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Buy Crypto with Thinkorswim

Buy Crypto with Thinkorswim

Adrian Graham
Fact Checked
Jan 14, 2023

Summary: Thinkorswim does not offer real crypto asset trading, they only allow customers to trade crypto derivatives like CFDs and futures contracts. This is not a recommended way to buy and sell cryptocurrencies, because users are taking on additional counter-party risk by not holding the real asset, which could result in loss of user funds.

Instead, it is recommended that users seek out a reputable online cryptocurrency exchange to buy the real underlying crypto asset. Our top pick for investors in the US is Uphold because they are regulated by FinCEN and offer over 200 cryptocurrencies that users can buy and withdraw with low fees.

Table of Contents

Best Thinkorswim Crypto Alternative

Platform Highlights

  • Trade over 220 Cryptos with Fast and Cheap USD Deposits from any US Bank.
  • Regulated and Licensed by FinCEN and has audited Proof-of-Reserves for customer funds.
  • Offers multiple asset classes including Crypto (and crypto staking), Stocks, ETFs, Metals and more.
Uphold - Thinkorswim Alternative
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Audited Proof of Reserves
Audited Proof of Reserves

Does Thinkorswim offer Cryptocurrencies?

The short answer is no. The Thinkorswim trading platform by TD Ameritrade does not directly offer cryptocurrency trading, they only allow customers to get exposure to OTC Trusts, Mutual Funds and Bitcoin Futures ETFs. All of these investing methods are highly risky, and could result in loss of user funds like the industry has recently seen with Genesis and GBTC.

Thinkorswim Crypto
Thinkorswim Trading Platform.

How to buy Crypto with a Thinkorswim Alternative

As mentioned above, the best alternative to buy and sell Bitcoin, Cryptocurrencies and other assets in the USA is Uphold. Their platform is regulated by FinCEN and provide audited proof-of-reserves highlighting that customer funds are always fully-backed 1:1. The Uphold exchange offers over 200 cryptos and hundreds of stocks, ETFs and other assets with low fees.

You can get started with a trusted crypto broker in 4 simple steps:

  1. Sign Up: Create an account on Uphold and complete your verification (personal or company).
  2. Connect Account: Select the currency you want deposit on the Uphold Platform (USD, EUR, GBP + 30 more).
  3. Deposit Funds: Connect your Bank Account, Debit Card, Credit Card or other payment method to deposit funds.
  4. Buy Crypto: The final step is to find the cryptocurrency you want to buy and execute your trade.
Buy Crypto with a USD Account.
Buy Crypto with a USD Account.

Why is Self-Custody in Crypto important?

Self-custody is important because it allows you to have full control over your cryptocurrency. When you rely on a third party, such as a cryptocurrency exchange, to hold your private keys, you are trusting that third party to secure your keys and protect your assets. If the exchange is hacked or experiences some other security breach, you could lose your cryptocurrency. By holding your own private keys, you are responsible for the security of your assets and can take steps to protect them, such as using a hardware wallet or practicing good cybersecurity hygiene.

About Thinkorswim

Thinkorswim is a powerful trading platform from TD Ameritrade that allows users to trade stocks, ETFs, options, and futures all in one place. The platform also provides streaming quotes for real-time market analysis as well as access to news, data, and research. Thinkorswim includes features such as custom watchlists, charting capabilities, complex order types, and other advanced options trading tools. It also allows traders to practice strategies with paperMoney (a simulated trading platform), or access real-time data streams through the thinkorswim Mobile app.

Thinkorswim is designed for active traders who want to stay on top of the markets while they are on the go. The platform is available to traders with a TD Ameritrade account, and some features are even offered free of charge. Whether you're a beginner investor or an experienced trader, Thinkorswim can help take your trading to the next level.

Final Thoughts

Thinkorswim is a great platform for active traders who want to access advanced trading tools and real-time data streams. However, it does not offer direct crypto trading capabilities. If you’re looking to buy or sell cryptocurrencies in the US, we recommend Uphold as our top pick because they are regulated by FinCEN and offer over 200 cryptos and hundreds of stocks, ETFs and other assets with low fees. With Uphold, you can easily get access to self-custody for your digital assets and take full control of your funds.

Adrian Graham

Co-Founder & former banker turned Full-Time DeFi analyst and researcher. Left traditional finance to pursue my interest in digital assets and decentralized finance.

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