Summary

TD Ameritrade is a financial services company located in Nebraska, United States. They have an extensive list of financial products consisting of 12,000+ Stocks, 1,100+ Options, 3,000+ ETFs, 13,000+ Mutual Funds, 65+ Forex Pairs, 80+ Futures, and 3,000+ Bonds. This broker is very popular for its trading platform, Thinkorswim, which many users claim provides excellent charting tools. In addition to ThinkorSwim, they also offer a proprietary web trading application and a mobile app. Another fantastic feature of TD Ameritrade is its wide range of educational resources.

This broker’s extensive list of stock options is available from five exchanges in the United States. They do not charge any commission for online stock purchases on their apps. Trading fees are relatively minimal. However, clients who engage in Forex trading will be expected to pay for Spreads on any financial instruments they order. Also, individuals who engage in Options and Futures trading will be expected to pay a fee of $0.65 and $2.25 respectively. For non-trading fees, customers making a withdrawal to a domestic or international account will be charged $25.

In this TD Ameritrade review, we carefully examine all aspects of the broker’s services, including its available assets, regulations, account types, payment methods, educational resources, and online comments across websites such as Reddit, Quora, TrustPilot, and ForexPeaceArmy.

Available Assets

The broker offers a long list of investment products which includes 12,000+ Stocks, 1,100+ Options, 3,000+ ETFs, 65+ Forex pairs, 13,000+ Mutual Funds, 80+ Futures, and 3,000+ Bonds. They also offer indirect investment in cryptocurrencies. In this part of our TD Ameritrade review, we explore the details of the various financial assets that they provide.

Stocks

There are 12,000+ real Stocks available on TD Ameritrade. Traders can access popular Stocks from several global exchanges across various industries, including communication services, healthcare, IT, automobiles, and energy.

Options

The broker lists over 1,100+ Options on its website. With their screeners, clients can view the CFRA Powerpicks, CFRA Best 10, and CFRA 5-star Options or find their preferred choice using personalized criteria.

Forex

Customers looking to participate in the Forex Markets will be able to do so with TD Ameritrade. They list 65+ forex pairs. Furthermore, their extensive forex offering includes major, minor, and exotic pairs.

Futures

TD Ameritrade is one of the few financial and investment service companies that offers clients the opportunity to invest in Futures. There are 80+ futures available to qualified investors, including metals, energy, agriculture, currencies, crypto, and micros. Traders will have access to popular choices such as Nikkei 225, E-mini S&P 500, and E-mini NASDAQ-100.

Cryptocurrencies

Cryptocurrencies are not directly available with this broker. However, traders can invest in crypto indirectly via OTC Trusts, Mutual Funds and ETFs, and Bitcoin Futures.

ETFs

TD Ameritrade lists 3,000+ ETFs on its trading platforms. Their ETF offering consists of Lifecycle ETFs, Bear Market ETFs, Commodities ETFs, Currency ETFs, and Inflation-Protected Bond ETFs.

Mutual Funds

Mutual Funds on TD Ameritrade cut across several categories, including Lifecycle Funds, High-yield Funds, Index Funds, Asset Allocation Funds, and International Bond Funds. In total, there are 13,000+ of these assets available on this broker.

Bonds

TD Ameritrade has a vast range of bonds and other fixed asset instruments which include up to 3,000 Bond Mutual Funds and 400 Bond ETFs.

Stock Trading at TD Ameritrade

The company offers only real Stocks to its customers. They do not list any CFD Stock offerings on their platform. In this section of our TD Ameritrade review, we provide you with the essential details regarding Stock trading with this broker. We cover their available Stock Exchanges and discuss their fees, commission, and leverage

Available Stock Exchanges at TD Ameritrade

TD Ameritrade stocks spread across various sectors and subsectors and include many popular and lesser-known options. They list five different available US Exchanges on their website, which are outlined in the table below.

Stock Trading Fees & Commission at TD Ameritrade

Stock trading costs largely depend on the trade execution method used by the trader. TD Ameritrade does not charge a commission on Stocks ordered online. However, customers who use the Interactive Voice Response (IVR) Phone System or are assisted by a broker will be charged $5 and $25 respectively.

Stock Trading Leverage at TD Ameritrade

There is no leverage trading available for shares with this broker as they do not offer CFD stocks on their platform. However, traders who wish to trade Forex pairs can enjoy leverage up to 1:50.

Regulations

The company is authorized by the Financial Industry Regulatory Authority (FINRA) in the United States, a not-for-profit organization that oversees the activities of stock brokers. Unfortunately, at the moment, they are not registered with the Securities and Exchange Commission (SEC). This section of our TD Ameritrade review provides you with their regulatory details as well as address information.

TD Ameritrade Inc: This company is a subsidiary of the Charles Schwab Corporation and is authorized by FINRA. They are located at 200 South 108th Avenue, Omaha, NE 68154, United States.

• CRD#: 7870/SEC#: 801-60469,8-23395

Fees and Commissions

TD Ameritrade is advertised as a low-cost brokerage firm. However clients of this broker will still incur several trading and non-trading costs on its various available financial instruments. Here in our review, we take a look at each of these fees.

Trading Fees

TD Ameritrade does not charge a commission on online Stocks, Forex, ETFs, or options. Their trading fees include Spreads, Option fees, and Futures fees. Below we go into further detail about these costs.

Spreads

This broker profits from the difference between the bid and ask prices on Forex pairs listed on their trading apps. Clients who engage in Forex trading via their available platforms will be able to access TD Ameritrade spreads as low as 1.3 pips.

Option Fees

Customers who trade options online with this broker will be required to pay $0.65 per contract. In addition to this fee, clients who use the IVR phone system method will also pay $5, while those who engage in broker-assisted trading will be charged $25.

Futures Fees

Futures trading with this broker attracts a fee of $2.25 per contract. Customers who trade this instrument with TD Ameritrade are mandated to pay this fee along with other exchange and regulatory fees.

Non-Trading Fees

The company does not charge a deposit or inactivity fee. Traders, however, will be required to pay a fee for transfers. Here, we explain the non-trading fees charged by TD Ameritrade.

Transfer Fee

TD Ameritrade charges a transfer fee for wire transfers and full account transfers. Partial account transfers on this broker are free. Clients who wish to transfer from their account via the wire transfer method will pay a $25 fee, while those initiating a full account transfer will be charged $75.

Account Types

TD Ameritrade has a demo trading account, paperMoney, and five real money account types – Standard, Retirement, Education, Specialty, and Margin Trading. However, each of these accounts has sub-account types listed. In this section of our review, we provide a more detailed look into each of these TD Ameritrade account types and explore their unique features.

PaperMoney

With a paperMoney Account, clients of this broker can practice their trading without risking real cash on the broker’s ThinkorSwim platform. Clients who open this account will be given access to a virtual balance of $100,000 and all TD Ameritrade’s financial products to enable them to develop their trading strategies and familiarize themselves with the broker’s trading apps.

Standard Account

Standard Accounts are the most popular option for traders who use TD Ameritrade. The broker offers six Standard Account options – Individual, Joint Tenants with Rights of Survivorship (JTWROS), Tenants in Common, Community Property, Tenants by the Entireties, and Guardianship or Conservatorship. Depending on a customer’s unique circumstances the standard accounts contain sub-options for individual and combined accounts. Apart from the Guardianship or Conservatorship Account, all other sub-account types provide access to margin trading if the account owner has a minimum balance of $2,000 or more.

Retirement Account

Retirement Accounts provide a medium for individuals across various demographics from self-employed, to small businesses and employees, to meet their retirement goals. Each of the account subtypes offers diverse tax benefits and has specific criteria for eligibility. There are 7 Retirement Account subtypes on TD Ameritrade, they are: Traditional IRA, Roth IRA, Rollover IRA, SEP IRA, Solo 401k, SIMPLE IRA, and Pension or Profit Plan.

Education Account

Education Accounts are for clients looking to save for College or other higher education opportunities. Depending on a customer’s educational needs, there are three Education Account subtypes – 529 Plans, Coverdell Education Savings Account, and Custodial Uniform Gift to Minors Act (UGMA)/ Uniform Transfer to Minors Act (UTMA).

Specialty Account

Specialty Accounts are designed for business entities seeking to plan for the future. There are up to 10 account subtypes for the Specialty Account option on TD Ameritrade, which include Trust, Limited Partnership, Partnership, Investment Club, Limited Liability, Sole Proprietorship, Corporate, Non-Incorporated, Small Business Plans and Charitable.

Margin Trading Account

Margin Trading Accounts allow clients of this broker to increase their stock purchasing power by accessing leverage on all its available financial products. Owners of this account will be able to make use of funds without liquidating any of their assets. However, to use a Margin Trading Account, a trader must have up to $2,000 in cash or securities.

Trading Platforms

TD Ameritrade has its own trading platform, Thinkorswim, which is available as a mobile, desktop, and web application. Unfortunately, this broker is not compatible with MetaTrader 4, MetaTrader 5, or cTrader. As part of our review, we examine the features of TD Ameritrade’s trading apps and provide a list of steps to follow to create an account and start investing with the broker.

Desktop Trading Platforms

TD Ameritrade has a web application and desktop application, ThinkorSwim, for traders. Below, we cover some of the features of this application and outline a step-by-step process for registration and investing with the broker on a desktop.

User Interface

The user interface of the ThinkorSwim desktop app is relatively complex. Beginners and traders who are more familiar with platforms such as MetaTrader may find navigating the TD Ameritrade desktop app a little bit difficult in the early stages.

Design

The ThinkorSwim app contains nine tabs and can accommodate several charts in one view. Traders can see all the essential information they need without having to do a lot of navigation. However, this app’s design is very different from other popular trading applications.

Watchlist

This broker’s desktop app includes a watchlist space where traders can aggregate and monitor all their preferred instruments. In addition to personalized watchlists, the ThinkorSwim app also includes public watchlists.

Education Center

The Education Center on ThinkorSwim provides courses for new and experienced traders to improve their trading skills. All TD Ameritrade clients can access the education center by clicking the Education tab on the homepage of the desktop app.

How to Open an Account on TD Ameritrade ThinkorSwim Desktop App

1. Visit www.tdameritrade.com and select the Open an Account button located at the top-right corner.
2. Select an account type from the list of options provided. If unsure of the account type to choose, click the Find an Account button and you will be directed to a survey that will help you find the best-fit.
3. After choosing your account type, you will be required to fill in your Contact Information which includes your name, email, address information, and phone number. Then you will need to agree to the conditions of the privacy statement.
4. Enter your Personal Information, which will include your date of birth, social security number or ITIN, and employment status.
5. Fill in your annual income, net worth, source of funds, and other financial information requested.
6. Review all the account information you provided and read and accept the client agreement.
7. Next, proceed to get your account verified by sending a copy of your Social Security Card or ITIN, government-issued ID, IRS Form W-9, and trusted contact form.
8. After 2-4 business days, your account should be approved. Then, you can log in to your account on the TD Ameritrade website and select My Account, followed by Deposit.
9. Choose from any of the listed deposit options, add funds to your account to begin investing.

Mobile Apps

Traders who wish to monitor and place orders for financial products with their mobile phones can do so with the TD Ameritrade mobile app or the ThinkorSwim app. Both applications are created by the broker and are available on the iOS and Android app stores. In this section, we will review the features of the mobile app and itemize the account opening process.

User Interface

The user interface of the TD Ameritrade Mobile app is very intuitive. First-time traders should be able to get started using the various features available with relatively little effort.

Design

This broker’s mobile app has an excellent design, with well-contrasted colors and four easy-to-understand tabs – Dashboard, Watchlists, Markets, and Accounts.

Education

The Education tab contains learning resources for clients of this broker. Customers can access these materials by clicking on the dropdown menu and selecting Education.

Watchlist

Users of this broker can search for instruments and place them on the watchlist for easy observation. This feature helps traders to collate all their instruments of interest into a single view for monitoring.

Market Calendar

The Market Calendar, which can be accessed from the Markets tab on the TD Ameritrade mobile app, provides information on forthcoming events that traders should be aware of. With this feature, clients of this broker can make more informed trading decisions.

How to Open an Account on TD Ameritrade ThinkorSwim Mobile App

1. Go to your device’s app store, search for TD Ameritrade Mobile, and download the application.
2. Select Open a New Account.
3. View the list of account types provided and select your preferred option.
4. Next, you will be required to fill in your name, email address, and other contact information.
5. Accept the TD Ameritrade Privacy Statement.
6. Enter your personal information, which includes your date of birth, social security number, and employment status.
7. Fill out all boxes in the financial information section of the registration page.
8. Check all your information and confirm that all submitted details are correct.
9. Create your UserID and password.
10. After submitting your required documents and awaiting verification, you will be given an account number and you can then proceed to fund your account.

Payment Methods

Clients looking to fund their accounts or withdraw their profits will be able to select from a list of options provided by the broker. Our review examines the diverse methods for deposits and withdrawals at TD Ameritrade. We also discuss the minimum deposit and withdrawal amount as well as processing times for these methods.

Deposit

This broker allows traders to deposit funds to their account or transfer shares held at another firm to their TD Ameritrade trading account. There are five deposit methods available on TD Ameritrade – Electronic Bank Transfer (ACH), Wire Transfer, Checks, Account Transfers from Another Firm, and Physical Stock Certificates. They do not offer credit and debit cards or e-wallets.

Clients funding their account through Electronic Bank Transfers will have a deposit limit of $150,000 if they use Express Funding and $250,000 when customers connect via their trading app and fund from their bank account. To engage in ACH transfers without limits, a client will need to initiate the deposit from their bank directly. Furthermore, other listed methods also have no deposit limits. The minimum deposit amount for all electronic funding methods is $50. Below we list the various deposit options as well as their processing times.

Withdrawals

Clients using TD Ameritrade can withdraw their funds via wire transfers. Also, these transfers must be to a bank account in the trader’s name. Withdrawals usually attract a fee of $25. Finally, the broker does not list a minimum withdrawal amount.

Account Base Currency

TD Ameritrade offers only one account base currency, USD.

Research and Education

TD Ameritrade offers an excellent range of educational resources for traders at all levels. These resources also cover all learning styles from audio to text, visual, and one-on-one discussions. It provides well-structured courses which are available in the Education tab on the ThinkorSwim app. Some subjects they cover include; Income Investing, Trading Options, Options for Volatility, and Fundamentals of Futures Trading. They also have a long list of articles on their website that provide regular market updates and information on topics such as Retirement, Trading, Investing, and Personal Finance.

In addition, TD Ameritrade has animated videos that cover investment basics to enable beginners to grasp the essential concepts they need on their investment journey. They also host up to 30 webcasts each week where customers can interact directly with the coaches, ask personalized questions, and receive valuable feedback. These webcasts are spread across several broad topics, including Portfolio Management, Investing, and Trading Basics. For clients who enjoy audio learning, this broker has a podcast, The Talking Green Podcast, where they discuss financial management and investment. Finally, TD Ameritrade regularly organizes in-person meetings for interested traders. Here, clients can participate in workshops, branch seminars, and market drives. They can also network with fellow traders and gain a better understanding of finance concepts.

Aside from educational resources, there are also several research tools available on TD Ameritrade. The broker offers a Market Edge section which provides technical analysis of the financial markets. They also have Market Java, a service that provides clients with emails regarding recent market news. Furthermore, TD Ameritrade provides Screeners, a feature that enables customers to create a custom screen based on chosen criteria to find stocks, options, mutual funds, and ETFs. Clients can also find stocks of interest by keeping tabs on the latest news across various media platforms with the Stocks Overview section.

Customer Services

Our review of TD Ameritrade’s customer support deems it to be limited relative to some of the broker’s competitors. They do not have a live chat option for customer complaints. However, they allow clients to table their complaints via phone call. New customers can access support by calling 800-454-9272 while older users can dial 800-668-3900. These call lines are available 24/7 for regular support. However, individuals seeking technical assistance will only be able to obtain assistance between 7:00 am to 6:00 pm ET from Mondays to Fridays.

In addition to call support, TD Ameritrade also allows customers to send a message via their social media pages on Facebook and Twitter. Also, clients of this broker resident in the United States can visit one of their 175 branches. You can find a list of all these branches and locate the one closest to you by visiting this broker’s website. Finally, TD Ameritrade has a detailed FAQ section where common issues clients face are addressed, and a Fax number for individuals who would prefer to use that option. The fax number for this broker is 866-468-6268.

Online Reviews

TD Ameritrade is a popular broker that has built a reputation as a trustworthy investment company for trading in stocks and many other financial assets. In this section, we examine the various user comments regarding this broker on popular discussion forums and websites. There have been several positive and negative comments about TD Ameritrade and here in our review, we dive deep into what the customers of this broker have to say about their services on Reddit, Quora, TrustPilot, and ForexPeaceArmy.

What Reddit Users Say About TD Ameritrade

Generally, most people on Reddit have only positive things to say about this broker. A feature that was singled out for praise by many individuals was the ThinkorSwim trading app, which users claimed was user-friendly and offered excellent charting tools for technical analysis. Also, some users mentioned that TD Ameritrade does not charge fees for ETF trading on their platforms.

However, a frequent concern for some Reddit users was the absence of fractional shares. In addition, one user also claimed that, unlike several of its competitors, this broker charges a fee for OTC trading.

What Quora Users Say About TD Ameritrade

Like Reddit, many Quora comments about this broker are fixated on the fantastic user interface of the ThinkorSwim app. Some users give credit to this trading application’s top-notch charting tools as a primary reason why they trade with TD Ameritrade. Furthermore, there were a few positive remarks about the broker’s robust range of financial instruments. One comment explained that compared to similar brokers who offer only stocks and ETFs, TD Ameritrade also includes options, futures, and FX.

The only negative comment we could find was a complaint that the broker has a limited amount of stocks for short selling.

TrustPilot Users’ Review About TD Ameritrade

Our research shows that TD Ameritrade is not rated favorably by TrustPilot users. On the TrustPilot website, there have been 238 reviews of this broker culminating in an average rating of 1.5. Two people had challenges with the registration process, claiming that it took a very long time to set up an account and get verified by the broker. Another complaint was made concerning the poor price execution with the broker’s trading apps. Finally, a comment mentioned that they are not the best option for individuals who enjoy speed trading.

Despite this, others still had good things to say about TD Ameritrade’s services, particularly the efficiency of their customer support and the robust features and tools on the ThinkorSwim app.

ForexPeaceArmy Users’ Review About TD Ameritrade

This broker has an average rating of 2.143 from 4 reviews on ForexPeaceArmy. Comments on this website reflect mixed opinions about TD Ameritrade. While one user mentioned that he loved the ThinkorSwim app, another comment mentioned that the popular MT4 app is a better option. Also, an individual lamented what they believed to be unusually high spreads offered by this broker.

Other Products and Services

In this section of our TD Ameritrade review, we discuss the broker’s additional products and services which are available to its clients.

Ticker Tape

Ticker Tape is a service that provides customers with a reliable outlet for market news. Here, users will have access to daily market insights from leading experts and professionals. They will also be provided with up-to-date analysis and trend reports to help them make better informed investment choices.

Is TD Ameritrade Safe?

TD Ameritrade is a broker with a long-standing reputation as a trustworthy choice for traders looking to own US stocks and other financial products. They are regulated by and operate in compliance with FINRA standards. TD Ameritrade safety procedures include advanced firewalls for client data protection and state-of-the-art anomaly and intrusion detection technologies. This broker’s website uses 128-bit encryption for data transmission and offers an added layer of security to their login process with OTPs and security questions. However, in the event that, due to no fault on their part, a client experiences a loss, TD Ameritrade’s Asset Protection Guarantee states that the broker will compensate them for any cash or shares that were affected.

Bottom Line

TD Ameritrade is a United States broker and subsidiary of the Charles Schwab Group. They offer a wide range of investment vehicles, including Stocks, ETFs, Forex, Mutual Funds, Options, and Futures. One of the benefits of this broker is that they offer several educational resources. Regardless of a customer’s learning method, they will be able to find useful materials to aid their trading journey. The Thinkorswim platform also provides robust tools for technical analysis.

Based on the findings from this TD Ameritrade review, the broker does not offer fractional shares and has limited funding options. Traders cannot fund their accounts with credit cards and debit cards or use e-wallets such as Neteller and Skrill. Furthermore, although there are no commissions on stocks and ETFs, the broker charges customers spreads, option fees, and futures fees. They also charge a $25 fee for transfers to domestic and foreign accounts.