Trade Ideas and ThinkorSwim are fierce rivals when it comes to providing market intelligence for stock trading. In fact, from a distance, the two can easily pass for Siamese twins. But they aren’t! Look even closer and you’re bound to find quite a few differences between them.
And, therefore, in this comparison, we would like to shed more light on the similarities and differences between these two trading services.
Trade Ideas (TI) Overview
As its name suggests, TI is a platform that’s designed to provide you with ideas which can help streamline your investments. As a stock scanner, this system scours the markets for you and presents you with actionable insights. Besides that, for those who are able to pay for the premium plan, an artificial intelligence system going by the name Holly is all set for you!
Holly is designed to research the markets at night and present trading ideas by the time the markets open early in the morning. The idea behind Holly is to remove the hassle of having to analyze thousands of stocks – which isn’t humanly possible. Instead, the system does this for you and compares this data with historical stats to present you with highly accurate alerts.
This is a platform owned by TD Ameritrade and it’s all about educating you, the client to invest in the stock markets. The system is available both as a mobile app and a web-based portal. And what’s more? It provides you with dynamic insights on stocks and:
- Exchange-traded funds
In fact, you can even use Think or Swim to set up an education or retirement savings plan. So, it’s safe to say that this is an all-inclusive platform that provides you with a wide array of options and lots of helpful, educational materials.
The beauty about this system is that it provides you with a gateway to open or close trades. And besides that, it provides you with the opportunity to monitor quotes and orders. What’s more? The fact that its services are mobile-friendly means that you can easily control your trades on-the-go.
The Similarities Between These Two Services
So, what are the similarities between these two services? Well, as we have already seen, the two platforms are designed to make good use of modern technology. Indeed, they represent a new era in the world of trading and make it possible for you to trade even while you’re on the move.
Besides that, the two provide educational services. As you know, education is an important part of understanding trades and investments. And perhaps another notable similarity is that TI and ThinkorSwim are premium products meaning they offer premium features which cannot be found freely elsewhere.
Both services are mobile-ready which is a plus to a majority of people who prefer to trade or study on the move. The two provide the means through which to initiate trades and track them remotely. What’s more? You get an identical user-interface whether you access either of the systems via a computer or through mobile.
That said, Think or Swim seems to have a slightly better mobile platform than TI and that’s because theirs allows you to connect with trading specialists and share your screen for further assistance.
2. Chatroom Services
Entering the world of trading may seem like a simple undertaking but in reality, it can be overwhelming. In that case, chat rooms and message boards can prove to be of immense value. Fortunately, these two platforms provide chat rooms that are highly interactive. And, therefore, as a beginner trader, you can rely on other chat room members and moderators to learn about different market trends.
Without charts, it would be virtually impossible to understand the visual representation of a stock’s performance over time. And with thousands of indicators available, it’s possible to analyze the price action. So, charts are an indispensable part of stock trading and we’re glad to confirm that both Trade Ideas and Think or Swim provide some awesome charts. These are not just charts but highly advanced tools with advanced customization tools and even the resources you need to draw patterns and projections.
4. Social Stats
This is an ingenious feature that’s shared by these two services. As you know, social statistics are an important part of stock trading. And fortunately, these two systems come with built-in tools for scouring social statistics and making fundamental analysis in combination with technical analysis. At the end of the day, you’re able to get highly accurate and up-to-date analytics equaling a greater likelihood to make better trade decisions.
Comparing The Differences
There are quite a few differences between these two systems. And it’s only by taking a really close look at the two that we can begin to appreciate the strengths offered by either one of them.
As for TI, you have to make an upfront payment to access the premium features. You can either choose to get started with the standard plan which goes for $1068 per year or $118 per month. This plan provides you with access to the basic but highly important features such as the charts, price alerts and so forth.
However, if you’re looking for something that’s highly advanced, the Premium plan that goes for $228 per month or $2268 per year is worth taking a closer look at. That’s because it provides you with all the tools you’d find under the standard package along with access to artificial intelligence.
On the contrary, you don’t need to pay an upfront cost to access ThinkorSwim. However, you’d have to part with commissions and/or options contract fees. What you need to keep in mind is that their commissions are at an average of $6.95 per stock you trade – which is higher than the industry average.
The good thing with Think or Swim is that all of their features are available for free no matter your account balance, trade volume or level of experience.
Even though both services provide investor education services, we think that Trade Ideas offers a slightly better deal. Why so? Our spot check of TD America’s educational content revealed that they mainly provide generalized training through pre-recorded content. That said, they still offer daily lesson and demonstrations.
Now, the reason we think Trade Ideas has an upper hand here is that they offer personalized training. In fact, the minute you join them, you’ll be given some professional training by one of their in-house members of staff. And that’s a really cool thing because you get quite a bit of personalized coaching which is awesome especially if you’re a beginner.
3. Market Intelligence
Although TD America has really tried to create an innovative system that puts all the information under your fingertips, they are no match to what Trade Ideas has to offer. Under TI, you get a fully-fledged automated market analysis system which is powered by the latest AI technology.
With Think or Swim, you’d need to scour the markets and pay attention to every tiny detail so you can initiate a trade. But TI takes the hassle out of trading thereby providing you with the opportunity to sit pretty, enjoy life and only open trades when it’s right.
Therefore, in our view, TI offers a much better deal as far as market intelligence is concerned. And we love the fact that they keep improving their systems to offer better and better analyses.
Both systems are user-friendly but Think or Swim seems best suited for folks who already know quite a few things about stock trading. Trade Ideas, on the other hand, seems suited for all levels of trading experience. If you’re a beginner, you’ll benefit from the one-on-one training offered here. What’s more? This system effectively automates the stock analysis process making it easier for you to make informed decisions without having to spend long hours behind your computer.
Both platforms provide you with alerts. Plus they also provide you with filtering features which ensure you only get alerts that are relevant to your style of trading. That said, we’re of the opinion that Trade Ideas offers better alerts than Think or Swim. What’s more? To customize the Think or Swim alerts, you have to make use of the Alert () function. But with Trade Ideas, you don’t need to code a single line – just interact with a friendly interface, choose the kind of alerts you’d like to receive and that’s it.
While both Trade Ideas and Think or Swim are awesome platforms, we tend to think that TI has a clear advantage over its competitor. It is user-friendly, highly-advanced technology-wise and most importantly highly dependable. ThinkorSwim, on the other hand, is quite well-made although we think that it’s best suited for advanced traders.
It also may not be the best choice for anyone considering embracing automated trading. But also, you have to remember that all the Think or Swim features are available free of charge save for the fact that you have to pay a commission when launching trades.
Verdict: The level of advancement offered by Trade Ideas, to this end, seems unbeatable. Needless to say, the win could not have been any clearer. TI remains our top-most preferred stock scanner.