We are back again with a new scam test, and this time it is a US-based broker thinkorswim. Founded in 1999, they specialized in trading options, but soon became a subsidiary of a famous American broker called TD Ameritrade. TD Ameritrade has won numerous awards and recognitions for their work and quality, so the fact that they chose thinkorswim has to mean something, right? However, not a single company should be trusted without testing it first, and that is why we are here to answer the most important question of all: is thinkorswim a scam? Defining if a company is worthy of your trust is a huge process, so we went through absolutely everything regarding this broker to bring you one final answer. Is thinkorswim a scam? Let’s find out.
Is thinkorswim a Scam? | Security
We will begin with the general security regarding money and internet communication. When it comes to online protection, you don’t have to worry – thinkorswim uses the latest TLS connection, a secure server certificate and a 128-bit encryption on all data transmissions, so whatever you download from their website or whatever information you disclose to the company cannot be intercepted by anyone. They even have an Asset Protection Guarantee stating that thinkorswim will reimburse the full amount of money if it is stolen illegally from your account because protection is their responsibility. To make sure they provide the highest security possible, the company has arranged for special pricing on products and services for online security from the companies they trust. We should also mention here that they are registered with the Financial Industry Regulatory Authority (FINRA), so you can be quite certain this broker is completely legit. If you want to know more general information about the company, we recommend reading our thinkorswim Review 2016. Is thinkorswim a scam? If you look at the general security, the answer is no. But what about money transfers?
Is thinkorswim a Scam? | Money transfer
Funding your account is not a problem with thinkorswim. Actually, quite the opposite – it is very simple and easy. In the US, you can use electronic funding or Automated Clearing House (ACH), which is an electronic network for financial transactions, but it is only used in USA so if you use this method the money has to come from a US bank. If you use the ACH, you can’t deposit more than $250,000 per day and your initial deposit has to be larger than $50. Wire transfers are also one of the methods available, and you can use both domestic and foreign wire transfers. Other options are sending a check, transferring assets between two existing accounts and even depositing your stock certificates. There are some fees that apply for e.g. FX Commission trading, so read our article thinkorswim Fees to find out if you have to pay anything. Is thinkorswim a scam? If we look at money transfer, the answer is still no. But keep reading, we have a lot more to cover.
Is thinkorswim a Scam? | Support
Support is an important part of any serious broker company and thinkorswim is no exception. Trust us, a company trying to scam you is not going to provide a support option, but with thinkorswim help is there whenever you need it. The best way to contact them is via live chat option. Simply go to their website and click on the Live Help icon and one of their agents will be with you shortly and help you with whatever you need. If you need help opening an account or any other assistance, you can also call their toll-free phone number for help. Other options to contact them are by sending an email or fax or simply visiting them in one of their offices. You can even contact them through your thinkorswim App, so we can say they are really always available. Is thinkorswim a scam? A company trying to scam you will not provide help, and thinkorswim support is always excellent and efficient. Stay with us, there is one more topic to cover.
Is thinkorswim a Scam? | Education
thinkorswim want their traders to earn money and be satisfied with the company, so that is why they provide education tools to improve your trading skills. There is a ton of things for you to examine, so you should start with videos covering every possible topic, from sidebars in thinkorswim Trading Platform to futures. If you are not a visual type, there are a lot of articles, publications and manuals that will help you learn about trading. You can also participate in events covering various topics, and this is available almost every day. You even have the option to take a quiz to test your knowledge on forex trading. Is thinkorswim a scam? Even education points to an honest and fair broker, so we think we can wrap things up. Let’s see the final verdict.
Is thinkorswim a Scam? | Conclusion
We have reached the end of our security analysis of this broker, and we must say that we are very pleased with the results. Absolutely every aspect of this broker’s offer checked out just fine. The company has excellent internet security and trader protection. In addition, it is very easy and safe to transfer your money with thinkorswim, plus there are several convenient options to do it. Their support team is always there to help you out, whichever way you choose to contact them. Finally, they have an excellent education section where you can learn everything you need to know about trading. Still wondering is thinkorswim a scam? Please stop. This is a great, honest broker that will definitely not disappoint you. So go right ahead and open your account with thinkorswim right now, there is absolutely nothing to worry about!