Not only does it come with several tools, but you’re charged zero commissions.
Is Thinkorswim Available in the UK?
Unfortunately Thinkorswim is not available in the United Kingdom in 2024. This broker is focused on the US market and most other countries are not accepted at the moment. The only exceptions are US, Canada, Singapore, Malaysia, Thailand, Taiwan, Hong Kong, and China.
Best Thinkorswim Alternatives
Luckily there are many other platforms to choose from. This is our #1 rated trading platform in the UK:
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Traders in the UK have access to other robust platforms as well, such as SaxoTraderGO from Saxo Bank.
Even though eToro is the best choice, SaxoTraderGO caters to both novice and experienced traders. The app is offering a fully customizable trader workstation and a wide range of investment strategies, including CFDs (contracts for difference).
Traders still have a plethora of options to explore through SaxoTraderGO, ensuring they can make informed decisions without any offer or solicitation restrictions.
Thinkorswim UK – Overview
The brokerwas bought over by TD Ameritrade in 2009, and it became part of one of the largest online brokers in the US.
It is the competitor of Interactive Brokers and eToro.
When you create an account on the site, you will be able to access the platform right away.
Not only are they a reputed name, but they let you trade all kinds of assets. They are especially known for trading forex and futures.
TD Ameritrade is a force to be reckoned with. They compete with Interactive brokers and are one of the largest discount brokers in America.
In June 2020, their shareholders agreed to merge them with Charles Schwab, a rival company. The deal was planned in November 2019. The merger will take place by the end of this year.
Once this happens, Charles Schwab will be the third-largest asset manager in the country, with $5.3 trillion assets under management at the end of 2019.
My Personal Experience With Thinkorswim
I was intrigued when my buddy in the US recommended Thinkorswim. Unfortunately, my UK residency meant I couldn’t try it out myself, but my American amigo kindly offered to give me the grand tour.
Let’s get one thing straight, this broker is not for the trigger-happy day trader types.
No, no, this platform is for the serious investors who want a trading experience as robust as their portfolios. It’s packed with features that’ll help you analyze the market like a pro and make trades that’d make Warren Buffett nod in approval. But if you’re used to trading at the speed of light, the lack of hot keys may slow you down a bit.
Paper trading (or demo account) is also available to UK traders.
How To Sign Up With Thinkorswim?
UK traders cannot sign up.
This won’t take long – it took us around 15 minutes. There are 5 steps to doing this.
Step 1
The first would be to choose the type of account you want to trade with.
When choosing an account, you’ll be asked if you want to trade futures in the future. With that out of the way, you’ll be led to a drop-down, where you need to fill in your login information. The accounts available are:
- Individual
- Corporate
- Joint Tenant
Step 2
You will be asked to fill in your personal information. This includes your:
- Address
- Date of birth
- Education
- National Identity Card number
You’ll be asked several things about your employment status and what you’re trying to achieve by trading.
You will also need to provide details about your income and net worth. This is quite normal as most brokers require this information.
Step 3
This step requires you to fill out the client form.
Step 4
You will need to submit a W8Ben form.
Step 5
You have to submit all of your documents. They would be used to verify your identity and address. These include bank statements, utility bills, and government-issued identification.
Once everything has been submitted, you will have to wait for up to 7 business days for them to review you. If you have been approved, you will get an email.
You won’t be charged to create an account. You can fund this through electronic transfers, cheque deposits, account transfers from other brokers, as well as international wires from your bank account.
Depending on the method you used to fund your account, the duration of time the cash takes to arrive would differ. You can expect it in 5 business days at the latest.
Offerings
You will be able to trade a range of things on the platform, such as:
- Stocks
- ETFs
- Options
- Futures
- Forex
- Closed-end funds
The best thing about them is that trading certain assets come with no commission fees. This includes stocks, ETFs, and closed-end funds.
If you’re going to trade futures, you will be charged $2.25 per side for a trade. There is no base charge for options. However, a 65-cent fee for contracts is present. In terms of Forex, you will be charged depending on the bid-ask spread.
Tools & Research
The platform is known for its research tools – there are so many to talk about that we can’t cover them all. To begin with, Market Maker Move (MMM) is available. This helps make note of the stocks that could move up, by showing you an estimate of the magnitude of price movements. You’ll also be able to screen for stocks using their Stock Hacker feature.
There is a live-stream of market movements by TD Ameritrade Network and constant newsfeeds from CNBC.
There is also a strategy roller that lets you create covered call strategies. You can enter the criteria so that Thinkorswim will make use of them every month.
There are various charts – tick charts, time charts, range charts, and even seasonal ones. Their heat map tells you exactly how the market is doing through their MarketWatch feature. Along with this, you get a calendar that shows you how much companies are reported to earn in the upcoming weeks
Customer Service
The app offers access to friendly and helpful experts via live chat or email support.
TD Ameritrade’s experienced call center team quickly addresses issues, saving time on explanations.
An educational center and comprehensive FAQ page are also available for self-help.
Security
You don’t have to worry about security. There are in-depth firewalls that prevent your data from falling into the hands of outsiders. They use thorough military locks too – there is 128-bit encryption in place. In terms of what they do with your information, there is a thorough privacy policy on their site. It provides full transparency and is easy to understand.
The broker is regulated by FINRA, the Financial Industry Regulatory Authority. They authorize all major brokers in the United States.
Alternatives
Now let’s talk about alternatives that are just as good.
- eToro
- Active Trader Pro
- MetaTrader 4
- MetaTrader 5
- TT Platform
- E*Trade Web Platform
Thinkorswim in the UK
Thinkorswim, a highly popular trading platform known for its comprehensive analysis tools and technical analysis capabilities, is unfortunately not available in the UK.
This has to do with financial regulations. If you live in a country where the broker is available, you will be able to use its expert mobile app too.
