11 Best Alternatives to Thinkorswim for Your Trading and Backtesting Needs

Thinkorswim (also known as Charles Schwab’s Thinkorswim), has been a go-to trading platform for many years. But after researching user feedback and recent platform changes, it’s clear that not everyone is satisfied. We tested and compared the best Thinkorswim alternatives for backtesting, paper trading, market replay, and strategy analysis. This review covers more than just Thinkorswim’s assets. It doesn’t matter if you trade Forex, stocks, futures, or crypto, you’ll find a strong, reliable replacement that fits your needs — including options that work worldwide and on any device.

ToS Shortcomings That Force You to Look for a Replacement

Thinkorswim is packed with features, but not without problems. Since TD Ameritrade was acquired by Charles Schwab, many users on Trustpilot have reported big changes that made the platform harder to use. Some say it became slower, more unstable, and less beginner-friendly. Canadian traders were also impacted, losing full access to its services.

Another major issue is that Thinkorswim is still desktop-focused, with limited flexibility for traders who want faster or easier mobile access. Frequent crashes, confusing updates, and complicated interfaces also push users to look for an alternative.

For those who want smooth backtesting, a better paper trading simulator, and a platform available worldwide, there are good alternatives to Thinkorswim. Let’s take a look at the best ones you can use to replace or even improve your trading setup.

1 Thinkorswim vs Forex Tester Online (FTO)

Forex Tester Online (FTO) is one of the strongest Thinkorswim alternatives, especially if your focus is on serious backtesting, market replay, and strategy testing. While Thinkorswim offers some backtesting through thinkScript and its paper trading environment (paperMoney), many users find it limited, slow, and complicated to set up.

Forex Tester Online is built specifically for backtesting and practice trading. You can easily test strategies with tick-by-tick historical data across Forex, stocks, futures, commodities, and crypto — all without coding. It offers realistic market replay, letting you simulate months or years of trading in just a few hours. It’s also fully browser-based, which means it works on Windows, Mac, Linux, Android, and iOS without any installations.

Another huge advantage of FTO is that it has no geographic restrictions. Whether you’re in the US, Canada, Europe, or anywhere else, you can use Forex Tester Online freely — unlike ToS, which is limited in some countries after Schwab’s changes.

Key reasons traders pick Forex Tester Online as a Thinkorswim alternative:

• Cross-platform access: works on Mac, Windows, Linux, mobile browsers.
• No installation needed: 100% online.
• Built-in tick-by-tick historical data for Forex, stocks, commodities, futures, and crypto.
• Fast and easy market replay to test trading strategies.
• User-friendly interface: no coding skills needed.
• Works worldwide without regional restrictions.
• Has advanced backtesting features such as “Mystery Mode”, custom scenarios, pro indicators, multi-charting, “Jump to”, and much more.

While Thinkorswim has strong live trading tools (especially for US stocks and options), Forex Tester Online is much stronger when it comes to pure backtesting, strategy testing, and practicing in a real-market environment without risking real money. It’s a true professional Thinkorswim alternative if you care about testing strategies properly before going live.

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2 Thinkorswim vs Robinhood

Robinhood is a very simple app focused on easy stock, options, and crypto trading. It’s great for beginners who want a clean interface and fast execution. But when compared to Thinkorswim, it seriously lacks advanced features. Robinhood doesn’t offer strong charting, no real backtesting tools, and limited analysis options.

Thinkorswim is far better for technical analysis, complex strategies, and serious practice trading. If you want simplicity, Robinhood can replace Thinkorswim. But if you need serious tools to test strategies, Robinhood is not a real alternative. They are too different. 

3 TradingView vs Thinkorswim

TradingView is a popular web-based platform for charting and light strategy testing. It works on any device and offers a huge community of traders sharing ideas and indicators. Compared to Thinkorswim, TradingView is easier to use, faster to access, and better for visual charting.

Thinkorswim, however, offers deeper built-in tools for options trading, futures, and complex order types. If you want simple charting, web access, and community features, TradingView is a great Thinkorswim alternative. For deeper brokerage integration and live trading options, Thinkorswim still has the edge.

Also read: 9 TradingView Alternatives

4 Thinkorswim vs StreetSmart Edge

StreetSmart Edge is Charles Schwab’s older trading platform, recently merged into Thinkorswim’s system. Both are now operated by Schwab, but StreetSmart Edge was simpler and more straightforward for many users.

Thinkorswim is more powerful and customizable, but also more complicated, especially after the Schwab integration. Traders who preferred StreetSmart Edge for its simplicity and cleaner layout often feel frustrated with the crowded and complex feel of the new Thinkorswim. If you liked StreetSmart Edge, you might still find ToS too overwhelming.

5 Webull vs Thinkorswim

Webull is a modern trading app with a clean design, easy mobile access, and commission-free trading. It’s built for beginners and mobile-first traders. Unlike Thinkorswim, well, Webull is much simpler but lacks serious tools for backtesting, market replay, or detailed strategy testing.

Thinkorswim offers more advanced charting, custom scripts, and a better paper trading simulator. If you only need fast trading and basic charts, Webull can replace Thinkorswim. But for deep analysis and serious practice trading, Thinkorswim is still ahead (in our humble opinion).

6 TradeStation vs Thinkorswim

TradeStation is a fairly good trading platform known for professional-level charting, automation, and live trading features. It offers strong backtesting tools and works well for stocks, options, futures, and crypto.

If we compare it to Thinkorswim, TradeStation is more structured for active traders who want easy automation. ToS, with its thinkScript tools and paperMoney simulator, is more flexible for manual strategy testing. If you want faster trade execution and built-in broker services, TradeStation is good option.

7 Active Trader Pro vs Thinkorswim

Active Trader Pro is Fidelity’s trading platform designed for active stock and options traders. It has good charting, customizable layouts, and fast order execution.

Compared to Thinkorswim, Active Trader Pro is simpler and better for straightforward stock trading. Thinkorswim offers deeper analysis, better scripting options, and more advanced backtesting tools. If you want a cleaner platform for stock trading with strong customer support, Active Trader Pro is a good alternative. If you need full flexibility and complex testing, Thinkorswim still fits better.

8 Thinkorswim vs Interactive Brokers

Interactive Brokers is a professional-grade trading system known for low fees, deep market access, and a wide range of asset classes. Its Trader Workstation platform is complex but extremely powerful for global trading.

In contrast to Thinkorswim, Interactive Brokers offers better international market access and lower costs for high-volume traders. However, its platform is harder to learn. ToS is more user-friendly and better for paper trading and strategy testing. If you need global reach and professional execution, Interactive Brokers is a strong alternative to Thinkorswim.

9 Thinkorswim vs Tastytrade

Tastytrade (or Tastyworks as it was named before) focuses heavily on options and futures trading. It’s simple, fast, and designed for active options traders.

Compared to Thinkorswim, Tastytrade has fewer charting and analysis tools but offers a smoother experience for managing options strategies. Thinkorswim provides more complete backtesting and paper trading through its paperMoney feature. If your focus is trading options fast and easily, Tastytrade can replace Thinkorswim. If you need strong strategy testing and broad asset access, Thinkorswim stays better.

10 Thinkorswim vs Etrade

Etrade’s Power E*TRADE platform is a well-rounded tool for active traders. It offers solid charting, options strategy builders, and quick trade execution.

Etrade is easier to learn and has a cleaner interface. However, Thinkorswim wins in strategy backtesting, market replay, and the flexibility of custom scripting. Etrade is a good alternative to Thinkorswim if you prioritize fast stock and options trading with a simpler setup.

11 Ninjatrader vs Thinkorswim

Ninjatrader is a serious platform for futures and Forex traders. It’s strong in market replay, backtesting, and automated trading.

Compared to ToS, Ninjatrader is better for deep futures trading and building automated systems. Thinkorswim is more flexible for options, stocks, and paper trading beginners. If you want to focus heavily on futures and strategy automation, Ninjatrader is a decent replacement.

Related: NinjaTrader Alternatives: Top Competitors and Free Options

To Wrap It Up

Thinkorswim remains a strong trading platform, especially for stocks, options, and strategy practice with its paperMoney simulator. But after the platform changes under Charles Schwab, many traders are looking for Thinkorswim competitors that offer better stability, simpler setup, or more flexible access.

If you want the best Thinkorswim replacement for pure backtesting and market replay, Forex Tester Online is a top choice. It works worldwide, runs on any device, and offers easy testing without coding.

Other platforms like TradingView, TradeStation, Interactive Brokers, and Tastytrade also offer good alternatives depending on whether you value easy trading, deeper analysis, or global market access.

Choosing the right alternative depends on your trading goals. You may choose one or use some of them simultaneously. But the good news is: you don’t have to stick with tools that no longer fit your needs.

FAQ

How much money do I need to open a Thinkorswim account?

To open a Thinkorswim account, there is no minimum deposit required for a standard account through TD Ameritrade. However, if you plan to trade options or use margin, you typically need at least $2,000. This makes Thinkorswim accessible for many traders who want to start practice trading without a large initial investment.

Can I use Thinkorswim without opening an account?

Yes, you can access the Thinkorswim trading simulator through their paper trading feature called Thinkorswim paperMoney. You can request a free 30-day guest pass to use the platform without opening a real brokerage account. This is useful if you want to backtest or practice trading strategies before committing.

How much is Thinkorswim per month?

Thinkorswim is free to use if you have a TD Ameritrade account. There are no monthly platform fees for basic access. You can also use its paperMoney to practice trading for free. However, keep in mind that trading real stocks, options, futures, or commodities can involve standard trading commissions and fees depending on the products.

What is the difference between Thinkorswim and TD Ameritrade?

Thinkorswim is a trading platform owned and offered by TD Ameritrade (now part of Charles Schwab). TD Ameritrade is the brokerage service where you manage your accounts and funds, while ToS is the actual trading system you use for charting, strategy analysis, backtesting, and order execution. Thinkorswim was designed for active traders needing more complex tools than TD Ameritrade’s basic website.

Is Thinkorswim good for beginners?

Thinkorswim is full of advanced charting and analysis tools, but it can be overwhelming for beginners. It is hard to learn and understand, especially when setting up backtesting on ToS or using thinkScript. Beginners might prefer a simpler Thinkorswim alternative like Forex Tester Online, which offers easier practice trading and strategy testing without complex setup.