TDitrade is a leading online brokerage firm that offers a wide range of investment products, tools, and resources to help investors achieve their financial goals. With its user-friendly platform and robust research offerings, TD Ameritrade has become a popular choice among both novice and experienced investors. In this review, we’ll take a closer look at TD Ameritrade’s services and features to help you determine if it’s the right online broker for you.
- Trading Platforms: TD Ameritrade’s flagship trading platform, thinkorswim, offers a powerful suite of features to help you trade stocks, ETFs, mutual funds, futures, and options. It also has an intuitive design and is available on both desktop and mobile devices.
- Investment Research: TD Ameritrade provides comprehensive research from in-house analysts, third-party providers like Morningstar and Recognia, and its own ETF marketplace. You’ll also have access to advanced charting tools, real-time quotes, and portfolio analysis.
- Customer Service: TD Ameritrade has a team of customer service representatives available 24/7 to answer your questions. They can be reached via phone, email, or live chat. TD Ameritrade also offers free investor education resources and seminars.
- Fees and Commissions: TD Ameritrade has competitive fees and commissions for stock trades ($6.95) and options trades (just $0.75 per contract). It also provides commission-free ETFs as well as mutual funds with no transaction fee (NTF).
Account Types Available with TD Ameritrade
TD Ameritrade offers a variety of account types to meet the needs of different types of investors. These include:
- Standard brokerage accounts: These accounts allow investors to buy and sell stocks, bonds, mutual funds, ETFs, options, futures, and other securities.
- Retirement accounts: TD Ameritrade offers several types of retirement accounts, including traditional and Roth IRAs, SEP IRAs, SIMPLE IRAs, and Solo 401(k)s.
- Education savings accounts: Investors can also open 529 college savings plans or Coverdell Education Savings Accounts (ESAs) to save for their children’s education expenses.
- Specialty accounts: TD Ameritrade also offers specialty accounts, such as trusts, custodial accounts, and estate accounts.
No matter what type of investor you are, TD Ameritrade has an account type that can meet your investment goals and needs.
Trading platform options with TD Ameritrade
TD Ameritrade offers several trading platforms to its clients, including:
- Thinkorswim: This is a professional-level trading platform for active traders that offers customizable charting, real-time quotes, technical analysis tools, and integrated trading.
- TD Ameritrade Mobile App: This platform is designed for investors who prefer to manage their investments on the go. The app allows clients to trade stocks, ETFs, and options, view account balances and positions, and access real-time quotes and news.
- TD Ameritrade Web Platform: This online trading platform offers a user-friendly interface and real-time streaming data, allowing clients to place trades, monitor their portfolios, and access market research and news.
- Trade Architect: This is a web-based trading platform that offers intuitive tools and features such as heat maps, live streaming CNBC, and social sentiment analysis.
No matter what type of trader you are, whether it’s a professional or a beginner, TD Ameritrade has a platform that can meet your trading needs.
Fees associated with using TD Ameritrade
TD Ameritrade charges fees for different types of services. Here are some of the common fees associated with using TD Ameritrade:
- Commission fees: TD Ameritrade charges $0 commission on online equity, options, and ETF trades. However, there is a $0.65 fee per options contract.
- Mutual fund fees: There are over 4,000 mutual funds available to trade on TD Ameritrade, with commission fees ranging from $0 to $49.99 per transaction.
- Broker-assisted trades: If you need help from a TD Ameritrade representative to place a trade, there is a fee of $25 per trade.
- Account closing fees: If you decide to close your account, you will be charged a fee of $75.
- Additional service fees: There may be other service fees associated with certain account features or transactions, such as wire transfers or paper statements.
It is important to review TD Ameritrade’s fees carefully and understand them fully before opening an account. Some fees may be negotiable, and TD Ameritrade may offer promotions or other discounts that can help reduce costs.
Mobile apps available for trading with TD Ameritrade
TD Ameritrade offers two mobile apps for trading and managing investments:
- TD Ameritrade Mobile App: This app is designed for investors who prefer to manage their investments on the go. It offers a range of features, including the ability to trade stocks, ETFs, and options, view account balances and positions, access real-time quotes and news, and deposit checks.
- thinkorswim Mobile App: This app is designed for active traders who require more advanced trading tools and features. The app offers real-time data, charts, technical analysis tools, and the ability to trade complex options strategies.
Both apps are available for iOS and Android devices and can be downloaded for free from the App Store or Google Play. The apps are user-friendly and provide a convenient way for investors to manage their accounts and make trades from anywhere.