Charles Schwab’s retail trading experience, Schwab Trading Powered by Ameritrade, is now available to traders in the UK.
Schwab has combined its award-winning ‘thinkorswim’ suite of trading platforms with the trading capabilities on Schwab.com and Schwab Mobile, along with extensive trading education and specialised support services to provide traders of all types and levels with what it is calling “an exceptional holistic trading experience.”
The thinkorswim platforms – accessible via desktop, mobile and web – sit at the core of Schwab Trading Powered by Ameritrade and provide powerful charting and analytics tools, trader-friendly navigation, and extensive customisation.
Traders have the ability to trade an array of US-based products, including equities and select derivatives, with US$0 account minimum and US$0 online listed equity trade commissions.
Richard Flynn, Managing Director of Charles Schwab UK, said: “We know from our recent Investment Forces research that a new generation of investor – Gen T, or Generation Trader – is emerging in the UK; more than three-quarters of Gen Z and Millennial retail investors are already doing – or considering doing – copy trading, and 58% adjust their investments at least once a month. With this new generation adopting a more proactive approach to managing their investments, education plays a critical role in helping them learn and implement strategies and stay on top of market news and economic events.”
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The platform offers extensive customisation through the thinkScript programming language, enabling investors to build their own order entry and strategic testing algorithms to see how various scenarios could play out. They also benefit from the ability to pull from a wide array of technical studies, including basic support, resistance, candlestick, and profile charts as well as sophisticated charts like monkey bars and Renko charts alongside up to 20 drawings with eight Fibonacci tools.
Charles Schwab says it is offering communication capabilities enabling users to share ideas and insights with other traders via in-platform chat rooms and a trading simulator called paperMoney which allows users to test trading strategies and place trades without monetary risk in a real-time environment.
Comprehensive education tailored to traders
In addition to the thinkorswim platforms, UK traders also now have unlimited access to education tools – from live events and courses, to articles, videos and podcasts – which are specifically tailored to meet their evolving learning needs. Clients also have access to Schwab Coaching, which connects traders with experienced education coaches in one-to-many interactive webcasts to “look over the shoulder” of seasoned trading professionals.
To help take advantage of the Schwab’s trading capabilities, clients have the ability to connect with specialised trading support professionals on any platform, product and trading strategy needs. In addition to the local support available to clients via Schwab’s London branch office, Schwab’s Trade Desk is available to all clients and can help with a range of trading topics, from learning the ins and outs of platforms to providing a simple gut check to help clients better understand the potential gains or losses of their trade idea. Clients can connect with trading specialists 24/5 via phone, chat or in-platform.
Lisa Hunt, Managing Director, Head of International Services for Charles Schwab & Co., Inc., added: “Historically, UK retail traders have been underserved, with clunky, hard-to-use platforms that are either so complex that they are only suitable for professional traders or so basic that they are really for novices only. Our flagship, award-winning thinkorswim platforms change this, providing an incredibly deep trading experience for both sophisticated traders, and those who are still building their expertise, and the ability to continually upskill one’s trading capabilities. We want to see UK traders unlock their potential and invest in their tomorrow, and are committed to bringing them the best technology and trading experience in order to achieve this.”
Schwab Trading Powered by Ameritrade is already available to US-based retail traders.
