TD Ameritrade Review 2024

With abundant investment options like stocks, ETFs, mutual funds, forex trading, and more, TD Ameritrade is rightly thought of as one of the premier online brokers.

We’re not talking about a simple platform you visit to buy stocks online. All kinds of accounts are available here, accommodating your specific financial goals. With TD Ameritrade (AMTD), you’ll get your hands on various investment options alongside an excellent ROI ratio.

Expert advice and educational resources are all available as well, helping you reach these goals.

TD Ameritrade Overview

As one of the most well-known stock brokers, TD Ameritrade offers a range of products and the thinkorswim platform, which is widely praised by users across the web.

Formerly known as Ameritrade, the company has been around since 1971. In 2006, it acquired a rival company, TD Waterhouse, owned by the Toronto-Dominion Bank. In 2019, the Charles Schwab Corporation bought the company, while the bank retained 13% of ownership rights in the combined firm.

The merger closed late 2023, and the new owner has made it clear it will keep thinkorswim, the most feature-packed of all TD Ameritrade platforms.

The platform combines different types of investments with an easy-to-use electronic system and gives account holders of all levels modern trading options. The expertise is backed up by years of experience and extends to the education and support teams.

Recent customer reviews have been all over the place, but some users say that if you want to avoid slow response times, you should contact support after hours.

TD Ameritrade Features

The company’s main strengths go head-to-head with those of other industry leaders:

• Investment products – The most popular and profitable investment choices are offered are: stocks, options, ETFs, futures, and different cash solutions.
• TD Ameritrade web platforms and apps – Platforms like the thinkorswim desktop trading platform, the thinkorswim web platform, the thinkorswim mobile app, and TD Ameritrade Mobile App let you keep an eye on your investments and market trends wherever you are.
• Zero commission fees – No commission fees apply for the online stock, options, and ETF trades, regardless of the recurrence or your account balance.
• TD Ameritrade Network - The broadcast channel provides financial news, analyses, and actionable insights to investors, helping them keep abreast of market trends.
• Investor education – Designed by a team of experts, additional educational tools are intended for both experienced traders and those new to the game.

Features for Improved Trading Performance

The online broker delivers features that give its traders an extra edge. Its 24/5 trading system enables extended schedules: 24 hours a day, five days a week, from Sunday at 8 p.m. ET to Friday at 8 p.m. ET. The overnight trading option means unlocking more international markets and opportunities.

TD Ameritrade’s order execution technology also uses advanced routing, which is important for securing the best prices. Executed market orders receive 98% better prices than the National Best Bid and Offer (NBBO), with net improvement per order currently at $1.32 per 100 shares.

TD Ameritrade Investment Products

TD Ameritrade’s trading choices deserve a special mention, so let’s take a closer look at the main products and some of their most useful attributes:

• Stocks –  Stock order are routed through a dedicated system to receive the best price and timing.
• Options – Comprehensive thinkorswim cross-device platforms help strategize your options trading. You can also follow live broadcasts or the latest stock market analysis.
• ETFs – These securities come from TD Ameritrade’s providers and are curated by Morningstar, a billion-dollar financial services company, and a leader in investment management and research.
• Mutual funds – NTF mutual funds are added to the bunch, ensuring that your trading costs remain low.
• Futures – Hundreds of charts give you insight into futures market trends and price changes.
• Forex – The company’s thinkorswim platform is easily one of the better forex trading options on the market.
• Managed portfolios – TD Ameritrade’s team will help you choose the right portfolio, whether it be low-cost automated or fully tailored to your specific needs.
• Cash solutions – The cash management service include:

☑ A single account for all activities

☑ No monthly maintenance or ATM fees

☑ Interest-earning balance

☑ Unlimited check writing

☑ Online bill payments

☑ FDIC-protected IDAs

• Bonds and Fixed Income – The Bond Wizard tool helps find fixed-income investments like bonds or CDs.
• Annuities – High-ranking insurance carriers provide both fixed and variable annuities.

The company also makes room for IPOs, dividend reinvestment, margin trading, and a collateral lending program.

TD Ameritrade Account Types

In addition to numerous investment choices, TD Ameritrade’s users can cherry-pick from its diverse selection of account types:

Standard

This flexible basic account incorporates the following categories:

• Individual
• Joint Tenants with Rights of Survivorship (JTWROS)
• Tenants in Common
• Tenants by the Entireties
• Community Property
• Guardianship or Conservatorship

Retirement

Businesses, employees, and other interested parties can find the right pension plan here, such as:

• Roth IRA
• SEP IRA
• Rollover IRA
• SIMPLE IRA
• Solo 401k

These accounts are popular, mainly due to a no-fuss setup process.

Education

While these accounts include options for minors, they are primarily aimed at students and are used for college savings and educational expenses. The available accounts are:

• 529 Plans
• Coverdell Education Savings Accounts
• UGMA/UTMA Custodial Accounts

Specialty

From traditional trusts to specific small-business plans, the following accounts are well suited for your personal and professional needs:

• Trust
• Limited Partnership
• Partnership
• Limited Liability
• Investment Club
• Sole Proprietorship
• Corporate (profit or non-profit)
• Non-Incorporated
• Small Business Plans
• Charitable

Managed Portfolios

The following goal-oriented accounts are accompanied by continuous monitoring and investment guidance:

• Essential Portfolios
• Selective Portfolios
• Personalized Portfolios

TD Ameritrade Fees

The platform has a zero-commission policy for online trading. Keep in mind that this applies only to US exchange-listed stocks, ETFs, and options trades. For over-the-counter (OTC) online stock trades, you’ll incur a $6.95 fee.

TD Ameritrade doesn’t charge an inactivity fee, and no matter what kind of account you have, the company won’t charge you for account maintenance. Furthermore, no trade minimums, platform, or data fees apply, and online reorders of 100 checks are free of charge as well.

Naturally, there are still some services you’ll need to pay for, especially if you have additional requests. Fees for options are $0.65 per contract, but you’ll need to throw in an extra $25 if you opt for broker-assisted trades. 

In addition to regulatory and exchange fees, futures trading costs $2.25 per contract. When it comes to bonds or CDs, the amount charged will be based on the net yield.

TD Ameritrade Mobile Platforms and Features

This is a stellar service overall. The featured tools are all designed and backed by experts in the field to maintain high industry standards.

The thinkorswim mobile, desktop, and web platforms encompass a full-featured dashboard for your charting, data, and up-to-date news, with no fees to worry about. You can engage in overnight stock trading, monitor options statistics, or further your investment skills by consulting the company’s educational resources.

In addition to the thinkorswim cross-device trading platforms, the TD Ameritrade mobile app is there to help you track your investment activities, manage price alerts and charts, and keep you updated on the latest analyst reports.

The platform has good streaming and research capabilities, although some users have trouble locating tools, as well as switching between the systems to access the entire selection.

Education, Support, and Practice Tools

If you are unsure how or where to invest your funds, you can always lean on TD Ameritrade’s dedicated support and development sectors. With advisors, interactive educational courses, articles, and videos made for various levels of expertise, you won’t need to look further than the website for financial tips and tricks.

Speaking of different trading proficiency levels, many users applaud the platform’s adaptability to investors with little or no trading experience. If you are thinking about entering the trading world, this would be the place to start.

PaperMoney®, the company’s trading simulator, is another useful tool for beginners. Once you open an account, you’ll automatically be registered for the paper trading practice account and can start learning the ropes without risking any real funds.

The account’s virtual money balance is $100,000, which you can access through the thinkorswim platform.

Finally, TD Ameritrade’s trade desk and its specialized support team of seasoned floor traders provide invaluable help and advice on almost all aspects of the industry. The consultants are on hand around the clock to back you up and answer your queries.

TD Ameritrade Research Partners

The third-party research partners of TD Ameritrade give you high-quality data, reports, and analysis of the market, which helps you make the right decision at the right time. Among the industry leaders at your disposal, names such as Morningstar and Thomson Reuters pop out.

The varied investment research tools include:

• Market Edge
• ETF Market Center
• Stocks Overview
• Stocks Charts
• Screeners
• Premier List
• CD Center
• Bond Wizard
• Market Java