features and tools
| Feature | Interactive Brokers | thinkorswim |
|---|---|---|
| DRIP | Yes, but with fees | Yes, no fees |
| Margin Trading | Yes | Yes |
| Insurance | SIPC insured | Not a broker (Schwab is) |
| Mobile App | Yes | Yes |
Trading costs and commissions
| Fee Type | Interactive Brokers | thinkorswim |
|---|---|---|
| Equity Commission | Free | Free |
| Options Commission | $0.65 per contract | $0.65 per contract |
| Futures Commission | $0.85 per contract, $0.25 micro | $2.25 per contract |
| Futures Options Commission | $0.85 per contract, $0.25 micro | $2.25 per contract |
| Option Exercise Fee | None | None |
Bottom line: which platform should you pick?
Choose Interactive Brokers if you want a more professional execution and automation-friendly environment, and you’re fine with a steeper learning curve and potentially paying for market data.
Choose thinkorswim if you want a chart-first trading workstation with excellent options tooling, paper trading, and a smoother day-to-day workflow inside the Schwab ecosystem.
For many traders, the decision is simple: do you value execution control and system-style trading (IBKR), or a cohesive trading workstation built around analysis and options workflows (thinkorswim)?
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