Should You Invest with TD Ameritrade? (ThinkOrSwim)

TD Ameritrade Review

TD Ameritrade, one of the largest stockbrokers in the United States, offers a wide range of asset classes and commission-free stock trading.

The platform, Thinkorswim, is exceptional, account opening is user-friendly, and there is no minimum deposit requirement.

However, it’s important to note that TD Ameritrade is primarily available to US residents and citizens and is limited to trading on US markets.

Also, TD Ameritrade has been acquired by Charles Schwab, and the migration of existing TD clients to Charles Schwab is scheduled to be completed by the end of 2024.

Until then, you can still open a new account at TD Ameritrade, especially if you wish to use the Thinkorswim platform, as it is not yet available for Schwab clients.

TD AmeritradeDetails
🗺 Country of regulationUSA, Hong Kong, Singapore
💰 US stock feeFree stock and ETF trading
💰 Inactivity fee chargedNo
💰 Withdrawal fee$0
💰 Minimum deposit$0
🕖 Time to open an account1-3 days
🎮 Demo account providedYes
🛍️ Products offeredStock, ETF, Forex, Fund, Bond, Options, Futures, Crypto

TD Ameritrade Pros and Cons

Low trading fees (free stock and ETF trading)You can trade only on US markets
Superb desktop trading platformAccounts mostly limited to US residents
Great customer supportCannot use bank cards and electronic wallets for money transfer
High margin rates
Limited product portfolio (only US markets)


TD Ameritrade offers free stock and ETF trading, making it an attractive option for cost-conscious investors. Additionally, forex, bond, and options fees are low. However, it’s essential to note that the broker charges high fees for non-free funds and futures.

Related:  The Best Trading Platforms in 2023
US stock feeLowFree stock and ETF trading
Forex feesLowLow forex spreads and no commission per lot
Mutual fund feesHigh$49.95 per transaction for mutual funds
Bond feesGenerally LowNo commission for US Treasury bonds; $1 per bond on secondary transactions with corporate bonds
Options feesLow$6.5 for stock index options commission for 10 contracts
Futures feesHigh$2.25 per contract for futures trading
Crypto feesVariedCrypto futures have fees similar to futures trading, while crypto ETN/ETP trading is commission-free
Inactivity feeLowNo inactivity fee
Withdrawal feeLowFree withdrawal for ACH transfers; $25 for wire transfer (non-US clients)
Deposit feeLowFree deposits
Account feeLowNo account fee
Demo accountN/ADemo account provided
Minimum depositLow$0 minimum deposit
Time to open an accountN/A1-3 days to open an account

👉 Meet Peter Lynch (One of the Best Investors of All Time)

Related:  Pepperstone Broker Review

Account Opening

TD Ameritrade offers a straightforward and fully digital account opening process. Notably, there is no minimum deposit requirement for US citizens, making it accessible to a wide range of investors.

Fully digitalOnly US citizens accepted
No minimum deposit
Many account types

Deposit and Withdrawal

Depositing and withdrawing funds from your TD Ameritrade account is user-friendly and comes with no deposit fees.

However, it’s worth noting that only USD is available as the base currency, and wire transfers incur a high fee. Bank cards and electronic wallets are not accepted for money transfers.

Free withdrawalOnly one account base currency
No deposit feeBank card not available
User-friendlyHigh withdrawal fee for wire transfers

Trading Platforms

Web Trading Platform

TD Ameritrade provides a user-friendly web trading platform with a clean design. While it offers a good variety of order types, it lacks customizability, particularly for charts and workspace.

Related:  FXCM CFD Broker Review 2023
User-friendlyLimited customizability (for charts, workspace)
Two-step (safer) login
Good variety of order types

👉 The Total Money Makeover Summary (The 7 Baby Steps)

Mobile Trading Platform

The TD Ameritrade mobile app is user-friendly and well-designed, earning it high marks. It offers a variety of order types and is an excellent option for on-the-go traders.

Two-step (safer) login
Good variety of order types

Desktop Trading Platform

Thinkorswim, the desktop trading platform offered by TD Ameritrade, is considered one of the best in the market. It is highly user-friendly, provides good customizability for charts and workspace, and offers a wide range of order types.

The platform is also rich in trading support functions and educational materials. However, it lacks two-step authentication for added security.

User-friendlyNo two-step (safer) login
Good customizability (for charts, workspace)
Good variety of order types
Trading support functions
Great learning materials

Markets and Products

TD Ameritrade allows traders to access a variety of asset classes, including stocks, futures, forex, and more. The broker also offers extras like social trading and robo-advisory.

However, it’s essential to note that TD Ameritrade primarily covers the US market, limiting the diversity of international investment opportunities.

AssetsTD Ameritrade

👉 An Open Letter to My Future Son & Daughter: Intro


TD Ameritrade provides an array of great research tools, including trading ideas and detailed fundamental data. These resources can be highly valuable for traders looking to make informed decisions.

Good interactive chartNone
Trading ideas
Data on asset fundamentals

Customer Service

TD Ameritrade offers excellent 24/7 customer service, ensuring that customers have access to relevant answers promptly. Support is available through phone and live chat, with a fast response time.

Phone supportNone
Live chat
Fast response time

👉 Meet the World’s 10 Greatest Traders of All Time


TD Ameritrade offers outstanding educational materials, including webcasts, articles, and a demo account. The Thinkorswim desktop platform is particularly beneficial for learning and experimentation.

Demo accountNone
Trading platform tutorial
Educational videos


TD Ameritrade is regulated by top-tier US authorities, including the SEC and FINRA. Clients benefit from a high level of investor protection, but it’s important to note that the broker does not provide negative balance protection.

Majority of clients under top-tier financial authorityNo negative balance protection
High level of investor protection
Banking background

👉 How to Value a Business (6 Simple Methods)

➤ Final Thoughts

TD Ameritrade is a prominent US online broker known for its commission-free stock and ETF trading. The ongoing acquisition by Charles Schwab means that clients can continue to enjoy low pricing and exceptional service.

The broker stands out with its outstanding research and education offerings, a superb trading platform in Thinkorswim, and excellent customer service.

However, there are some drawbacks, including high margin rates and the restriction of product offerings to only US markets. Additionally, the inability to use bank cards and electronic wallets for money transfers may inconvenience some traders.

⬇️ More from ⬇️

🔥 Daily Inspiration 🔥

〝Making money is easy. It is. The difficult thing in life is not making it; it’s keeping it.〞

— John McAfee
Pavlos Written by:

Hey — It’s Pavlos. Just another human sharing my thoughts on all things money. Nothing more, nothing less.