Summary: Thinkorswim does not provide real cryptocurrency investment services on its trading platform. It primarily provides access to crypto derivatives like CFDs and futures, known for their high volatility. For users who want to directly invest and hold specific tokens, you can transfer US Dollars (USD) to a FinCEN-regulated digital asset exchange to buy cryptocurrencies like Bitcoin.
Following a detailed investigation into the leading global digital asset exchanges, we have concluded that eToro is the top option for Thinkorswim users. This platform allows fast and cost-effective USD deposits for trading thousands of assets spanning six categories, such as crypto, stocks and ETFs. It is a licensed and regulated entity in the US, demonstrating its commitment to providing secure services for its users.
- Fast and Cheap US Dollar Deposits from all US Banks via ACH Transfer, PayPal, Debit Card or Credit Card.
- Trade Over 80 Crypto Assets on a Trusted and Regulated Platform with Competitive Fees.
- eToro USA LLC is Licensed & Registered with FinCEN as a Money Services Business & is a member of FINRA.
Can I Buy Bitcoin with Thinkorswim?
Thinkorswim does not facilitate the purchase of digital currencies, such as Bitcoin, Ethereum, and Solanad directly through its platform. Traders interested in delving into the cryptocurrency universe should opt for a reputable digital asset exchange in the US, complying with FinCEN regulations. American investors must use a platform licensed by the FinCEN, FINRA or SEC to maintain regulatory compliance in the United States. Using an exchange that is overseen by these regulatory bodies ensures asset security.
How to Buy Bitcoin and Crypto with Thinkorswim
The easiest way for Thinkorswim users to buy crypto assets is by signing up with a licensed and trustworthy trading platform. As mentioned above, the best option is eToro, a secure online exchange that accepts USD deposits. The accepted payment methods on eToro include bank transfer, credit cards, debit cards, Skrill, Neteller, and PayPal.
Start investing in cryptocurrencies with these four steps:
- Create an account with eToro US and complete identity verification.
- Click the 'Deposit Funds' button and choose a payment method.
- Deposit USD to your eToro account.
- Find the coin or token you want in the search bar and execute the trade.
Is Thinkorswim Crypto-Friendly?
TD Ameritrade, the entity behind the Thinkorswim platform, exhibits a forward-thinking approach towards digital currencies. The platform refrains from enforcing policies that hinder clients from engaging with crypto assets. However, it merely provides access to digital assets via derivatives. For a more comprehensive crypto investment experience, opting for a dedicated cryptocurrency trading platform duly regulated by relevant US authorities is recommended.
What Is Thinkorswim?
The Thinkorswim platform, a trademarked product of TD Ameritrade, is a powerful and comprehensive trading software designed to accommodate novice and experienced traders. Known for its state-of-the-art features and sophisticated tools, it offers seamless access to various investment products, such as stocks, options, futures, forex, and even cryptocurrencies derivatives via external platforms. With its user-friendly interface and robust functionality, Thinkorswim has set a high benchmark in online trading, providing an unparalleled trading experience for its vast user base.
Thinkorswim employs advanced technology and educational resources to empower investors with real-time market data, customizable charts, and detailed analytics. Whether you're mapping out complex strategies using the platform's analytical tools, paper trading to hone your skills, or leveraging the mobile application for trading on the go, Thinkorswim ensures a smooth and efficient journey for every investor. Moreover, it provides a secure environment adhering to strict regulatory standards, demonstrating TD Ameritrade's unwavering focus on client security and transparency in all trading activities.
Final Thoughts
In a nutshell, Thinkorswim offers a secure environment for clients to trade a broad range of asset types, but does not allow users to hold cryptocurrencies like Bitcoin. We recommend using eToro for direct digital currency purchases as it offers instant USD deposits and is registered with FinCEN and adheres to FINRA regulations in the US. eToro provides a user-friendly interface for users to trade thousands of assets with low fees in a secure and regulated trading environment.
Co-Founder & former Investment Banker (Finance MBA) turned Full-Time analyst and Head of Research at Buy Bitcoin Bank. Left traditional finance to pursue my interest in digital assets and decentralized finance.
