Thinkorswim Reviews
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Product: Thinkorswim Online Brokerage
Company Name: thinkorswim (recently acquired by TD Ameritrade)
Company Web Site: http://www.thinkorswim.com
Twitter Account: http://www.twitter.com/Thinkorswim
Headquarters: Chicago
Founded: 1999
Category: Online Stock Brokers
Description of Product:
thinkorswim is a discount online stock/options brokerage that is exceedingly popular in the trading community.
So popular, in fact, that TD Ameritrade decided that they had to have the company, purchasing thinkorswim in a cash-and-stock deal that was originally valued at $606 million dollars.
Think of thinkorswim as the result of a programming guru with an intense love of trading developing an online brokerage from scratch. That's the best way that I can describe thinkorswim to people.
thinkorswim has thrived because they listen to their traders and give them the tools that they ask for. If enough people want a feature added to the thinkorswim software package, then you can bet that the thinkorswim will add it in a future release. It's that level of customer service that has enabled thinkorswim to become one of the most popular online brokerages in the world.
With thinkorswim, you can trade pretty much anything that you want under one roof. Stocks, options, mutual funds, futures, forex - you can do it all through thinkorswim. You will find that thinkorswim is REALLY popular with options traders. If you trade options, then I would seriously consider opening up an account through thinkorswim.
The company offers the ability to trade through a standalone desktop package (available on both PC and Mac). In addition, they also offer web-based and mobile trading if you are away from your computer during the day.
Commissions are reasonable. If you are trading stocks, then ToS (ThinkorSwim) allows you to choose from two different plans.
You can either choose to pay $0.015 per share with a $5 minimum, or you can pay a flat fee of $9.95 per trade (on market or limit orders, up to 5,000 shares). Commissions for options, mutual funds, bonds, etc. are all listed on the ToS web site.
There is a reason why many people count themselves as fanatically devoted customers of thinkorswim. I would suggest that you at least investigate this company when deciding who to trade through.
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Reviews:
 Dave, Monday, November 23, 2009
I signed up for an account at Thinkorswim about 3-4 months ago.
So far the experience has been a mostly pleasant one. Let me outline the pros and cons (in my opinion) so far:
PROS
-great customer service
-a multitude of ways to trade if I am away from my desk
-thinkorswim is clearly a company that will go out of their way to implement features that customers are asking for
-incredibly streamlined account opening process (arguably the fastest and easiest of any company that I have opened an account with so far)
-quick execution of my trades
CONS
-this is not going to be very helpful, but something about their desktop software package just bugs me, and I couldn't really tell you what it is. I just don't like it.
-they haven't had shares of many stocks that I have wanted to short that other brokerages have had. Not a huge deal, but this has definitely cost me money.
All in all, my experience with Thinkorswim has been a positive one. They are most likely a big step up from who you are using right now, and I would recommend that you check them out.
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