td ameritrade review

Regulators: FINRA, SEC

Cryptocurrencies: YES

Minimum Deposit: $50

Maximum Leverage: 1:50

Spreads: Low

My Score: 6.4

Welcome to my TD Ameritrade Review. TD Ameritrade is an American brokerage firm that offers investment services and trading in stocks, ETFs, mutual funds, options, fixed income, futures and forex, as well as margin lending and cash management services.

Forex trading is one of the lesser businesses of the company, nevertheless, TD Ameritrade Futures & Forex Llc is one of the five remaining active retail forex brokers on the US market, along with FXCM, (Gain Capital), Oanda and Interactive Brokers.

In this TD Ameritrade review, you will take all the answers to these questions: Is TD Ameritrade scam or good forex broker? What are the account types of the broker? What are the trading conditions such as spreads, leverage, and minimum deposit? Is TD Ameritrade regulated?

Regulation of TD Ameritrade

Brokerage services provided by TD Ameritrade, Inc., member FINRA/ SIPC. TD Ameritrade is a trademark jointly owned by TD Ameritrade IP Company, Inc. and The Toronto-Dominion Bank.

TD Ameritrade is duly regulated by the US Financial Industry Regulatory Authority (FINRA) as a brokerage firm and by the Securities and Exchange Commission (SEC) as an Investment Adviser Firm.

It’s subsidiary TD Ameritrade Futures & Forex Llc. is also a futures commission member of the US National Futures Association (NFA) since 2014 and a forex dealer member since February 2016.

TD Ameritrade was ranked the Best Online Broker for 2018 in the Kiplinger’s Personal Finance Best Online Brokers review.

Contributing to the #1 ranking were top scores for Research, Tools, and User Experience—each coming in at 5 stars—as well as high scores for Mobile App (4.5 stars) and Advisory Services (4 stars).

Account Types and Spreads

There are four trading accounts offered by the broker. These are Standard, Retirement, Education, and Specialty accounts.

Standard accounts are our most common and flexible account types. Account Minimums and Fees:

  • There is no minimum funding required to open an account. However, special promotional offers may have requirements.
  • Electronic funding minimum is $50.
  • Margin or option privileges on the account require a minimum of $2,000.

The account owner can assign a beneficiary, and upon death all assets in the brokerage account are passed to the beneficiary.

Leverage

The leverage on forex trading in the US is limited to 1:50. TD Ameritrade complies with the regulatory requirements and gives maximum leverage of 1:50 on major forex pairs. That for exotic pairs is even lower: 1:20.

It offers a variety of retirement accounts designed to meet your income and lifestyle needs. A Traditional IRA may give you an immediate tax benefit because contributions are often tax deductible.

Account requirements

  • You must be under age 70½ by the end of the calendar year
  • You must have earned income or a spouse with qualified earned income
  • No income limits

Account Minimums and Fees:

  • There is no minimum initial deposit required to open an account
  • There are no maintenance fees for retirement accounts

There are also Roth IRA, Rollover IRA, SEP IRA, Solo 401k (for small businesses), SIMPLE IRA (Savings Incentive Match Plan for Employees), Pension or Profit Plan options on retirement accounts.

Trading Platforms

Three trading platforms are available on TD Ameritrade. These are Web Platform, thinkorswim, Mobile Trading.

td ameritrade platforms

Web Platform

All the tools any level of investor needs to:

Access independent third-party research, educational resources, and planning tools

Stay up-to-date on the latest financial news from Yahoo! Finance in the customizable Dock

Track social sentiment and volume with social signals, a one of a kind trading resource that pulls insights from Twitter.

thinkorswim

A professional-level trading platform for serious traders looking for:

Elite level tools to perform analyses and test strategies

Idea generation with market scans and the ability to monitor potential risk/reward

Onboarding tools like thinkManual and platform tutorials to get started quickly

TD Ameritrade offers mobile trading with powerful mobile offerings for investors and traders that want:

A choice of device-optimized mobile apps, now including Apple Watch™

The ability to manage investments, seize opportunities, and more.

Trading Products

TD Ameritrade offers various trading instruments such as Stocks, Options, ETFs, Mutual Funds, Futures, Forex, Bonds and CDs.

Forex trading doesn’t usually require payment of an exchange or license fee, but you will be required to deposit margin for the position. With a TD Ameritrade account, you have the option of trading either non-commission FX pairs or commission based FX pairs.

Customer Support

You can contact with the broker via phone, Facebook messenger, Twitter Direct Message, or sending mail or fax. There are more details about it on the contact us section of its website.

Payment Methods

The broker offers a wide range of ways to fund your TD Ameritrade account so that you can quickly start trading. Whether depositing money, rolling over your old 401k, or transferring money from another brokerage firm, discover the method that’s right for you.

There are the 5 primary ways to fund your TD Ameritrade account:

Electronic Bank Deposit (ACH) (Most popular funding method)

Electronically transfer money from your bank account to your TD Ameritrade account.

Standard completion time: 30 mins – 3 business days

Contribution limits: $50 – $250,000

Wire Transfer

Fund your TD Ameritrade account quickly with a wire transfer from your bank or other financial institution.

Standard completion time: 1 business day

Contribution limits: No limit

Check

Simply send a check for deposit into your new or existing TD Ameritrade account.

Standard completion time: 1 – 3 business days

Contribution limits: No limit

External Securities Transfer

Transfer stocks, options, ETFs and other assets into your TD Ameritrade account from another firm.

Standard completion time: About a week

Contribution limits: No limit

Physical Stock Certificates

Swiftly deposit physical stock certificates in your name into an individual TD Ameritrade account.

Standard completion time: 1 business day

Contribution limits: No limit

Conclusion

TD Ameritrade is a well regulated Forex broker based in the USA. The broker offers various trading products with good conditions. Also, trading platforms are good.

Even though forex is not the main business of TD Ameritrade, it seems a very stable and well-regulated broker that offers an expansive portfolio of around 100 forex pairs.

It only operates in the US and doesn’t offer a demo account. There are some big advantages and disadvantages to the broker.

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TD Ameritrade

6.4

Trust

6.5/10

Commissions and fees

7.0/10

Customer Service

6.5/10

Platform & Tools

6.0/10

Product Portfolio

6.0/10

Pros

  • Strong regulations (FINRA, SEC)
  • Various Instruments

Cons

  • No MetaTrader 4
  • Low leverage
  • No demo account
  • Operates only in the US