Charles Schwab’s Thinkorswim is a powerful desktop trading platform with robust research and analysis tools. But it’s not the only professional-grade trading platform on the market. Here are five trading platforms to consider if you’re looking for an alternative to Thinkorswim.
E*TRADE's equivalent to Charles Schwab's Thinkorswim platform is the E*TRADE Pro. This advanced desktop platform is designed for professionals and gives you access to real-time quotes, including Level II data. Customize your layouts and charts with over 100 technical studies and helpful drawing tools.
Stay connected to your brokerage account on E*TRADE's web-based platform, Power E*TRADE, which has no account minimums or trading requirements. And unlike the Thinkorswim app, the E*TRADE app lets you trade mutual funds.
Interactive Brokers has a sophisticated, customizable desktop platform called Trader Workstation. Use its robust scanners to search for securities, including over 100 technical studies and useful drawing tools. And you can test drive your trading strategies without risking your dough with Interactive Brokers' paper trading. What sets Trader Workstation apart from Thinkorswim is the ability to trade bonds. And its margin interest rates are between 0.86% and 1.59%, which are significantly lower than Charles Schwab's 7.50% to 9.50%. But to sign up for an account, you'll need a net worth of $20,000.
Fidelity's Active Trader Pro is a customizable desktop platform that gives you access to 6,000 stocks and ETFs. You can find trading opportunities using your own search criteria or get recommendations from independent firms that match your investing style. What sets Fidelity apart from Thinkorswim is its generous option search tools to help you identify single and multi-leg option trades. You can filter by strategy, including calls and puts, or dive into its statistics window to learn about market volume and volatility. But to use its desktop platform, you'll need to trade at least 36 times in a rolling 12-month period.
Webull is a discount brokerage with a strong lineup of analysis research and tools, including technical studies, drawing tools and real-time market data. Its charting capabilities are sophisticated enough for most traders but may not be technical enough for professionals. For example, Webull only offers about 35 technical studies, which is a drop in the bucket compared to Thinkorswim's 400 technical studies. Trading cryptocurrency and its user-friendly mobile app are what makes Webull a good alternative to Thinkorswim. Many Redditors praise Webull's mobile app over Thinkorswim's offering, citing better features and layout.
Here’s why Thinkorswim is a top online trading platform and a few reasons why you may want to consider an alternative.
Pros
No minimum investment amount
Plethora of educational resources
Professional research tools
Cons
Steep learning curve for beginners
Slightly higher commissions than some online brokers
No cryptocurrency
How to transfer your brokerage account
The process to switch brokerage firms may vary depending on your current broker and the firm you’re moving to. While there’s no fee to close your account, Charles Schwab charges $75 to initiate a full account transfer to your new broker. Thinkorswim uses the Automated Customer Account Transfer Service (ACATS) to transfer your account. Here’s what the process might look like.
Complete a transfer form with your new broker.
Your current broker authorizes your request within three business days.
Your previous broker completes the transfer and moves your funds within five to eight business days.
Note: Some brokers won’t accept proprietary funds from other brokers.
Compare trading platforms
1 - 12 of 12
What is the Finder Score?
The Finder Score crunches 147 key metrics we collected directly from 18+ brokers and assessed each provider’s performance based on nine different categories, weighing each metric based on the expertise and insights of Finder’s investment experts. We then scored and ranked each provider to determine the best brokerage accounts.
We update our best picks as products change, disappear or emerge in the market. We also regularly review and revise our selections to ensure our best provider lists reflect the most competitive available.
Paid non-client promotion. Finder does not invest money with providers on this page. If a brand is a referral partner, we're paid when you click or tap through to, open an account with or provide your contact information to the provider. Partnerships are not a recommendation for you to invest with any one company. Learn more about how we make money.
Finder is not an advisor or brokerage service. Information on this page is for educational purposes only and not a recommendation to invest with any one company, trade specific stocks or fund specific investments. All editorial opinions are our own.
Kimberly Ellis is a personal finance writer at Finder, specializing in banking and financial literacy. After teaching in public and private schools, Kimberly zeroed in on personal financial education to help families and kids develop lifelong money skills. She hails from New York City, graduating summa cum laude from Queens College with a BA in elementary education and mathematics, as well as a New York State teaching certificate. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick. See full bio
Kimberly's expertise
Kimberly has written 63 Finder guides across topics including:
Webull is a broker with zero-commission trading and a suite of tools to help you invest.
Advertiser disclosure
Finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which Finder receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. Finder compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
How likely would you be to recommend Finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
