Sofi vs. thinkorswim - A Detailed Comparison (2024)

• Updated August 9, 2024
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Discover our detailed comparison of Sofi and thinkorswim to help determine which is best for you. Whether you’re a seasoned trader or just starting out, choosing the right platform can significantly impact your trading experience.

To make your research easier, we manually found key data for Sofi and thinkorswim across the internet and compiled it all in this article.

Overview of Sofi

Sofi

• ✓ Banking and investing combo
• ✓ Personal loan options
• ✓ Net worth tracking tool

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SoFi is an all in one financial platform allowing you to open bank accounts, brokerage accounts, refinance loans, get personal loans, track your net worth, and track your spending. SoFi used to offer the ability to trade crypto, but no longer does due to scrutinty from regulators. SoFi is a great option if you want to access all of your financial accounts from a single platform, but the only downside lies in the lack of physical locations for its banking services. However, it does offer much better interest rates on your cash thank big banks like Chase if you set up direct deposit.

Sofi is Best For

SoFi is best for those who want a central platform to access all of their financial accounts including stocks, loans, and bank accounts. It is also great for those who want a convenient way to track their net worth and spending in an automated and organized app. SoFi will automatically track your recurring monthly expenses, allowing you to see exactly how much you spend each month. It also provides a line chart of your net worth and spending making tracking your expenses easy and fun.

Overview of thinkorswim

thinkorswim

• ✓ Customizable charting tools
• ✓ Paper trading features
• ✓ Free for Schwab accounts

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thinkorswim was founded by Tom Sosnoff in the late 90s, and is one of the most popular trading platforms today. thinkorswim allows you to use advanced charting tools, custom indicators, screeners, trade options, and more! thinkorswim itself is not a brokerage, but is compatible with Schwab and TD Ameritrade customers.

thinkorswim is Best For

thinkorswim is best for traders who already use Schwab or TD Ameritrade, and want an excellent trading platform for technical analysis, options trading, news, and more!

Key Characteristics of Sofi and thinkorswim

Trading Features and Tools

Trading Costs and Commissions Compared

Sofi vs thinkorswim – Bottom Line

Choosing between Sofi and thinkorswim depends on your specific trading needs, preferred trading tools, and the type of assets you’re interested in.

Both platforms offer distinct advantages, but by considering the detailed comparison above, you can select the one that aligns best with your trading strategy and goals.

For more detailed reviews and comparisons, continue exploring our other articles on brokerage platform comparisons.

What is the Overall Best Charting Software?

I have reviewed and used nearly every trading platform available, and I believe that TradingView is the best overall charting software available. Here are some reasons why:

• All of TradingView’s key features are free to use
• TradingView provides real-time data for free whenever possible
• You are not tied to a single broker and can use whichever you want while charting on TradingView
• You can track all markets on a single platform, including stocks, ETFs, crypto, forex, and futures.
• TradingView has an excellent economic calendar and various screeners

If you sign up for a TradingView account using my affiliate link, you can get a 30-day free trial of its premium features plus a $15 credit toward your subscription. However, signing up for a free trial is not required, and you can use nearly all of its features with a basic free account. You can read my full review of TradingView to learn more.

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