IBKR vs thinkorswim: paper trading compared
Interactive Brokers Paper Trading is a broker demo; Schwab thinkorswim paperMoney is a broker demo. Here is how their paper trading compares using only facts from provider pages and cited reviews (see each listing's sources).
Price: IBKR — Free; thinkorswim — Free. Market data: IBKR — Free trial: delayed 10-15 min (OTC spot FX & metals non-delayed); paper account mirrors live data subscriptions; thinkorswim — Real-time simulated market data (paperMoney).
Account: IBKR — Free trial, or paper account once a live account is approved (funding not required for approval); thinkorswim — Schwab login, or 30-day Guest Pass without account (not extendable). Virtual balance: IBKR — US$1,000,000 (paper account); thinkorswim — $100,000. Reset: IBKR — Yes (Client Portal); thinkorswim — unknown.
Markets: IBKR — global (170+ markets per eggplantstockinvest); thinkorswim — US. Platforms: IBKR — desktop (TWS), web, mobile; thinkorswim — desktop, web, mobile.
Key differences in our data: IBKR adds ETFs, bonds, crypto, metals.
Pick the one that matches the market you plan to trade and the country you live in — the availability rows below show which countries each provider confirms.
| Interactive Brokers Paper Trading | Schwab thinkorswim paperMoney | |
|---|---|---|
| Website | Visit site | Visit site |
| Type | broker demo | broker demo |
| Markets | global (170+ markets per eggplantstockinvest) | US |
| Assets | stocks, ETFs, options, futures, forex, crypto, bonds, metals | stocks, options, futures, forex |
| Data | Free trial: delayed 10-15 min (OTC spot FX & metals non-delayed); paper account mirrors live data subscriptions | Real-time simulated market data (paperMoney) |
| Price | Free | Free |
| Account | Free trial, or paper account once a live account is approved (funding not required for approval) | Schwab login, or 30-day Guest Pass without account (not extendable) |
| Starting balance | US$1,000,000 (paper account) | $100,000 |
| Reset | Yes (Client Portal) | unknown |
| Replay | unknown | unknown |
| Platforms | desktop (TWS), web, mobile | desktop, web, mobile |
| Limits | Full paper account requires approved live account | Guest Pass limited to 30 days |
| Country availability | Confirmed in some countries; others unverified Available: US, UK, IN, AU, CA Paper account follows IBKR's accepted-countries list; free-trial eligibility not stated separately | Confirmed in some countries; others unverified Available: US Guest Pass offered on schwab.com and international.schwab.com; no eligible-country list published for Guest Pass |
| Available in US | Available (verified) | Available (verified) |
| Available in UK | Available (verified) | Unverified |
| Available in IN | Available (verified) | Unverified |
| Available in AU | Available (verified) | Unverified |
| Available in CA | Available (verified) | Unverified |
FAQ
Is IBKR or thinkorswim free for paper trading?
IBKR: Free. thinkorswim: Free.
Which has real-time data, IBKR or thinkorswim?
IBKR: Free trial: delayed 10-15 min (OTC spot FX & metals non-delayed); paper account mirrors live data subscriptions. thinkorswim: Real-time simulated market data (paperMoney).
Do IBKR and thinkorswim require an account?
IBKR: Free trial, or paper account once a live account is approved (funding not required for approval). thinkorswim: Schwab login, or 30-day Guest Pass without account (not extendable).
Where are IBKR and thinkorswim available?
IBKR: Confirmed in some countries; others unverified Available: US, UK, IN, AU, CA Paper account follows IBKR's accepted-countries list; free-trial eligibility not stated separately . thinkorswim: Confirmed in some countries; others unverified Available: US Guest Pass offered on schwab.com and international.schwab.com; no eligible-country list published for Guest Pass .
More comparisons
Lists with both
Information only, not financial advice. Simulated results do not predict real results. Features and availability change and vary by country; check the provider's site. Sponsored or affiliate links, if any, are labelled.