TD Ameritrade is a publicly traded online broker, boasting over 7 million users and processing approximately 650,000 trades daily. Comprehensive offerings facilitate trading in stocks, forex, futures, options, ETFs, and other securities. This review will examine all aspects of their services, including account fees, trading platforms, mobile applications, and more.

The firm offers various trading platforms and has also started to market with innovative trading tools. This has enabled them to offer a flexible trading hub for traders at all levels.

There are various account options that also cater to different types of traders.

The think tank was originally an entirely separate brand but has now been brought under the TD Ameritrade umbrella. This compliments other platforms, which have deployed web-based or mobile trading on android or iOS. Although the platforms require some getting used to, they are feature rich and flexible.

Account Type

A typical individual TD Ameritrade trading account is relatively easy to open. Once you have filled out the required forms and TD Ameritrade has completed their review, you can begin trading. As mentioned above, there is no minimum deposit required to open an account. However, the minimum electronic financing is $50.

If you want to use margin you will need a minimum balance of $2,000. This will allow you to double your purchasing power, but you may have to pay interest on the loan.

 

 

Trading Platform

Whether you live in the UK or Canada, once you log into your brokerage account, you’ll have access to the same TD Ameritrade trading platform. In fact, you’ll have three options, TD Ameritrade.com and the web-based Trade Architect, as well as a desktop application thinker.

TD Ameritrade.com

This web-based platform is ideal for new day traders who want to simplify their journey. Having said that, you will be overwhelmed with a lot of information, which can make navigating the website quite difficult. Fortunately, you can use the ‘Ask Ted’ chatbot, which will be able to answer questions.

You also get access to the Portfolio Planner tool. This allows you to build a target asset allocation plan, helping to create a balanced portfolio of securities. You can choose between standard models or you can build and customize your own to ensure optimal results with your strategy.

Commercial Architect

TD Ameritrade’s Trade Architect is the next level in terms of trading tools and real-time features. For example, you get news stories, market heat maps and different types of orders. The platform is also clean and easy to use. Accessing the data feed is easy, you can customize the charts, and you have 30 stocks and options fans.

The system has also been streamlined so that completing basic tasks, such as placing stop-limits and trailing stop orders, is quick and easy. Additionally, there are optional trading tools, such as probability analysis, profit and loss graphs, and target zone tools. As a result, Trading Architect is a good choice for traders with some experience who want to invest a modest amount of funds.

Thinkerswim

Initially a stand-alone broker until TD Ameritrade took over in 2009, thinker was considered the crown jewel of the platform’s offerings. Once you download this desktop platform, serious traders can benefit from all the features found in Trade Architect, as well as more advanced trading capabilities. In fact, it is so sophisticated, that only TradeStation offers such a comprehensive platform.

You get access to dozens of real-time data flow charts and more than 300 technical studies for each chart. This is actually the highest amount in the industry and every study can be customized. Explore ThinkScript which is thinker’s proprietary modeling language and you can even create your own pointers.

You also have:

  • Backtesting
  • Company profile
  • Plotting FRED data
  • Custom critic
  • Advanced revenue analysis tools
  • Real-time stock scanning and share charts
  • The ability to replay historical markets is marked with a tick
  • Access to economic and corporate calendars

Experienced traders will struggle to find such an advanced, reliable and easy-to-use platform. Modifications can go as far as the user’s imagination will take them. Therefore, in terms of trading tools and platforms, TD Ameritrade user surveys report the highest levels of satisfaction.

Also note, all three platforms can be used to trade a variety of instruments, from penny stocks to cryptocurrencies, such as ethereum and litecoin.

 

Minimum Initial Deposit

One of the immediate benefits of a TD Ameritrade brokerage account is that there is no minimum initial deposit requirement. This is great for beginners and those with limited startup capital. In fact, this is great when compared to prices at other competitors, where the account minimum can range from $500 to $10,000.

Spreads & Commissions

Reviews and brochures show that TD Ameritrade does not perform well in terms of margin rates and commission payments. Commissions are higher than the industry average at $6.95 per trade for stocks and ETFs. This is actually twice as high as some other discount brokers. In fact, when you compare TD Ameritrade vs Etrade, Interactive Brokers and Scottrade, it’s only Etrade that charges as much.

Having said that, you can benefit from 101 commission-free ETFs. The only downside is that any commission-free ETF sold within 30 days of purchase is subject to a $13.90 trading fee.

The question that will be answered below though, are the powerful trading tools and research resources enough to make these high brokerage fees good value for money?

 

 

Bonus

There are several special offers and promotional bonuses available for new traders. In fact, new account cash bonuses range from $100 for deposits between $25,000 and $99,999 all the way up to a $1000 promotion for high dollar accounts.

In addition to the deposit bonus, TD Ameritrade sometimes releases promo offer codes, as well as giving users up to 500 free trades. It’s also worth keeping an eye on their website for transfer bonuses.

Leverage

Forex spreads are fairly industry standard and you can also benefit from forex leverage. This is essentially a loan, which allows you to improve your position and potentially increase profits. However, trading on margin can also reinforce losses.

In addition, TD Ameritrade’s margin costs are among the most expensive in the industry. The base margin rate is 7.75%, while the maximum rate is 9%. You also need to hold a minimum account balance of $2,000 for the margin account.

Other Trading Fees

Once you have your login details and start trading, you will incur certain trading fees. For example, a domestic wire withdrawal will cost $25. An account transfer will cost $75, and a forced margin reduction is charged at $25 plus the broker’s commission.

Despite this, TD Ameritrade’s pricing structure is quite transparent. In addition, you do not have to pay any annual or inactive fees, unlike Interactive Brokers.

Overall, TD Ameritrade is above average in terms of commissions and spreads. However, their zero minimum account requirements and generous promotions help negate some of those costs. So if you’re looking for low futures, options and mutual funds, you might want to head elsewhere. If you’re looking for a cheap startup and a generous cash reward, then TD Ameritrade might make sense.

Mobile Application

When you open a new account, you will also have access to two mobile applications, TD Ameritrade Mobile and TD Ameritrade Mobile Trader. This container is designed for beginners and casual investors. The latter is for very active traders who need a variety of advanced features and functions. Overall, iPhone, iPad and Android reviews are overwhelmingly positive.

TD Ameritrade Mobile

While you can log in with your username and password, there is also an ID login capability. Once you’re in the app, you can adjust the position and see the list view. Accessing their extensive in-depth research directly while viewing margin balances and account information is quick and easy.

In addition, you can use Social Signals analysis. You’ll also find mobile apps compatible with both iOS and Android devices.

TD Ameritrade Mobile Trader

The Mobile Trader app enables advanced charts, with an impressive 328 technical studies. In addition, you get a long list of ordering options. The interface is sleek and easy to navigate. Reviews show that even making complex trading choices is stress-free.

You have in-app chat support that will connect you directly to a customer service advisor if you have any problems and the app is not working.

There is also a screen sharing function. This allows you to connect your thinker desktop platform to the Mobile Trader application. You simply select the quote tab, select the color next to the search bar that matches the thinker, pull the quote and the thinker will follow your lead. In fact, it is so thorough that some users argue that it is the best in the industry.

Having said that, some reviews suggest the ability to filter and set advanced alerts would improve the Mobile Trader app even further.

 

 

Payment method

Customers can make direct deposits and withdraw funds easily through the TD Ameritrade network.

You can choose to wire money back to your TD Ameritrade account. You will only need your bank account number and any associated security codes. Completion usually takes 30 minutes to 3 business days. However, you need to transfer at least $50 and can transfer a maximum of $250,000.

The most popular method of funding is wire transfer. There is no contribution limit and the completion time is one business day. However, you may need to check any trading rules or transfer fees charged by your bank.

You can also use Paypal to fund your account and make withdrawals. Finally, you can also fund your account by check or external securities transfer. It may also be worth heading to their website to check for any current giveaways or offers to use a particular funding method.

 

Demo Account

TD Ameritrade also offers a free demo account called PaperMoney. Funded with simulated money, you don’t have to risk real capital until you feel confident. This is a great opportunity to get to know the market and develop strategies. It’s also a great way to test the TD Ameritrade trading platform.

For paper trading, you only need a few basic details, including your name, email address, phone number and location. Once your confidence has grown, it is then easy to close your demo account and upgrade to a live trading account.

Additional features

User reviews indicate satisfaction with the number of useful additional features available in TD Ameritrade’s offering, including:

  • Social Signals – The Social Signals feature provides an algorithmically filtered real-time streaming feed of relevant tweets. You also get a summary chart of the most talked about brands. Many feel this is easier to use than StockTwits.
  • Peer Comparison – the Peer Comparison tab allows you to find customizable net charts displaying the security’s latest performance against its competitors. This is then followed up with a table of relevant metrics.
  • Free research – You can find streaming news from Zacks, Dow Jones, briefing.com, as well as several other sources. In addition, there is analysis from Edge Market, CFRA, Credit Suisse and Vickers.
  • Interactive learning – TD Ameritrade offers a variety of ways you can learn, from videos and articles to slide shows and quizzes. In addition, they will monitor progress and award virtual points and trophies as you improve. In fact, a quick video training review highlights how comprehensive and helpful their educational resources are.
  • Earnings calendar tool – This allows you to track earnings announcements of companies of interest. It can help you prepare for upcoming data releases and predict future price movements.

Rules & Licenses

In today’s trading world, it is important that you can trust your broker. Checking it is properly regulated and licensed is, therefore, important.

For more than four decades, TD Ameritrade has been recognized for facilitating orderly international access to traders. This company is regulated by FINRA. In addition, customer accounts are protected under the FDIC (deposit accounts held at TD Bank) and SIPC. In addition, excess SIPC cover is provided by London insurers.

What this means is that your funds are protected in various scenarios, such as TD Ameritrade becoming solvent. They are licensed in various locations, from the United States to Hong Kong. However, go to the full website to see the details of the rules for your location.

Benefits

There are several very good reasons to choose TD Ameritrade, including:

  • There are many optional instruments.
  • You get fast and reliable customer service.
  • You can make advanced orders, including OCO and brackets.
  • TD Ameritrade provides in-depth research and educational resources.
  • Extending 24/7 trading hours allows international access to the market.
  • They facilitate automatic synchronization between desktop and mobile trading platforms.
  • There is access to more than 350 technical studies, 20 drawing tools and 8 Fibonacci tools.
  • You get free access to an advanced thinker platform, with no account minimums.
  • There is access to more than 100 commission-free ETFs and hundreds of transaction-free mutual funds.
  • Portfolio margin provides some users with increased leverage by basing the margin requirement on the portfolio’s total risk.
  • You can choose between three trading platforms, ensuring there is a platform for traders of all experience levels.
  • There are automated trading capabilities, including robo-advisors from their Investments
  • Essential Portfolio and Management Services. Reviews that show a high level of customer satisfaction.
  • The Economic Data Tool enables access to a wide range of data on the health of the global economy.
  • On the platform, you will find an active chat room to share ideas and communicate with thousands of experienced traders.

Weakness

 

 

Despite the number of TD Ameritrade benefits listed above, there are also some downsides to their offering, including:

  • Trading costs are unavoidable. When you put TD Ameritrade vs OptionsHouse and other competitors, you realize that TD Ameritrade’s commission rates for stocks and ETFs, in particular, are well above the industry norm.
  • You’ll be hit with a $19.99 short-term trading fee if you sell any of your commission-free ETFs within 30 days.
  • Broker-assisted trading commissions are around $44.99, while other firms keep prices around $25 to $35.
  • You also have strict margin maintenance requirements to contend with.
  • Security can be increased through the use of two-factor authentication features. A feature offered by few competitors.
  • New traders may be overwhelmed by the vast amount of information and tools available. As a result, new traders may want to find a cleaner trading platform.

For those trading bitcoin to penny stocks, all of the above points have dragged down TD Ameritrade’s reviews and ratings. However, there are many positives. So whether the pros outweigh the cons will be a personal choice.

Trading Hours

TD Trade and TD Ameritrade trade are the industry standard. The company was among the first to announce that it would offer 24-hour trading. This means users can react instantly to overnight news and events such as global elections.

This move also increases their appeal in Asia, as those with interests in US equities can now speculate on price movements. Outside of the hours between Sunday 20:00 EST and Friday 20:00 EST, clients can trade 12 ETFs.

Therefore, for those interested in premarket hours and various instruments, from index funds to bitcoin (BTC) and options, there will always be trading opportunities at TD Ameritrade.

Contact & Customer Support

TD Ameritrade now offers 24/7 support via email, text and even Facebook Messenger. User reviews indicate wait times for phone support of less than two minutes. Support is available in multiple languages, including English, Spanish, Cantonese and Mandarin. Go to their website for the 24 hour number where you are.

Emails are usually returned within 12 hours. Agents are trained with in-depth knowledge of both platforms and trading accounts. They should be able to help you with TD Ameritrade.com login problems, or when the website goes down.

Unfortunately, ‘Ask Ted’ live chat support is only for customers using the thinker platform. Therefore, there is room for improvement in this area. But if you have access to live chat, they can help you with everything from forgotten usernames and premarket trades to referral bonuses and opt-in approvals.

Overall, reviews show traders are very satisfied with TD Ameritrade’s customer support and help desk. But if you want direct contact, you can head to many offices or attend one of their events. You can also go to the ‘Contact Us’ section for the nearest mailing address in your location.

Brief history

 

From their headquarters in Omaha, Nebraska, TD Ameritrade has been serving clients since 1971. The brokerage has nearly 50 years of industry first experience, including:

  • 1998 – TD Ameritrade was among the first to introduce touch-tone trading.
  • 1994 – They were also the first to pioneer online day trading.
  • Late 1990s – TD Ameritrade introduced online option order entry and electronic trade confirmation via email.
  • 2000 – They were the first to guarantee 10-second trade execution speed and introduced paperless account creation.

So, over the years they have continued to make headlines providing innovative solutions to merchant issues. As a result, they now offer truly global trading in a variety of instruments, including bitcoin, money market mutual funds, bonds, and other fixed income securities.

Go to their official website and you will see the broker’s exchange goals are always the same. They have “empowered customers by helping them take control of their financial lives.” But what do user reviews say when you delve beneath the headlines?

Safety & Security

TD Ameritrade takes customer safety and security very seriously, as it should. This means personal information is kept safe through an advanced firewall. Anomaly detection and intrusion technologies are also used to detect any unusual behavior from your account.

The TD Ameritrade website is secure and uses 128-bit encryption to transmit all data between your computer and their website.

There is also the TD Ameritrade Asset Protection Guarantee which will reimburse your account if you lose any funds due to unauthorized activity. Their website states that they will “reimburse you for the cash or shares of securities you lose.”

However, even if your data and account are relatively safe, there is room for improvement. For example, two-factor authentication will further improve their current system.

TD Ameritrade results

TD Ameritrade is an industry leader in terms of their trading platform and access to high-quality research and educational resources. Throw in the $0 minimum deposit requirement, detailed user guide and access to after-hours trading, and they should be serious contenders on your broker shortlist.

However, very active traders may want to think twice as a result of high commissions and margin rates. The lack of customizable hotkeys and direct access routing can also give cause for pause. Overall, if you are a fairly active trader who wants a powerful platform and access to extensive research, then TD Ameritrade could be the right choice.

Accepted Countries

TD Ameritrade only accepts traders from the United States.