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Thinkorswim Review

Thinkorswim is a platform with a focus on self-directed stock, options, and futures traders.

thinkorswim australia

If you wish to engage in any of these investment vehicles, you may be wondering if this is the best platform for you.

Is Thinkorswim Available in Australia?

Unfortunately Thinkorswim is NOT available in Australia. If you want to start investing we recommend Pepperstone, as an alternative.

For some time, thinkorswim was available in Australia. However, TD Ameritrade took over the platform in 2009.

The platform closed Australian accounts and stopped taking on any new Australian traders. This is due to the financial legalities of offering trading services within Australia.

Therefore, at this time, Australian residents are unable to use the services offered by thinkorswim. Nevertheless, the situation could change in the future.

Best Thinkorswim Alternatives in Australia

Thinkorswim is unfortuantely not available in Australia, however you can check out these brokers instead. They accept Australian traders, and all of them are great choices.

HFTrading eToro
Headquarters New Zealand Cyprus
AU License ASIC #414198 ASIC #364264
Min. Deposit $50 $200
Demo Account
CFD Trading
AUD Forex Pairs
Info Best New Broker Best for Social Trading
Trust Score 4.8 4.7
Overall Winner
VISIT BROKER
VISIT BROKER

eToro Disclaimer: 75% of retail CFD accounts lose money.

How Does Thinkorswim Work?

To make an informed decision, you must first have access to the performance and features of thinkorswim. On this note, you will find all the facts and figures that you require below.

The thinkorswim platform is meant for pro traders. As such, it equips you with top-level tools and a dedicated trade desk. Furthermore, the platform also offers up insights as well as useful information to all traders. One of the main functions of the thinkorswim platform is to assure a customized experience for each and every trader.

The Thinkorswim Signup Process

As mentioned, thinkorswim is associated with TD Ameritrade. Thus, before doing anything else, you need to set up an account with the parent company. It is only then that you will be able to move forward with the thinkorswim platform.

Setting Up TD Ameritrade Account

To set up an account with TD Ameritrade, you first have to decide which account is right for you. The most common options with the agency are:

  • Individual brokerage
  • Joint Tenants WROS
  • Traditional IRA
  • Roth IRA
  • Rollover IRA
  • UTMA/UTMG

When opening an account with TD Ameritrade, you will be expected to provide different types of information. First and foremost, you will have to offer up contact details. Then, you will need to provide personal information and financial information.

There will then be a review of the process and you will have to sign agreements in accordance with TD Ameritrade conduct. Once these steps have been completed, you can move onto receiving your User ID and Security elements.

Downloading Thinkorswim

To use thinkorswim, you have to first download it onto your desktop. The software is compatible with virtually all operating systems and there is a download version for each one. Once the download and installation process has been completed, you can begin to use the software.

You have to first activate your account before you begin Live Trading. To do this, you will need to contact the Trade Desk and follow their instructions. The Trade Desk is available from Monday to Friday, 7 a.m. to 7 p.m.

The Thinkorswim Educational Features

The thinkorswim platform is geared towards more professional traders. At the same time, the behind-the-scenes trade team does make every effort to accommodate all traders. Due to this, you will plenty of learning features associated with this platform.

To begin with, there is a 30-minute, one-on-one demo. Here, someone from the Trade Team will walk you through all the finer points of the platform. This will outline the most important features of thinkorswim.

You also have plenty of other educational resources including the Learning Centre. Here, you can find tutorials and guides that will make it easier to maneuver thinkorswim. There is also the thinkManual, and daily thinkorswim Lessons. The Wading Pool offers up webcasts that help you understand the basics of the platform.

The Thinkorswim Planning Features

The thinkorswim developers appreciate that you can only increase your chances of trading success with proper planning. As such, you are provided with many different planning features. For instance, you have access to a great deal more data, improving the efficiency of your charts.

With thinkorswim, you can pull data from over 400 studies, including candlestick, resistance and profile charts. In case you are looking for something a bit more advanced, you have the option to select monkey bars and renko charts.

You also get economic data straight from the Fed. This means that you have access to 400,000 data points that can help you identify new key indicators, making it easier for you to chart them over time. You can get information on leaders in the industry, uncovering company revenue drivers. You can make hypothetical adjustments for various departments and determine what will happen.

Perhaps the most useful planning tool for thinkorswim, though, is the paperMoney practice account. Here, you are provided with $100,000 virtual money to practice your various strategies. Depending on the results, you can adjust them accordingly.

The Thinkorswim Trading Features

Then, there are the actual trading features. One of the top benefits of using thinkorswim is that it gives you the opportunity to trade with a variety of products. This includes options, equities, options on futures, ETFs, futures, and forex.

Thinkorswim provides you with the option of improving your analysis as well. The thinkScript feature lets you build your own order execution as well as strategic testing algorithms. As such, you can determine how various scenarios will play out.

You can define custom attributes for stocks and then scan those that meet your requirements. The unnecessary ones can be easily filtered out by using technical, fundamental, and option related data. A feature called the Sizzle Index can quickly compare the day’s movements against a five day average volume and volatility. Therefore, you can spot unusual conditions without any problems.

The Earnings Tool lets you compare old incomes per share, the resulting impact on options prices, as well as the original estimates. You can then determine particular trends before making your move. With the help of custom alerts, you will never be left out of the loop again. You will be immediately informed when your preferred parameters are met, letting you strike then and there.

The Top Alternatives

Thinkorswim isn’t currently available in Australia. Due to this, you may be looking for alternatives that are a little closer to home. If this is the case, you can consider the following options:

CommSec

This is a great option if you want to maximize your trading opportunities while simultaneously reducing how much you pay in return. To begin with, this is an adaptation of the Commonwealth Bank. As a result, you can do more than just trade with stocks – you also have the means to create watch lists and place orders. Best of all, there are virtually no fees involved. Only if you enjoy returns over $1000 are you expected to pay just $2 to the app. On top of this, this app boasts some of the best security features available.

Westpac Online Investing

Here, you have the ability to trade various shares, commodities, and funds. This app gives you access to global markets such as New York Stock Exchange, London Stock Exchange, NASDAQ, and more. While there is a brokerage fee, you don’t have to pay anything for account maintenance. And, the fees are worthwhile considering the efficacy of the app. If you are someone who likes to minimize the risk involved with investing, you will enjoy the tools that provide you with real-life alerts on various movements.

CMC Markets Stockbroking

This platform works equally well for beginner and more experienced traders alike. One of the main benefits is that you can trade with a significant selection of stock. Furthermore, you are treated to real-time news, live feeds, and customized orders. This is a renowned platform, making it far easier to put your trust in it.

This is what you need to know about the Thinkorswim platform. It is an excellent choice for experienced traders who want to make the most of any information that is available to them. It has plenty of features that ensure you can improve and grow as a trader. In this way, it is certainly one of the best platforms available today.