Thinkorswim is an online trading platform owned and operated by TD Ameritrade. It’s one of the few platforms that allows you to trade in paper money and doesn’t require a minimum deposit to start. But you’ll need to have a TD Ameritrade brokerage account to use it.
| Annual Fee | $0 |
|---|---|
| Option trade fee | $0 + $0.65/contract or $25/contract, if broker-assisted |
| Available asset types | Stocks, Bonds, Options, Mutual funds, ETFs |
| Account types | Brokerage, Retirement |
| Minimum deposit | $0 |
Thinkorswim — offered by TD Ameritrade — is one of the most advanced trading platforms you can get, making it an excellent choice for day traders and experienced investors. Beginners can also use the platform but they may not get the full value out of each feature, such as:
You can access Thinkorswim via three distinct platforms: desktop, mobile and web. Each platform allows you to execute trades but offers a unique blend of tools and functionality.
Offers a dedicated trade desk, customizable testing algorithms and high-grade charting tools with over 400 technical studies.
Provides a streamlined version of its trading platform with an inventory of charts and technical studies and access to the futures and forex markets.
Operates on your mobile device, tablet or Apple Watch and seamlessly syncs with preferences and settings set in the Thinkorswim desktop platform.
Thinkorswim is a sophisticated platform with a comprehensive suite of technical and fundamental analysis features. With customizable price charts, scanner tools and complex trading instruments — such as multi-leg options — day traders and experienced investors will get the highest value out of the platform.
With a $0.65 per contract fee, Thinkorswim may be expensive for those who often swap multiple contracts per trade. For comparison, EOption charges $0.10 per contract plus $1.99 per trade.
To put this in context, suppose you purchase 50 contracts in a single trade. With Thinkorswim, you’ll pay $32.5 for the trade, while EOption would only cost $6.99.
Thinkorswim’s offerings are tied to that of its parent brokerage, TD Ameritrade. It offers access to just about every asset on the market, excluding cryptocurrency.
Thinkorswim offers a comprehensive suite of research and analytics tools:
While TD Thinkorswim offers a wealth of digital research tools, new users or passive investors may find it overwhelming. Most of these are best for experienced day traders and active investors.
Thinkorswim is a well-equipped platform, but that robust functionality comes with a clear tradeoff; it’s not the most user-friendly software on the market.
We turned to Reddit for a deep dive into Thinkorswim’s interface and discovered that traders are quick to praise the platform’s charting capabilities. But many report that the platform is slow and clunky to navigate. Some warn that Thinkorswim is intimidating — but that with practice, the platform can operate as a powerful tool.
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Overall, Thinkorswim is well-received by investors. But its Better Business Bureau (BBB) and Trustpilot pages have very little feedback to go on. Thinkorswim has an A+ rating with the BBB but isn’t accredited and has no reviews. On Trustpilot, the platform has only three customer reviews. Luckily, Redditors have plenty to say.
Redditors rave about the platform’s robust research tools, solid customer support and paper trading service. The most common complaint? Slow fill times.
The trading platform’s dedicated mobile app receives overwhelmingly positive reviews across both app stores. As of February 2022, it earns 4.7 out of 5 stars in the Apple App Store after more than 263,000 ratings and 3.9 out of 5 stars in Google Play after more than 11,000 ratings. Satisfied Apple and Android users love the app’s real-time charting tools and workstation setup. Dissatisfied customers complain that the app is buggy, glitchy and slow.
| BBB rating | A+ |
| BBB accredited | No |
| BBB customer rating | N/A |
| Trustpilot score | 3.4/5 stars based on 3 customer reviews |
| Google Play app | 3.9/5 stars based on 11,039 reviews |
| Apple app store | 4.7/5 stars based on 263,353 reviews |
| Customer reviews verified as of | February 2022 |
Thinkorswim’s customer service is available 24/7.
Thinkorswim by TD Ameritrade targets active traders seeking a high-grade platform with sophisticated research tools and three unique trading interfaces. But beginners may find the wealth of features overwhelming and tricky to navigate.
Before making a final decision, compare other trading platforms to find the best fit for your trading needs.
Thinkorswim is not currently available on Finder
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