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Thinkorswim Crypto

tradeninja

I've been exploring various platforms for trading cryptocurrencies and recently came across Thinkorswim. I know Thinkorswim is robust for stock and options trading, but I'm curious about how well it supports crypto trading. Does anyone have experience using Thinkorswim for this purpose? Specifically, I'm interested in understanding:

The variety of cryptocurrencies available on Thinkorswim. How diverse is the selection compared to other platforms?
The types of order options and charting tools available for crypto. Are they as comprehensive as they are for other asset classes?
Transaction fees and any hidden costs associated with trading cryptocurrencies on Thinkorswim.
Overall user experience and ease of executing trades compared to platforms dedicated solely to crypto.
Any tips or considerations for someone transitioning from trading stocks and options to crypto on this platform?

I would greatly appreciate any insights or comparisons from those who've navigated both markets using Thinkorswim. Thanks!

assetavenger

I've used Thinkorswim for crypto, and here's what I've found:

The selection of cryptocurrencies is quite limited compared to dedicated crypto exchanges like Coinbase or Binance. It's mainly focused on major ones like Bitcoin and Ethereum.
The charting tools and order options are robust since Thinkorswim carries over its strong analytical capabilities from stocks and options to crypto as well. However, they might not include some crypto-specific tools available on other platforms.
Transaction fees can be higher compared to crypto-centric platforms, so it's worth checking their fee schedule closely. I've noticed some people mention hidden costs, so do your homework on that.
The overall user experience is smooth, but if you're used to platforms that are designed strictly for crypto, you might find Thinkorswim missing some niche features or market depth.
Start small to get the hang of the crypto-specific market movements and volatility. Use the familiar charting tools to your advantage, and maybe keep another platform handy for broader market access.

Overall, if you're already comfortable with Thinkorswim, it's not a bad place to dabble in crypto, but be aware of its limitations compared to dedicated crypto platforms.