Webull vs. thinkorswim: Key Features Compared
In this comparison, we’ll dissect the critical differences between Webull, a commission-free brokerage, and thinkorswim, a comprehensive trading platform under Charles Schwab, to help you decide which platform suits your trading needs best in 2025.
Key Takeaways
- thinkorswim, now a Schwab platform, requires a brokerage account with Charles Schwab, offering advanced charting and futures trading capabilities.
- Webull operates as an independent, commission-free broker providing robust mobile trading solutions and cryptocurrency trading options.
- While thinkorswim offers superior tools for technical analysis and quicker trade executions, Webull appeals with zero commission on equity options and a user-friendly mobile interface.
Platform at a Glance
| Feature | thinkorswim (Schwab platform) | Webull |
|---|---|---|
| Service Type | Downloadable desktop + web + mobile trading platform (requires Schwab/TDA brokerage account) | Full-service brokerage (desktop, web, mobile) |
| Stock/ETF Commissions | $0 | $0 |
| Options Commissions | $0.65 per contract (all options) | $0 per equity option, $0.55 per contract on index options |
| Futures Commissions | $2.25 per contract | — (not offered) |
| Futures Options Commissions | $2.25 per contract | — |
| Real-Time Data | Free with funded Schwab account | Free with funded Webull account |
| Tradeable Assets | Stocks, ETFs, Mutual Funds, Options, Index Options, Futures, Futures Options, Bonds | Stocks, ETFs, Options, Index Options, Crypto |
| Fractional Shares | Not supported (DRIP shares only) | Yes, no fee |
| DRIP | Yes, no fee | Yes, no fee |
| Margin Trading | Yes | Yes |
| Option Exercise / Assignment Fee | None | None |
| Insurance | SIPC/excess SIPC via Charles Schwab | SIPC |
| Premium Pricing Tiers | None (all tools free) | None |
| Mobile App Quality | Functional but dated; limited customization | Highly rated, intuitive, promotion-heavy |
| Notable Extras | ThinkScript custom coding, paper trading, deep scanners | Zero equity-option commissions, crypto trading, solid charting, paper trading |
Fees & Commissions Deep Dive
Stock & ETF Trades
Both Webull and thinkorswim offer commission-free trading on U.S. listed stocks and ETFs, although standard regulatory pass-through fees apply on sales.
Options
thinkorswim charges a flat rate of $0.65 per contract for options, applicable to both opening and closing trades, across equity and index options. Conversely, Webull offers commission-free trading on equity options, with a nominal fee of $0.55 per contract for index options.
Futures & Futures Options (TOS only)
thinkorswim provides access to futures and futures options trading, charging $2.25 per contract for each. This fee is consistent for both futures and their options, plus applicable exchange and NFA fees. Webull does not offer futures trading.
Misc. Fees
Both platforms offer free ACH transfers, with wire transfers costing between $25 and $30. Importantly, there are no platform or data fees provided accounts meet minimum funding requirements.
Order-Execution Quality & Speed
Community Feedback
Traders on platforms like Reddit have noted a significant delay—up to 30 seconds—in option order fills on Webull, which can be detrimental in fast-paced trading scenarios. In contrast, thinkorswim users report quicker fills, particularly with high-volume instruments like SPX and SPY options.
Payment for Order Flow vs Direct Routing
Both platforms engage in payment for order flow (PFOF), which can impact execution quality. However, historical data from Schwab indicates a slight edge in achieving better price improvements compared to Webull.
Scalping Considerations
For traders specializing in scalping, thinkorswim is generally preferred due to its superior order execution speeds and access to Level II market data, despite its higher options commission. Webull’s zero commission structure may appeal more to swing traders who prioritize cost over speed.
Speed Tips
To optimize trading speed on either platform, traders should consider using a stable, hard-wired internet connection, placing limit orders within the bid-ask spread, avoiding entry during volatile market openings, and utilizing each platform’s best routing technologies.
Trading & Research Tools
Charting Power
thinkorswim stands out with its advanced charting capabilities, offering over 400 technical indicators and tools such as ThinkScript for custom scripting, multi-time-frame analysis, and strategy testing. Webull, while less advanced, still provides over 50 indicators and several useful drawing tools.
Screeners & Scanners
thinkorswim offers comprehensive screening tools like Stock Hacker and Option Hacker, which support complex conditional logic for detailed analysis. Webull’s screeners are more straightforward, focusing on fundamental and technical criteria without the depth offered by thinkorswim.
Paper Trading
Both platforms provide paper trading options, allowing users to practice strategies without financial risk. thinkorswim’s paperMoney feature is available on desktop, while Webull supports both desktop and mobile paper trading environments.
News & Data
thinkorswim integrates additional features such as live CNBC feeds, a detailed economic calendar, and real-time quotes on futures, enhancing its research capabilities. Webull offers solid basics like analyst ratings and options order flow data, along with real-time cryptocurrency price updates.
Platform UX: Desktop, Web, Mobile
Learning Curve & Customization
thinkorswim presents a steeper learning curve due to its comprehensive features and customization options, resembling a professional trading terminal. Webull, in contrast, focuses on streamlined, user-friendly interfaces suitable for beginners and intermediate traders.
Mobile Experience
Webull’s mobile app is highly regarded for its intuitive design and ease of use, making it a preferred choice for traders on the go. thinkorswim’s mobile app, while functional, is often considered less user-friendly, especially for complex options strategies.
Multi-Monitor & DOM
thinkorswim excels in a multi-monitor setup with capabilities like detachable windows and on-chart order entries, along with a robust Active Trader DOM. Webull does not offer a true DOM but includes a basic depth chart visualization, which can be a limitation for advanced traders.
Supported Markets & Order Types
Equities (fractionals, DRIP)
Both platforms support fractional shares and dividend reinvestment plans (DRIP) at no additional cost. thinkorswim does not offer fractional shares outside of DRIP.
Options: single, spread, iron condor builders
thinkorswim provides a more robust environment for options trading, supporting complex strategies like spreads and iron condors with detailed analytical tools. Webull offers basic options trading capabilities, suitable for less complex trades.
Futures & Forex (TOS only)
thinkorswim provides access to both futures and forex markets, appealing to traders looking for diversity in trading instruments and strategies. Webull does not support these markets.
Crypto (Webull only—BTC, ETH, 40+ coins)
Webull offers trading in major cryptocurrencies including Bitcoin and Ethereum, along with a broader selection of altcoins, catering to the growing demand for digital asset trading.
IPO & OTC Access (TOS limited OTC; Webull no OTC, occasional IPO program)
thinkorswim offers limited over-the-counter (OTC) trading options, whereas Webull does not support OTC trades but occasionally provides access to initial public offerings (IPOs).
Reliability, Security & Ownership
Schwab Migration Status
Following the migration of TD Ameritrade accounts to Charles Schwab in 2024-2025, thinkorswim users now log in using Schwab credentials, integrating seamlessly into the Schwab ecosystem.
Webull Corporate Background
Webull, headquartered in New York City and clearing through Apex, is part of Fumi Technology, a company with roots in China, established in 2017.
Outage History
Webull experienced notable trading halts during the 2021 meme-stock surge, while thinkorswim encountered data issues during the 2024 Consumer Price Index (CPI) release, highlighting potential reliability concerns.
Account Security
Both platforms ensure high levels of security with features like two-factor authentication, Face ID, and device-level encryption. They also provide SIPC insurance up to $500,000, with Charles Schwab offering additional coverage through Lloyd’s of London.
Customer Service & Education
Support Channels
thinkorswim users benefit from comprehensive support via 24/7 phone lines, chat, and local branch access through Schwab. Webull provides support primarily through in-app chat and email, with service hours from 9 AM to 6 PM ET.
Learning Resources
thinkorswim offers an extensive range of educational materials, including in-platform courses, live events, and challenges through its paperMoney trading simulator. Webull, while offering educational webinars and tutorials, generally provides less in-depth material.
Third-Party Integrations
thinkorswim users can integrate with third-party platforms like DAS Trader PRO, enhancing their trading capabilities. Webull allows for integration with TradingView, enabling users to embed widgets directly into the Webull desktop platform.
Pros & Cons
| Webull | thinkorswim | |
| Pros | $0 stock & equity-option commissions; $0.55 index options; intuitive mobile; crypto; fractional shares | Advanced charting & ThinkScript; futures access; faster option fills; robust support |
| Cons | Slower fills for day-trade options; ad pop-ups; no futures | $0.65 option contract fee; no crypto; dated UI; steeper learning curve |
Which Should You Choose? (Decision Matrix)
- Day-trade scalpers: Opt for thinkorswim or a direct-access broker for better execution speeds and advanced tools.
- Zero-fee option swing traders & crypto enthusiasts: Webull is more suitable due to its cost-efficiency and crypto offerings.
- Traders needing multileg options and futures hedging: thinkorswim provides the necessary tools and market access.
- Hybrid approach: Use thinkorswim for detailed research and analysis, and Webull for executing trades at lower costs.
Similar Platform Comparisons
FAQs
Is thinkorswim still part of TD Ameritrade?
thinkorswim started under TD Ameritrade, but after Charles Schwab’s 2023‑2024 acquisition of TD Ameritrade, the platform is now operated by Schwab. TD Ameritrade accounts have been migrating to Schwab, yet the thinkorswim name, features, and login experience remain intact—just backed by Schwab’s brokerage infrastructure.
Why does Webull charge $0.55 per contract for index options?
Webull offers zero commissions on equity and ETF options, but index options (e.g., SPX, RUT, DJX) clear through the OCC’s index‑options pricing schedule and route to different exchanges. The $0.55 fee covers routing and clearing costs that can’t be offset by payment‑for‑order‑flow rebates the same way stock options can. It’s still lower than the industry‑standard $0.65.
Does thinkorswim support crypto trading?
Not directly. thinkorswim lets you chart crypto futures (e.g., CME Bitcoin futures) and track crypto‑linked ETFs, but it does not provide spot cryptocurrency trading. For direct Bitcoin, Ethereum, or alt‑coin orders, you’ll need a separate broker or exchange (e.g., Webull, Coinbase).
Which platform fills faster for SPX 0DTE options?
User reports and internal execution‑quality data suggest thinkorswim generally delivers quicker fills and tighter price improvement on high‑liquidity index products like SPX 0‑day options—despite its $0.65 contract fee. Webull’s commission‑free model can create slight latency (often a few seconds) on large‑tick, high‑speed products.
Can I import custom indicators from thinkorswim into Webull?
Not natively. thinkorswim indicators are written in ThinkScript, a proprietary language. Webull has limited scripting (mainly for alerts) and doesn’t read ThinkScript files. To replicate a study in Webull, you’d need to manually re‑code it using Webull’s built‑in indicator parameters—or use a third‑party charting tool (e.g., TradingView) that supports custom Pine code.
Final Verdict
In weighing the pros and cons of Webull and thinkorswim, traders should consider their specific needs related to costs, tools, and execution speeds. Both platforms offer unique advantages, and potential users may benefit from testing each through paper trading accounts to determine the best fit for their trading style.
– Free trading journal template & cheat sheet PDFs
– Custom scanners, watchlists, & market commentary
– Access our free trading course and community
