BEST DISCOUNT BROKER - TD Ameritrade Review

Photo: TD Ameritrade

TD Ameritrade was founded in 1975 and is one of the biggest US-based stockbrokers. It is regulated by top-tier authorities like the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and the Commodity Futures Trading Commission (CFTC).

TD Ameritrade is considered a safe broker since it has a long track record, is listed on a stock exchange, has a banking background, discloses its financials, and is overseen by top-tier regulators.

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TD Ameritrade pros and cons

TD Ameritrade's trading fees are low, and its desktop trading platform Thinkorswim is one of the best on the market. Its customer support team gives fast and relevant answers.

On the negative side, TD Ameritrade services are available only in the US and a few other countries, and you can trade only on US markets. TD doesn't accept credit/debit cards and electronic wallets for money transfers.

Pros

• Low trading fees (free stock and ETF trading)
• Superb desktop trading platform
• Great customer support

Cons

• You can trade only on US markets
• Accounts mostly limited to US residents
• No credit/debit cards and electronic wallets for money transfer

Account Opening

TD Ameritrade offers many different account types, and there is no minimum deposit for US citizens.

Pros

• Fully digital
• No minimum deposit
• Many account types

Cons

• None

Deposit and Withdrawal

TD Ameritrade has user-friendly account funding with no deposit fees, but USD is the only available base currency, and wire transfers incur a high fee.

Pros

• Free withdrawal
• No deposit fee
• User-friendly

Cons

• Credit/Debit card not available
• Only one account base currency
• High withdrawal fee for wire transfers

TD Ameritrade main features and highlights:

🗺️ Country of regulation - USA

💰 Trading fees class - Low

💰 Inactivity fee charged - No

💰 Withdrawal fee amount - $0

💰 Minimum deposit - $0

🕖 Time to open an account - 1-3 days

🎮 Demo account provided - Yes

🛍️ Products offered - Stock, ETF, Forex, Fund, Bond, Options, Futures, Crypto

Verdict

TD Ameritrade is one of the biggest US online brokers. It charges no commission on stock and ETF trades.

Research and education are outstanding at TD Ameritrade, offering you many useful tools. The 'thinkorswim' desktop trading platform is one of the best on the market. Customer service is great, you will get relevant answers within a short time.

TD Ameritrade has some drawbacks, though. It charges high financing (margin) rates, and it doesn't accept credit/debit cards and electronic wallets for money transfers. Furthermore, the product portfolio covers only the US market. As TD Ameritrade offers great education tools including a demo account, you can give it a shot.

Reprinted from brokerchooser, the copyright all reserved by the original author.