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Who Should Consider TD Ameritrade?
TD Ameritrade is a strong option for both beginners and seasoned investors seeking a comprehensive online brokerage with extensive educational resources. Its thinkorswim platform is highly regarded for its customization, charting, and analytical tools, accessible on both mobile and desktop. With dedicated customer service and access to trading specialists, it provides support to investors at all levels. Well-designed screeners also help users navigate the wide selection of stocks, bonds, and funds.
One consideration is that TD Ameritrade was acquired by Charles Schwab in 2020, and while the platforms currently operate separately, a full integration is planned.
TD Ameritrade Commissions and Fees
TD Ameritrade offers commission-free online trading for stocks and ETFs, aligning with its major competitors. Additional fees include:
- Options: $0.65 per contract
- Futures and futures options: $2.25 per trade
- OTC stock trades: $6.95 per trade
- Broker-assisted trades: $25 per transaction
The platform also offers over 13,000 mutual funds, with nearly 4,000 having no-load, no-transaction fees. However, selling most of these funds within six months incurs a $49.99 fee.
TD Ameritrade’s margin rates are higher compared to some competitors, with rates ranging from 9.50% for balances under $10,000 to 6.75% for balances exceeding $1 million.
Service fees include $25 for outgoing wires, $75 for full account transfers, and $2 per month for paper statements. There are no inactivity fees.
The platform engages in payment for order flow, where brokerages receive compensation from market makers for processing trades. Although this practice can sometimes result in suboptimal trade execution, TD Ameritrade recently won a lawsuit affirming its commitment to seeking the best trade execution for its customers.
TD Ameritrade Mobile Apps
TD Ameritrade offers robust mobile apps for both its regular platform and thinkorswim, catering to users who prefer trading on the go. Key features of the TD Ameritrade mobile app include:
- Portfolio monitoring
- Real-time quotes, price alerts, and market news
- Stock, ETF, and options trading
- Level II quotes
- Educational videos and third-party research
The thinkorswim app caters to more advanced traders, offering features like multi-leg options trades, conditional orders, and advanced charting. It also allows users to stream video from the TD Ameritrade Network, chat with trading specialists, and join chat rooms with other investors.
