Trading Platforms: MetaTrader vs ThinkorSwim
Trading platform is a kind software which is specially made for trading. By using this software, brokers and investors can open, close as well as manage their trades. Trading platforms offer several services, discounts and bonuses. These trading platforms usually offer free or discounts to maintain trader’s funds. Not only that, they also offer free or discount services if the trader maintains a certain level of transaction per month.
MetaTrader: The Metatrader trading platform is now a popular trading platform in the financial trading market. It is designed to maintain brokerage services in different markets like Forex, Futures, CFD and equity markets. With this trading platform you will be able to trade in different financial marketplaces from a single Metatrader account. The Metatrader platform provides all in one solution that you need to trade in financial markets. It provides all the features in order to execute effective trades.
ThinkorSwim: ThinkorSwim is another great software used to perform trades online. It is also used to maintain the online trades. This platform is designed by the TD Ameritrade Company. You can use it if you want to trade binary options. Forex, Futures, bonds, mutual funds and ETFs. It is a good platform to get real-time and historical data solution. The ThinkorSwim platform provides the P&L chart and other charting features which allow you to analysis the market deeply. If you want to use it, then you have to open an account with TD Ameritrade.
Metatrader and ThinkorSwim: Difference
Financial Functions: Both of the trading platforms offering Demo accounts to practice trading like real trading. The minimum account size of ThinkorSwim is $2000 where Metatrader is standing with $3000. The minimum lot size of ThinkorSwim is ZERO lot where Metatrader is providing ONE lot. The maximum leverage ratio of ThinkorSwim is 50:1. On the other hand, the leverage ratio of Metatrader is 200:1, which means Metatrader is giving more leverage facility than ThinkorSwim.
Currencies: The ThinkorSwim allows you to trade with Euro and US dollars only. But the Metatrader allows you to trade with Yens, Pounds, Francs, US dollars and also with Euros. That means, Metatrader is providing many currencies to make trades rather than ThinkorSwim.
Spread and Execution Type: Spread is available in two forms, fixed and variable. The ThinkorSwim provides the fixed type spread and the fixed spread is available with the mixed of commissions and variable. That means, ThinkorSwim provides fixed commissions combined spreads and fixed variable spreads. On the other hand, Metatrader provides only one single spread and that is fixed spread.
The execution type of ThinkorSwim is Market Execution. And Metatrader provides Instant Execution.
Currency Pairs: The ThinkorSwim is providing 100 currency pairs where Metatrader is providing only 70 currency pairs.
Language and Mobility: The Metatrader is supported by nine different languages including: Chinese, French, Italian, German, Portuguese, Japanese, Spanish, Russian, and English. On the other hand, the ThinkorSwim supports only English language.
Tradable Instruments: In ThinkorSwim, you can make trades with Futures, Oil, Forex, Gold, Silver and Stock Indexes. But with the Metatrader you cannot trade with Oil and Futures.
Broker Support: The ThinkorSwim is providing direct online broker support where Metatrader is providing third party online broker.
Trading Features: The ThinkorSwim has several trading features like One-Click Order Entry, Paper Trading and automated trading where Metatrader only supports automated trading.
Trading platforms are the most important part of online trading. A good trading platform ensures the best achievement of the financial market. Although, scams are available everywhere, you need to choose the best and legitimate trading platform from the market.