TradingView vs thinkorswim: Which Platform is Better?

TradingView and thinkorswim are easily some of the best charting software for traders and have been in the game for many years. The main difference is that TradingView is a standalone charting software that anybody can use. On the other hand, thinkorswim is only available for traders with Schwab accounts.

TradingView also supports cryptocurrencies, while thinkorswim does not. Continue reading to learn more about the pros and cons of each platform in terms of technical analysis tools and features.

I personally prefer to use a combination of TradingView for charting and either Schwab, Robinhood, or tastytrade to place my trades.

How TradingView and thinkorswim Differ

TradingView is a freemium service that provides you with charting, news, stock screeners, advanced indicators, and many more features. It also integrates with various brokers and offers trading for most asset classes, including cryptocurrencies. Many people use TradingView for charting, and place their trades on a separate brokerage account. TradingView is not a brokerage, but a software traders use for charting and other tools.

• Full TradingView Review: Read my full review of TradingView

thinkorswim is also a charting platform, but it is owned by the brokerage Schwab, meaning you must have an funded Schwab or TD Ameritrade account to use the platform. thinkorswim is a free platform that only works with Schwab and TD Ameritrade and offers trading for stocks, options, bonds, futures, currencies, and Bitcoin futures.

TradingView vs thinkorswim Pros & Cons

TradingView vs thinkorswim – Technical Analysis Tools

Technical analysis is the process of using charts, indicators, and patterns to analyze the price movements of an asset and predict its future direction. Both TradingView and thinkorswim offer comprehensive and customizable charting tools and indicators, but they have some differences in their technical analysis features.

TradingView excels in technical analysis and offers a wide range of charting tools and indicators. It is also more beginner-friendly and has a built-in trader community. Thinkorswim also provides robust charting capabilities and is known for its high-quality charts. It also supports options trading and includes options analysis tools.

Here are some of the similarities and differences between the two platforms in terms of technical analysis:

TradingView Technical Analysis Features

thinkorswim Technical Analysis Features

TradingView may be the better option for traders who want to use a wider range of charting tools and indicators or who want to interact with other traders and learn from their ideas. thinkorswim may be the better option for traders who want to use options analysis tools.

How TradingView and thinkorswim Differ in Terms of User Interface and Design

User interface and design are important factors for trading platforms as they affect the user experience and satisfaction. A good user interface should be easy to navigate, intuitive to use, and visually appealing. A good design should be modern, responsive, and customizable.

TradingView has a more user-friendly and modern interface, while thinkorswim has a more vintage and customizable interface. Both platforms offer a web-based version as well as a desktop and mobile version.

Here are some of the pros and cons of each platform in terms of user interface and design:

TradingView UX

Pros

• Has a simple and intuitive interface that is easy to use for beginners and experts alike
• Has a modern and sleek design that is aesthetically pleasing and professional-looking
• Has a web-based platform that can be accessed from any browser without downloading or installing anything

Cons

• Has a limited customization options for the interface layout, colors, fonts, etc.
• Has a desktop and mobile version that may not have all the features and functions of the web-based platform

thinkorswim UX

Pros

• Has a high level of customization options for the interface layout
• Has a desktop platform that is fast and reliable and offers more features and functions than the web-based platform

Cons

• Has a complex and cluttered interface that may be confusing and overwhelming for beginners
• Has a dated and bulky design that may not be appealing to some users
• The desktop platform can get laggy at times, depending on your PC

TradingView may be the better choice for traders who want to use a simple and modern interface that is easy to use and access from any browser. thinkorswim may be the better choice for traders who don’t mind using a desktop platform.

How TradingView and thinkorswim Compare in Terms of Pricing and Plans

Pricing and plans are another important aspect to consider when choosing a trading platform, as they affect the access to features and services. TradingView is a free platform with optional pay-to-use service that offers different plans depending on the features and services needed, while thinkorswim is a free platform that comes with a TD Ameritrade or Schwab account.

Here are some of the details and differences between the two platforms in terms of pricing and plans:

TradingView

• Offers four plans: Free, Essential, Plus, and Premium
• The Basic plan is free and offers limited features, such as one chart per layout, one alert, three indicators per chart, etc.
• The Essential plan costs $14.95 per month or $155.40 per year and offers more features, such as two charts per layout, 10 alerts, five indicators per chart, etc.
• The Plus plan costs $29.95 per month or $299.40 per year and offers even more features, such as four charts per layout, 30 alerts, 10 indicators per chart, etc.
• The Premium plan costs $59.95 per month or $599.40 per year and offers the most features, such as eight charts per layout, 200 alerts, 25 indicators per chart, etc.
• All paid plans offer additional benefits, such as intraday data, extended trading hours, priority customer support, etc.
• Usually offers a 30-day free trial for any paid plan

thinkorswim

• Is free to use and only requires a funded account
• Comes with a TD Ameritrade or Schwab account, which may have commissions and fees for trading certain assets
• Offers all the features and services without any limitation or restriction

TradingView may be the better option for traders who want to access more advanced and expansive features and services, and who don’t mind paying a monthly or yearly fee. thinkorswim may be the better option for traders who want to use a free platform with comprehensive features and services, and who are already Schwab customers or don’t mind opening an account with them.

TradingView vs. thinkorswim: Which Trading Platform Is Better for You?

In conclusion, TradingView and thinkorswim are both excellent trading platforms for technical analysis, but they have different features, costs, and suitability for different types of traders. Here is a summary of the main differences and similarities between the two platforms:

• TradingView is a freemium service that integrates with various brokers and offers trading for most asset classes, including cryptocurrencies. Thinkorswim is a free platform that only works with TD Ameritrade or Schwab and offers trading for stocks, bonds, futures, currencies, and Bitcoin futures.
• TradingView excels in technical analysis and offers a wide range of charting tools and indicators. It is also more beginner-friendly and has a built-in trader community. Thinkorswim also provides robust charting capabilities and is known for its high-quality charts. It also supports options trading and includes options analysis tools.
• TradingView has a more user-friendly and modern interface, while thinkorswim has a more advanced and customizable interface. Both platforms offer a web-based version as well as a desktop and mobile version.
• TradingView offers different plans depending on the features and services needed, while thinkorswim comes with a TD Ameritrade or Schwab account and offers all the features and services without any limitations or restrictions.

TradingView may also be the better choice for traders who want to use a wider range of charting tools and indicators, or who want to interact with other traders and learn from their ideas. TradingView may also be the better choice for traders who want to use a simple and modern interface that is easy to use and access from any browser.

Thinkorswim may be the better choice for traders who are already TD Ameritrade or Schwab customers or those who want to trade options. Thinkorswim may also be the better choice for traders who want to use options analysis tools.

However, the final decision should be based on your individual preferences and trading requirements. You can try out both platforms and see which one suits you better. You can also read more articles on TradingView compared to other platforms like TradingView vs. NinjaTrader, TradingView vs. Webull, Barchart vs. TradingView, or TradingView vs. Finviz to learn more about their features and benefits.

FAQ: TradingView vs thinkorswim

Is TradingView compatible with TD Ameritrade?

No, TradingView is not compatible with TD Ameritrade. TradingView works with a variety of different brokers, but TD Ameritrade is not one of them. On the contrary, Thinkorswim is exclusive to TD Ameritrade and Schwab clients and only allows trading through a TD Ameritrade or Schwab account.

Is TradingView the best charting tool?

TradingView is widely regarded as one of the best charting tools available online. Technical analysts favor it for its wide range of technical indicators, drawing tools, and charting features that can be customized. It also supports the automation of trading strategies through its Pine Script programming language.

Can I trade directly from TradingView?

Yes, you can trade directly from TradingView if you have an account with one of the supported brokers. TradingView integrates with brokers such as Interactive Brokers, Tradovate, AMP Global, OANDA, Forex.com, and Gemini. You can also use paper trading to practice your skills without risking real money.

How much is TradingView a month?

TradingView offers both free and paid subscription plans. The free version provides access to basic features, while the paid plans unlock additional features and data. The paid plans range from $14.95 to $59.95 per month, depending on the level of service and billing frequency. If you use my link, you can get a discount on your premium subscription!

Do I need a broker for TradingView?

No, you can use TradingView’s charting features without a broker. However, if you want to place trades, you will need a brokereage account, which TradingView does not provide. TradingView does not provide brokerage services itself but rather connects you with various brokers that offer different asset classes and trading conditions