TD Ameritrade Review 2023

TD Ameritrade is a reliable and trustworthy broker. The reason we assigned a high safety score to TD Ameritrade is because it has a banking license, is regulated by top-tier US authorities, and has a long track record as it’s been around since 1975, having survived multiple crises, recessions and periods of market volatility.

How does TD Ameritrade protect my investments?

TD Ameritrade has several legal entities and all customers at all entities are covered by the US investor protection scheme called SIPC.

In case the broker goes bust, you are insured up to $500,000, which includes a limit of $250,000 for cash. Apart from unregistered investment contracts, like limited partnerships, currency, interests in gold or other commodity futures contracts or options, all investments are protected. More on TD Ameritrade's legal background here.

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The account opening process to get to your first trade at TD Ameritrade is straightforward, easy and takes just 20 minutes to complete. From TD Ameritrade’s side, it takes 1-3 business days to confirm your application. The process is fully digital, but you may be asked to confirm your identity by mailing or faxing a generated document. The last time we checked this, it did not require paper documentation.

Read more details about how to get to your first trade at TD Ameritrade here.

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TD Ameritrade is extremely cheap as it charges zero commission for stocks, ETFs and bonds, and has relatively low fees for forex and options. Outside the 4,000 free funds, though, fund fees are high, while futures contracts are also expensive to trade.

Deposit and withdrawal are free, and there are no other account fees, like custody or inactivity fees. For more information, check out our detailed analysis of TD Ameritrade fees.

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Withdrawal at TD Ameritrade is free of charge if you use ACH transfers. This is a great thing and not a common practice among brokers. It is important to note that bank/wire transfer withdrawals cost $25.

We tested the ACH transfer and it took 1 business day. The minimum transfer amount is $50. A wire transfer, on the other hand, can take several business days.

Read on for further information about the TD Ameritrade withdrawal process.

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TD Ameritrade's account opening process consists of three steps:

1. Online application

TD Ameritrade’s account opening process is fast and fully digital. Online registration takes only 20 minutes, but you might have to confirm your identity via mailing or faxing a generated document and the copy of the ID of your choice. Luckily, the last time we tested, the process did not require paper based documentation.

To verify your identity and residency, you have to upload the following documents:

• Proof of identity: national ID card or passport
• Proof of residency: tax or bank statement

2. Account approval

It takes about 3 business days for TD Ameritrade to approve new accounts.

3. Funding

After approval, you have to fund your account before you can carry out your first trade. ACH transfers for US clients should take 1 day max, while wire transfers for residents of Hong Kong, Malaysia, Thailand, China, Taiwan and Singapore can take several business days.

Once your account is funded, you can start using TD Ameritrade’s web platform, the excellent thinkorswim platform or the mobile app.

If you are not ready yet to open a live account, you can start by experimenting with their demo account. Check out our full guide on TD Ameritrade account opening process.

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TD Ameritrade does not charge deposit fees if you use ACH transfers as your deposit method. This is only available to US clients. Clients from Hong Kong, Malaysia, Thailand, China, Taiwan and Singapore can only use wire transfers and checks to deposit.

A bank/wire transfer costs $25.

To test the deposit process, we sent money through an ACH transfer from a US bank to our test broker account; it took 1 business day to go through. The minimum transfer amount is $50.

Credit/debit card deposit is unavailable at TD Ameritrade.

Bank transfers can take several business days.

You can only deposit money from accounts that are in your name.

Read on for further info about TD Ameritrade minimum deposit requirements.

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While TD Ameritrade’s main profile is bonds and equities, it offers a surprisingly broad range of currency pairs available to trade at reasonable cost.

When it comes to routing, TD Ameritrade’s forex side is ECN, meaning it gives direct electronic access to the market. This also means fast execution.

Trading FX at TD Ameritrade is a breeze if you use thinkorwsim, TD Ameritrade’s flagship trading interface. It is well developed for both fundamental and technical analyses. The platform is well designed and among the best in usability and customizability. The web platform works wonders too but is much less flexible in its settings than thinkorswim.

If you’d like to fill some orders on the go, the mobile platform is a good carbon copy of the web platform.

For more information, check out our detailed analysis of TD Ameritrade fees..

Yes, TD Ameritrade is a good choice for equity trading as it doesn't charge commissions for your stock and ETF investments.

There are also no account or inactivity fees, so you won't face expensive charges for your long-term investment plans. However, if you'd like to invest with a margin - i.e. borrow from the broker - prepare for a high rate of 13.3%, which is among the highest compared with other US brokers.

The biggest downside is that only the US market is covered, so trading e.g. German equities is not possible, unless they are specifically introduced on the NYSE.

But overall, equity trading at TD Ameritrade is a breeze if you use thinkorwsim, TD Ameritrade’s flagship trading interface. It is well developed for both fundamental and technical analyses. The platform is well designed and among the best in usability and customizability. The web platform works wonders too, but is much less flexible in its settings than thinkorswim.

If you’d like to fill some orders on the go, the mobile platform is a good carbon copy of the web platform.

For more information, check out our detailed analysis of TD Ameritrade fees.

Yes, absolutely! We do recommend TD Ameritrade for long-term saving because it doesn't charge non-trading fees. TD Ameritrade will save for you in the long term, as there are no inactivity fees and custody fees. When it comes to trading costs, TD Ameritrade doesn’t charge any commission fees for stock and ETF trading. Still, while the US market is broad, it is the only market TD Ameritrade has access to.

Is TD Ameritrade good for retirement savings?

Yes. TD Ameritrade has a strong banking background, therefore provides services for retirement savings. Opening an Individual Retirement Account (IRA) takes just 15 minutes, and contributes towards tax-deductible growth over time. Alternative IRAs, like Rollover and Roth IRA are also available.

You can contact TD Ameritrade via

• live chat
• phone
• email

Customer service at TD Ameritrade is available in English, Chinese and Spanish.

In our tests, we found TD Ameritrade’s customer service great. The live chat service is excellent. The answers are quick and relevant. There is also a Virtual agent called 'AskTed' that directs you to relevant FAQ pages. Although chatting with the live agent was more helpful, we appreciated the option to use this tool as well.

The phone support team was very kind; an agent was connected within minutes and gave relevant answers. They are available 24/7.

In email, we also received relevant answers within one day.

See how we rated TD Ameritrade customer support here.

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