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TD Ameritrade Review 2024

Written by
Adam N.
Fact checked by
Updated
1w ago
Key data
Fees
Safety
Deposit and withdrawal
Account opening
Mobile app
Desktop platform
Product selection
Regulated and trusted. Tested via live trading.
7,219 people chose this broker
Not available in United States; see best alternatives

Why choose TD Ameritrade

TD Ameritrade is one of the biggest stockbrokers in the US with a wide range of asset classes and commission-free stock trading.

Its trading platform - Thinkorswim - is exceptional, account opening is user-friendly, and no minimum deposit is required.

Be aware, though, that TD Ameritrade is only available in a few countries outside the US, and you can only trade on US markets.

TD Ameritrade has been acquired by US peer Charles Schwab. Existing TD clients are being migrated to Charles Schwab, with the process scheduled to be fully completed in 2024. In most cases, it makes sense to open a new account at Schwab, since most of TD Ameritrade's top features (including Thinkorswim) are now available at Schwab. However, you can still open a new account at TD, for example if you're interested in trading futures and forex products, or using portfolio margin, as these will be available at Schwab only in early 2024. Read our Charles Schwab review.

  • Low trading fees (free stock and ETF trading)
  • Superb desktop trading platform
  • Great customer support
Overall score
4.7/5
Minimum deposit
$0
Stock fee
Low
Options fee
Low
Inactivity fee
no
Account opening
1-3 days

Not sure if this is the right broker for you? See the best ones.

Fees

Score: 3.9/5
TD Ameritrade offers free stock and ETF trading, while forex, bond and options fees are also low. On the other hand, it charges high fees for non-free funds and futures.
  • Low trading fees
  • Low non-trading fees
  • Free stocks and ETFs

We compared TD Ameritrade's fees with two similar brokers we selected, E*TRADE and Charles Schwab. These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of TD Ameritrade alternatives.

Commission-free stock and ETFs

It’s extremely great as TD Ameritrade has commission-free US stock trading.

Broker
US stock
TD Ameritrade
$0.0
E*TRADE
$0.0
Charles Schwab
$0.0
TD Ameritrade stock and ETF commission

High margin rates

TD Ameritrade USD margin rate fees are higher than the industry average. USD margin rate fees are calculated as follows: Base rate + tiered markup. Markup under $10,000: +1.25%

Broker
USD margin rate
TD Ameritrade
14.8%
E*TRADE
14.2%
Charles Schwab
13.6%
TD Ameritrade annual margin rates

Low options commission

TD Ameritrade US stock index options fees are about half of the industry average. US stock index options fees are calculated as follows: $0.65 per contract

Broker
US stock index options
TD Ameritrade
$6.5
E*TRADE
$6.5
Charles Schwab
$6.5
TD Ameritrade stock index options commission

Fees charged by TD for options trading are similar to those of its competitors: stock index options commission for 10 contracts is $6.5. The options fees are based on the number of traded options contracts.

No inactivity fee, no withdrawal fee

The broker does not charge an inactivity fee, deposits are free of charge and withdrawal is also free if you use an ACH transfer.

Broker
Inactivity fee
Withdrawal fee
TD Ameritrade
$0
E*TRADE
$0
Charles Schwab
$0
TD Ameritrade inactivity, withdrawal and other fees

Withdrawal via wire transfer, the only option available to non-US clients, costs $25.

Other commissions and fees

High mutual fund commission: trading mutual funds involves the following charges - $49.95 per transaction, although there are also ca. 4,000 free funds.

High futures fees: US index futures fees are as follows - $2.25 fee per contract plus exchange or regulatory fee.

Low FX fees: All fees are built into the spread, so there is no separate commission charged. For example, the EUR/USD spread is 1.4.

Low bond commission: US treasury bonds come with the following charges - $0 for Treasury bonds, other bonds are marketed on a net yield basis. UITs are subject to a placement fee from issuer..

Broker
Mutual fund
US micro e-mini stock index futures
TD Ameritrade
$50.0
$22.5
E*TRADE
$20.0
$15.0
Charles Schwab
$25.0
$22.5
Misc. fees compared with other brokers

Safety

The brokerage is overseen by top-tier US regulators such as the SEC and FINRA. Clients are covered by a high investor protection amount, but negative balance protection is not provided.
  • Majority of clients belong to a top-tier financial authority
  • High level of investor protection
  • Banking background
Read more

Deposit and withdrawal

Score: 1.6/5
The account funding is user-friendly with no deposit fees; however, USD is the only available base currency and wire transfers incur a high fee.
  • Free withdrawal
  • No deposit fee
  • User-friendly
Read more

Account opening

Score: 4.4/5
TD Ameritrade offers many different account types and there is no minimum deposit for US citizens.
  • Fully digital
  • No minimum deposit
  • Many account types
Read more

Mobile app

Score: 4.8/5
The TD Ameritrade mobile app is great. It is user-friendly and well-designed.
  • User-friendly
  • Two-step (safer) login
  • Good variety of order types
Read more

Desktop platform

Score: 4.5/5
The Thinkorswim desktop platform is one of the best on the market, we really liked it. The only feature we missed was two-step authentication.
  • User-friendly
  • Good customizability (for charts, workspace)
  • Good variety of order types
  • Trading support functions
  • Great learning materials
Read more

Product selection

Score: 3.8/5
You can trade many asset classes at TD Ameritrade, from stocks to futures and forex, while extras include social trading and robo-advisory. On the other hand, only the US market is covered.
Read more
“We will soon be bidding farewell to TD Ameritrade as all of its capabilities will be taken under the Charles Schwab umbrella by the end of 2024. Primarily for US residents and citizens, TDA offers its customers a wide array of platforms, including its basic website, several excellent mobile apps, and thinkorswim, which is designed for derivative-focused active traders. I have long considered TDA a terrific broker for a new investor, with its extensive educational offerings. Frankly, the sheer number of tools and extensive research available to its customers can be overwhelming, but you’ll find support channels on most social media platforms. One downside with the plethora of available platforms is that customers may have to use more than one trading system for the various asset classes they want to trade.”

FAQ

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Author of this review

Adam Nasli

Financial Wizard | Trading • Safety • Market Analysis

I bring extensive financial expertise as one of BrokerChooser's earliest team members. Personally, I tested nearly all 100+ brokers on our site, opening real-money accounts, executing trades, assessing customer services, and providing firsthand assessment. My professional background includes roles in the banking sector and a degree from Central European University, where I teach finance. My passions lies in in-depth research of the financial industry, building trading algorithms, and managing long-term investments.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.

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