TradingView vs. Thinkorswim: The Surprising Winner You Didn’t See Coming!

Among the mostly used trading platforms this 2024 are the TradingView and Thinkorswim.

But how do the two differ? Which one is better? Read this article as we choose between the TradingView vs. Thinkorswim. If you think that this is a close fight, you might want to keep on reading.

Comparing TradingView and Thinkorswim

Choosing between TradingView and Thinkorswim should not be a hard decision. In fact, just assess where you are at in trading, and you'll have a reference on which platform suits you.

If you're a new trader or someone who just wants to monitor a certain market, TradingView is more than enough for you. It offers a free account and numerous resources and tools to analyze market data. After all, you will never go wrong with this world's number 1 charting software.

On the other hand, Thinkorswim is the best option if you're trading with TD Ameritrade. This platform is free to use for the broker's traders and offers numerous elite and advanced tools for market analysis and trading.

Want to know a little secret? Joining a trading community often makes the selection easier. Whether you're choosing which asset to trade, a broker to open an account with, or a trading platform to use for more efficient and personalized trading, being part of a community that offers genuine, practical, and first-hand experiences will help you make an informed decision.

I have been eyeing Traders United, an organization that provides a community for traders worldwide. This trader-centric organization is on the move to build an informed and empowered online trading environment for all. TRU does this by providing a community where online traders worldwide connect, interact, learn, and ultimately succeed with one another.

For your reference, here's the side-by-side difference between the two platforms.

TradingView vs. Thinkorswim: Who Would Win the Heart of Traders? Pulse Ghana

Can You Trade in TradingView?

TradingView is more than a charting software, you can execute trades here. This trading platform is among the third-party platforms used by thousands of online brokers.

You can place orders or trades directly at the TradingView chart, but you must have a brokerage account and have it connected to TradingView.

TradingView is used by these popular online brokerage companies:

IG
Interactive Brokers
Eightcap
OANDA
Tickmill
Saxo
Vantage

Check whether if TradingView is supported by your broker by checking the "See all brokers" at the button of the panel of TradingView's Brokers page.

Why Use TradingView

TradingView is trusted by millions of traders. Even I like to use it for my charting because of its user-friendly interface that doesn't fall short on comprehensiveness.

Here are the key aspects of TradingView that secure its spot as one of the well-regarded charting and trading platforms today

Social Trading

Social trading is a strategy brought by the immense reliance of investors on the internet. Analysts and traders participate in social trading by sharing and replicating the trades of the community members.

TradingView integrates social features, including forum, charts, and news feed. These features make this platform indispensable for investors wanting to maximize the potential of social trading.

It has more than hundreds of thousands of traders worldwide who actively share ideas, strategies, and tools like charting indicators to help other traders.

Cost-Friendly Charting

Charting is the area where TradingView excels. Specifically, it is extremely affordable but still quality charting.

It has:

14 chart types, including the popular line, bar, and Japanese Candlestick charts
20+ charting time frames
50+ smart drawing tools
100+ pre-built indicators
100+ financial markets
100,000+ community-generated indicators

While all these are available for you, you'll have limitations in using them in conjunction if you're using the basic or free plan. Specifically, you can only:

Apply 1 indicator on indicator
Plugin 3 indicators on a chart

Why Use Thinkorswim?

Thinkorswin stands out for its in-depth and detailed charting capabilities. If you want a more sophisticated and advanced approach to charting, analyzing, and monitoring, this platform will not disappoint you.

Free for TD Ameritrade Customers

If you have a TD Ameritrade account, it's worth trying this platform. After all, this already comes with your trading account with no additional fee. All you have to do is learn and master how to use it.

Sophisticated Charting Tools

Compared to TradingView, thinkorswim works best for experienced and savvy traders. While using this may present a significant learning curve, it still stands as one of the most versatile and even valuable platforms to chart, analyze, and trade various financial markets.

Among the fans favorite features and tools of thinkorswim are the following:

Live video financial news
Third-party research
Graphical format of Greek values and implied volatility
Sophisticated technical indicators like SVE Pivots, Breakaway, Stochastic Full, and RSI Crossover
Advanced orders like 1st triggers all, limit, pair, blast all, trailing stop, and market on close orders.
Comprehensive search engine, with parameters like volume, net change, put/call ratio, yield, days to expiration, and many more.

TradingView vs. Thinkorswim: Which One Should You Use?

Choosing between TradingView and Thinkorswim should not be a hard decision, as each works best for different types of trading experience. Beginner traders would find this charting and trading platform ideal due to its intuitive and modern interface, wide selection of charting tools, and extreme affordability and accessibility.

On the other hand, experienced and savvy traders who are looking for more advanced charting but are confident in navigating an overwhelming platform will find Thinkorkswim better than TradingView.

Remember, your decision should align with your preference, experience, and capabilities.

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