Is Thinkorswim free in Canada?
- Asked By
- Updated On:02-Dec-2022
- Replies:3
Short Answer
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.
Detailed Answer
What is Thinkorswim?
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.
Advantages of Thinkorswim
1. Zero commission trading
U.S. exchange-listed stocks, ETFs, and options are all free to trade, but there is a $0.65 per option contract fee.
2. Robust Educational Offerings
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.
3. 24/7 Trading
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.
Thinkorswim Pricing Details
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.
Important:
As a Canadian investor, you require a minimum deposit of $25000 USD (Equity + Cash balance) to trade options in your account.
Best Alternatives to Thinkorswim
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?
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Discussion (2)
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.
You cannot open a TD Ameritrade account in Canada unless you are an American or have US citizenship. So, if you are a Canadian citizen, you cannot open account with this US stock broker.
TD Direct investing is good for investors who are pro in trading and investing, those is in need of real time market data to do research and construct tailored portfolios.
There are many alternatives to Thinkorswim in Canada. Some noteworthy platforms are Questrade, Wealthsimple & Scotia iTrade.
The easiest way to purchase stocks in Canada is to select an online stock broking platform of your choice, choose an investment account, establish an account online, fund the trading account and start buying shares.
Buying US Stocks from Canada offers various advantages. An individual can use a platform of the following mentioned platforms.
TD Direct Investing has re-enabled the ability for new Canadian customers to sign up for Thinkorswim platform. So, now you can open an account with a requirement of minimum deposit of $25,000 USD. You can find Thinkorswim as a top-of-your game-traders platform on their official site.
Earlier, ThinkorSwim was not available to Canadian users for sometime. TD-Direct Investing, which was providing the platform to its users had replaced it with another trading platform known as Advanced Dashboard.
But, now Canadian citizens who have a TD account can access ThinkorSwim. In order to get ThinkorSwim, you need to have a TD Ameritrade account which is a U.S based broker.
Questrade seems to be a better choice unless you are interested in owning mutual funds. But, both Qtrade and Questrade have their pros and cons. So, we will be comparing both the stock trading platforms here.
There are several choices available to Canadians who want to invest in the stock market online. Questrade ranks higher a sone of the best stock trading site for a beginner in Canada, offering access to both the Canadian and American stock markets.
Discover the most affordable option for stock trading platform in Canada with our information highlight on the cheapest stock trading platform available. Make informed decisions and save money on every trade with our top recommendations.
Yes there are a number of platforms that offers commission free trading in Canada. Let's dig deeper into which are the brokerage firms offering zero commission trading to Canadian investors.
aishwarya.frm.28
Thinkorswim is one of the opted platforms for expert traders who seek real time market information and data.