Thinkorswim Review: Features, Pros & Cons

Thinkorswim, a comprehensive trading platform offered by TD Ameritrade, has gained popularity among active traders and investors. Known for its advanced features and tools, Thinkorswim aims to provide a powerful trading experience for those looking to take their strategies to the next level. In this in-depth review, we'll explore the platform's key features, pros, and cons to help you determine if Thinkorswim is the right choice for your trading needs.

Throughout this review, I'll share my opinions and ratings to give you a clear understanding of how Thinkorswim stacks up against other trading platforms in the market.

Pros:

  • Day Trading
  • Swing Trading
  • Long term Investment

Cons:

  • Provide REST APIs for the developer.
  • Platform keep crashing and this can be improved.
  • Complex User Interface

What is Thinkorswim?

Thinkorswim is a powerful trading platform developed by TD Ameritrade, designed to cater to the needs of active traders and investors. With its comprehensive suite of tools and advanced features, Thinkorswim has become a popular choice for those seeking to elevate their trading strategies and gain a competitive edge in the market.
The platform offers multiple ways to access its features, including a downloadable desktop software for Windows and Mac, a web-based version, and mobile apps for iOS and Android devices. This flexibility allows users to trade on the go and stay connected to the markets from virtually anywhere.
One of the standout aspects of Thinkorswim is its wide range of tradable assets. Users can trade stocks, options, futures, forex, bonds, and more, all from a single platform. This diverse offering makes Thinkorswim suitable for traders with various interests and strategies, whether they focus on short-term trading or long-term investing.
While the different versions of Thinkorswim may have slightly varying capabilities, the core features and tools remain consistent across the platform. This ensures that users can enjoy a seamless trading experience, regardless of their preferred device or method of access.


Thinkorswim

download thinkorswim

Thinkorswim, a comprehensive trading platform offered by TD Ameritrade, has gained popularity among active traders and investors. Known for its advanced features and tools, Thinkorswim aims to provide a powerful trading experience for those looking to take their strategies to the next level. In this in-depth review, we'll explore the platform's key features, pros, and cons to help you determine if Thinkorswim is the right choice for your trading needs.

Pros:

  • Day Trading
  • Swing Trading
  • Long term Investment

Cons:

  • Provide REST APIs for the developer.
  • Platform keep crashing and this can be improved.
  • Complex User Interface

How to Get Started with Thinkorswim

Downloading on platform Windows

To get started with Thinkorswim on your Windows computer, follow these simple steps:
1. Visit the official TD Ameritrade website and navigate to the Thinkorswim page.
2. Click on the "Download" button for the Windows version.
3. Once the download is complete, run the installation file and follow the on-screen instructions.
4. After the installation is finished, launch the Thinkorswim platform and log in using your TD Ameritrade credentials.

Downloading on platform Mac

If you're a Mac user, the process of downloading Thinkorswim is similar:
1. Go to the TD Ameritrade website and find the Thinkorswim page.
2. Locate the "Download" button for the Mac version and click on it.
3. When the download finishes, open the installation file and follow the prompts to install Thinkorswim on your Mac.
4. Once the installation is complete, open the Thinkorswim platform and sign in with your TD Ameritrade account details.

Downloading mobile version

For those who prefer trading on the go, Thinkorswim offers mobile apps for both iOS and Android devices:
1. Open the App Store (for iOS) or Google Play Store (for Android) on your mobile device.
2. Search for "Thinkorswim" in the store's search bar.
3. Tap on the official Thinkorswim app from TD Ameritrade in the search results.
4. Press the "Install" or "Get" button to download and install the app on your device.
5. After the installation is complete, open the Thinkorswim app and log in using your TD Ameritrade account information.

Getting started with Thinkorswim is a straightforward process, but it's essential to ensure that you follow the steps carefully to set up your account and access the platform's features. In this section, we'll walk you through the process of downloading Thinkorswim on various devices and opening an account with TD Ameritrade.
Before diving into the specifics, it's worth noting that Thinkorswim is available on multiple platforms, including desktop software for Windows and Mac, mobile apps for iOS and Android, and a web-based version. This flexibility allows you to choose the most convenient way to access the platform based on your preferences and trading style.
To begin your journey with Thinkorswim, you'll first need to download the platform on your desired device. The process is slightly different for each platform, but we'll provide step-by-step instructions to ensure a smooth experience.
Once you have Thinkorswim installed on your device, the next crucial step is to open an account with TD Ameritrade. This process involves providing personal information, employment details, and financial information, as well as agreeing to the terms and conditions. After your account is approved, you'll need to fund it with the minimum required balance to start using Thinkorswim's features.
In the following subheadings, we'll delve into the specifics of downloading Thinkorswim on Windows, Mac, and mobile devices, as well as the account opening process. By the end of this section, you'll have a clear understanding of how to get started with Thinkorswim and be ready to explore its powerful tools and features.


Key Features

Thinkorswim is renowned for its extensive suite of features and tools that cater to the needs of both novice and experienced traders. These key features set Thinkorswim apart from other trading platforms, providing users with a comprehensive and powerful trading experience.
One of the most notable aspects of Thinkorswim is its advanced charting tools. With over 400 technical studies and indicators, users can analyze price action, identify trends, and make informed trading decisions with ease. The platform's highly customizable charting interface allows traders to create personalized layouts and save them for future use, streamlining their analysis process.
In addition to its charting capabilities, Thinkorswim excels in trade execution. The platform offers a wide range of order types and advanced order entry tools, enabling users to implement their strategies with precision and efficiency. Real-time market data and streaming quotes ensure that traders can make informed decisions based on the most up-to-date information.
Research and analysis are also key strengths of the Thinkorswim platform. Users have access to a wealth of market news, analyst ratings, and earnings reports, helping them stay informed about the latest developments in their preferred markets. The platform's options analysis tools, such as the Options Statistics table, provide valuable metrics for making informed decisions when trading options. Furthermore, the thinkScript feature allows users to create custom indicators and studies, empowering them to develop unique trading strategies.
For traders who value flexibility, Thinkorswim's mobile app is an essential feature. Available for both iOS and Android devices, the mobile app offers a feature-rich experience that closely mirrors the desktop platform. Users can access real-time quotes, charts, and market news, as well as execute trades and manage their positions on the go. The app's intuitive interface and customizable watchlists make it easy to stay connected to the markets, even when away from the desktop platform.
In the following subheadings, we'll take a closer look at each of these key features, providing a detailed overview of how Thinkorswim's tools and capabilities can benefit traders and investors.

Charting tools

Thinkorswim boasts a comprehensive set of charting tools that cater to the needs of both novice and advanced traders. The platform offers over 400 technical studies and indicators, allowing users to analyze price action, identify trends, and make informed trading decisions. The charting interface is highly customizable, enabling users to create personalized layouts and save them for future use. Additionally, Thinkorswim's charting tools include advanced features such as real-time data, multiple timeframes, and the ability to backtest strategies, giving traders a powerful arsenal to navigate the markets effectively.

Trade execution

One of the standout features of Thinkorswim is its efficient and reliable trade execution. The platform offers a wide range of order types, including market, limit, stop, and conditional orders, allowing traders to implement their strategies with precision. Thinkorswim's advanced order entry tools enable users to set up complex trades, such as multi-leg options strategies, with ease. The platform also provides real-time market data and streaming quotes, ensuring that traders can make informed decisions based on the most up-to-date information. With Thinkorswim's robust trade execution capabilities, users can feel confident in their ability to enter and exit trades quickly and accurately.

Research and analysis

Thinkorswim offers a wealth of research and analysis tools to help traders stay informed and make well-educated trading decisions. The platform provides access to a wide range of market news, analyst ratings, and earnings reports, allowing users to stay on top of the latest developments in their preferred markets. Thinkorswim also offers a variety of tools for options analysis, including the Options Statistics table, which provides key metrics such as implied volatility, delta, and theta for each options contract. Additionally, the platform's thinkScript feature allows users to create custom indicators and studies, further enhancing their ability to analyze the markets and develop unique trading strategies.

Mobile app

For traders who value flexibility and the ability to trade on the go, Thinkorswim's mobile app is a game-changer. Available for both iOS and Android devices, the mobile app offers a feature-rich experience that closely mirrors the desktop platform. Users can access real-time quotes, charts, and market news, as well as execute trades and manage their positions from their mobile devices. The app's intuitive interface and customizable watchlists make it easy to stay connected to the markets, even when away from the desktop platform. With the Thinkorswim mobile app, traders can seize opportunities and adapt to changing market conditions, no matter where they are.


More pros and cons

Pros

  • Advanced tools for experienced traders
  • Quality of platform and execution

Thinkorswim has earned a reputation as a top-tier trading platform, thanks to its numerous advantages and benefits for traders. In this section, we'll explore the key pros of using Thinkorswim, focusing on how the platform caters to the needs of experienced traders and the overall quality of its features and execution capabilities.

One of the most significant advantages of Thinkorswim is its extensive suite of advanced tools designed specifically for experienced traders. These tools allow seasoned traders to take their strategies to the next level, offering a level of depth and customization that is unmatched by many other platforms.

Another notable pro of Thinkorswim is the overall quality of the platform and its execution capabilities. TD Ameritrade has invested heavily in ensuring that Thinkorswim offers a seamless, reliable, and efficient trading experience, which is essential for traders who require fast and accurate order execution.

Advanced tools for experienced traders

One of the standout pros of Thinkorswim is its extensive array of advanced tools designed specifically for experienced traders. The platform offers a wide range of sophisticated charting tools, including over 400 technical indicators and studies, allowing traders to perform in-depth market analysis and identify potential trading opportunities.

In addition to its charting capabilities, Thinkorswim provides advanced order types and risk management tools, enabling experienced traders to implement complex strategies with ease. The platform's thinkScript feature allows users to create custom indicators and studies, further empowering them to develop unique trading approaches.

These advanced tools are invaluable for experienced traders who require a high level of customization and control over their trading activities. With Thinkorswim, seasoned traders can take advantage of the platform's robust features to execute their strategies more effectively and efficiently.

Quality of platform and execution

Another significant pro of Thinkorswim is the overall quality of the platform and its execution capabilities. TD Ameritrade has invested substantial resources in developing and maintaining a stable, reliable, and user-friendly platform that meets the needs of both novice and experienced traders.

Thinkorswim boasts a sleek and intuitive interface that makes navigating the platform's various features and tools a breeze. The platform's real-time market data and streaming quotes ensure that traders can make informed decisions based on the most up-to-date information.

In terms of execution, Thinkorswim excels in providing fast and accurate order placement. The platform's advanced order routing technology ensures that trades are executed efficiently, minimizing slippage and maximizing potential profits. This is particularly crucial for experienced traders who rely on quick and precise order execution to capitalize on market opportunities.

Furthermore, Thinkorswim's robust infrastructure and reliable servers ensure minimal downtime, providing traders with a consistent and uninterrupted trading experience. This level of quality and reliability is essential for traders who require a dependable platform to execute their strategies effectively.

Cons

  • Complexity for new traders
  • Fees and account minimums

While Thinkorswim has many advantages, it's essential to consider the potential drawbacks as well. In this section, we'll discuss the main cons of using Thinkorswim as a trading platform. We'll cover the following subheadings:

Complexity for new traders

One potential con of Thinkorswim is its complexity, particularly for new traders. The platform's extensive suite of advanced tools and features can be overwhelming for those who are just starting their trading journey. The learning curve for mastering Thinkorswim's various capabilities can be steep, which may discourage some new traders from using the platform.

While Thinkorswim does offer educational resources and support to help users navigate the platform, the sheer depth of features and customization options may be intimidating for novice traders. This complexity can lead to confusion and potential mistakes, which can be costly in the fast-paced world of trading.

For new traders who are looking for a more straightforward and user-friendly platform, Thinkorswim may not be the best choice. However, for those who are willing to invest time and effort in learning the platform's features, Thinkorswim can be a powerful tool for growing their trading skills and strategies.

Fees and account minimums

Another potential drawback of Thinkorswim is its fees and account minimums. While TD Ameritrade has made efforts to reduce trading fees in recent years, some costs associated with using the platform may be higher compared to other online brokers.

For example, options trades on Thinkorswim are subject to a $0.65 per contract fee, which can add up quickly for frequent options traders. Additionally, certain advanced features, such as real-time market data and research, may require additional subscriptions or fees.

Furthermore, TD Ameritrade requires a minimum account balance of $2,000 to access the Thinkorswim platform. This account minimum may be a barrier for some traders, particularly those who are just starting out or have limited funds to invest.

It's essential for potential users to carefully consider these fees and account minimums when deciding whether Thinkorswim is the right platform for their trading needs and budget. While the costs associated with using Thinkorswim may be justified for experienced traders who require advanced tools and features, they can be a significant drawback for those with limited resources or trading experience.


How Thinkorswim Compares to Other Platforms

Thinkorswim is often compared to other advanced trading platforms like TradeStation, Interactive Brokers, and tastyworks. Like Thinkorswim, these platforms offer a wide range of tools and features designed for experienced traders, including advanced charting, complex order types, and customizable workspaces.

However, Thinkorswim distinguishes itself from these competitors in several ways. First, Thinkorswim's user interface is generally considered to be more intuitive and user-friendly than platforms like TradeStation and Interactive Brokers, which can be more challenging to navigate for some users.

Additionally, Thinkorswim offers a more extensive range of educational resources and support compared to many of its competitors. TD Ameritrade provides a wealth of free tutorials, webinars, and in-person workshops to help users master the platform's features and improve their trading skills.

In terms of fees, Thinkorswim is generally competitive with other advanced trading platforms. However, some competitors, such as tastyworks, may offer lower fees for certain types of trades, such as options contracts.

When compared to more beginner-friendly platforms like Robinhood and E*TRADE, Thinkorswim offers a significantly more advanced and feature-rich experience. While these platforms may be more suitable for novice traders or those with limited funds, Thinkorswim provides a level of depth and customization that is unmatched by these more basic platforms.

Ultimately, the choice between Thinkorswim and its competitors will depend on each trader's specific needs, preferences, and experience level. While Thinkorswim may not be the best choice for every trader, its unique combination of advanced tools, user-friendly interface, and educational resources make it a strong contender in the market of advanced trading platforms.


Who is Thinkorswim Best For?

Based on our in-depth analysis of Thinkorswim's features, pros, and cons, it's clear that the platform is best suited for the following types of traders:

  • Experienced traders: Thinkorswim's advanced tools and features are designed to cater to the needs of seasoned traders who require a high level of customization and control over their trading activities. The platform's extensive charting capabilities, complex order types, and risk management tools make it an ideal choice for traders with a solid understanding of the markets and trading strategies.
  • Active traders: Thinkorswim's fast and reliable order execution, real-time market data, and efficient trade management tools make it well-suited for active traders who require a platform that can keep pace with their trading style. The platform's advanced order routing technology ensures that trades are executed quickly and accurately, which is essential for traders who need to capitalize on short-term market opportunities.
  • Options traders: Thinkorswim is particularly well-regarded among options traders, thanks to its extensive options trading tools and analytics. The platform's Option Chain and Option Statistics tools provide valuable insights into options pricing, volatility, and risk, empowering options traders to make more informed decisions. Additionally, Thinkorswim's advanced order types and multi-leg options strategies make it easier for options traders to implement complex trades and manage their risk.
  • Traders seeking education and support: Thinkorswim stands out from many of its competitors in terms of the educational resources and support it offers. TD Ameritrade provides a wealth of free tutorials, webinars, and in-person workshops designed to help traders of all experience levels master the platform's features and improve their trading skills. This makes Thinkorswim an excellent choice for traders who value ongoing education and support as they grow their trading knowledge and strategies.

While Thinkorswim offers a wide range of benefits for these types of traders, it may not be the best choice for everyone. Novice traders or those with limited funds may find the platform's complexity and account minimums to be a barrier to entry. Additionally, traders who prioritize low fees above all else may find that other platforms, such as tastyworks or Robinhood, better suit their needs.

In conclusion, Thinkorswim is a powerful and feature-rich trading platform that is best suited for experienced, active, and options traders who value advanced tools, customization, and ongoing education. While it may not be the ideal choice for every trader, those who fall into these categories will likely find Thinkorswim to be a valuable asset in their trading arsenal.

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