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When I receive emails promoting a product, I typically hit the delete button assuming that it’s SPAM. ; This time though, the product was for a new discount brokerage offered in Canada, so I had to take a peak. ; Note that this is NOT a sponsored post and MDJ is not affiliated with Think or Swim in any way.
When I first heard of Think or Swim, I thought it was a book title. ; Do the words “Think or Swim” conjure up images of a discount brokerage to you?
This article will provide a preliminary view of the discount brokerage Think or Swim Canada. ; As I don’t have an account with them, I can only go by what it stated on their website. ; I would be grateful if there are any users of Think or Swim to add their comments.
Trading Platforms thinkDesktop – a software based trading platform, I assume that it’s the same idea as Interactive Brokers.webBasedTrading – their web based trading platform.thinkAnywhere – smartphone/pocketpc based trading platform.thinkMobile – regular cell phone trading for phones with mini browser capabilities.
Commissions/Fees for Trading Stocks (USD)$0.015/share ($5 min) or $9.95 / trade (5000 shares max).No Additional fees for calling trading desk to make trade.
Commissions/Fees for Trading Options (USD)$1.50 / contract with min of $7.50 / trade. ;
Datafeeds
CurrencyOnly USD is accepted with their accounts (What are they thinking? ; How can they open a Canadian version of their brokerage without letting Canadians hold their local currency?)
AdvantagesAbility to call trading desk to make trades at no extra charge.The additional options in trading platforms. ; Although I wouldn’t trade over my mobile browser, it is a nice option to have.Low commissions.
DownsideCannot hold Canadian currency within a Think or Swim Account.No RRSP’s. No Canadian office. ; All paperwork/cheques need to be shipped to their head office in Chicago.No mutual funds.
