thinkorswim Reviewer's Comments

thinkorswim has made a big splash in the pool of online stock trading services. This online broker is dedicated to educating clients about investing in the stock market through web resources and even live seminars at a location near you. This service is an active trader’s dream and receives the “TopTenREVIEWS Silver Award.”

thinkorswim is comparable to the #1 ranked broker, optionsXpress, in practically every category. thinkorswim requires a minimum investment of $500 to open an account, but they have a flat commission rate of $9.95. We would recommend examining both services before making your final decision.

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Fees/Commissions:  

This broker doesn’t have tiered commission rates, which is advantageous if you have a smaller account or don’t trade a lot. Everyone, regardless of account size or trade activity, pays $9.95 per trade (market or limit orders; 5,000 shares maximum).

thinkorswim does have a minimum account requirement, but it's more affordable than most, at $500. This is a good broker for the young investor or someone just starting their portfolio.

Investments Offered:  

Though thinkorswim specializes in options, they offer a variety of other investments and accounts. You can trade stocks, mutual funds, exchange–traded funds, bonds and mortgage–backed securities.

You can set up an IRA for retirement or an education savings plan to fund your own or your children’s higher education. The education savings plans include Coverdell ESAs, Custodial Accounts and 529 Plans.

Trading/Investment Features:  

thinkorswim has four different trading platforms, so you can trade from your home office, a cyber café or a hammock stretched between palm trees. The four platforms are think desktop, webBased trading, think anywhere and think mobile.

A brief overview of each platform: Think Desktop is a premiere software–based platform that has charts, quotes, alerts and more. This is the one to install on your home office computer or laptop. WebBased trading has the most powerful features of think desktop and is available from any computer with an Internet connection. Think Anywhere is a platform for your handheld device (i.e. Palm or Blackberry) that allows you to trade from anywhere you have a cell phone signal. And new to thinkorswim, is Think Mobile. This is a wireless platform for mini web–browsers–monitor quotes and orders, create simple orders or cancel any working order from you cell phone.

Did we mention that all of these platforms are FREE with your account?

Besides technologically advanced tools, thinkorswim also provides a wealth of information and education to their clients. This is the only service that offers live seminars, many are free to anyone–no strings attached. Visit their website and sign up for a seminar near you.

Security:  

“All personal data transactions at thinkorswim are handled with 128–bit SSL encryption”—in other words, this is a secure website. thinkorswim is a member of SIPC and offers fraud protection.

Ease of Use:  

The website and software platform have tabs that make navigation simple. They offer demos on a variety of topics that will teach you the ins and outs of how to use the service and tools.

Support/Customer Service:  

thinkorswim only has one location in Chicago; however, you can contact customer support by email, telephone or live chat. They will be happy to answer your questions and help with trades.

Summary:  

thinkorswim is one of the best–kept secrets in the industry. They have not reached the popularity of some of the larger brokers but are quickly gaining well–deserved, national recognition. Anyone interested in online stock trading should seriously consider thinkorswim.