No, Thinkorswim is not completely free in Canada. Thinkorswim is powered by TD Ameritrade, a commission free US brokerage firm. The stock broker charges $0 commissions on online US stocks and ETFs. You have to bear some cost on option trades.
Thinkorswim is a free online trading service offered by TD Ameritrade to its customers.
It offers consumers three platforms—web, desktop, and mobile versions—that let them analyse charts and trade securities. Users often get access to free, 24-hour trading of U.S. exchange-listed stocks, exchange-traded funds (ETFs), and options.
Thinkorswim is best for investors who are already TD Ameritrade customers or those who may want to become TD Ameritrade customers.
U.S. exchange-listed stocks, ETFs, and options are all free to trade, but there is a $0.65 per option contract fee.
The risk-free paper trading platform provided by TD Ameritrade allows users to practice virtual trading with fictitious money. This is just one of the many choices the company provides for client education.
With the exception of holidays, investors can trade some securities every day of the week, around the clock. This enables investors to trade at times that suit their schedules and base their decisions on current events.
TD Ameritrade charges $0.00 commissions. There is no platform fees. and no data fees. And, no trade minimums to follow!
This means you don't have to pay any fees on U.S. exchange-listed stocks, ETFs, and options. However, a $0.65 per contract fee applies for options trades. The broker-assisted program may cost you $25 and Interactive Voice Response (IVR) System can cost an additional $5 only.
All the pricing and details are clearly mentioned on the TD Ameritrade Pricing Page.
As a Canadian investor, you require a minimum deposit of $25000 USD (Equity + Cash balance) to trade options in your account.
A wide range of investors will find Thinkorswim appealing, but those who currently use TD Ameritrade will find it most appealing.
Thinkorswim includes choices for novice investors as well, while it's probable that experienced investors will make the best use of all its tools and resources.
Thinkorswim might not be the best option for people looking to venture beyond the realm of basic investing because it does not now permit cryptocurrency or other alternative investments.
These US investors might fit better with online brokers like TradeStation or Robinhood. For Canadian investors, you can try out stock broker alternatives like Questrade, Wealthsimple, Qtrade, etc.
Have you tried Thinkorswim? How is your experience using this trading platform? Is it more suitable for US investors? Or is it worth for Canadian investors as well?
Thinkorswim is one of the opted platforms for expert traders who seek real time market information and data.
It is perfect for more experienced traders who need access to a wide range of trading tools and features, but now it has become sluggish and loading times have increased.