Are you looking to trade in the stock market but not sure which platform to use? Two popular options you might have heard of are TradeStation and Thinkorswim.
Both have pros and cons, so you must understand the differences between them before making a decision.
TradeStation is a professional-level platform that offers advanced charting and analysis tools. At the same time, Thinkorswim is geared towards experienced and novice traders with a comprehensive trading simulator and educational resources.
Let’s dive into our TradeStation vs Thinkorswim review and compare the two to help you decide which is the right fit.
TradeStation vs Thinkorswim: Overview
TradeStation is a professional-level trading platform geared toward experienced traders and investors.
It offers a wide range of advanced charting and analysis tools, including more than 300 built-in indicators and the ability to create custom indicators.
The platform also includes powerful backtesting and optimization capabilities, allowing traders to test and refine their strategies before putting them into action.
TradeStation also offers a comprehensive trading simulator, which can test strategies in a live market environment.
If you’d like to get the full picture of Tradestation, read our detailed TradeStation review.
Thinkorswim, on the other hand, is a trading platform geared towards both experienced and novice traders.
It offers various features for analyzing the markets and executing trades, including advanced charting and analysis tools, more than 400 built-in indicators, and the ability to create custom indicators.
The platform also includes a comprehensive trading simulator and a wide range of educational resources to help traders improve their skills.
- A powerful trading platform to create, test, and optimize your custom strategies.
- Dynamic market scanning tools to stay on top of the markets.
- Fully customizable charting to visualize the markets the way you want.
- Rapid and dependable trade execution for quick and accurate trading.
- Advanced order management for greater control over your trades.
- Non-stop trading with 24/5 access to the markets.
- Get custom alerts to stay on top of important market events.
- Track social sentiment to gauge market sentiment.
- Use the Strategy Roller to fine-tune your strategies.
- Stay ahead of the market with Market Maker MoveTM.
- Monitor the markets in real-time with the Market Monitor
TradeStation vs Thinkorswim: Pricing
When it comes to trading fees, Thinkorswim has a clear pricing structure with no cost for trading stocks and ETFs, and options at $0.65 per contract. Bonds and CDs traded on the retail platform cost $1 for secondary transactions.
Mutual funds not on TD Ameritrade’s no-fee list may cost up to $50. On the other hand, TradeStation has a variety of commission structures that can be difficult to understand.
However, their two most popular pricing plans offer $0 stock and ETF trades and have no monthly platform fees. The TS Select plan requires a minimum deposit of $2,000, whereas TS Go has no required minimum deposit.
So when it comes to cost, TradeStation is generally considered more expensive than Thinkorswim.
While both platforms offer a free trial, TradeStation’s monthly subscription fee is generally higher than Thinkorswim. The platform also charges additional fees for certain features, such as advanced charting and market data.
TradeStation vs Thinkorswim: Alternatives
It’s important to note that TradeStation and Thinkorswim are not the only options for traders and investors.
Other popular alternatives include Tradingview and TC2000. Both platforms offer a wide range of tools and features for analyzing markets and executing trades.
TradeStation and Thinkorswim are powerful trading platforms that offer a wide range of tools and features for analyzing markets and executing trades.
While TradeStation is geared more towards experienced traders and investors and is generally considered more expensive than Thinkorswim, both platforms offer a wide range of resources to help traders improve their skills and make informed trading decisions.
Ultimately, the choice between the two platforms will come down to personal preference and the specific needs of the trader or investor.
Click here to try out TradeStation, and see if it ticks all the boxes for your investment needs.