When I started trading, I was mostly involved in the Forex markets only. At the time, Ameritrade hadn’t incorporated Forex trading functionality into their lineup. That has since changed!
- Update 9/19/23: Schwab has completed its merger with TD Ameritrade. Read about up to a $1000 Schwab bonus here.
Now you can use Ameritrade’s powerful ThinkOrSwim platform for free, even if you trade Stocks, Forex, Options AND Futures! After diving in and learning the ins and outs, I am excited to give it a full recommendation. *Be sure to check out all of TD Ameritrade’s bonus offers here as well.
TD Ameritrade’s ThinkOrSwim Platform Review
Are you a trader looking for the best trading platform you can use to grow your money? You can consider TD Ameritrade’s ThinkOrSwim trading platform. It is considered as one of the best in the market and in the online brokerage world. Even if this platform is referred to as the best in the market, you will also want to learn more about it. That is what this ThinkOrSwim review is for. It is intended to provide significant information you will need in making a decision.
Getting to Know ThinkOrSwim Trading Platform by TD Ameritrade
Basically, the trading platform was acquired by TD Ameritrade in 2009. This is now seen as one of the top trading platforms that you can access in the market. It is designed to support all financial products developed and offered by the firm. The firm is offering the platform for free for all of its customers. It can help the most advanced traders.
The platform is just one of the things offered by the company. ThinkOrSwim is designed to help traders in trading with multiple markets while seizing more opportunities.. Users are able to do this with the help of the analytical tools.
Interested traders are given the option to open different account types. If you prefer to try out the platform first, you can use and open a demo or practice account anytime. Doing so allows you to browse the software. Another type of account that can be opened is the live account. This requires an opening and funding account with the firm.
ThinkOrSwim Review: Knowing More about the Available Account Types
Aside from the mentioned accounts that can be opened, there are other more options that you can choose from. It includes the following:
- Joint and Individual Accounts: There is no required minimum deposit in this account. However, traders should have at least the minimum balance to trade options. The minimum balance is $2,000. The account lets you trade mutual funds, stocks, options, certificates of deposits, bonds, real estate investment trusts, unit investment trusts and exchange-traded funds. There is a required minimum electronic deposit in the amount of $500.
- Retirement/Individual Retirement Accounts: The account does not require any maintenance fees or minimum deposit. It offers similar investment choices just like the individual/join accounts. You have the option to cash and option, or cash your accounts.
- Education Savings Accounts: There is no required minimum deposit to open this type of account. However, there are certain plans that come along with a capped deposit amount depending on your state.
ThinkOrSwim Review: A Lot of Features to Offer
There are more features through which the platform is designed apart from being developed with a top-notch mobile apps and website. Some of these features are:
- Complex Trade Options
- Future Calendar Spreads
- Live Media Streaming
- Free Suport and Education
- Stock Hacker
- Market and Trade Scans
- Global Forex Currency Map
- Frequent and Consistent Innovations
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Same for me, I’ve been trading Forex for many years. I think the thing with TOS is they always had a great platform, only a lot of Forex traders couldn’t let go of MT4, especially if you use automated EA’s. I will be doing more stock/options trading though and TD TOS is a good option, Ill also give Merrill Edge a shot
Great insights Tony. I was looking for a comparison with Trade Ideas AI software but nonetheless the insights you’ve shared above are quite helpful. Ultimately, I think this is a great innovation from TD.