ThinkOrSwim Commissions
- Equities: $.015 per share ($5 minimum). OR $9.95 per trade (market or limit orders; 5,000 shares maximum)
- Options commission: the lesser of $2.95 per contract OR $1.50 per contract plus $9.95
- Bonds: up to 6 months maturity: $1 per bond
- Over 6 months up to 1 year maturity: $1.50 per bond
- Over 1 year maturity: $2 per bond
- Listed Bonds: $1.5 per bond additional
- Treasuries: minimum order is $25,000 ($25 minimum commission)
- All other bonds: minimum order is for 10 bonds ($25 minimum commission)
- Futures: $3.50 per contract (inclusive of exchange fees)
ThinkOrSwim Important Fees and Surcharges
- Extended hours surcharge: $0
- Large order surcharge: $0.005 per share on every share above 5,000 (flat rate plan)
- Penny stocks surcharge: $0
- Stock option exercise or assignment: $15
- Worthless security custody fee: $7.50
- IRA setup fee: $0
- Annual IRA fee: $0
ThinkOrSwim Pros
- No trading platform fees
- 3 free mutual fund trades per month
- Top trading platform
- Online autotrading management tools
- Paper Trading feature (practice trading)
- Free IRAs
ThinkOrSwim Cons
- Higher than average rates on stocks, ETFs and options
- Minimum initial account deposit is somewhat high $3,500
ThinkOrSwim Account Types
- Individual and Joint Accounts
- Individual
- Joint Tenants With Rights Of Survivorship (WROS)
- Joint Tenants In Common (TIC)
- Retirement Accounts
- Roth IRA
- Traditional IRA
- Direct Rollover IRA
- Educational/Coverdell IRA
- Simplified Employee Pension (SEP) IRA
- Savings Incentive Match Plan for Employees (SIMPLE) IRA
- Money Purchase Pension Plan
- Profit Sharing Plan
- Individual 401K
- Roth 401k
- Corporate Accounts
- Corporation
- Partnership
- Limited Liability Corporation (LLC)
- Sole Proprietor
- Investment Club
- Trust and Custodian Accounts
- Trust
- Custodian
ThinkOrSwim Review
ThinkOrSwim's commissions are pretty high: $.015 per share ($5 minimum) OR $9.95 flat-rate per trade.
Minimum to open account is somewhat high $3,500. Thinkorswim endeavors to be competitive and imitates the rates of the present list of other top
brokers. You are given the opportunity to pick one of these in your account system as a substitute to their presented rates.
Recently, Thinkorswim has been rated by Barrons as one of the best online brokers. It was also acquired by TD Ameritrade.
The process of opening an account with them is very easy: most of it can be done online for your convenience. They will ask you to fax, email or
mail your forms to them for verification of identity and checking. If you have an access to a scanner, these documents can be easily scanned as
email and .pdf files. You can immediately open an account and enjoy trading privileges.
The platform is the best we have used, the support is also very good (they reply within minutes by email and faster by chat).
Their Prodigio Trading Platform is also a great product.
ThinkorSwim is not for the beginner. They are loaded with tools and features that makes trading a breeze. Sometimes they have problems with their
TOS Charts but since they have two charting programs (TOS Charts and Prophet Charts) you can easily switch to the other.
"thinkDesktop" is a Desktop software that allows you to easily analyze the market in real-time, do basic and advance option trades
easily such as iron condors with three mouse clicks or less and analyze multiple stocks all at one time like being Big Brother with all
these multiple chart screens all one on screen.
If you like to scan the market for the appropriate systems for several strategies like straddles or covered calls, you can employ the scan feature
and the marketwatch facility for you to gain access to vital information like upcoming earning reports and others. Trades are simple to perform if
you have these stuff. You will be guided on the trading steps and strategies that you can employ. In addition, you can arrange them in an Order
Book and analyze them prior to sending them to the market. Thinkorswim’s confirm and send screen even provides you with an immediate snapshot
about the potential profits, brokerage fees as well as risks in your projected trade. Everything is detailed and made easy by this software.
ThinkOrSwim brokerage is one of the best out there in terms of features and quality of services offered. Their commissions are high though.
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