ThinkOrSwim (TOS) Broker Review

ThinkOrSwim (TOS) Broker Review

First Impression

When I was on the hunt for an online discount broker I had really no Idea what to look for. I came across what had seemed like hundreds all with different rates and claims, which was all just a load to get you to dump your money in their account and trade with them. I wanted the best but not pay all the platform fees and other hidden fees and outrageous commissions. I then kept hearing about this broker called “ThinkOrSwim“, to me I was like “wtf is thinkorswim, does not even sound like a broker”. So I checked them out and for about an hour on their website reading about them and what they have to offer I was pretty blown away. One problem, they wanted $3500 minimum to start your account with. For me at the time I did not have that kind of cash sitting around just to put in a trading account. Although I did register on the site and downloaded their trading platform to get a feel for it while paper trading. More on the platform later… I was itching to sign up with ThinkOrSwim for what they offered and so on but I just did not have that exact amount to start with so I decided to e-mail ThinkOrSwim to kindly ask them to make an exception for me :) . In the e-mail I simply told them how much I have heard about them and the reviews they were getting and blah blah blah. I then asked if the minimum to open an account was strict and no exceptions, that I only had $2500 to start with and would I be able to trade and be excepted if you will. To my surprise I got a prompt e-mail back less than 24hrs later stating that they would love to make an exception and allow me to trade with that amount. AWESOME, where do I sign?… The point to all this is how fantastic the customer service is over at ThinkOrSwim I could not be happier.

Commissions

ThinkOrSwim has a pretty decent commission base. They advertise $9.99 a trade or a per share commission with a minimum of $5. Which I will admit the commissions have eaten me alive lately but that’s no one’s fault but my own. **Side note, I have heard a rumors that if you talk to ThinkOrSwim and tell them that their commissions are high and that you are thinking about going somewhere else that they will cut you a deal. From what I have herd they will give you like $4 a trade unlimited shares. Which for a day trader this could be a very nice deal! I have not tried this out, I have heard of several people doing this, the only down fall is that it does not last forever, I think they give you a time period at which you can get that commission for like a few months or even a year. The point is ThinkOrSwim will work with you :) .

Trading Platform

ThinkOrSwim Platform

I think their trading platform is phenomenal. They update it all the time, constantly giving you more and more features to use. Please go and download it and try it out for yourself here.

They do offer a web style trading where you can trade threw an internet browser, which it looks and feels just like the platform.

The charting on the platform is just incredible, any feature or indicator is offered and they are always coming up with new things to add.

The only down fall to the whole platform is there Level2 quote system, which in my opinion is garbage compared to a lot of other brokers level2 systems. On the other hand the rest of the platform makes up for it. Hopefully they will upgrade that system soon.

Short List

ThinkOrSwim is widely known for their great list of Easy to borrow stocks and having plenty of shares to go around. Although some have noticed ever since TD ameritrade took over that list has gone down some and is not as good, which I think is not true. In order to get those shares to short, you must open up a live chat with one of TOS representatives and ask if there are shares, if there are you can tell them how many you want and they can place to order for you or you can just reserve them until you would like to use them. Now on the platform when you enter a ticker symbol in, on the top right hand corner will be a spot where it will say “ETB” or “HTB” which will say whether shares are available to borrow. **Side note, even if it does say “HTB” i still make an attempt and ask anyways which i have been lucky a few times and gotten shares to short.

Overall

I could spend hours detailing every feature that ThinkOrSwim offers but I won’t since you can download it and try it out for yourself :) .

This is the broker I use and highly recommend for any level trader. Also if when you do register and fund your account they will send you a ThinkOrSwim monkey in the mail, no not a real one but a cool stuffed animal.

ThinkOrSwim Monkey