Charles Schwab Streetsmart Edge vs Thinkorswim 2024
StreetSmart Edge vs. thinkorswim
Charles Schwab offers two desktop platforms, StreetSmart Edge and thinkorswim, each with its own strengths and weaknesses. Here's a comparison of these advanced programs:
Getting Started with the Platforms
StreetSmart Edge is the default platform for all Schwab brokerage accounts, so it doesn’t require any special setup. On the other hand, thinkorswim is a secondary platform that needs to be enabled for live trading, though paper trading is always available. Each Schwab account can only be enabled for one platform at a time.
To enable thinkorswim, go to the Trade tab on the Schwab website, select the link for the thinkorswim desktop platform, and follow the instructions to enable it.
Overview and Learning Resources
StreetSmart Edge is more user-friendly and easier to learn, but thinkorswim also has plenty of resources to help you get started. On StreetSmart Edge, you can find learning materials under the Help tab in the upper left. On thinkorswim, they’re located under the Education tab.
Customization and Interface
Both platforms offer light and dark color themes, with thinkorswim providing more variations of each. After selecting a theme, you can customize many features on both platforms. For example, you can change candlestick colors and tweak various other settings to suit your preferences.
Fees and Minimums
Both StreetSmart Edge and thinkorswim are free to use, with no account minimums or monthly trading requirements. Market data is provided at no cost on both platforms.
Promotions
Charles Schwab/Thinkorswim: Get $0 trading commissions free Charles Schwab account.
Webull:
Get up to 40 free stocks when you deposit money at Webull!
Tradable Assets
On StreetSmart Edge, you can trade stocks, options, ETFs, and closed-end funds. thinkorswim offers the same products plus futures and forex, which are not available on Edge. Neither platform supports mutual fund or bond trading; these must be done on the Schwab website or through the mobile app.
Paper Trading
Given their complexity, it’s a good idea to practice trading before using real money. Both platforms offer demo modes with all the same tools as live trading. You can select the practice trading option on the login screen, which gives you fake currency to use for practice trades.
Charting
Both platforms offer comprehensive charting tools with full-screen mode. However, thinkorswim provides more advanced features. Here’s a quick comparison:
| Tools | thinkorswim | Edge |
|---|
| Plot styles | 11 | 6 |
| Drawing tools | 22 | 15 |
| Indicators | 400+ | 46 |
Charts on both platforms include right-click menus with various links, including trade links. StreetSmart Edge is slightly more user-friendly, thanks to a vertical graphing menu on the right side of the screen.
Order Entry
Clicking a trade button or link on either platform will fill the order ticket. StreetSmart Edge has a specific button for short selling, while thinkorswim doesn’t, but thinkorswim offers more trade types—16 compared to Edge’s 5. Both platforms support bracket orders.
The thinkorswim order ticket has more features, like the ability to copy and paste orders, print them, or take screenshots in different file formats.
Watchlists
You can create, save, and edit an unlimited number of watchlists on both platforms. However, watchlists cannot be transferred between platforms, and watchlists from the website don’t sync with either platform, which can be inconvenient.
Open an Account
Charles Schwab/Thinkorswim: Get $0 trading commissions free Charles Schwab account.
Webull:
Get up to 40 free stocks when you deposit money at Webull!
Add-Ons
Both platforms offer a variety of widgets that can be added. On StreetSmart Edge, you’ll find these under the Launch Tools tab, which includes links to live financial news (via CNBC and Schwab Network) and free technical analysis from Recognia.
On thinkorswim, add-ons are found under the plus sign in the bottom-left corner. These include the same live financial news, plus a scratchpad and even some video games.