It’s now possible to get Free Level 2 Indicators and a Free Trading Platform. That’s free live streaming market quotes at no monthly cost to you. To be eligible you’ll need two things.
A U.S. Citizenship and $50.00 to open the account.
OK, now I know that I said Free Level 2 Indicators. In the end it is free, but there are a couple of catches. I believe a lot people reading this are in the U.S. and have $50.00 in the bank. If you’re ready to continue, head over to thinkorswim.com and sign up for an actual account.
Not a paper trading account, but a standard brokerage account. After you’ve signed up you’ll need to fund your account in order to enable the live streaming Level 2 data. If you do not fund your account at least the account minimum of $50.00, you’ll receive the following error message.
The only way to sign the Exchange Agreement is to first fund your account. After you’ve added the account minimum, all of the Think or Swim features, including Level 2 Market Data will be available.
If you’d like to trade with TD Ameritrade the cost is about $20.00 for a round trip trade. I believe they’re offering free market data to bring more customers in. You don’t have to trade with them to keep your account active.
People trading without Level 2 Indicators are missing out on what’s really going on. The Level 2 Indicator shows the bid and ask in real-time for any stock.
When day trading volatile stocks its imperative to see the bid and ask.
The following screenshot was taken from the TD Ameritrade website.
As a non-professional TD Ameritrade account holder you’re entitled to all real-time quotes at no charge to you! If you know of any other brokerages providing a free trading platform and Free Level 2 Indicators please let everyone know in the comments section below.