Is it a scam to invest inTD Ameritrade?
It's a good idea for investors and traders to have a well-equipped desktop trading platform.
One of the biggest US-based stockbrokers was founded in 1975.It is regulated by the Securities and Exchange Commission, the Financial Industry Regulatory Authority, and the Commodity Futures Trading Commission.
Since it has a long track record, a banking background, and is listed on a stock exchange, it is considered a safe broker.
Thinkorswim is one of the best trading platforms on the market, and its trading fees are low.The customer support team gives fast answers.
Only in the US and a few other countries, you can only trade on US markets.Credit/debit cards are not accepted for money transfers.
BrokerChooser is based on reliable data and unbiased information.Readers feedback is combined with our finance experience.You can read more about our methodology.
We ranked the fee levels of the broker based on how they compare to others.
There are some basic terms related to broker fees.You need to keep an eye on trading and non-trading fees.
The most relevant fees for each asset class can be found in the sections below.Commissions are the most important fees in stock investing.
We compared the fees of both E*TRADE and Charles Schwab.The selection is based on factors such as the products offered and the fee structure.You can see a more detailed rundown of the alternatives.
The trading fees are low.Commissions for stocks and exchange traded funds were scrapped by many US brokers in 2019.
What is the margin rate?When you trade on margin, a margin rate is charged.You borrow money from your broker to trade.You have to pay interest on the borrowed money.It can be a big part of your trading costs.
The margin rates are volume-tiered.Depending on the borrowed amount, it applies a base rate plus a premium and discount.The base rate can change from time to time.The base rate was 8% at the time of our review.
The fees are low.We looked at Interactive Brokers to compare their trading fees.
The benchmark fee for major currency pairs was calculated to give a clear picture of the fees.Commissions, spreads and financing costs are included in this benchmark.
Fees for funds can be high.It has a good selection of free funds.
There is a fee for mutual funds.It's a big plus that they offer it.4,000 mutual funds are free to trade.13,000 was offered.A fee of $49.99 will be charged for the sale if you sell these free funds within 180 days.
Bond fees can be different based on the bond type.The fees for US Treasury bonds are calculated by us.
While there is no commission for US Treasury bonds and a few other instruments, TD Ameritrade will charge $1 per bond on secondary transactions with corporate bonds.
You don't have to pay a withdrawal fee if you use ACH transfer.The only option for non-US clients is a wire transfer.We were not charged a withdrawal fee.
US clients are the main target of TD Ameritrade.China, Hong Kong, Malaysia, Singapore, Taiwan, Thailand, and Brazil are some of the countries that we have found that offer the service.Canadian clients can use the Direct Investing solutions of the TD Group.
Services may vary from country to country.It's not possible for clients from Hong Kong, Malaysia, and Singapore to trade mutual funds.
If you choose the basic cash account, the minimum deposit is $0.The minimum deposit may be higher for other account types or trading preferences.
The minimum deposit may be higher for non-US clients.The minimum deposit for Malaysian and Singaporean clients is $3,500.
The account opening process is easy.If you fill out the online account opening form, you will be required to confirm your identity by mailing or fax the generated document and a copy of your ID card.The last time we opened an account, there was no need for paper documentation.It took us 3 days to open the account.
You will be charged a conversion fee if you have a personal bank account in another currency.
A multi-currency bank account at a digital bank is a convenient way to save on currency conversion fees.Free or cheap international bank transfers, as well as great currency exchange rates, can be found in these bank accounts.You can open an account on your phone.
Let's start with good news.No deposit fees are charged by the company.Only wire transfer and checks can be used by clients from Hong Kong, Malaysia, Thailand, China, Taiwan and Singapore.
The transfer took one day.$50 is the minimum transfer amount.A wire transfer can take several days.
Most of the time, TD Ameritrade does not charge withdrawal fees.Bank/wire transfer costs $25 and is the only exception.
How long does it take to withdraw money?It took us 2 days to test the withdrawal.
We will highlight our findings on the platform selection first.Both web and desktop trading platforms are offered by the company.
The web platform can be used for trading and research on investment products.
If you are interested in trading complex products, Thinkorswim may be just the platform for you.There are more products on this platform, such as futures and foreign exchange.
The main features of the Thinkorswim desktop trading platform are summarized in the table.
The platform is well-designed and user-friendly.It is basic compared to the desktop platform.
Two-step login is offered by TD Ameritrade.You can either choose a 2-step login or a rotating security question after entering your password.It is possible to register your device as familiar.
You have to answer one of the security questions when you first log in on a new device.You can access your account according to your preference after registration.
Automatic suggestion works on the platform and we were happy to see it.You can search by ticker or company name.
The relevancy of search results could be improved.When we searched for Apple stock, it appeared in third place.
Under the research and ideas menu, you can set a broad range of alert and notifications.
There are clear portfolio and fee reports.To view these, go to 'My Accounts', select 'History & statements' and then 'Transactions'.
There are two mobile trading platforms that are suited to different levels of trading.The table below shows the differences between the two.iWatch devices are a unique feature among brokers.
We tested the iOS version of the app.English is the language of the mobile trading platform.
The TD Ameritrade mobile platform is similar to the web trading platform in that it offers two-step login, an OK search function, and you can easily set alerts.
The available order types and order time limits are the same as on the web platform.The following order types can be used.
Thinkorwsim is easy to use.You can easily set your own layout.It has a lot of research functions.
Thinkorswim only offers one-step login, unlike the web and mobile platforms.A two-step procedure would be safer.
Thinkorswim has an automatic suggestion feature that makes it easy to search for an asset.We weren't happy with the relevancy of serach results.Apple is only in fourth place when you search for it.
The MarketWatch function can be used to set alerts and notifications on the Thinkorswim desktop trading platform.
There are many alert types from price to news.Email or text message notifications are available.
Portfolio and fee reports can be found under 'Account information' on the desktop platform.You can easily modify the tab to include commission reports, profit/loss balance, margin level, etc.
Product availability can vary from country to country.Clients from Singapore can only trade stocks, options, and futures.The products listed below can be traded by US clients.
During our review, we found that it only covers products from the US market.It has the same number of exchange traded funds.
You can use the Thinkorswim platform to trade foreign exchange.The ability to trade foreign exchange sets it apart from its competitors.
You can find funds from both large and small fund providers.
When it comes to the number of options markets offered, the average is fairly low, especially when compared with brokers like Interactive Brokers that give you access to all over the world.
The number of options markets is great.
Thinkorswim supports social trading.Under the 'Tools' menu, you can set up a public profile and use it to follow other traders, engage with them in chatrooms, and share your own trading results.
It takes just a few clicks to confirm your copied deal, which is a good opportunity for seeking out new ideas and matching other traders' moves that you like.There are unique research materials and charts produced by the community.
If you need help managing your investments, the managed portfolios are great.
The service is called Essential Portfolios.You need to answer questions about your investment goals, risk tolerance and time horizon.You can choose from five portfolios based on your answers.When needed, these portfolios will be adjusted.A minimum of $500 is needed to start a portfolio.
You will get more personalized services if you choose Selective Portfolios.The minimum investment to open a premium account is $25,000.
We tested the toolkits on the web trading platform and the Thinkorswim desktop platform.
The research tools are available in both English and Chinese.
Are you a beginner or testing your trading strategy?Good news for you.There are trading and investment ideas for fixed income instruments.
It's important to note that trading ideas come from third-party providers.The overviews and ideas are grouped by assets.
Most of the fundamental data is on stocks.Pick a stock, click the 'Fundamentals' tab, and look for financial statements for 5 years or basic performance and rating metrics.There is a lot of information in the 'Earnings', 'Valuation' and 'Peer Comparison' tabs.The benchmarking tool was our favorite part.
There are good charting tools at TD Ameritrade.The charts are easy to modify and you can use 400 technical indicators.It is one of the most extensive on the market.
There is no problem with the newsfeed.The articles are easy to digest, but we missed some visual elements.Benzinga, CNBC and MarketWatch provide news.
You can use screeners.Pick 'Screeners' if you want to try them.You can use a wide range of filters.
The live chat service is great.The answers are relevant.You can get help from a Virtual agent called 'AskTed'.We appreciated the option to use this tool, even though chatting with the live agent was more helpful.
It's also good to have phone support.The customer support team was very kind.The agent was connected within a few minutes.
We liked the 'paperMoney' demo account and the videos.The URLs that would lead us to account creation were not working when we tried to re-test this service.
The paperMoney account is powered by the Thinkorswim desktop platform and offers a full range of professional trading and charting tools.The account gives access to complex markets with a dedicated amount of virtual money.
In addition to the platform's FAQ, we found useful articles and education materials in a separate learning center.The Thinkorswim platform is no longer available for university students.The last semester of the year was Spring 2019.
All knowledge levels are targeted by the webinars, which focus on various subjects.They are scheduled throughout the day, but only on Fridays.If you can't catch them in real time, they are available for later viewing.
It is regulated by the Securities and Exchange Commission, Financial Industry Regulatory Authority, Commodity Futures Trading Commission and the Monetary Authority of Singapore.
All customers are covered by the US investor protection scheme, called SIPC.It is the US legal entity that provides clearing and custodial services and holds client assets on behalf of the other legal entities.
If a broker goes bust, the SIPC investor protection scheme protects against the loss of cash and securities.SIPC protects $500,000, with a $250,000 limit for cash.Most national investor protection schemes provide less than this amount.There is an additional insurance policy for assets not covered by SIPC that is capped at a total of $500 million for all clients.
Some investments are not protected by SIPC.SIPC covers notes, stocks, bonds, mutual funds and other investment company shares.It doesn't cover instruments such as unregistered investment contracts, unregistered limited partnerships, fixed annuities, currency, and interests in gold, silver, or other commodity futures contracts or commodity options.
This handy table summarizes the different regulators, legal entities, investor protection amounts.
It was established in 1975.The proof that a broker has survived previous financial crises can be found in the longer track record.
The Toronto-Dominion Bank of Canada has a banking background and as such, it is subject to tougher regulation than brokers.
Being listed on the stock exchange is a big plus for safety as it means that the financial statements can be seen by the public.
Having a banking license, being listed on a stock exchange, providing financial statements, and being regulated by top-tier authorities are all positive signs of the company's safety.
One of the largest online brokers in the US is TD Ameritrade.It doesn't charge commission on stock trades.
You can find a lot of useful tools at TD Ameritrade.One of the best desktop trading platforms is the 'thinkorswim'.Within a short time, you will get relevant answers from customer service.
There are some drawbacks to it.It doesn't accept credit/debit cards for money transfers and charges high financing rates.The product portfolio only covers the US markets.