Looking for the most efficient way to stay on top of the market? If the answer is yes, you should probably consider investing in a stable stock trading software system.
While there are many such tools out there, TrendSpider and Thinkorswim are some of the popular options known to us. Each of them offers a wealth of features, including charting and technical analysis tools designed to help traders improve their trading efficiency.
But how do these two trading platforms compare? And which one’s the better option for your needs? Well, here is our TrendSpider vs. Thinkorswim comparison.
Overall Rating: 4.6/5
Overall Rating: 4/5
TrendSpider is a technical analysis tool built to help traders in charting and analyzing stock market trends. The software was founded in 2016 by Dan Ushman and Ruslan Lagutin to help thousands of active traders boost their trading efficiency and accuracy. Therefore, if you are looking to become a more efficient and smarter technical trader, this is an excellent tool to consider.
Thinkorswim (ToS), on the other hand, is an all-in-one trading platform that is offered by TD Ameritrade. It was founded in 1999 but was later acquired by TD Ameritrade in 2009. The software includes a range of elite technical analysis and charting tools for active traders. However, because of its complex nature, it is best suited for experienced traders.
Differences Between TrendSpider and Thinkorswim?
When it comes to trading tools, both services have quite a lot in common. For instance, each software allows customers to chart analysis. However, they also have some differences, which is what makes them best suited for different types of traders. And in this section, we’re going to take an in-depth look at their differences. Check them out.
1. Charting Tools
With TrendSpider, the platform offers one of the most powerful charting tools. This is because it is automated when compared to its competitors. Being automated means that as a trader, you no longer need to draw trendlines manually because it will do that for you.
Simply put, the charting tool will automatically generate all the standard indicators, including breakout points, resistance levels, and even Fibonacci retracements. Consequently, this helps you eliminate any guesswork, minimize potential errors, and save time, while also enhancing the accuracy of your trading decisions.
However, for day traders that prefer applying technical indicators based on their many years of trading experience, this platform may not be suitable for them.
Thinkorwsim’s charting tools, on the other hand, are quite basic. The charts provide traders with a visual representation of different technical indicators and symbol prices over time. This makes it easy for traders to analyze the price action.
However, you will need to draw the charts manually because the tool is not automated like that of TrendSpider. Unfortunately, this can be time-consuming, and there are high chances of making mistakes, especially if you are a new trader.
Another important difference between the charting software offered by both platforms is that TrendSpider features a proprietary chart style called Raindrop charts. This feature allows traders to build bars for determining the average price based on both price and volume.
2. How Intuitive is the User Interface?
The user interface of TrendSpider is pretty intuitive. From what we could gather, many users seem to agree that the technical analysis and charting tools are quite easy to use. This makes it easy for traders to quickly make informed trading decisions.
Additionally, navigating through the website is seamless, which makes it easy to find what you are looking for. The best part is that the service provides free support via 1-on-1 phone calls from a trading expert. This way, you can have a good understanding of how to use the platform’s tools.
When it comes to Thinkorswim, its user interface is not the friendliest, especially for beginner traders. The platform is quite sophisticated to an extent that finding a single asset is an uphill battle. Basically, to find data on this platform, you will need to dig through many layers of menus. The good news is that once you learn how to use the service, everything becomes easy.
3. Platforms Supported
Next, we look at what platforms are supported by each of this trading software. To begin with, you will be pleased to know that TrendSpider is supported by several platforms. These include iPhone, iPad, Android, as well as SaaS, which is simple web-based access. This means that the software is not supported by platforms like Linux, Windows, and Mac.
When it comes to ToS, it is available in 3 platforms to choose from. There is the Thinkorswim desktop, Thinkorswim web, and Thinkorswim mobile app. Simply put, you can access this trading software via Windows, Android, Linux, iPhone, Mac, iPad, and SaaS.
So, if you are looking for freedom, the ToS software might be an excellent choice for you since it is supported by many platforms.
4. Custom Trade Alerts
Whether you are a beginner or experienced trader, you will be sure to find trade alerts extremely useful if you don’t want to miss an opportunity. And because of this, TrendSpider allows you to create your custom alerts for a different combination of timeframes and indicators.
However, what makes it different from Thinkorswim, is the fact that it offers automated dynamic price alerts. This feature simply allows you to set any candlestick pattern or indicators for your watchlist stocks. The platform then automatically sends you an email notification or SMS once your pattern has been spotted. More so, traders can come up with multi-conditional alerts with a mix of moving averages, lower and upper indicators, and more.
As far as ToS custom alerts are concerned, there is nothing fancy about them. The platform provides you with a wide range of powerful parameters that you can use to create your personalized alerts. You also get a pre-selected list of popular events that you can choose from.
So, overall, if you are looking for more flexibility as far as alerts are concerned, you would rather choose TrendSpider. However, this entirely depends on your trading strategy.
5. Customer Support
Now, you probably are wondering, who between these two platforms takes customer service more seriously?
Well, TrendSpider has a toll-free phone number through which they offer customer support. It is also possible to contact them via email, SMS/text, phone, or their social media platforms, including Twitter, Facebook, StockTwits, and YouTube.
However, according to a review by one customer, TrendSpider is not quick to respond to queries sent via email. So, you are better off contacting them via phone.
Thinkorswim, on the other hand, also seems to take customer service very seriously by providing 24/7 support. You see, they have a phone number for existing clients and another one for new clients. And if you are outside the U.S., and your hearing is impaired, there is a separate phone number available.
Additionally, you can get support via their in-App chat which allows you to share your screen with their trade desk in real-time. As if that’s not enough, you can choose to Fax, email, or message them on Facebook or Twitter. But for the fastest assistance, they have a comprehensive FAQ page that might be of great help.
What About their Plans and Pricing?
Different trading platforms range in pricing. However, some software like Thinkorswim is free of charge. This simply means that there are no fees charged for trading stocks and ETFs. All that is required from you is to set up an account with TD Ameritrade.
However, you can expect to pay $0.65 per contract if trading options and $2.25 for futures. Also, if you would like to try out their broker-assisted trading, you will get to pay $25 for every trade.
As for TrendSpider, they don’t provide anything for free. The good news is that they do have a 7-day free trial that you can cancel anytime.
Further, the platform offers three plan options to choose from, including Premium, Elite, and Advanced. Their Premium plan goes for $36.67 per month or $440 per year, while the Elite plan is $72.50 per month or $870 yearly. When it comes to the Advanced package, it costs $109.17 monthly or $1,310 yearly.
Any Features Unique to Each of the Trading Platforms?
Much as these two platforms have some differences and similarities, some features are only unique to each one of them. For instance, Thinkorswim supports paper money trading while TrendSpider does not. This enables you to practice and learn how to trade without risking your hard-earned money before jumping in with both feet. On top of that, ToS supports brokerage integration, a feature that is not available with TrendSpider.
TrendSpider, on the other hand, offers Smart charts and fully automated technical analysis. It also has a powerful market scanner tool which is not the case with ToS. More so, the platform is equipped with a backtesting feature to help traders optimize their trading strategies.
Overall, both TrendSpider and Thinkorswim are powerful trading platforms with a wide array of innovative tools to offer. Therefore, depending on your style of trading, it is hard to go wrong with either of these platforms.
Nonetheless, Thinkorswim has been around longer compared to TrendSpider. As such, they have a good reputation in the world of trading. Unfortunately, their user interface is not the most intuitive of them all.
So, if you are looking for a service that offers a unique range of trading tools and customization options, TrendSpider would be an excellent choice. That said, Thinkorswim would be a better option for traders that make frequent or complex trades.
But at the end of the day, which platform is better for you entirely depends on your trading approach.
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