Alternatives to Thinkorswim
If you’re on the hunt for a broker similar to Thinkorswim, here are some platforms to consider.
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
4.2 / 5 ★★★★★
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, Education (529), Custodial, Joint brokerage |
---|---|
Available asset types | Stocks, Bonds, Options, Mutual funds, ETFs, CDs, Futures |
Annual fee | $0 per year |
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Fidelity
Fidelity Investments
4.6 / 5 ★★★★★
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, Custodial, Joint brokerage, Trust |
---|---|
Annual fee | 0% |
Available asset types | Stocks, Bonds, Options, Mutual funds, ETFs, Cryptocurrency, Gold/Commodities, CDs, Treasury Bills |
Annual fee | 0% |
---|
Interactive Brokers
Interactive Brokers
4.3 / 5 ★★★★★
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, IRA, Custodial, Joint brokerage, Trust |
---|---|
Annual fee | 0% |
Available asset types | Stocks, Bonds, Options, Mutual funds, ETFs, Cryptocurrency, Futures, Forex, Treasury Bills |
Annual fee | 0% |
---|
Webull
Webull
4.4 / 5 ★★★★★
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, IRA |
---|---|
Annual fee | 0% |
Available asset types | Stocks, Options, ETFs, Cryptocurrency |
Annual fee | 0% |
---|
Charles Schwab
Charles Schwab
4.2 / 5 ★★★★★
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, Education (529), Custodial, Joint brokerage, Trust |
---|---|
Annual fee | 0% |
Available asset types | Stocks, Bonds, Options, Mutual funds, ETFs, Futures, Treasury Bills |
Annual fee | 0% |
---|
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.
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, 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.
- 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
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Finder is not an adviser 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.
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