Thinkorswim, the advanced trading platform now offered by Charles Schwab following its acquisition and integration of TD Ameritrade, no longer accepts retail Singapore investors, and has not since 1 December 2023. Schwab inherited TD Ameritrade’s decision and has not reversed it, so Singaporean retail investors still cannot open a thinkorswim account.
This article is for Singapore retail clients looking for alternative brokerage platforms with similar functionality.
Thinkorswim alternatives in Singapore
While thinkorswim is a distinctive trading platform, most of its functionality is available elsewhere. Below are two solid alternatives accessible to Singapore residents:
62% of retail CFD accounts lose money.
The tax point that matters more than the platform
Before choosing a platform, it is worth understanding something that affects your returns far more than the broker you pick: Singapore has no tax treaty with the United States.
US dividends are withheld at 30%. There is no reduced treaty rate for Singapore residents, and because Singapore does not tax foreign dividend income for individuals, there is no foreign tax credit to reclaim it against. The 30% is simply gone. This applies to US-listed stocks, US-domiciled ETFs such as VOO, SPY and QQQ, US REITs, and US-listed ADRs.
Irish-domiciled UCITS ETFs cut that to around 15%. Ireland has a treaty with the US, so an Irish-domiciled fund holding US equities has 15% withheld at fund level, and Ireland imposes no further withholding on distributions to non-residents. On a portfolio yielding 2%, that 15-point difference is roughly 0.3% a year, which compounds into a meaningful drag over decades and dwarfs most fee differences between brokers.
US estate tax. US-situs assets held by a non-US person are exposed to US estate tax above a threshold of only USD 60,000, at rates up to 40%. Irish-domiciled UCITS funds are not US-situs assets and carry no such exposure.
File your W-8BEN regardless. Even though there is no treaty benefit to claim, the form certifies your non-US status. Without a valid W-8BEN on file, US brokers apply backup withholding not just to dividends but to gross sale proceeds, meaning you can be withheld on a loss-making sale.
Singapore’s own treatment is favourable. There is no capital gains tax, and foreign dividend income received by individuals is generally not taxed under Singapore’s territorial system.
The practical implication: whichever platform you choose, the domicile of what you buy on it deserves as much thought as the platform itself. This is general information rather than tax advice, so confirm your position with a qualified adviser.
Thinkorswim Singapore alternatives reviewed
#1 Trader Workstation (Interactive Brokers)
Trader Workstation at a glance
Trader Workstation (TWS), the proprietary trading platform of Interactive Brokers, is among the most capable platforms built by a brokerage. It comes in two configurations: TWS Mosaic, a fully customisable workspace, and Classic TWS, which exposes the more advanced tooling for experienced traders.
You get comprehensive order management, technical charts, watchlists and portfolio tools in a single view. You can organise activity by asset class while keeping up with market news, alongside fundamental data on thousands of companies.
Interactive Brokers also offers Client Portal, a lighter web-based version for tracking portfolio performance without the full desktop complexity, and IBKR GlobalTrader, its mobile app, redesigned in December 2025.
For a Singapore-based trader, two things stand out. Market access is the widest available, covering more than 170 exchanges and market centres in 40 countries. And currency conversion costs roughly 0.002%, by a wide margin the lowest of the two options here, which matters if you are converting Singapore dollars into USD regularly.
Interactive Brokers is regulated by MAS in Singapore alongside its other top-tier authorisations, and as of June 2026 held 5.19 million customer accounts with $930 billion in customer equity.
#2 SaxoTrader (Saxo)
SaxoTrader at a glance
62% of retail CFD accounts lose money.
Saxo offers two proprietary platforms: SaxoInvestor, aimed at investors who want a simpler interface, and SaxoTrader, available on web, desktop and mobile for more active users. We focus on SaxoTrader here, since it is the closer equivalent to thinkorswim.
SaxoTrader is an award-winning platform with fundamental and technical analysis tools, an extensive charting package, performance analysis and a comprehensive account overview, all synchronised across web, desktop and mobile.
You get an all-in-one screen for managing investments across asset classes, currencies and countries, covering FX, FX options, CFDs, stocks, ETFs, futures, listed options, bonds, bond mutual funds and commodities.
Ownership changed recently: in March 2026 the Swiss private banking group J. Safra Sarasin completed its acquisition of a majority stake, and in July 2026 agreed to buy the founder’s remaining holding, subject to regulatory approval.
Saxo Bank A/S is a licensed European bank supervised by the Danish FSA, and its Singapore entity is regulated by MAS. Note that minimum deposits vary considerably by country of residence, so check the figure that applies to you.
Interactive Brokers vs Saxo
Now that we have outlined what each platform offers, here is how the two brokers compare:
| Broker | Minimum Deposit | Products | Stock commission, US | Regulators |
| Interactive Brokers | $0 | Stocks, Options, Futures, ETFs, Currencies, Structured Products, Metals, Indices, Bonds, Mutual Funds and Crypto | USD 0.0035 per share (min. USD 0.35) | FINRA, SIPC, SEC, CFTC, CIRO, FCA, CBI, AFSL, SFC, SEBI, MAS, MNB |
| Saxo | Varies by country of residence | Forex, CFDs, Stocks, Commodities, Futures, Options, ETFs, Bonds, Mutual Funds and Crypto ETPs | From 0.08% (min. USD 1) | Danish FSA, FCA, ASIC, SFC, MAS, FINMA, DFSA |
Interactive Brokers suits investors trading international stocks, ETFs, bonds, futures and options. It works for both beginners and professionals wanting a large instrument range and a well-capitalised counterparty. It is also the cheaper of the two on both commission and, more importantly, currency conversion.
On the downside, the platform can feel overwhelming if you are new to investing, with a great many buttons and features, and the fee schedule is genuinely complex. Read our IBKR review or visit IBKR’s website for more.
Saxo has a similar product range with a more polished interface and stronger research. SaxoTrader arguably suits sophisticated investors who do not mind higher trading fees for a better-built platform and a bank-regulated counterparty. Saxo also maintains dedicated funding instructions for Singapore residents.
On crypto, the two differ in kind rather than degree. Interactive Brokers offers real crypto-assets in some jurisdictions, while Saxo’s exposure is primarily through crypto ETPs and crypto FX rather than spot holdings. Availability for Singapore clients differs from both, so check what your account actually permits rather than assuming from the product lists.
You can read our dedicated Saxo vs Interactive Brokers comparison here.
Bottom line
To sum up, here is where you stand:
- Thinkorswim is no longer available in Singapore. Thinkorswim, now operated by Charles Schwab, does not accept retail clients in Singapore. If you previously held a TD Ameritrade account, it was migrated to Charles Schwab, and Schwab’s Singapore guidance covers closure. Unless you qualify as an accredited investor, you will need an account with an alternative broker.
- Two strong alternatives are available. Trader Workstation from Interactive Brokers and SaxoTrader from Saxo both offer the tooling a former thinkorswim user would expect. Interactive Brokers is cheaper and has wider market access; Saxo has the more refined interface.
- Mind the domicile of what you buy. Because Singapore has no US tax treaty, US-domiciled funds carry 30% dividend withholding and US estate tax exposure above USD 60,000. Irish-domiciled UCITS equivalents reduce both. This will affect your returns more than the difference between the two platforms.
- Open an account and fund it. Once you have chosen, complete the account opening process, file your W-8BEN, and deposit.
We hope this addressed your questions. Do your own research to find the approach that suits you.
