As an active investor or trader, we bet the name “thinkorswim” is familiar to you, are we right? This may be because it is the trading platform powered by TD Ameritrade. It was mainly designed for derivatives-focused investors but also fits the needs of others. Curiously, the name seems to be borrowed from the idiom “sink or swim”, which means to fail (sink) or succeed (swim).
Unfortunately, as a European Union (EU) or United Kingdom (UK) citizen, you will not be able to access the extensive research capabilities since thinkorswim is not available in the UK, Germany, Sweden, Ireland, or most other European countries. People outside the US cannot open an account with TD Ameritrade other than those from Canada, Singapore, Malaysia, Thailand, Taiwan, Hong Kong, and China.
What is so exciting about thinkorswim?
Thinkorswim is a desktop trading platform that offers customisable trading tools that allow easy access to your most-used features to test your strategies, develop new ideas and even execute complex trades.
You’ll have access to multiple features such as economic data, company profiles, options statistics, earnings tools, custom alerts, and, as usual, a market monitor. The convenient service is provided through web and mobile apps but with limited customisation. You will also be given a PaperMoney practice account starting with $100,000.
The flexible platform is suitable for a wide range of investors and traders. Newer investors can work their way up the chain, taking on new approaches as they discover them in the financial education materials they can access. Traders and active investors will enjoy the capabilities of the thinkorswim platform, including the ability to create custom indicators and share asset screens with a broader community.
Do you want to know the alternatives to thinkorswim in the EU and the UK? Read on to find out.
Thinkorswim Alternatives in the EU and the UK
Our research indicates that most brokers operate using software developed in-house, so the answer is not a direct one. However, there are very similar platforms available, such as the following:
Thinkorswim European Alternatives
# Trader Workstation
Trader Workstation at a glance
Trader Workstation (TWS), the proprietary trading platform of Interactive Brokers, is one of the most innovative trading platforms developed by a brokerage firm. It includes two sub-sets: the “TWS Mosaic”, which displays a fully customisable workspace and the “Classic TWS”, where you can find more complex/advanced tools for more experienced traders.
You get comprehensive order management, technical charts, watchlists, and other portfolio tools in a single view. You can organise your trading activity by asset classes and, at the same time, keep up to date with relevant market news impacting the markets. Not to mention the critical financial information on thousands of companies from Reuters Worldwide Fundamentals.
Interactive Brokers also offers a web-based alternative called “Client Portal”, a “light” version of TWS, which lets you keep track of your portfolio performance and other essential features with few constraints. The same goes for its mobile app (“IBKR Mobile”), which adds the advantage of enabling you to check every single piece of information on the go.
Thinkorswim European Alternatives
# xStation 5
xStation 5 at a glance
xStation 5 is a broker-specific platform developed by XTB, a global broker listed on the Warsaw Stock Exchange. With this software, you will get instant access to over 4000 financial instruments, namely CFDs on forex, cryptocurrencies, indices, commodities, stocks, and ETFs. It is particularly liked by Forex and CFD traders due to their 15-years reputation as one of the best in those two asset classes.
Compared to thinkorswim, the design is less complex, but that does not mean fewer features. You will still have access to advanced graphs (50+ indicators), economic data, custom alerts, a market monitor, and the company’s fundamentals. In addition, XTB provides tools to help you gauge the market sentiment at every stage of the investment cycle. You can also make the most out of the education and analysis materials: free education courses, webinars, and support from account managers.
XTB facilitates your investments by offering an “xStation Mobile” app that will ensure you will not miss any critical market movements. We believe that xStation is well suited for both short-term strategies and more long-term-oriented approaches.
ThinkorSwim European Alternatives
SaxoTraderGO at a glance
Saxo Bank features three platforms for trading: SaxoInvestor, SaxoTraderGO, and SaxoTraderPRO. Assuming that most people visiting this page have average knowledge of financial markets, we will focus on the middle one: SaxoTraderGO, which, by the way, is the most popular consumer-facing trading platform of the broker.
SaxoTraderGO is an award-winning web-based platform equipped with crucial features: fundamental and technical analysis tools, an extensive charting package, performance analysis, a comprehensive account overview, and a user-friendly interface. It allows you to synchronise every piece of information with the mobile app.
You will have access to a comprehensive all-in-one screen where you can manage your investments from a wide range of asset classes, currencies and countries. The financial products offered in SaxoTraderGO are the same as in SaxoTraderPRO: FX, FX Options, CFDs, stocks, ETFs, futures, listed options and bonds, bond mutual funds and commodities.
The bottom line: which platform should I use?
In our view, your final decision will come after using each of the three trading platforms. Why is that? Well, the overlap between the trading platforms is relatively high (above 80%), which means that what you find in one platform is likely to be found in another (maybe with different display settings). Further, you have demo accounts in all of them, so it will only cost you time to get to know each of them.
A reminder that the above should not be construed as investment advice and must be considered as information only. Investors must do their research and due diligence about the services and opportunities best suited for their risk, returns, and impact strategy.
Hope we helped and leave your comments below.