Highlights of Trading Futures on thinkorswim
• Charles Schwab provides access to futures contracts and options on futures.
• Unlike stock and ETF trades, futures and futures options at Schwab carry commissions.
• Schwab’s advanced thinkorswim platform can be used to place futures trades.
Overview of Futures Trading on thinkorswim
Schwab does more than offer ordinary securities brokerage services. It also supports futures trading with educational materials and powerful trading software. Here are the details:
Available Contracts and Accounts
Schwab customers can trade many types of futures contracts. Available markets include energy, agriculture, metals, stock indexes, currencies, crypto futures, and interest rates. Bitcoin and ether futures are available as well. Here are a few examples:
| Contract | Symbol | Options | Multiplier | Minimum tick size | Settlement |
|---|
| Corn | /ZC | Yes | $50 | 0.25 = $12.50 | Physical |
| Brent Crude Oil | /BZ | No | $1,000 | 0.01 = $10.00 | Cash |
| Canadian Dollar | /6C | Yes | $100,000 | 0.00005 = $5.00 | Physical |
| U.S. 30-Year Bond | /ZB | Yes | $1,000 | 01 or 1/32 = $31.25 | Physical |
Futures available at Schwab come from several exchanges, including the Chicago Mercantile Exchange, ICE Futures U.S., CBOE Futures Exchange, and Minneapolis Grain Exchange.
Not every account type can be approved for futures trading at Schwab. Eligible accounts include individual and joint accounts, certain entity accounts, and select IRA accounts, including SEP, Roth, Rollover, and Traditional IRAs.
Opening a thinkorswim Futures Account
Before you begin trading futures on Schwab’s powerful thinkorswim platform, you first need to apply for futures approval. A standard stock-trading account by itself is not enough.
To apply for a futures account, log into Schwab’s website and select the Trade tab from the main menu. From the drop-down menu, choose Futures. On the next page, select an eligible account and click the button to open or apply for a futures account. Then follow the on-screen instructions to complete the application.
thinkorswim On Schwab
Futures Education
After the account is open, the next step is learning how futures work. New traders and experienced investors alike may want to review Schwab’s futures education. These resources are available on Schwab’s website under the Learn section, where futures-related articles, lessons, and market resources can be found.
Simulated Trading
Once you have reviewed the basics, it can make sense to practice before placing live futures trades. Schwab’s thinkorswim platform includes simulated trading through paperMoney. This feature lets users practice futures trading without putting real money at risk.
thinkorswim is the Schwab platform used for futures trading. It is available in three versions: mobile app, browser platform, and desktop program. paperMoney is built into the thinkorswim platform experience, so users can practice in demo mode before switching to live trading.
To set up the workspace for futures trading, you can click on the Trade button at the top of the desktop platform and select Futures Trader underneath. Here, thinkorswim creates dealing boxes for futures contracts along with small graphs.
To find the pre-installed watchlist of futures contracts on thinkorswim desktop, click on the plus sign (+) in the bottom-left corner and select Watchlists. The watchlists window has a long list of pre-installed lists. Look under “Public (F - P)” for the list of futures contracts.
Live Trading
After you have practiced enough, you can move from paperMoney to live trading. The platforms are the same, but you must make sure paperMoney is turned off before placing real trades. In the futures dealing boxes, click on the down arrow to open a menu that includes the option to turn off order confirmations if desired. This can speed up order entry, but it also increases trading risk.
thinkorswim Futures Margin Requirements
In futures trading, margin works differently than stock margin. Instead of borrowing against securities, futures margin is a good-faith deposit. It is required for both long and short positions. The amount of cash that has to be set aside varies by contract. It typically is anywhere from 3% to 12% of the notional value of the contract. This is the amount of cash that must be available in the account to enter the position. There is also a maintenance margin requirement that varies by contract as well.
Initial margin requirements can be viewed on thinkorswim. Schwab states that these requirements are available in multiple areas of the platform, including the Futures tab and the Trade tab’s Futures Trader section. Enter the futures symbol to review the margin details.
thinkorswim Futures Fees and Minimums
Futures and options on futures at Schwab cost $2.25 per contract, per side. Broker-assisted futures trades carry the same $2.25 commission with no additional broker-assistance fee. Futures accounts also have eligibility and account requirements, including a $1,500 minimum for margin accounts and a $25,000 minimum net liquidation value requirement for IRA futures trading. Contract-specific margin requirements also apply.
thinkorswim On Schwab
Written by Alex Bost
Updated on 4/22/2026.
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