I've searched the forum up and down and it seems like there hasn't been much recent discussion on Thinkorswim forex trading. I've paper traded with their live feed platform for about 2 years and have had a live account for the past 6 months. I am a US resident so the broker choices are very limited. I also mainly trade the EUR/USD and USD/JPY. I do like the fact that Thinkorswim is backed by TD Ameritrade however their forex accounts are not protected by the SIPC. I'll go over some pros and cons of the overall experience so far and any additional feedback from users of the platform is highly appreciated due to the fact that I would like to stay with them for the long haul.
PROS
- Charting is very user friendly and clean.
- Free global news squawk and other news sources streamed live.
- Offers commission-free trading on all pairs. EUR/USD and USD/JPY typical spread for the London and NY session are 1.0 with no commission.
- Also offers commission trading but at $10 per 100k (maybe a CON here)
- Great customer support.
- Backed by TD Ameritrade.
- Fast execution (at my current volume)
CONS
- No volume reference or indicator for forex.
- No advanced pattern charting.
- No automated trading.
- Bid/ask always shows the price x1,000,000 units so who knows what their liquidity access really is.
- Not a dedicated forex broker, therefore not much information about these issues.
So far I've had a good experience and have been profitable in paper trading and starting to be profitable in the live account. My concerns are for the long term. I've seen slight slippage at even a 10,000 order. I don't know much about their liquidity provider or if TD is taking the other end of the trade. If so, surely this will affect me as I grow the account. I'm sure I missed a couple pros and cons but I will edit as I think of them.
Any and all feedback appreciated!
PROS
- Charting is very user friendly and clean.
- Free global news squawk and other news sources streamed live.
- Offers commission-free trading on all pairs. EUR/USD and USD/JPY typical spread for the London and NY session are 1.0 with no commission.
- Also offers commission trading but at $10 per 100k (maybe a CON here)
- Great customer support.
- Backed by TD Ameritrade.
- Fast execution (at my current volume)
CONS
- No volume reference or indicator for forex.
- No advanced pattern charting.
- No automated trading.
- Bid/ask always shows the price x1,000,000 units so who knows what their liquidity access really is.
- Not a dedicated forex broker, therefore not much information about these issues.
So far I've had a good experience and have been profitable in paper trading and starting to be profitable in the live account. My concerns are for the long term. I've seen slight slippage at even a 10,000 order. I don't know much about their liquidity provider or if TD is taking the other end of the trade. If so, surely this will affect me as I grow the account. I'm sure I missed a couple pros and cons but I will edit as I think of them.
Any and all feedback appreciated!