TradeWize
vs thinkorswim.
Both are free. thinkorswim’s paperMoney is a pro-grade simulator — real-time data, 400+ studies, deep options tools — but it lives inside a Schwab brokerage platform and assumes you already trade. TradeWize is a structured course that teaches you to trade from zero in the browser, no account required.
What each one costs.
The full 172-lesson course, 100+ mini games, and the simulator — no card required.
Optional Premium from $14/mo, billed annually. 14-day refund. Local price varies by region.
paperMoney and the thinkorswim platform are free, but you need a Schwab login (no minimum deposit) or a time-limited Guest Pass.
Both cost nothing — but they ask for different things. paperMoney needs a Schwab account (or a temporary Guest Pass) and assumes you already know your way around a trading platform. TradeWize needs nothing but a browser and teaches you from zero, so there’s no cockpit to decode before you learn.
Side by side.
| Feature | TradeWize | thinkorswim |
|---|---|---|
| What it is | A structured course that teaches you to trade — with a practice simulator | A professional trading platform with a free paper-trading simulator (paperMoney) |
| Best for | Learning to trade from zero, guided step by step | Practising execution once you already know what you’re doing |
| Teaching | A full curriculum — TA, options, futures, risk — with drills and quizzes | None built into the sim; Schwab offers separate education, but paperMoney is a sandbox |
| Setup | Open a browser and start — no account, no download, no card | Needs a Schwab login (no minimum deposit), or a time-limited Guest Pass without one |
| Simulator | Zero-risk coin sim tied to the lessons; real-time Pro mode on Premium | $100k virtual buying power, real-time data, 400+ studies, full options chains |
| Ease for beginners | Easy from zero — three-minute lessons in plain English | Powerful but dense — easy to get buried in menus, ladders, and settings |
| Platform | Any web browser — mobile and desktop | Desktop, web, and mobile apps (Charles Schwab) |
| Markets | Investing free; trade options, futures, forex, crypto on Premium | Stocks, options, futures, and forex — deep options tooling |
| Real money | No — educational simulator only | Yes — a real Schwab brokerage platform; paperMoney is its practice mode |
| Price | Free; Premium from $14/mo | Free (paperMoney and the platform), tied to a Schwab account |
Learn to trade, or practise at the pro level.
If you want to be taught how to trade before you touch a pro platform.
- You’re a beginner and want the fundamentals in plain English first.
- You want zero setup — no brokerage account, no download, no card.
- You want a structured, finishable path rather than a blank sandbox.
- You want investing free, plus an active-trading track (options, futures, forex, crypto) on Premium.
- You want lessons and practice connected, so every concept has a drill.
If you already know the basics and want a pro-grade simulator.
- You want real-time data, 400+ studies, and full options chains to practise with.
- You plan to trade for real with Charles Schwab.
- You want advanced order types and deep options analytics.
- You’re comfortable with a dense, professional desktop platform.
- You want to rehearse execution as close to the real thing as a sim gets.
The honest take.
thinkorswim is a cockpit. TradeWize teaches you to fly first.
paperMoney is arguably the best free simulator there is — real data, deep options tools, nothing held back. But a cockpit assumes you already know the instruments, and it sits inside a Schwab brokerage platform. TradeWize teaches you to trade from zero in the browser, with no account, then you graduate to paperMoney when you’re ready to rehearse execution at the pro level. Learn here, practise there.
Things people ask before they pick.
- Q01
Is thinkorswim paperMoney free?
Yes. paperMoney is completely free and gives you $100,000 of virtual buying power with real-time market data and the full thinkorswim toolset. You need a Schwab login to use it (no minimum deposit), or you can request a time-limited Guest Pass to try it without opening an account.
- Q02
Do I need a Schwab account for paperMoney?
For ongoing access, yes — paperMoney lives inside the thinkorswim platform, which requires a (free, no-minimum) Schwab login. A Guest Pass lets you use it for a limited time without an account. TradeWize needs no account or download at all — you learn in the browser.
- Q03
Is thinkorswim good for beginners?
It is extraordinarily powerful, which is exactly the problem for a beginner: real-time data, 400+ studies, and deep options tools are a lot to face before you know what any of them do. It shines once you understand the basics. TradeWize is designed to teach you those basics first, in plain English, so paperMoney makes sense when you get there.
- Q04
TradeWize or thinkorswim?
Use TradeWize to learn — it teaches you what to do and why, from zero. Use thinkorswim paperMoney to practise execution at a professional level once you already know the fundamentals. They complement each other: learn on TradeWize, then take pro-grade reps in paperMoney.
- Q05
Does TradeWize use real money?
No. TradeWize is an educational platform with a virtual-coin simulator — no real trades, no real money, and no personalized financial advice. thinkorswim, by contrast, is a real Schwab brokerage platform whose paperMoney mode simulates trading.
Other comparisons.
Take the structured path.
TradeWize is free. No credit card, no experience needed. Your first lesson takes about three minutes.
Comparison based on publicly available information as of June 2026; prices and features change, so check each provider for the latest. Prices are shown in USD for a like-for-like comparison; your local price may differ, as TradeWize and some competitors localize pricing by region. All product names and trademarks belong to their respective owners; this page is not affiliated with or endorsed by them.