thinkorswim vs Webull 2021


Webull versus thinkorswim (TOS): whose trading platform, charting, and mobile app are better?



Two Rivals: thinkorswim and Webull


Do you regularly trade securities, futures, or currencies? If so, you probably already know you need the best software available to manage your trading effectively. Webull’s software and TD Ameritrade’s thinkorswim both have some serious tools that you definitely want to be aware of. Here’s how the two compare to each other:


Platforms


Webull has both a browser platform and a desktop program. Both trading systems are very similar. One important difference is that the browser software can trade cryptocurrencies, but the desktop program can’t.


Webull vs think or swim


Highlights on both programs include:

- Trade ticket with bracket orders
- Ability to place trades in share amount or dollar amount
- Charting with tools
- Simulated trading mode
- Watchlists
- Alerts
- Time & sales data
- And much more...

thinkorswim is TD Ameritrade’s desktop program. The broker doesn’t have a browser platform, but thinkorswim nevertheless packs quite a punch. The software can trade futures and forex, which aren’t available at Webull. Cryptocurrencies are yet to make an appearance, however.


thinkorswim or webull


There are many great features on thinkorswim. Some of the most notable include:

- Very sophisticated order ticket with more order types than Webull provides
- Charting with hundreds of technical studies (many more than Webull)
- Live streaming of CNBC and TD Ameritrade Network
- Paper Money (a demo mode)
- Advanced option tools
- Direct-access routing (not available at Webull)


Extended-Hours Trading


Traders on thinkorswim can buy and sell securities (that are available for pre-market trading) from 7:00 am until 9:28 am, EST. TD Ameritrade also has an after-hours session from 4:02 pm until 8:00 pm. And then there’s the broker’s overnight ETF trading program. It offers 20+ exchange-traded funds that can be traded 24 hours a day, 5 days a week.

Webull doesn’t offer overnight ETF trading. But it does have a lengthier pre-market session than TD Ameritrade. It is 4:00 am until 9:30 am. Its late-night session is 4 to 8.


Level 2 Quotes


Both brokers offer Level 2 quotes. TD Ameritrade charges nothing, while Webull customers have to pay $1.99 per month. Webull’s platforms show Level 2 data by default inside a Level 2 window.

thinkorswim doesn’t display Level 2 data by default. To view Level 2 quotes, you need to click on the plus (+) sign in the lower-left portion of the screen and select Level II.


Open an Account


TD Ameritrade/Thinkorswim: Get $0 commissions and ACAT fee reimbursement.

Webull: Get 2 free stocks when you deposit $100+ into Webull account.



Margin


Margin accounts are available at both firms. If you plan to frequently trade on margin, Webull’s platforms are worth checking out. They both prominently display margin details for every entered ticker symbol. Hovering over an orange dollar sign on an asset’s profile produces a window with the following details:

- Margin rate
- Maintenance requirement
- Overnight leverage
- Day-trading leverage

And then there’s a blue down arrow. Hovering over this produces a window with similar details if you want to take a short position instead of a long position.

Although trading on margin is certainly possible with both long and short positions on thinkorswim, the software doesn’t offer the details that Webull’s software provides.


Option Tools


Both firms also offer trading in option contracts. Webull’s software only delivers calls and puts. Even worse, it’s not possible to create a custom multi-leg trade.

thinkorswim not only provides calls and puts, it also has integrated spreads. These include verticals, iron condors, and butterflies. An option search engine is icing on the cake.


Mobile Apps


Although we were very impressed with both platforms during our testing, we should also mention the mobile apps. Both brokers offer them, and they surprisingly are quite powerful. Webull’s has very advanced charting plus a community forum that is missing on the computer platforms.


webull vs TOS


The thinkorswim mobile app doesn’t have a social networking widget (nor does the desktop system), but the mobile platform does deliver the same robust charting with many tools. Plus, the software comes with a practice mode, a watchlist, alerts, and a very advanced order ticket.


TOS vs webull


Open an Account


TD Ameritrade/Thinkorswim: Get $0 commissions and ACAT fee reimbursement.

Webull: Get 2 free stocks when you deposit $100+ into Webull account.



Webull vs Thinkorswim: Judgment


Both Webull and thinkorswim have a lot of useful trading tools. We have to endorse Webull for margin and cryptocurrency trading; while thinkorswim takes first place for options, futures, and forex trading. And for charting, thinkorswim is light years ahead of its rival.