Is thinkorswim a Scam

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Contents

Thinkorswim Review 2020

Thinkorswim Guide

Thinkorswim are an online broker founded in 2008 offering Forex trading trading, CFD trading trading, and Share Dealing trading.

Thinkorswim are a global broker and have a head office in United States.

Thinkorswim have a listed stock symbol. This means that Thinkorswim have publically listed and you can officially buy shares in Thinkorswim on one of the worlds global market exchanges.

When trading in the financial markets it can be very time consuming to find a broker that meets your needs.

Often you have to visit and read many broker websites all of which have different uses of language. The wording can be very confusing. In our review of Thinkorswim we break down the pros and cons. What Thinkorswim are able to offer, what countries Thinkorswim are available in. Who Thinkorswim are regulated by and more.

Having a reliable and capable broker is crucial to your success in online trading. Make sure that your broker is not fake or unreliable to avoid losing your investment. Ensure that your needs fit the profile of your broker as well, in order for you to have a good working profitable relationship.

Benefits of trading with Thinkorswim

Your capital is at risk

At the bottom of this review you can also learn about some pretty good alternatives to Thinkorswim

With this review we hope to help you see if Thinkorswim is a good fit for you.

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It is a common myth that online trading is confusing. It is only difficult for people who have not done the research. In this article, you will learn important information regarding Thinkorswim that will help you get off to a good start in the world of online trading.

Thinkorswim Review Table of Contents

Thinkorswim what you should know

Thinkorswim offer three ways to trade: Forex trading, CFD trading, Share Dealing.

With Thinkorswim you will need a minimum deposit of $100. You can sign up for a demo account to acquaint yourself with Thinkorswim platform.

Thinkorswim are able to accommodate various levels of traders whether you are experienced or a beginner.

Are Thinkorswim safe?

When choosing a broker like Thinkorswim the administrative body and regulatory status of the broker is very important. Brokers who conduct trades without supervision of a regulatory body do so at their own discretion. Any capital you invest is at risk.

Established in 2008, and in operation for 12 years Thinkorswim have a head office in United States.

Thinkorswim is regulated. This means Thinkorswim are supervised by and is checked for conduct by the Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA) regulatory bodies.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to Thinkorswim, this will be honored. If Thinkorswim violate any regulatory rules their regulated status could be stripped.

Any payments funded to Thinkorswim accounts by traders are held in a segregated bank account.

For added security Thinkorswim use tier-1 banks for this. Tier 1 is the official measure of a banks financial health and strength.

Try creating two accounts when you are working with Thinkorswim. One is the real account, with your real money and the other is your demo account. The demo account is your experimental account.

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.

Broker thinkorswim eToro XTB IC Markets
Year Established 2008 2006 2002 2007
Head Office United States Cyprus, UK Poland Australia
Regulation Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA) Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comisión Nacional del Mercado de Valores, Komisja Nadzoru Finansowego Australian Securities and Investment Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC)
Used By 10,000+ 12,000,000+ 250,000+ 60,000+
Negative balance protection No Yes Yes
Guaranteed Stop Loss No Yes No
Learn More Visit Thinkorswim Visit eToro Visit XTB Visit IC Markets
Risk Warning Your capital is at risk 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Your capital is at risk Losses can exceed deposits

Thinkorswim Pros and Cons

What we like about Thinkorswim

  • Used by over 10,000 traders
  • Established in 2008
  • Regulated by Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA)
  • Min. deposit from $100

What we don’t like about Thinkorswim

  • Doesn’t allow scalping (See alternatives)
  • Not FCA Regulated (See alternatives)

Thinkorswim Financial Regulation and Supervision in more detail

We have checked and Thinkorswim is regulated and supervised by reputable organisations. You are able to check every Thinkorswim supervisory and regulatory body given below. Regulation gives you some recourse for those who have issues with Thinkorswim. Regulatory authorities protect the traders with things like reimbursement schemes that regain the client’s investment in the event the broker becomes insolvent.

The brokerage firms have to comply with a variety of rules and criteria determined by the recognized international authority with the intention to provide secure trading and stay licensed. The whole notion of regulation is to protect Thinkorswim traders and provide a safe trading environment.

Thinkorswim is governed and supervised by reputable financial regulatory bodies. Regulatory bodies monitor the behavior of the brokers and if things go wrong they will take necessary action. Before trading online with a broker such as Thinkorswim you should be sure they’re legitimate online agent.

Thinkorswim General Fees

  • Thinkorswim withdrawal fees varies on payment method
  • Thinkorswim does charge inactivity fees
  • Thinkorswim does charge deposit fees
Broker thinkorswim eToro XTB IC Markets
Min Deposit 100 200 0 200
Withdrawl Fees varies Yes varies No
Inactivity Fees Yes No No
Deposit Fees No No Varies
CFD Commission Fees No Yes Yes

Thinkorswim Commissions

  • Thinkorswim does charge commission on CFD instruments.

What can you trade with Thinkorswim?

You can trade a wide variety of instruments with Thinkorswim over 224 instruments infact.

If you are looking at trading currency pairs Thinkorswim offer over currency pairs.

Compare Thinkorswim with eToro and XTB below.

Broker thinkorswim eToro XTB IC Markets
Instruments Available 224 100 1,500 232
Platforms Desktop,Android,Tablet,iPhone Web Trader, Tablet & Mobile apps MT4, Mirror Trader, Web Trader, Tablet & Mobile apps MT4, MT5, Mirror Trader, ZuluTrade, Web Trader, cTrader, Mac
FX / Currencies Visit Thinkorswim Visit eToro Visit XTB Visit IC Markets
Forex pairs offered 50 50 65
Major forex pairs Yes Yes Yes Yes
Minor forex pairs No Yes Yes Yes
Exotic forex pairs Yes Yes Yes Yes
Cryptocurrencies NO Yes Yes Yes
Commodity CFDs Visit Thinkorswim Visit eToro Visit XTB Visit IC Markets
Commodities Offered 0 0 21 19
Metals No Yes Yes Yes
Energies NO Yes Yes Yes
Agricultural NO Yes Yes Yes
Indiced & Stock CFDs Visit Thinkorswim Visit eToro Visit XTB Visit IC Markets
Stocks Offered 957 1696 100
UK Shares Yes Yes Yes No
US Shares NO Yes Yes Yes
German Shares No Yes Yes Yes
Japanese Shares NO Yes Yes Yes

Trading on Thinkorswim web platforms and other applications

Thinkorswim offer a user-friendly custom trading platform, available as a browser based web application. If you would rather see a comparison of MT4 brokers, you can so here.

An Thinkorswim IOS or Android native App on your phone or tablet will Work quicker Than the Avatrade Website on the same device

Thinkorswim also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you’re on the move.

Thinkorswim Trading benefits :

  • Low min deposit

Thinkorswim Trading Accounts Offered :

  • Demo account
  • Islamic account

Can I try Thinkorswim before I buy?

Thinkorswim offer a demo account so you can try before putting down funding payments. Open a practice account & learn to trade

Thinkorswim withdrawl and funding methods.

Thinkorswim offer the below funding payment methods. learn more about Thinkorswim

Broker thinkorswim eToro XTB IC Markets
Bank transfer No Yes Yes Yes
Credit Cards Yes Yes Yes Yes
Paypal No Yes Yes Yes
Skrill No Yes Yes Yes
Payoneer No Yes Yes
Neteller Yes Yes Yes Yes

How can I start trading with Thinkorswim?

When opening a trading account with Thinkorswim, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on Thinkorswim trading platforms here.

Performing trades with Thinkorswim

Thinkorswim allow you to execute a minimum of trade of varies. This may vary depending on the account you open. Thinkorswim allow you to execute a maxium trade of varies.

As a market maker, Thinkorswim may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically have larger capital and minimum trade requirements. Market makers typically have lower minimum deposit, smaller minimum trades requirements and no commission on trades.

As with most brokers, margin requirements do vary depending on the instruments.

Thinkorswim Leverage and Thinkorswim CFDs Explained

let’s take a look at some of the basics of using Thinkorswim leverage.

Thinkorswim offer CFD are a leveraged product for this example we describe ten times leverage.

So you have a ten thousand dollar position but you only tie up a thousand dollars a tenth of the value on your account. You have a situation where a small sum of money is controlling a much bigger financial position. This is your leverage.

So what effect does leverage have on your profits and losses well put simply it magnifies them in both directions.

Thinkorswim leverage magnifies both profits and losses when trading.

Let’s say for example you buy ten thousand dollars worth of General Electric (GE) using contracts for difference ( CFDs ) using the Thinkorswim trading platform.

let’s say General Electric (GE) rises 10% because its results are positive your position which was worth ten thousand dollars is now worth $11,000.

It’s grown by $1000 10% in value this represents a hundred percent increase on the funds initially committed on your leverage CFD trade.

Our initital investment of ten thousand dollars for the trade and has made a thousand dollars in profit because the price is up ten percent.

The Thinkorswim leverage goes both ways. If General Electric (GE) Falls 10% on week results your position which was worth ten thousand dollars is now worth only nine thousand dollars. It has fallen by a thousand dollars.

Thinkorswim CFDs are typically used for short to medium term trades. For example Thinkorswim intraday trading.

Education resources at Thinkorswim

To trade effectively with Thinkorswim, it’s important to get a have a good understanding of the Thinkorswim trading tools and the markets.

Thinkorswim offer a good selection of educational resources. Spend some time reading up on how the markets and trading works, making active trades, active trading times, and managing risk.

Having an analytical approach may be a good way to approach trading with Thinkorswim.

Take time to look around the Thinkorswim platforms and train yourself to think more systematically and logically about the markets. It’s a new skill-set for many, but it is what the market requires of you.

Customer Support at Thinkorswim

Thinkorswim support a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian

Thinkorswim have a D grade support rating because because sometimes the response was slow or our query wasnt answered. Thinkorswim less customer support features compared to other brokers like live chat, phone and email support. email support and supports a limited amount of Languages. Live chat support supports a limited amount of Languages. Phone support supports a limited amount of Languages.

Livechat Support at Thinkorswim

We tested the Thinkorswim live chat and it works well. We sent messages to Thinkorswim livechat through their app and website and recieved a response within 20 minutes. Sometimes there was no response.

We tested communicating with Thinkorswim support in multiple languages in multiple countries. Thinkorswim where able to resolve our customer issues.

Email Support at Thinkorswim

We sent several emails to Thinkorswim and answer times overall were excellent. The fastest response from Thinkorswim was 4 hours and the slowest response was 5 days. Sometimes there was no response. Support response times may vary for you with Thinkorswim, but this was our experience sending 10 emails at varying times.

The team resolved and answered our queries. Overall average email support from Thinkorswim.

Phone Support at Thinkorswim

We called Thinkorswim and the call was answered very quickly. The call was answered in less than 5-10 minutes.

The Thinkorswim phone support team were able to successfuly answer our questions and issues over the phone. We tested the multilingual Thinkorswim team by calling in varying languages. Thinkorswim made an effort to make sure our queries were answered.

Overall the phone support from Thinkorswim was okay.

See how Thinkorswim Support Compares Against Other Brokers

Broker thinkorswim eToro XTB IC Markets
Support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
Languages English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian,Hindi, Hebrew, Arabic, Russian English, German, Spanish, French, and Italian English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, and Turkish English, Japanese, Chinese, Polish, Afrikans, Danish, Dutch, German and more
Learn More Visit Thinkorswim Visit eToro Visit XTB Visit IC Markets
Risk Warning Your capital is at risk 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Your capital is at risk Losses can exceed deposits

What you will need to open an account with Thinkorswim

As Thinkorswim is regulated by Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.

While you might be able to explore Thinkorswim’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with Thinkorswim you can visit their website here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://www.thinkorswim.com/ on 12th August 2020.

Is Thinkorswim A Good Broker?

We spent over 3 months examining Thinkorswim in depth. Although we found some very useful aspects of the Thinkorswim platform that would be useful to some traders. Overall our feeling is that you would be better served with an alternative Thinkorswim broker.

  • Thinkorswim have a good track record of offering Forex trading, CFD trading, Share Dealing.
  • Thinkorswim has a history of over 12 years.
  • Thinkorswim has a reasonable sized customer support of at least 10.
  • Thinkorswim are regulated by Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA). This means Thinkorswim fall under regulation from a jurisdiction that can hold a broker responsible for its misgivings; or at best play an arbitration role in case of bigger disputes.
  • Thinkorswim have regulation from a Tier 1 reputable country.
  • Thinkorswim has the ability to get deposits and withdrawals processed within 2 to 3 days. This is important when withdrawing funds.
  • Thinkorswim have an international presence in multiple countries. This includes local Thinkorswim seminars and training.
  • Thinkorswim are able to hire people from various locations in the world who can better communicate in your local language.

Thinkorswim Risk Disclaimer

Your capital is at risk

Thinkorswim not quite right?

Check out these Thinkorswim Alternatives

We have spent years researching the best alternatives to Thinkorswim. Click the links below to learn more.

If you feel some of the above Thinkorswim are not quiet what you are looking for or perhaps you would just like to see some alternatives. See our highly rated list of Thinkorswim alternatives below.

If you would like to see how Thinkorswim stands up against other brokers you can read some of our Thinkorswim comparisons below. We compare side by side some of our top rated Thinkorswim versus comparisons. Read some indepth Thinkorswim VS pages below.

THINKORSWIM Frequently Asked Questions

Can I try Thinkorswim before I buy?

Thinkorswim offer a demo account so you can try before you put down and payment. Learn more here

What funding methods do Thinkorswim accept?

Thinkorswim offer the following funding payment methods accept Credit cards, Neteller, among other payment methods.
Learn more here

Is Thinkorswim safe?

Thinkorswim are considered safe as they are regulated by and checked for conduct by the Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA). Any payments funded to Thinkorswim accounts by traders are held in a segregated bank account. For added security Thinkorswim use tier-1 banks for this. Tier 1 is the official measure of a banks financial health and strength.

Is Thinkorswim trading good?

Thinkorswim is considered good and reputable to trade with. ThinkorswimThinkorswim is used by over Thinkorswim active traders. Thinkorswim offers Forex trading trading, CFD trading trading, and Share Dealing trading. Minimum deposit with Thinkorswim is mindeposit.

Is Thinkorswim trading Legit?

Thinkorswim was founded in United States in 2008. Thinkorswim has been facilitating trade on the financial markets for over 12 years. Thinkorswim offers clients Forex trading trading, CFD trading trading, and Share Dealing trading. All funds deposited to Thinkorswim are held in segregated tier 1 bank accounts for security. Thinkorswim is regulated by Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA) so can be considered legit.

Is Thinkorswim a good broker?

Thinkorswim is overseen by the top tier financial regulators Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA) so can be considered a good broker.Thinkorswim allows Forex trading trading, CFD trading trading, and Share Dealing trading.

Is Thinkorswim trustworthy broker?

Thinkorswim can be considered trustworthy. All money funded to Thinkorswim is placed into a segregated tier 1 bank account. this means your money in not held by Thinkorswim directly but a tier 1 bank. The broker has no direct access to your funds so cannot misappropriate your money. Also Thinkorswim is regulated by Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA).

What is the minimum deposit for Thinkorswim?

The minimum deposit to trade with Thinkorswim is 100.

How long do Thinkorswim withdrawals take?

Withdrawing money from Thinkorswim processing time varies but averages 2-5 days.

Is Thinkorswim regulated?

Thinkorswim is regulated by Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA).

Is Thinkorswim a market maker?

Thinkorswim is a not a market maker. A market maker speeds up trading as a market maker will purchase your stocks and commodities even is a buyer is not lined up.

How can I start trading with Thinkorswim?

When opening a trading account with Thinkorswim, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on Thinkorswim trading platforms here.

Is my money safe with Thinkorswim?

Thinkorswim is regulated by Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA). One of the most important criteria for traders when choosing a broker like Thinkorswim is the regulatory body and regulatory status of the broker. Brokers who conduct business without regulation do so at their own discretion and pose a direct risk to the security of their clients money.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to Thinkorswim, this will be honored. If they violate any regulatory rules their regulated status can be stripped.

Is Thinkorswim a con?

Thinkorswim is regulated and well established having been in business for over 12 years. Thinkorswim is definitely not a con.

Can you make money with Thinkorswim?

Although traders have had great success with Thinkorswim. Trading on the financial markets with Thinkorswim is not a get rich scheme. If you educate yourself, practise with a demo account and carefully plan your trading your chance of success will greatly increase. Never trade with money you cannot afford to lose. Your capital is at risk.

Does Thinkorswim have fees?

Thinkorswim withdrawal fees varies on payment method. Thinkorswim does charge inactivity fees. Thinkorswim does charge deposit fees.

When was Thinkorswim founded?

Thinkorswim was founded in 2008.

How many people use Thinkorswim?

Thinkorswim is used by over 10000 registered traders.

What is Thinkorswim Headquarters country?

Thinkorswim has its head quarters office in United States.

Does Thinkorswim offer negative balance protection?

Thinkorswim does not offer negative balance protection. With Negative balance protection means traders cannot lose more money than they have deposited.

Does Thinkorswim offer guaranteed stop loss?

Thinkorswim does not offer guaranteed stop loss. With guaranteed stop loss protection risk is managed. Traders are guarenteed to close your trade at your specified price. Stop Loss orders are guaranteed only during market hours and under normal trading conditions.

Does Thinkorswim allow scalping?

Thinkorswim does not offer scalping.

Does Thinkorswim allow hedging?

Thinkorswim does not offer hedging.

Does Thinkorswim offer CFD trading?

Thinkorswim offers CFD trading.

Does Thinkorswim offer STP?

Thinkorswim does not offer STP trading.

How many people use Thinkorswim?

Thinkorswim is used by over 10000 traders.

Is Thinkorswim an ECN broker?

Thinkorswim does not offer ECN trading.

Does Thinkorswim offer a demo account?

Thinkorswim offers a demo account.

Does Thinkorswim offer an Islamic account?

Thinkorswim offers a Islamic accounts.

What are the funding methods for Thinkorswim?

Thinkorswim accept the following funding methods : Credit cards, Neteller, UnionPay,

Thinkorswim review written by Andrew Blumer and Mark Hansen

We hope you found our review of the Thinkorswim brokerage firm useful.

This article was written by our financial editor Mark Hansen and Andrew Blumer.

Mark was previously of the Kiel Insitute and has worked with financial organisations across Europe, Australia, South East Asia, South Africa and the Middle East. Mark has over 15 years experience in financial analysis, forecasting, financial modeling idenifying new market opportunities in Stocks, CFD’s, Forex and Commodities.

Andrew has a well-established career in fintech and came up with comparebrokers.co to make trading on financial markets more transparent and accessible.

Whether you want to trade Forex, Stocks, Commodities or Indices we will help you find the best online broker for you from 400+ brokers for clients based in the UK, Europe, Asia, South Africa and Australia.

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COPYRIGHT © 2020. ALL RIGHTS RESERVED. Compare Brokers

Please note that Comparebrokers.co may have financial relationships with some of the merchants mentioned here and may be compensated if consumers choose to click the links located throughout the content on this site.

RISK WARNING: Your capital is at risk. Trade with caution, these products might not be suitable for everyone so make sure you understand the risks involved.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Some of the links on this websites articles and comparison tables are affiliate links, which means we receive a commission should open an active account. This does not increase the cost to you for using a broker and is how the site is funded and covers the costs of running this website. The information contained in this website is for informational purposes only and does not constitute financial advice. The material does not contain (and should not be construed as containing) investment advice or an investment recommendation, or, an offer of or solicitation for, a transaction in any financial instrument.

Is thinkorswim a Scam?

WARNING: This broker has been shut down due to numerous complaints and security issues. We strongly recommend trading with regulated and trusted brokers.

Is thinkorswim a Scam?

If you’re a forex trader, you probably came across the name thinkorswim a fair amount of times. However, if you haven’t traded there, you might be a bit surprised by what you get when you get on its website. You see, this is not your standard broker but a trading platform that is pretty much standing on its own. Because of that, some traders may not be sure is thinkorswim a scam or a legit trading place and we are here to set things straight. We have all the information about the security on this platform, so set aside just a minute or two to read this article to the end and learn absolutely everything you need to know. Let’s go!

Is thinkorswim a Scam? | Financial protection

Like we said in our thinkorswim Review 2020, this platform is actually managed by TD Ameritrade, a broker with several decades of experience in this industry. This can immediately tell you that you are in for a great trading time. Should you ever have any problems due to unauthorized activities, the company will reimburse you, plus they are a member of the SIPC (Securities Investor Protection Corporation). On top of that, the company offers a wide variety of products, tools and procedures you can use to improve your security and to make sure you enjoy your every trade. In other words, there was no sign of any thinkorswim fraud and the company’s dedication has to be commended for that. But are there any other things that can tell us is thinkorswim a scam? Read on.

Is thinkorswim a Scam? | Everything works

This platform was acquired by the broker in a deal worth more than 600 million US dollars, so you can be absolutely sure that it performs flawlessly. It offers a whole lot of tools and always delivers the latest and most accurate data, alongside news, alerts and many other useful details. After testing it ourselves, we have nothing but praise for this trading environment. Another thing we have to praise is the support you get here. Simply, all your answers will arrive very quickly because a very experienced company along with seasoned employees is behind it all. Naturally, all trades are executed as quickly as possible, and transactions are very safe too. In short, the question “Is thinkorswim a scam?” is a completely redundant one. You will love trading here.

thinkorswim Home Page

Is thinkorswim a Scam? | Conclusion

A company with more than four decades of experience, loads of security features and an excellent support team – this is just a fraction of what you get if you decide to start trading here. There is not a doubt in our mind that you will be completely safe on this and enjoy one of the best experiences the trading industry has to offer. Is thinkorswim a scam? Of course not, don’t be ridiculous! Open an account with them immediately if you want to be a full-fledged trader!

TD AMERITRADE – THINKORSWIM REVIEW

Trading with TOS is about to get a lot easier because you’re about to read this TD Ameritrade – ThinkorSwim Review. Yes, we are biased, because this platform is in a class of its own. We have a bit of a romance going with the Thinkorswim platform. Many traders do. It’s not just because they have the best features for pro traders.

Undoubtedly because Thinkorswim offers a free, state-of-the-art, paper trading account to TD Ameritrade account holders so that traders can practice risk-free with no worries that their capital will end up “Gone with the Wind.”. And yes they have free commission trading these days.

Is ThinkorSwim a Good Platform for Beginners & Advanced Traders? (TD Ameritrade – ThinkorSwim Review)

  • TD Ameritrade’s ThinkorSwim (TOS) platform is not just a good platform, we think it’s great. It’s one of the most popular trading platforms on the market and allows you the ability to trade stocks, options, penny stocks, along with futures. It’s good for beginners and advanced traders. Their charts, filter studies, and scanners are top notch in the industry. They are a solid overall trading broker.

Alright, so If you are a US-resident trader, when you think TD Ameritrade, you think. Thinkorswim or, as we like to call it, TOS for short. That’s because TD acquired TOS in 2009.

And the platform has been a favorite of many professional traders for many years, including us at the Bullish Bears. Is Thinkorswim free? Yes and no.

You can fund an account and not trade or do anything with it, and you won’t get wacked. No, but you can fund an account and not get charged inactivity fees, and you can get free comission trades. so that’s pretty amazing in our book!

TD was recently acquired by Charles Schwab, so things keep changing! You’ll see by all of the ThinkorSwim review articles being updated lately.

It’s ideal for active and advanced traders, but also has features that make it great for newbies as well. Let’s take a closer look at what this trading tool can do for you.

Watch Our ThinkorSwim Review Tutorial to See How to Use the TD Ameritrade Platform

Thinkorswim is available in both mobile and desktop versions and can be used for stock trading, ETFs, futures, forex, and options, including multi-leg options.

On your desktop, Thinkorswim is an advanced platform with all the bells and whistles a serious trader could desire. The charts are highly customizable with ample types available. Traders can choose time charts, tick charts, range charts or even seasonal charts with an assortment of tools to draw on them.

In fact, when it comes to charting, Thinkorswim’s good reputation precedes them. So much so that many traders will open an account with TD Ameritrade with minimal funding just so that they can use Thinkorswim for planning their trades and charting while actually trading with another broker. The ThinkorSwim review articles speak for themselves.

1. Tools You Can Use

Do you like to write your own script? We’re not talking about a movie script here. I am referring to the Thinkorswim coding language called “thinkScript” that helps traders create their individual indicators. It already has 300 built-in studies and strategies; which users can add to their favorite plays.

Indeed, many steps can be automated with Thinkorswim. The Strategy Roller, for example, enables options traders to set up a custom rolling strategy in an automated fashion for any covered call position from one expiration date to the next according to the user’s preset rules.

Customizable scanning and screening tools filter stocks and options. The Stock Hacker tool will scan for stocks that meet your criteria and update you with alerts.

The Option Hacker tool works similarly for options. Spread Hacker helps traders search for spreads, and Spread Book shows all the orders of traders using Thinkorswim, though they are kept anonymous.

Thinkorswim has a mobile app for both Apple and Android users. Unlike most trading apps that only offer core functions, Thinkorswim Mobile has much of the functionality and features of its desktop platform. You can even sync it with your desktop. Take a look at a list of the top trading companies . Also, here’s a list of the top free trading brokers.

2. Practice Makes. Money

Traders can test their strategies by using Thinkorswim’s Paper Money trading account without risking any real money. It’s available for both the desktop and mobile versions, and it’s an excellent tool to use in combination with backtesting to perfect one’s trading strategies. Take our TOS Course for more help getting your platform set up.

If you open a TD Ameritrade account, you’ll be automatically registered for the paper money account. Otherwise, you can register to try it for free for 60 days.

Thinkorswim has many more features and tools. It has social media communities and forums, like myTrade, for traders to connect and share strategies.

ThinkOnDemand is a backtesting tool that enables users to test trading strategies on historical data. You can use their fundamental data tab to get company stats or their Fast Beta tool to analyze securities that break out of historical trends.

If you’re going to be successful at trading, you’re going to be backtesting strategies a lot. And practicing at odd hours of the day. Take advantage of this tool and spend time with the ToS simulator as much as possible and prove you can make money with your strategy on paper first!

By the way we do show how to use TOS live each in our trading rooms. Check out our trading service and get a first hand education.

3. TD Ameritrade

A Thinkorswim review without including some info on TD Ameritrade would not be complete since the two are integrated as one.

The brokerage service has a wide array of account types to suit virtually everyone and every need. I could write an entire article on the various accounts alone. To view the account types available, go to TD Ameritrade and explore all the options.

Traders can fund their accounts via wire transfer, check, ACH (electronic bank deposit), external securities transfer, or physical stock certificates. (Note that with ACH funding, there’s a limit of a $50-$250,000 transfer, which is not the case with the other funding options.)

There is no minimum amount required to open an account, but if you’re playing with margin on options or futures, you’re going to need a money in the 1,000+ range to play in that area.

Cash accounts are great for those under the PDT rule. I trade options in a cash account because options settle overnight (T1 rule) Check out our list of best brokerage firms.

How Much Does It Cost to Open a ThinkorSwim Account? (TD Ameritrade Fees & Pricing Breakdown in 2020)

  1. $0 cost to open a ThinkorSwim Account. Just your deposit of funds
  2. May require a small deposit to add real-time data to your simulated account
  3. $0 commissions for U.S. exchange stocks, ETF’s
  4. $0.65 per options contract
  5. Mutual Funds – no commission fee
  6. Futures are $2.25 per contract plus exchange and regulatory fees
  7. Forex – no commissions but the cost of the trade is reflected in the spread
  8. Level 2 data included
  9. 3rd-party research reports
  10. No minimum amount required to open an account

Currently, the rate for stocks and ETFS is free. See TD Ameritrade for detailed information about pricing, fees, and margin & interest rates (find out how to open an investment account).

Because of the strict competition for free trading from up and coming brokers, TD had to lower their fees for 2020. TD Ameritrade offers a lot to make it attractive to traders on a budget. The broker wars are good for the consumer, as long as service does not suffer.

1. “Where Shall I Go? What Shall I Do?”

It’s no secret by now that we have a strong penchant for the Thinkorswim platform. That’s because we use it every day. As experienced traders, it is not the only platform we use, but for a beginner trader, we wouldn’t hesitate to recommend starting with TOS. And we don’t say that lightly.

After all, the Bullish Bears community was created with the vision of becoming the most trusted stock market trading community in the world, and our mission is to give our community members an honest, realistic, and affordable education in the stock market. Take our TOS course.

2. TOS Drawbacks

Some drawbacks, and there are not many. Order executions sometimes lag, you need to be careful when trading low float stocks with thinkorswim. They are not the FASTEST at order exectution, but they are good.

TD does not always have the best short located for shorting. There are better brokers currently if you desire to short mid and small caps. Try Speedtrader or IBKR. (we have reviews on our site for them too)

TD required a lot of margin for futures, so you are better off going with ninjatrader if you have limited funds.

Is It Free to Use Thinkorswim?

  • The ThinkorSwim (TOS) is a free trading platform. All you need to do is fund your account. They also have a simulated trading account that you can use. Just call and they will change your paper trading simulated data to real-time, but you might have to add a small deposit into your account. It’s well worth it though.

The Thinkorswim app is so feature-rich that it can be a bit mind-boggling for the beginning trader. At Bullish Bears, we are experts at using this platform. Since it’s what we use to plan much of our own trading, we know all the ins and outs of it.

We can show you very clearly how Thinkorswim works, how to get yourself set up, and how you can make the most of its tools and features.

You’re not Scarlett O’Hara, and “Frankly my dear, we DO give a damn”. Take our ThinkorSwim course to help you get started, which is found under our trading courses.

Thanks for reading our TD Ameritrade – Thinkorswim review and be sure to check out the rest of our free courses when you are ready to get started using it! Enjoy!

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