|
|
Thinkorswim review 2010: professional trading tools and great customer service
|
- Stocks and ETFs: $0.015 per share, $5 minimum
- OR $9.95 per trade on market or limit orders, 5,000 shares maximum
- Options: the lesser of $2.95 per contract OR $1.50 per contract plus $9.95
- Bonds: up to 6 months maturity: $1 per bond
- Over 6 months up to 1 year maturity: $1.50 per bond
- Over 1 year maturity: $2 per bond
- Listed Bonds: $1.5 per bond additional
- Treasuries: minimum order is $25,000 ($25 minimum commission)
- All other bonds: minimum order is for 10 bonds ($25 minimum commission)
- Futures: $3.50 per contract (inclusive of exchange fees)
- Investment products: stocks, options, mutual funds, bonds, futures, ETFs
- Minimum to open account: $3,500
Thinkorswim online account opening process is fast but you'll have to mail or fax your signature,
which makes registration slower. Most discount online brokers
do not require that. After registration is complete, you could download and install Thinkorswim's desktop trading platform.
Thinkorswim.com Trading Tools Review
Thinkorswim offers one of the best trading platforms on the market right now! It's well designed, intuitive and
customizable. Entering and executing orders is fast. Thinkorswim has many advanced features which experienced
traders will truly appreciate. Their charts are second to none: everything you might want is included. There is
live CNBC news, a scan tool for finding stocks that meet certain criteria, a watch page that keeps track of
things like dividend dates and stock splits, spread / stock hacker. There are also live broadcasts from the
S&P 500 pit as well as Shadow Trader.
Aside from using think Desktop - their trading application which you must install on your computer - you could
also use browser-based trading. think Anywhere is a tool for trading from your PDA device,
and think Mobile is for trading from your cell phone.
- Powerful trading platform
- No inactivity fees
- No IRA fees
- Great customer service
- Free paper trading
- High stock commissions
- In Flat-Fee plan there is additional charge of $.005 per share on every share above 5,000
- Minimum initial account deposit: $3,500
- Might be too complicated for beginner investors
- High margin rates
Thinkorswim was bought by TD Ameritrade. It remains to be seen how this is going to affect Thinkorswim's
excellent services. The firm gets only 4 stars instead of 5 because their stock trading fees are high.
Thinkorswim is a great choice for IRA account (no IRA fees) if you don't plan buying stocks often. Novice
investors are likely to struggle with professional level trading platform and they will be better off with one of the
best online brokers for beginners.
Active traders usually prefer LightSpeed Trading, which offers commissions of just $.00395 per share and just
40 cents minimum per trade.
|
|
|
|
|