![TradingView vs Thinkorswim [A Comparative Review]](https://myfxtools.com/wp-content/uploads/2021/11/TradingView-vs-Thinkorswim11-750x375.png)
No matter which asset you’re trading, be it forex, stocks, cryptocurrencies, or commodities, you will be required to perform some form of technical analysis. To do this, you’ll need access to intuitive, real-time charts that are easily comprehensible, as well as a plethora of tools for the actual analysis. TradingView and Thinkorswim are two platforms that excel quite well in this space, but we can’t really have our cake and eat it. For that reason, let’s analyze these two services and find out which reigns supreme.
About TradingView
TradingView is an online charting service that was established in 2011. It is cloud-based, meaning you can access it anywhere in the world without having to download any programs or applications – your normal browser is enough. Today, it plays host to a number north of 30 million monthly users.
Where TradingView shines, best is its trading community, which resembles Twitter in that anyone on the site can share their ideas. Further, it is coded in the Pine Script language, which allows users to develop their own indicators and modify other user-generated scripts on the platform.
About Thinkorswim
Thinkorswim’s inception dates back to 1999 when it was launched as a brokerage platform meant for options trading. A decade later, financial giant TD Ameritrade acquired it and shut down its brokerage functions. In its stead, they turned it into a trading platform for TD Ameritrade clients. Now, the platform hosts about 11 million of these clients.
This acquisition saw Thinkorswim turn into an online trading platform, which is offered for free to TD Ameritrade clients. It has different web, desktop, and mobile versions for easier accessibility. It also provides several educational materials for its users.
Head-to-head comparison
As far as features go, both of these platforms have some pretty exemplary offerings. They have many similar features, which have placed them among the top ranks in the charting platforms space. However, there are a few key differences that set these services apart. Let’s look at a few, shall we?
1. Compatible brokers
As aforementioned, Thinkorswim was acquired by TD Ameritrade, who are essentially brokers in and of themselves. For that reason, this platform is only compatible with a TD Ameritrade brokerage account. On it, users can trade assets such as stocks, commodity futures, bonds, forex, and options. It also offers BTC futures trading, but the cryptocurrencies themselves can’t be traded on this platform.
TradingView is compatible with several brokerages, among them OANDA, Forex.com, and other household names. Further, you can trade the most popular assets on this platform, with the exception of options. Notably, cryptocurrencies are among the several assets offered on this service.
2. Tools
The technical analysis tools offered on both platforms are more or less the same. For instance, both platforms allow their users to create their own indicators from scratch using their native programming languages. In addition to those, there are hundreds of common indicators offered on both services. They also offer different types of charts and tools for backtesting trading strategies.
Additionally, each of these platforms features a stock screener for searching through charts to find those that satisfy certain criteria. Such criteria can also be heavily customized using their native programming languages.
3. User interface
When it comes to the presentability of the platform, TradingView wins this one, hands down. Its layout is easy to understand, with all the bells and whistles easily accessible and straightforward to apply. Even for novice traders, the platform is relatively easy to use. The tools for performing technical analysis are neatly organized on the charting window, and as a bonus, you can save indicator templates for performing similar analyses in the future.
Thinkorswim, on the other hand, has quite a complex interface. This may prove a tad confusing even for seasoned traders. The learning curve for using the platform is pretty steep, and it may take a while to explore all the tools and features. Further, the desktop, web, and mobile versions each have different layouts and features. To tackle this, the good folks at Thinkorswim provide several video tutorials for training their users on how to use their platform.
4. Community
TradingView is well known for its large community of traders. Users can easily share ideas and strategies on the platform, which can be beneficial, especially for beginner traders. What’s more, traders who create their own indicators can share them on the platform in the form of TradingView scripts, which other users can then copy onto their charts.
Thinkorswim does not lay as much emphasis on the social aspect of trading. This means there is no such extensive community on the platform. However, since the platform is very popular, it is not uncommon to find traders on other social platforms such as Reddit sharing ideas on how to use ThinkorSwim. However, such information is not as readily available as it is on TradingView.
5. Pricing tiers
Thinkorswim is offered as a free service to TD Ameritrade customers. What’s more, TD Ameritrade does not have any minimum deposit requirements nor any monthly fees for holding accounts with them. So, in essence, Thinkorswim is completely free as long as you are a TD Ameritrade client.
TradingView works via a subscription model. There is a free option that lets you access basic charts, the trading community, and their stock screener. However, for advanced analysis, you’ll need to upgrade to either the Pro plan at $14.95 monthly, Pro + at $29.95, or their Premium plan at $59.95.
Conclusion
Owing largely to their breadth of features, you can never go wrong with choosing either of these platforms for your charting needs. However, if you are a beginner in the trade, TradingView is the better option due to its ease of use. On the other hand, if you’re a TD Ameritrade client, Thinkorswim would be the better option as it’s free, as long as you don’t mind the steep learning curve. Further, if you prefer options trading, then you’d be stuck with Thinkorswim.
