Thinkorswim, the advanced trading platform now offered by Charles Schwab (following its acquisition and integration of TD Ameritrade completed in 2023), no longer accepts retail Singapore investors (since December 1, 2023). Schwab inherited TD Ameritrade’s decision and has not reversed it, meaning Singaporean retail investors still cannot open a thinkorswim account.
This article will be useful to Singapore retail clients looking for alternative brokerage platforms with similar functionality to thinkorswim.
Thinkorswim alternatives in Singapore
While thinkorswim is a unique trading platform, many of its functionalities are widely available on other trading platforms. Below, we will present two solid alternatives accessible to Singapore residents:
62% of retail CFD accounts lose money.
Thinkorswim Singapore Alternatives
#1 Trader Workstation (IBKR GlobalTrader)
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 GlobalTrader”), which lets you check every piece of information on the go.
#2 SaxotraderGO
SaxoTraderGO at a glance
62% of retail CFD accounts lose money.
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.
Interactive Brokers vs Saxo Bank
Now that we have outlined the capabilities offered by each of the trading platforms, let’s compare how the two brokers stack up:
| Broker | Minimum Deposit | Products | Stock commission, US | Regulators |
| Interactive Brokers | $0 | Stocks, Options, Futures, ETFs, Currencies, Structured Products, Metals, Indices, Bonds, and Mutual Funds. | USD 0.0035 per share with a minimum USD 0.35 | FINRA, SIPC, SEC, CFTC, IIROC, FCA, CBI, AFSL, SFC, SEBI, MAS, MNB |
| Saxo Bank | $0 | Crypto, Forex, CFDs, Stocks, Commodities, Futures, Options, ETFs, Bonds, and Mutual Funds. | Up to 0.08% (min. USD 1) | ASIC, FSA, FCA, SFC, MAS, FINMA, DFSA |
Interactive Brokers (IBKR) is a great option for retail investors interested in trading international stocks, ETFs, bonds, futures, options, and even penny stocks. It is ideal for beginners or professionals looking for a large number of instruments and a secure broker.
On the downside, if you are new to investing, the platform might be a bit complicated with too many buttons and features. Furthermore, Interactive Brokers does not allow you to invest in Crypto. You can read our IBKR review and check IBKR’s website for more information.
Saxo Bank has a product offering very similar to IBKR, with Crypto standing out as a differentiating factor. SaxoTraderGO’s functionalities arguably make it more suited to sophisticated investors who do not mind the slightly higher trading fees. Saxo Bank also has a dedicated website for funding details for Singapore residents.
You can read our dedicated Saxo Bank vs Interactive Brokers comparison here.
Bottom line
To sum it up, here’s where you stand:
- Thinkorswim is not available in Singapore anymore. Thinkorswim (now operated by Charles Schwab) is not available for retail clients in Singapore. If you previously had a TD Ameritrade account, it has been migrated to Charles Schwab – consult Schwab’s Singapore closure guidance if you need to close it. Unless you qualify as an accredited investor, you will need to open an account with an alternative broker.
- Good Alternatives are available!: Trader Workstation from Interactive Brokers or SaxoTraderGO from Saxo Bank offer everything you need to continue investing!
- Just open an account and deposit money: After deciding which trading platform to use, you must go through the account opening process and deposit money.
- Continue investing: After having your brokerage account funded, you can continue to invest in world markets, even after Thinkorswim is no longer available in Singapore!
We hope that this post addressed some of your concerns. Do your research to find the best investing strategy for you!
