US broker Charles Schwab has completed the integration of the TD Ameritrade trading platform business, which it acquired in 2020. The Thinkorswim technology is now powering the new Schwab Trading account.
Thinkorswim
The new “thinkorswim” dealing platform, which is part of the Schwab Trading account is customisable and offers what are described as elite-level trading tools to clients.
These include a stock and screener that allows clients to sift through the market looking for stocks that meet their criteria and goals.
The Stock Hacker tool, allows clients to find the stocks and signals that matter most to them whilst filtering out those that don’t. Users can create their own custom filters and alerts using alternative data sets such as technical analysis and options market data.
Another tool called Trade Flash highlights analysts’ upgrades and downgrades, block trades, trade imbalances at the opening and closing of the market and more besides. The thinkorswim platform is available as a download, as a browser-based platform, or as a mobile app.
Thinkorswim has Nasdaq level II data, conditional order types and live financial news on both the desktop and mobile variants. The mobile platform doesn’t have the screening functionality of the desktop or web-based versions, however.
New trading products
The platform offers charting and trader education, but also brings futures and options trading to Schwab clients on one platform, for the first time.
Options trading, including multi-legged trading strategies, are available now, with futures trading scheduled for 2024. There are no mutual funds or fixed-income instruments on the thinkorswim platforms, however.
Additional facilities and help
Additional facilities, accessible via Schwab Trading, include 24/7 support from a desk of product experts, who the broker says can act as a second set of eyes for your trading and offer help and suggestions to clients about structuring complex trades and risk management.
The support team that Schwab calls trading specialists, will help clients to configure the thinkorswim platform to meet their specific needs, via a phone, online chat or even directly in the platform itself.
Thinkorswim looks like a very powerful multi-asset trading platform, the additions of options and futures trading will greatly expand the trading universe for Schwab clients.
Today’s clients want more from their broker and their trading tools, and many retail clients have now become quite sophisticated in their approach to the markets, which of course is what Schwab is banking on.
With over 35 years of finance experience, Darren is a highly respected and knowledgeable industry expert. With an extensive career covering trading, sales, analytics and research, he has a vast knowledge covering every aspect of the financial markets.
During his career, Darren has acted for and advised major hedge funds and investment banks such as GLG, Thames River, Ruby Capital and CQS, Dresdner Kleinwort and HSBC.
In addition to the financial analysis and commentary he provides as an editor at GoodMoneyGuide.com, his work has been featured in publications including Fool.co.uk.
As well as extensive experience of writing financial commentary, he previously worked as a Market Research & Client Relationships Manager at Admiral Markets UK Ltd, before providing expert insights as a market analyst at Pepperstone.
Darren is an expert in areas like currency, CFDs, equities and derivatives and has authored over 260 guides on GoodMoneyGuide.com.
He has an aptitude for explaining trading concepts in a way that newcomers can understand, such as this guide to day trading Forex at Pepperstone.com
Darren has done interviews and analysis for companies like Queso, including an interview on technical trading levels.
A well known authority in the industry, he has provided interviews on Bloomberg (UK), CNBC (UK) Reuters (UK), Tiptv (UK), BNN (Canada) and Asharq Bloomberg Arabia.
