Table of Contents
TD Ameritrade Review
Summary
It sure is hard to beat TD Ameritrade, especially now that the award-winning broker has eliminated commissions for stock and ETF trades. When it comes to Account Features, there are plenty, from taxable individual accounts to IRAs, to accounts for business entities too. To correspond, there’s also a wealth of Investment Types to choose from — you can trade nearly everything. Of course, TD Ameritrade is renowned for its Tools & Resources, although there might be a little too much for the brand-new investor to sort through. That detracts just slightly from the Website/App/Ease of Use. However, if you need a hand, you’ll find 24/7 Customer Service to help you.
TD Ameritrade has consistently been one of the highest-rated discount brokerage firms around. It offers a little something for everyone – from the beginning investor to the experienced professional.
In our TD Ameritrade review, we’ll take a look at what makes this online stock broker such a great choice for investors.
TD Ameritrade Features
| TD Ameritrade | Features |
|---|---|
| Commissions & Fees | $0 |
| Mutual Fund Trades | $49.99 |
| Types of Investments | Stocks, Penny Stocks, ETFs, Mutual Funds, Bonds, FOREX, Futures |
| Types of Accounts | Taxable, Joint, Custodial, Trusts, Partnerships, Retirement Accounts (Roth IRAs, Traditional IRAs, Rollover IRAs, SEP IRAs, Simple IRAs, Solo 401(k)s, Annuities), College Accounts (529, Coverdell) |
| Managed Portfolio Availability | Yes |
| Banking Services | Checking, Savings, Money Markets, CDs |
| Account Minimums | $0 |
| App Availability | iOS, Android |
| Customer Service | Phone: 24/7; Live Chat: 24/7; Email |
| Margin Availability | Available |
| FINRA CRD# | CRD#: 7870 |
| SEC Registration Number | SEC#: 801-60469, 8-23395 |
| Current Promotions | No current promotions |
Additional Features
- More Than 300 Local Branches. If you need face-to-face assistance, there are more than 300 local branches where you can consult with a professional.
- Educational Resources. TD Ameritrade offers a cornucopia of educational resources, from articles and videos to its “Ask Ted” chatbot and live seminars.
- Third-Party Stock Research. Customers have access to a variety of third-party research tools from names such as Standard & Poor’s, Morningstar Associates, and MarketEdge, as well as access to unique reports like those from ResearchTeam.
What Is TD Ameritrade?
TD Ameritrade is a brokerage firm with nearly 40 years of experience in directing and managing trades for its customers. In addition to offering a state-of-the-art online trading platform, the brokerage also has more than 300 local branches, which is important if you’re the type of investor who prefers working with a human broker instead of doing everything online yourself.
You can also link your TD Ameritrade brokerage account to a TD Bank account if you have one (or you can open one to simplify your banking and investing).
How to Get Started with TD Ameritrade
Opening an account with TD Ameritrade is quick and hassle-free. You’ll need the usual information handy to get started: your name, address, Social Security number, employer details, financial account information, etc.
Funding Your TD Ameritrade Account. There are a number of ways to fund your TD Ameritrade account. You can deposit funds electronically with an ACH transaction, via wire transfer, by mailing in a check, or by transferring investments including stocks, funds, and some CDs from another financial institution. You can also directly deposit funds from an existing TD Bank account.
Transferring Money. If you wish to withdraw money from your TD Ameritrade account, you can do so by requesting a wire transfer or a paper check. Or you can easily transfer funds from your TD Ameritrade brokerage account to your TD Bank checking or savings account.
How Does TD Ameritrade Work?
TD Ameritrade is among the industry leaders in many areas, and it’s competitive where it counts the most, including its lack of commissions, types of investments offered, investing tools, education center, and customer service.
You can even link your TD Bank account if you have one, making it easier to make transfers when you need to access your funds or add more for additional investments.
TD Ameritrade has some of the best trading platforms in the business.
The broker is well known for its thinkorswim platform, which you can download to your desktop. Thinkorswim is a professional-level platform that provides users with a wealth of analytical tools, as well as charting capabilities, in-depth research, and 24 / 5 live trading for select securities. You can chat with other traders, receive custom alerts, and use stock screeners to fine-tune your trading ability.
However, all levels of investors can enjoy TD Ameritrade’s Web Platform, which isn’t as complicated as thinkorswim but still provides a large menu of features. There’s a focus on research and education here, and you can customize your dashboard to receive up-to-the-minute information that affects your trades.
There’s also the Mobile App you can use too. It has practically all the capabilities of the Web Platform but fits in your pocket.
Investment Types
TD Ameritrade offers a variety of investment accounts for individuals, families, partnerships, and more. Among the offerings are:
- Standard Accounts: Individual, Joint Tenants, Tenants in Common, Community Property, Tenants by the Entireties, Guardianship, or Conservatorship.
- Retirement Accounts: Traditional and Roth IRAs, Rollover IRAs, SEP IRAs, SIMPLE IRAs, Solo 401(k)s.
- Education Savings Accounts: 529, Coverdell ESA, UGMA/UTMA.
- Specialty Investing Accounts: Trust, Limited Partnership, Partnership, Investment Club, LLC, Sole Proprietorship, Corporate, Non-Incorporated Organization, Pension or Profit Plan for Small Business.
In your TD Ameritrade account, you can invest in just about everything:
- Stock
- ETFs
- Mutual funds
- Futures
- Forex
- Bonds
- CDs
- Annuities
You can even avail yourself of a managed portfolio created for your individual needs and maintained by TD Ameritrade (for an extra fee).
Pricing
All internet equity trades are commission-free. Plus, there are no account minimums, maintenance fees, or any other unexpected fees.
| Trades at TD Ameritrade | Pricing |
|---|---|
| Stocks – Online Trades | No Commission |
| Broker-assisted Trades | $25.00 |
| ETFs | No Commission |
| Mutual Funds – No-Transaction-Fee | No Commission |
| Mutual Funds – No Load | $49.99 |
| Mutual Funds – Load | No Commission* |
| Treasuries at Auction | Available Commission-Free |
| Futures | $2.25 per Contract (inclusive of exchange fees) |
*Fees included in fund; see the prospectus for more information. See TD Ameritrade website for additional product offerings and pricing schedules.
TD Ameritrade Customer Service
You can get help with your TD Ameritrade account 24/7 by calling the customer support center at 1-800-669-3900, using the email support system, or by visiting one of more than 300 branches nationwide.
TD Ameritrade customer support centers offer more than just account troubleshooting and can help with investment questions, including understanding investments, making trades, retirement account questions, and more. Customer support is offered in English, Spanish, Cantonese, and Mandarin.
TD Ameritrade Pros & Cons
Pros
- Commission-Free Trades. Simply put, you can’t beat free. Before TD Ameritrade removed commissions from its online equity trades, the per-trade cost for stocks and ETFs was $6.95 – a relatively high fee. Now that TD Ameritrade has eliminated commissions, it is a lot more appealing.
- Excellent Trading Platforms. TD Ameritrade’s thinkorswim platform is definitely among the best in its class. Plus, the everyday Web and Mobile platforms really shine too.
- Research and Education. The broker provides users with a wealth of data and information for making informed trades. There’s a generous variety of tools, as well as online tutorials for new investors. There’s also a chatbot, “Ask Ted,” that can help you make the most of your account 24/7.
- Plenty of Investment Options. With TD Ameritrade, you can invest in everything from stocks to FOREX, to annuities. Plus, there’s a huge roster of account types to choose from, as well.
Cons
- Not the Simplest Broker for Beginners. If you’re a total newbie, you might find TD Ameritrade’s platforms a little overwhelming. In fact, sometimes the site seems so full of data and tools that it can be tricky to figure out exactly what to do. If you would prefer more hand-holding while you get started with investing, check out M1 Finance.
Current TD Ameritrade Promotions
From time to time, TD Ameritrade offers sign-up bonuses for new customers. However, there is no current sign-up offer.
TD Ameritrade Review – Conclusion
TD Ameritrade is one of the industry’s most acclaimed online brokers, and with good reason.
The desktop and mobile platforms, research and education archives, and technical tools make high-level trading accessible to most levels of investors. That’s not to mention the fact that customers can benefit from no commissions on most stock and ETF trades.
Who is TD Ameritrade best for? If you’re already an experienced investor, or if you feel ready to dive into online trading – and want to learn a whole lot along the way – TD Ameritrade would be a good fit for you.
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Nick Lee says
Agree with with all! Their thinkorswim trading platform is amazing as well.
Best,
Nick