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.
E-Trade
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% |
|---|
| Stock trade fee | $0 |
|---|
| Minimum deposit to open | $0 |
|---|
| Option trade fee | $0 + $0.65/contract,
or $25 if it is a broker-assisted trade |
|---|
| Asset types | Stocks, Bonds, Mutual funds, ETFs |
|---|
Fidelity
Fidelity Brokerage Account
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 | Retirement |
|---|
| Stock trade fee | $0 |
|---|
| Minimum deposit to open | $0 |
|---|
| Option trade fee | $0 + $0.65/contract |
|---|
| Asset types | Stocks, Bonds, Options, Mutual funds, ETFs |
|---|
Interactive Brokers
Interactive Brokers
4.1 / 5
★★★★★
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, Robo-Advisor |
|---|
| Annual fee | 0% |
|---|
| Stock trade fee | $0 |
|---|
| Minimum deposit to open | $0 |
|---|
| Option trade fee | $0 + $0.65/contract, $1 minimum |
|---|
| Asset types | Stocks, Bonds, Options, Mutual funds, ETFs |
|---|
Webull
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% |
|---|
| Stock trade fee | $0 |
|---|
| Minimum deposit to open | $0 |
|---|
| Option trade fee | $0 |
|---|
| Asset types | Stocks, Options, ETFs |
|---|
Charles Schwab
Charles Schwab
4.3 / 5
★★★★★
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 |
|---|
| Stock trade fee | $0
or $25 if it is a broker-assisted trade |
|---|
| Minimum deposit to open | $0 |
|---|
| Option trade fee | $0 + $0.65/contract,
or $25 if it is a broker-assisted trade |
|---|
| Asset types | Stocks, Bonds, Options, Mutual funds, ETFs |
|---|
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
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.
*Signup bonus information updated weekly.
Disclaimer: The value of any investment can go up or down depending on news, trends and market conditions. We are not investment advisers, so do your own due diligence to understand the risks before you invest.
