What are Thinkorswim alternatives in Canada?
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- Updated On:29-Nov-2022
- Replies:1
Short Answer
There are many alternatives to Thinkorswim in Canada. Some noteworthy platforms are Questrade, Wealthsimple & Scotia iTrade.
Detailed Answer
What is Thinkorswim?
Thinkorswim is a well-established trading platform developed by TD Ameritrade. It is not only developed for the traders but it is developed by the traders. The traders have developed avant-garde desktop, web, and mobile interfaces. The trader techies update the platforms on a timely basis for foolproof and upgraded experiences. In 2021, the platform put a stop to new members joining the platform, for reasons unknown.
However, TD Direct investing re-launched the platform to new customers mandating them to have a minimum balance of $25,000 USD. Given the uncertainties, let us explore the alternatives to Thinkorswim that are available to Canadians.
Best Features of Thinkorswim
Let’s first look into the features of Thinkorswim that attracts Canadians, to find out its best possible alternatives.
- Investors educational programs
- Mock trading option – ‘paperMoney’
- Round the clock trading
- Competitive pricing
- Automated investing via ‘Strategy Roller’
- Notification of major market happenings through ‘Market Maker Move’
- Technical analysis tools
- User-friendly interface that is customized to desktop, web and mobile applications.
- Customer care facilities via facebook, twitter, phone and messaging
- Protection of funds through secured firewall
What are Alternatives to Thinkorswim in Canada?
1. WealthSimple
A whole deal of manual investing and trading, robo advisers, bank account, cryptocurrency trading and tax-filing services are packaged within Wealthsimple platform. The platform was established in 2014 and kept upgrading and launching new products since then. The platforms highlights are as follows:
- No minimum deposit
- User friendly
- Mobile App, desktop and web trading
- Watchlists and charting
- Education, research, live seminars, webinars and videos
- Socially responsible and Halal investing
- Fractional shares
- State of Art security
- Customer care phone network and physical branches
- Connect with financial advisers
2. Questrade
Questrade is a Toronto based trading platform that has been in the business from the year 1999. The platform offers access to a variety of investment products such as shares, bonds, options, ETFs, managed funds, forex trading, Initial Public Offerings (IPOs), Guaranteed Investment Certificate (GIC), and Contracts for differences (CFDs). We have listed some features of Questrade that matches up the attributes of Thinkorswim:
- Trading through mobile app - QuestMobile and website login
- Option to do self-directed trading or invest in pre-built portfolios
- $1,000 minimum deposit
- Tutorials and blogs
- Real-time information, overview charts and alters
- Security via biometric fingerprint, facial ID and login notifications
- Grievance redressal via phone call, email and chats through “Chat with Us”
- Referral bonus
3. Scotia iTrade
If you are looking for your investments to be under the safe shelter of a bank, then Scotia iTrade is a good option. The platform was formed when The Bank of Nova Scotia acquired a discount brokerage platform E-Trade back in 2008. The highlights of the platform are:
- Integration of bank account and trading account
- Pay bills from the trading accounts
- Free educational resources
- Real-time information, quotes, news and charting
- Technical analysis indicators
- StartRight program for new entrants of Canada
- Offers for the youth
- Referral bonus
- Get a full picture of your financial health in a single place - banking, investing and borrowing.
Thinkorswim Trading Platform and its Alternatives
Thinkorswim is one of the powerful and popular trading platforms. However, its shut down, re-launch and a high minimum balance, makes us search for alternatives that can be found in QuestTrade, Wealthsimple and Scotia iTrade.
A healthy market condition is vital for fair functioning of an industry. It is important that the Canadians have access to a variety of trading platforms, also those apart from the Big Banks for an equitable functioning of this sector.
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Discussion (0)
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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.
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