Alternatives to Thinkorswim

Thinkorswim by TDAmeritrade is a powerful desktop trading platform with robust research and analysis tools. But its margin rates and fees may prompt traders to consider Thinkorswim alternatives. Here are five trading platforms that rival Thinkorswim.

Brokerages like Thinkorswim

E-Trade

E*TRADE

4 / 5 ★★★★★

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E-Trade's equivalent to TD Ameritrade'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 TD Ameritrade app, the E-Trade app lets you trade mutual funds.

Account types	Brokerage, Retirement, Robo-Advisor
Annual fee	0.3%
Option trade fee	$0 + $0.65/contract, or $25 + $0.65/contract for broker-assisted trades
Available asset types	Stocks, Bonds, Options, Mutual funds, ETFs, Futures

Annual fee	0.3%

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Fidelity

Fidelity Investments

4.6 / 5 ★★★★★

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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.

Account types	Brokerage, Retirement
Option trade fee	$0 + $0.65/contract
Available asset types	Stocks, Bonds, Options, Mutual funds, ETFs

Annual fee	N/A

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Interactive Brokers

Interactive Brokers

4.3 / 5 ★★★★★

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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 TD Ameritrade's 7.50% to 9.50%. But to sign up for an account, you'll need a net worth of $20,000.

Account types	Brokerage, Retirement
Annual fee	0%
Option trade fee	$0 + $0.65/contract, $1 minimum
Available asset types	Stocks, Bonds, Options, Mutual funds, ETFs, Cryptocurrency, Futures, Forex, Treasury Bills

Annual fee	0%

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Webull

Webull

4.7 / 5 ★★★★★

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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.

Account types	Brokerage, Retirement
Annual fee	0%
Option trade fee	$0
Available asset types	Stocks, Options, ETFs, Cryptocurrency

Annual fee	0%

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Charles Schwab

Charles Schwab

4.4 / 5 ★★★★★

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Charles Schwab is an online brokerage firm with impressive research tools that make it a competitive Thinkorswim alternative. You'll get free access to reports and analysis from independent providers like Morningstar and Thomson Reuters. Schwab's advanced charting tools and proprietary equity ratings continue to draw active traders to the platform.
But unlike Thinkorswim, Schwab offers fractional shares so you can own a slice of a stock without paying for the whole share. And to top it off, active traders can appreciate Schwab's lower fees, such as $0.65 per option contract to TD Ameritrade's $0.70 and $1.50 per futures contract to TD Ameritrade's $2.41.

Account types	Brokerage, Retirement
Annual fee	0%
Option trade fee	$0 + $0.65/contract, or $25 + $0.65/contract for broker-assisted trades
Available asset types	Stocks, Bonds, Options, Mutual funds, ETFs

Annual fee	0%

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Pros and cons of Thinkorswim

Here’s why Thinkorswim is a top online trading platform and a few reasons why you may want to consider an alternative.

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, TD Ameritrade 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.

1. Complete a transfer form with your new broker.
2. Your current broker authorizes your request within three business days.
3. 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

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Name	Product	Available asset types	Stock trade fee	Minimum deposit	Signup bonus
tastytrade tastytrade		Stocks, Options, ETFs, Cryptocurrency, Futures	$0	$0	Get $100 - $2,000 when you you open and fund an account with $5,000 to $100,000+	Highly commended for Best Derivatives Trading Platform award.	Go to site More Info		loading Fetching your data...
SoFi Invest SoFi Invest Finder Award		Stocks, Options, ETFs, Cryptocurrency	$0	$0	Get up to $1,000 in stock when you fund a new account within 30 days.	Winner of Finder’s Best Low-Cost Broker award.	Go to site More Info		loading Fetching your data...
M1 Finance M1 Finance		Stocks, ETFs	$0	$100	Get $75 - $500 when you sign up and deposit min. $10,000 within 14 days. Terms and conditions apply	Build a custom portfolio of stocks and ETFs with automatic rebalancing.	Go to site More Info		loading Fetching your data...
EXCLUSIVE eToro eToro Finder Award		Stocks, Options, ETFs, Cryptocurrency	$0	$0	FINDER EXCLUSIVE: Get a guaranteed $15 bonus when you sign up and deposit $100	Winner of Finder’s Best Broker for Beginners award. Not available in NY, NV, MN, TN, and HI.	Go to site More Info		loading Fetching your data...
Public.com Public.com		Stocks, ETFs, Cryptocurrency, Alternatives, Treasury Bills	$0	$0	Get up to $300 in either stocks or crypto when you use code FINDERUS to sign up and fund a new account.	Earn a 5.4% yield with government-backed Treasury bills.	Go to site More Info		loading Fetching your data...
JPMorgan Self-Directed Investing JPMorgan Self-Directed Investing		Stocks, Bonds, Options, Mutual funds, ETFs, Treasury Bills	$0	$0	Get $50 - $700 when you open and fund an account with $5,000 - $250,000+	Pay no commissions on stocks, ETFs, mutual funds and options.	Go to site More Info		loading Fetching your data...

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