thinkorswim vs Webull: Which Is Better for Active Traders?
Both are free platforms from $0-commission brokers, both have desktop, web and mobile versions, and both include paper trading. The real differences are depth versus simplicity, options pricing, and which broker you want to hold your money. Here is a side-by-side using each company’s published terms.
Short answer. thinkorswim (Schwab) is the deeper platform: more studies, the Stock Hacker scanner, thinkScript and a mature options workflow. Webull is simpler to learn, runs on Windows, Mac and Linux, lists $0 commission on standard options as well as stocks, and also sends orders from TradingView charts. Options-heavy traders who want depth tend to prefer thinkorswim; traders who want a clean, free app with hotkeys often start with Webull.
At a glance
| thinkorswim (Schwab) | Webull | |
|---|---|---|
| Platform cost | No platform fee for clients | Free |
| US stock & ETF commission | $0 online | $0 |
| Options | $0.65 per contract | $0 commission; $0.50/contract on certain index options |
| Account minimum | $0 | No deposit minimum |
| Desktop | Yes | Windows, Mac and Linux |
| Paper trading | paperMoney | paperTrade |
| Hotkeys | Yes | Yes |
| Level 2 | See Schwab for data terms | Paid subscription (Nasdaq TotalView) |
| Scanning | Stock Hacker, Option Hacker | Built-in screeners |
| Scripting | thinkScript | Not a core feature |
| Trade from TradingView | Not listed (checked 6 Oct 2026) | Yes, listed broker |
Sources: schwab.com/pricing, schwab.com/trading/thinkorswim, webull.com/pricing, webull.com/trading-platforms/desktop-app, webull.com help centre, tradingview.com/brokers. Checked 6 October 2026.
Costs
For stocks and ETFs there is no difference: both list $0 online commissions, and both pass through small regulatory fees. The difference is options. Schwab lists $0.65 per options contract. Webull lists $0 commission on options listed on US exchanges, with a $0.50 per contract fee on certain index options and $0.10 per contract on oversized option orders. If you trade a lot of standard equity options, that gap adds up quickly.
The other cost to check is data. Webull’s Level 2 (Nasdaq TotalView) is a paid subscription with a 7-day trial. Check Schwab’s current market data terms for thinkorswim before assuming what is included.
Platform and tools
thinkorswim is one of the most complete retail platforms. Schwab says it has hundreds of indicators, studies and drawing tools. The Scan tab’s Stock Hacker and Option Hacker let you build detailed scans, and thinkScript lets you write your own studies and scan filters. The trade-off is a steep learning curve and a heavy desktop app.
Webull‘s desktop app lists hotkeys, a depth price ladder, paper trading and access to Nasdaq TotalView, and runs on Windows, Mac and Linux. It is quicker to learn and lighter to run. It has less depth for scripting and complex options analysis.
Paper trading
Both include it: paperMoney in thinkorswim and paperTrade in Webull. Practise on the same platform you plan to trade live, at the same size, and log every trade. A paper account only teaches you something if you review it; our free trading journal template makes that easy.
Charting with TradingView
If you like TradingView’s charts, this can decide it. When we checked TradingView’s broker list on 6 October 2026, Webull was listed and Schwab was not. So a Webull account can be traded straight from TradingView charts, while a Schwab customer charts in TradingView and places orders in thinkorswim. More in TradingView vs thinkorswim.
Which should you pick?
Choose thinkorswim if…
- You want the deepest free platform for analysis
- You build custom scans or studies
- You want Schwab as your broker
Choose Webull if…
- You trade standard options often and want $0 option commissions
- You want a simpler app that runs on Mac, Windows or Linux
- You want to trade from TradingView charts
Neither is a direct-access platform for routing orders or locating hard-to-borrow small caps. If that is what you need, see best day trading platforms.
thinkorswim breakdown Webull review Moomoo vs Webull
FAQ
Is thinkorswim or Webull cheaper?
For US stocks and ETFs they cost the same ($0 online commission). For standard options, Webull lists $0 commission while Schwab lists $0.65 per contract.
Do both have paper trading?
Yes. thinkorswim has paperMoney and Webull has paperTrade.
Does Webull charge for Level 2?
Webull’s Level 2 (Nasdaq TotalView) is a paid subscription with a 7-day trial.
Can I use TradingView with thinkorswim or Webull?
Webull appeared on TradingView’s broker list when we checked on 6 October 2026; Schwab did not.
Disclosure: Greenwick earns commissions from some companies mentioned on this site; see our affiliate disclosure. Fees were taken from each company’s official pages on 6 October 2026 and can change. This page is education, not financial advice. Trading involves risk, including the loss of the money you trade with.