ThinkOrSwim Reviews | Think Or Swim Reviews

ThinkOrSwim Commissions

Market: $9.95
Limit: $9.95
Options:  $9.95 + $1.25 - $2.95 per contract.
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ThinkOrSwim (sometimes abbreviated as "TOS") is the online broker subsidiary of Investools. It was originally founded at 1999, and began as a specialist in options trading. They were one of the first brokerages to offer single-click ordering for complex options strategies such as collars, spreads, straddles, strangles, etc. This feature has since spread to a number of other brokerages.

ThinkOrSwim Services

ThinkOrSwim is designed with the active trader in mind. Its Think Desktop trading platform is one of the best available anywhere. It includes simulated trading with real-time performance tracking, streaming level II quotes, advanced option spread analysis tools, real-time display of spreads currently being employed by other ThinkOrSwim customers, and dynamic order routing to the market with the best price. Customers also have access to paper money, a stock market game featuring virtual stock trading with a $100,000 play-money account.

Customers who prefer to use a web-based platform will not be disappointed. The TOS system is highly customizable, and the data displayed updated automatically every 5 seconds. It includes a comprehensive display of all active positions.

Think Anywhere is Think or Swim's wireless platform. It offers most of the same features of the web platform for mobile devices. It is available to customers at no extra charge.

After-hours trading is available, and telephone orders can be made at no additional charge. Further, if you make more than 40 trades per month, the company will refund the cost of your high-speed Internet connection, up to $40. The company will also refund account transfer fees up to $100, and if you're not happy with the service, you can switch back for free.

Perhaps the most interesting of all of their service offerings, however, is the ability to choose a fee structure offered by another broker. Upon request, you may choose to set aside ThinkOrSwim's standard commission schedule, and use the fee structure of any other major online brokerage.

ThinkOrSwim Reviews in the Media

ThinkOrSwim has been praised for its technology, flexibility, execution quality, and its reporting tools. Further, Elite Trader has named ThinkOrSwim the best brokerage for options traders.

Downsides to consider

Think or Swim is heavily geared toward heavy, technically-inclined traders. Its research tools for fundamental investing are comparatively thin. Long-term investors way wish to work with a simpler interface and may desire access to more fundamental research resources.

Bottom Line

Think or Swim is a top choice for online day trading of options, penny stocks, or any other highly active trading strategy. If you're a day trader, you may choose the most favorable commission structure from any brokerage you like, and combine it with ThinkOrSwim's state-of-the-art trading platform, and get top-notch tools and a great value at the same time.

Traders with a longer-term outlook, or who desire more research resources and/or community tools, may wish to consider Zecco.com or TradeKing.com, instead.

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Notable Features

Use any broker's commission schedule, tools for complex options strategies.

Investments Available

Stocks, options, bonds, funds.

Alternate Spellings

Think or Swim, ThinkOrSwim, TOS, Investools, Invest Tools