Thinkorswim Review

MIN. DEPOSIT No
Up to 50:1
No BONUS
0 Users (0 votes)
Odds0
Services0
Support0

Overview

Company Information Thinkorswim brokerage is an American online broker established in 1999. The brand was bought by TD Ameritrade one of the largest brokerage houses in the U.S. It’s the… more

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Details

Broker Thinkorswim
Website URL https://www.thinkorswim.com/
Founded 1975
Headquarters U.S.A.
Support Number 800-454-9272
Support Email support@thinkorswim.com
Support Types Phone, E-mail
Languages English
Minimum 1st Deposit No
Minimum Trade Amount 0.01 lots
Bonus No
Payout Up to 50:1
Free Demo Account Yes
Regulated Yes
Regulation U.S. Securities and Exchange Commission (SEC)
Account Types Standard, Retirement, Education, Specialty
Deposit Methods Electronic Funding, Wire Transfer, Check, Transfer Assets, Stock Certificates
Withdrawal Methods Electronic Funding, Wire Transfer, Check, Transfer Assets, Stock Certificates
Types of Assets Forex, Futures, ETFs, Stocks, Options
Account Currency USD
US Traders Allowed Yes
Mobile Trading Yes
Tablet Trading Yes

Full Review

Company Information

Thinkorswim brokerage is an American online broker established in 1999. The brand was bought by TD Ameritrade one of the largest brokerage houses in the U.S. It’s the perfect option for every U.S. trader and has no regulatory action taken against it since its creation. The broker is licensed by the NFA, SIPC, and FINRA. The brand offers Forex and futures trading and has one of largest amounts of currency pairs available. There are 100 currency pairs available for trading. Their transparent pricing model is equal to none, and the narrow spreads they offer are some of the best in the industry. Thinkorswim provides a stellar trading experience and manages to provide great trading features. You can trade forex, stocks, futures, and options with just one account. The online platform has been reviewed many times by prestigious Forex trading magazines and got nothing, but high scores in all of them. With great bonus offers and an easy to use the platform, you can safely assume this is one of the best brokers in the U.S. Let’s see what Thinkorswim offers.

Trading Information

There are five categories of investing accounts offered by Thinkorswim. They’re called “The Standard Accounts,” “Retirement Accounts,” “Education Savings Accounts” and “Specialty Investing Accounts.” The Standard account has five options” Individual, JTWROS (Joint Tenants with Right of Survivorship), Tenants in common, Community property, Tenants by entireties and Guardianship or Conservatorship. There are a lot of similarities in these account options. For example, all of them have a minimum deposit requirement of $50 to open the account and a minimum of $2000 for margin or option privileges. It all depends on how many people want to operate with the account and what percentage they have in the property. The Individual has a single account holder; JTWROS has two or more account owners with everyone having an undivided interest in the property. The Tenants in the common account has two or more owners where everyone owns a different percentage in the property. The Community Property and Tenants in Entireties is for married couples. Guardianship or Conservatorship is for account holders which are minors or people that can’t manage their property and need a guardian to do it.

Trading Platforms

Being in the industry for that long means that the people from Thinkorswim have had the time to develop their platform. And indeed they offer their thinkDesktop platform that has a ton of features. It’s recognized as one of the best in the industry and offers some excellent trading options. The charting capabilities of the platform are superb and the technical analysis offered is unmatched in the brokerage world. The ThinkBack function allows you to check and test your previous strategies by providing historical pricing. This significantly lowers the risk factor because you can test strategies and see if they are profitable without risking a single dollar. The platform is suitable for all types of desktop and notebook devices. It can be downloaded on your mobile device and supports a Webtrader version. You can trade and check your account virtually from anywhere as long as you have an internet connection and a suitable browser. The innovation from Thinkorswim is very much welcomed and appreciated and provides an alternative to the MT4 that is better and works flawlessly.

Security and Customer Services

Security at Thinkorswim is at a top level, and you’ll have nothing to worry about. As a fully certified brokerage, you can have the peace of mind that you’ll not be a part of a financial scam. The SSL encryption on their website ensures that your personal data is well protected and is only available to the company’s employees. The segregated account option ensures that your funds are deposited separately from the company’s and are protected by top tier banks. The customer support is one of the best in the industry. They have a 24/7 coverage and can assist you every day of the year. There are over 100 branches throughout the U.S. where you can go and sort out any problems. You can send an email or use their excellent Live Chat option. There is information on how to use the platform, and everything you need to know can be found easily.

Deposits and Withdraws

Depositing funds at your Thinkorswim account is very easy. There are plenty of transfer methods available with Electronic funding being one of the most popular ones. The usual deposit maximum is $150 000, but it may change depending on current promotions. Now, there are some restrictions on how to fund your account which is carefully explained on their FAQ’s Funding page. The processing times for deposits are very quick and usually are instant. There is no information about transferring fees, so you’ll have to double check on that and ask the customer support about it. Withdrawing the funds is also made easy with many methods available. Usually, you can just use the methods you deposited them. There is a thorough explanation on how to withdraw your funds in the “Withdrawing money and securities from your account” section of the “Funding” page.

Deposit Bonus and Loyalty Programs

The current promotion offered by Thinkorswim is the “Trade free for 60 days + get $600 free”. The qualifying deposits for this offer go from $2000 to $250 000+. The “trade free” option is trading without any commissions for 60 days. It is quite useful for people who make ten to twelve trades per day and the commission high.  The mentioned $600 free is only for the $250 000+ deposit. You can get $100 if you deposit between $25000 and $99999. And you can get $300 if you deposit between $100 000 and $249 000.

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