To trade stocks, forex or cryptocurrencies, in addition to choosing a reliable broker, traders also need to find a price chart monitoring software. Choosing a good charting platform makes the technical analysis process easier and more efficient. The following article compares TradingView vs thinkorswim so that users can find the most suitable charting platform.
TradingView and thinkorswim Overview
TradingView is an online charting platform that updates data in real time in 2011.
Currently, TradingView has more than 30 million users worldwide every month. TradingView can be considered a technical analysis support tool and comprehensive market research and is familiar to all traders around the world.
TradingView mainly works on a web browser, phone or computer application, so users can easily monitor trades and analyze charts anywhere. In addition, TradingView is distinguished by a trading network that allows users to easily share trading ideas and a very active community every day. This makes TradingView the most versatile and familiar charting platform available today.
Thinkorswim was launched in 1999 as an options brokerage platform. In 2009, TD Ameritrade acquired Thinkorswim. Subsequently, Thinkorswim’s brokerage services were closed, but the trading platform was used by TD Ameritrade for its clients. Today, TD Ameritrade has 11 million client accounts and manages over $1 trillion of assets in stocks, ETFs, options, and mutual funds.
Similar to TradingView, Think or Swim is a multifunctional platform such as news updates and price alerts that provide trading documents and support market analysis. The platform is also quite mobile-friendly.
What Is TradingView?
TradingView is a real-time online charting tool with many features for market analysis. The TradingView charting platform is considered the most popular today with many advantages:
- Offers many free features
- Integration of social networking features to enable the sharing of trading and investment ideas
- Versions of the application are available that are compatible with different operating systems, including web, mobile, desktop
- There are many different market research tools and resources available
- There are many types of free and premium accounts to meet the different needs of users.
- Powerful graphical tools with flexible customization via Pine Script
In addition, TradingView also has some disadvantages as follows:
- TradingView is not an independent trading platform, so you need to link an account with a compatible broker.
- TradingView focuses only on customer service for premium account types
- Users must register for an account and use a premium account to use all the features of TradingView
- TradingView products don’t have many ETFs yet.
What Is Thinkorswim?
Thinkorswim is a trading platform acquired by TD Ameritrade in 2009 to meet the online trading needs of its clients.
In addition to the trading function, Thinkorswim users also have access to trading and analytical tools, online courses, etc.
Unlike TradingView which can be linked to the trading accounts of many different brokers, Thinkorswim is only used by TD Ameritrade clients.
TradingView and thinkorswim: Connect Brokers
TradingView and Thinkorswim have a big difference in broker compatibility. TradingView is a platform that can connect with many different brokers. Meanwhile, Thinkorswim can only connect to the trading account of the broker TD Ameritrade.
TradingView vs Thinkorswim: Asset Classes
In addition, TradingView provides trading platforms and analysis tools for most asset classes, including stocks, bonds, commodities, currencies, and cryptocurrencies. However, TradingView does not support options trading and does not provide options analysis tools.
Unlike TradingView, Thinkorswim only offers trading on TD Ameritrade’s available assets, including stocks, bonds, commodity futures and currencies. The Thinkorswim platform only supports trading Bitcoin futures contracts and cannot directly trade the cryptocurrency or view the price data of this asset class. However, Thinkorswim supports options trading.
TradingView chart vs thinkorswim
When comparing the two trading and analysis platforms, the charting interface is the key feature that decides which one is most popular.
TradingView is famous for the most user-friendly and easy-to-use charts on the market. This feature is compatible with both web version, mobile app and desktop. In addition, the TradingView platform also provides a feature that allows users to freely use Pine Script to customize charts according to specific needs. In particular, TradingView provides 8 different language versions in the world such as English, Chinese, Japanese and Korean… However, TradingView can only download up to 3 indicators per chart for free and at most. up to 25 indicators with more advanced packages.
Think or Swim provides visually designed charts of asset price movements over time. In addition, the platform also allows users the flexibility to use hundreds of different technical indicators. In addition, thinkorswim also provides many learning materials and the ability to customize, easily set up charts.
Comparison of TradingView vs Thinkorswim Price Alert Feature
The price alert feature allows traders to capture market movements without having to sit for hours looking at the charts. Both TradingView and Thinkorswim provide price alerts for users.
Thinkorswim allows users to freely set alerts based on parameters of technical indicators and price movements. Meanwhile, TradingView allows users to receive only 12 different alert conditions. However, users can actively choose the form of receiving alerts via messages, emails, and notifications in the TradingView window…
Level of friendliness, ease of use
Looking at it objectively, TradingView is a popular platform globally. TradingView’s web interface is designed to be simple and consistent. Users can easily find and use the features provided from the first use.
Meanwhile, Thinkorswim is a bit more complicated than beginners. Thinkorswim is confusing even for many experienced traders. However, the platform has a fairly detailed and comprehensive system of study guide documents, which users can use when they need to learn.
TradingView is famous for its ability to share trading ideas and users can easily comment, ask and answer questions with other traders around the world.
Thinkorswim only allows users to chat and is strictly moderated. However, Thinkorswim does not have a community to share trading ideas, so it is more limited in terms of community connectivity.
Which platform is better between TradingView vs Thinkorswim
Both TradingView and Thinkorswim provide trading platforms and support real quotes allowing users to perform powerful charting technical analysis. However, for the vast majority of traders in the world, TradingView is more popular and easier to use for newbies. TradingView also allows users to easily search and track trading ideas with the community.
Meanwhile, Thinkorswim is completely free for customers, which is a big plus. For traders with TD accounts Ameritrade has provided extensive knowledge for traders who want to learn about trading and investing. Above all, if users are interested in the options trading market, TradingView does not have this product, while Thinkorswim is superior in this product.