thinkorswim Review

Thinkorswim is the best option for U.S. traders looking to trade forex and multiple other products. Their robust and powerful platform puts every imaginable forex trading tool at your fingertips, but the level of advanced features may not be ideal for beginners.

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The Good

Trade all products from one account

Advanced traders looking to consolidate all their accounts will love the ability to trade forex, futures, stocks options, and more — all from one account. This complete professional solution from thinkorswim helps you save time and better track your diverse portfolio to take quick advantage of changing market conditions. Other forex brokers require separate accounts to trade different products, which can be a hassle.

Commission and non-commission pricing structures offer flexibility

Traders keeping a close eye on costs will like the choice between commission and non-commission forex trading. Non-commission-based pairs trade in increments of 10,000 units, and thinkorswim is compensated through the standard spread. Commission-based trading is when thinkorswim charges a fee on each trade executed. The commission-based structure can lower trading costs for higher-volume traders.

Top-of-the-line mobile app

True real-time quotes and charts with over 180 studies enable you to execute an in-depth technical analysis and get the best price, all on the fly from your smartphone. Custom alerts notify you of important position changes, so you can be proactive on the go. Four-star iPhone and iPad reviews for the current version lead the pack of forex mobile app reviews.

More currency pairs than most brokers

With 100 tradable currency pairs, thinkorswim sits among the top forex brokers in this category. Traders with experience in cross currency pairs can take advantage of the many tradable pairs to leverage currency fluctuations in less developed economies. International customers who want diversification can also take advantage of over 100 currency pairs.

Best customer support options

Thinkorswim delivers live chat, phone, and email support, and rises above the pack with its physical retail office presence through TD Ameritrade. Walk in to a local branch office to fund your account or ask a question about the platform.

The Bad

Autotrade only available to subscribers of participating advisory firms

Automated trading is the one service missing in this otherwise robust platform. Automated trading tools are only available if you are a subscriber to one of thinkorswim’s partner advisory newsletters. Unfortunately for forex traders, most of the newsletters are targeted at options trading. If you need an automated feature, check out FXDD, eToro, or TradeKing.

No platform for beginners

Because the thinkorswim platform is so complete and powerful, novices will have difficulty learning the system. Beginners could benefit from a more limited feature set that is easier to navigate before making the leap to thinkorswim. Thinkorswim also requires a $3,500 minimum deposit, which is hard to swallow for many beginners. MB Trading is a comparable broker with options more tailored to novices.

The Details

Costs and Fees

  • Forex Trade: $1.00 + $0.10 per 1,000 lot
  • Forex Trade Cost Type: Flat and pips
  • Futures Trade: $2.25/contract
  • Minimum Deposit: $2,000
  • Options Trade: $9.99 + $0.75/contract
  • Stock Trade: $9.99

Trading Details

  • Clearing Method: Dealing Desk
  • Maximum Leverage (International): 50:01:00
  • Maximum Leverage (U.S.): 50:01:00

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