Discover our detailed comparison of Interactive Brokers and thinkorswim to help determine which is best for you. Whether you’re a seasoned trader or just starting out, choosing the right platform can significantly impact your trading experience.
To make your research easier, we manually found key data for Interactive Brokers and thinkorswim across the internet and compiled it all in this article.
Key Characteristics of Interactive Brokers and thinkorswim
| Provider | Platform Type | Tradeable Assets | Charting Features | Data | Premium Pricing |
|---|---|---|---|---|---|
| Interactive Brokers Visit Site | Brokerage Platform | Stocks, ETFs, Mutual Funds, Options, Futures, Futures Options, Crypto, Bonds | Downloadable desktop platforms, web platform, mobile app | Must buy real-time data | No premium features |
| thinkorswim Learn More | Trading Platform (Schwab) | Stocks, ETFs, Mutual Funds, Options, Index Options, Futures, Futures Options, Bonds | Downloadable desktop platform and web app | Real-time data with funded account | No premium features |
Overview of Interactive Brokers
Interactive Brokers (IBKR) is a well-established brokerage firm founded in 1978, known for providing advanced trading and investing services to a diverse clientele, including individual investors, institutions, and professional traders. IBKR offers competitive pricing for options and futures, but lacks when it comes to charting and ease of use.
Overview of thinkorswim
thinkorswim was founded by Tom Sosnoff in the late 90s, and is one of the most popular trading platforms today. thinkorswim allows you to use advanced charting tools, custom indicators, screeners, trade options, and more! thinkorswim itself is not a brokerage, but is compatible with Schwab and TD Ameritrade customers.
Who is Interactive Brokers Best For?
Interactive Brokers is best for advanced traders who prefer to automate their trading strategies. IBKR is far from beginner-friendly, as the platforms are advanced and require some technical knowledge to utilize effectively. If you are looking for a modern, easy-to-use investing platform, IBKR is not your best option.
Who is thinkorswim Best For?
thinkorswim is best for traders who already use Schwab or TD Ameritrade, and want an excellent trading platform for technical analysis, options trading, news, and more!
Trading Features and Tools
| Provider | DRIP | Margin Trading | Insurance | Mobile App |
|---|---|---|---|---|
| Interactive Brokers Visit Site | Yes, but with fees | Yes | SIPC Insured | Yes |
| thinkorswim Learn More | Yes, no fees | Yes | Not a broker | Yes |
Trading Costs and Commissions Compared
| Fee Type | Interactive Brokers Visit Site | thinkorswim Learn More |
|---|---|---|
| Equity Commission | Free | Free |
| Option 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 |
Interactive Brokers vs thinkorswim – Bottom Line
Choosing between Interactive Brokers and thinkorswim depends on your specific trading needs, preferred trading tools, and the type of assets you’re interested in.
Both platforms offer distinct advantages, but by considering the detailed comparison above, you can select the one that aligns best with your trading strategy and goals.
For more detailed reviews and comparisons, continue exploring our other articles on brokerage platform comparisons.
What is the Overall Best Charting Software?
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- All of TradingView’s key features are free to use
- TradingView provides real-time data for free whenever possible
- You are not tied to a single broker and can use whichever you want while charting on TradingView
- You can track all markets on a single platform, including stocks, ETFs, crypto, forex, and futures.
- TradingView has an excellent economic calendar and various screeners
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