Are you looking for a reliable trade partner? Are you confused about lots of brokers available online? Is it, then you’re on the right platform to get your answers. In this TD Ameritrade review, we’ve detailed the in-depth knowledge of the platform and its workings.
What is TD Ameritrade?
TD Ameritrade is one of the largest and the most successful US brokers. Operating since 1975. It offers various types of trading facilities to its traders.
TD Ameritrade reaches its customers through social media platforms like; Facebook, Twitter, and more. It offers a variety of platforms to customers for performing their trade operations. It is a beginner-friendly stock trading platform.
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Assets offered :
TD Ameritrade offers a wide range of trading assets. It does not allow you to trade in cryptocurrencies. Beyond this, you can trade-in :
- Mutual Funds
- 75 pairs of Forex
- Social trading
- Robo Advisory
TD Ameritrade Fees :
It charges no commission on online trade and ETFs.
|US Stock||Free Stock and ETF trading|
|EURUSD||The fees are built into the spread; 1.2 pips are the |
average spread cost during peak trading hours.
|Mutual Fund||$49.99 per transaction, although there are also ca. 4,000|
|Inactivity Fees||No inactivity fees|
- OTCBB trades incur a commission of $6.95/transaction.
- TD Ameritrade charges 9.5% annual margin rates for stocks.
- The mutual fund commission for funds outside the No Transaction Fee program is $49.99.
- TD Ameritrade charges low forex fees.
- Future transaction fees are $2.25 per contract per side plus exchange fees.
- It doesn’t charge any inactivity fee.
Account opening at TD Ameritrade is simple and fully digital. It offers different account types to its users. No min deposit is required for US citizens.
TD Ameritrade mainly targets US customers. However, it is also available in a few countries like; China, Hong Kong, Malaysia, Singapore, Taiwan, and Thailand.
The minimum deposit for countries other than the US may be higher. Forex. $3500 for Malayasian and Singapore clients.
Types of account offered :
- Joint Account
- Business Account
- Retirement Account
- Pension Account
- College Savings
- Custodial or Guardianship Account
- TD Ameritrade portfolio
Deposit and withdrawal :
It doesn’t charge any deposition fee. When it comes to US clients, they can use ACH, cheque, and wire transfer for depositing money. While clients belonging to other countries can use only wire transfers and checks.
Sadly, it does not support credit/debit card and e-wallet transfer.
It does not charge any withdrawal fees. The only exception lies in the case of wire transfer, where it charges up to $25 for transfer.
TD Ameritrade Trading Platform :
TD Ameritrade offers three types of trading platforms: Desktop trading, Mobile Trading, and Web-trading. The web trading platform is suitable for trading execution and research on products, like stocks and ETFs.
In contrast, if you’re interested in trading forex and futures and more complex assets. Then an in-house trading platform named think or swim is best suited for you. It offers a wide range of technical research tools.
Its trading platforms are available in English & Chinese
TD Ameritrade offers education materials in many format this includes :
- Demo Account
- Platform tutorial video
- Talking green podcast
- In-person events
|Low trading fees||Can trade only in US market|
|Superb desktop trading platform|| No credit/debit cards and electronic |
wallets for money transfer
|Many account types||High fund fees|
|User friendly||No negative balance protection|
|Good variety of order types||High withdrawal fee for wire transfers|
Is TD Ameritrade Safe ?
Top financial authorities regulate it like SEC, FINRA, and CFTC. As it was established in 1975, it has covered a long journey which makes it more trustworthy. Its long track record makes it a safe broker.
The company is even listed in US stock exchanges, having a financial background and regulating top-tier institutes.
The Verdict :
TD Ameritrade has a big name in the US. It is listed in NASDAQ and regulated and discloses its financial statement frequently and transparently. Its other platform thinks or swim, also has a good consumer base. Customer service is excellent.
The drawback is that it charges high margin rates and doesn’t support credit/debit cards for money transfers. Furthermore, it is suitable for US customers and provides portfolio services to them only.
As it offers a demo account and good educational tools, we suggest you to try it.
Customer Service :
- Live chat
- 24/7 Phone line
- Chatbots deployed on Twitter, Facebook Messenger, Apple Business Chat, and WeChat.
What rate do I get when using AutoFX on TD Ameritrade?
When using AutoFX, the exchange rate you receive will be the spot rate + 0.10%
Can I make a manual currency conversion?
Yes, you can convert currency from one form to another manually. To do so, you can go to the Orders tab and then select Currency Transaction.