TD Ameritrade Review 2024

What is TD Ameritrade?

TD Ameritrade is a leading online broker that specializes in various trading and investment services. It offers a wide range of investment products, including stocks, options, ETFs, mutual funds, futures, and forex. In the context of forex, TD Ameritrade provides a robust platform for forex trading. It offers commission-free trading with no hidden fees or complicated pricing structures. The cost of the trade is reflected in the bid/ask spread. TD Ameritrade’s forex trading platform is powered by thinkorswim®, a professional-level suite that offers qualified investors extensive product access and the ability to trade over 70 currency pairs. This includes major pairs like EUR/USD and GBP/USD, as well as exotic pairs like USD/ZAR and AUD/CAD. The platform also provides access to advanced order types and an economic calendar to highlight when US economic events occur. Additionally, it offers charting packages optimized for forex trading, currency trading maps, and real-time breaking news from CNBC International. TD Ameritrade also provides educational resources on forex trading. These resources can help traders understand how to trade forex and develop effective trading strategies. It’s worth noting that TD Ameritrade has been acquired by Charles Schwab and will be merged with Schwab in early 2024. This means that clients of TD Ameritrade will soon get access to Schwab’s services, including its trading platforms and education resources. In conclusion, TD Ameritrade is a comprehensive platform for forex trading, offering a wide range of tools and resources to help traders succeed in the forex market. Whether you’re a beginner or an experienced trader, TD Ameritrade provides a user-friendly platform and a wealth of resources to help you optimize your forex trading strategy.

What is the Review Rating of TD Ameritrade?

What are the Pros of TD Ameritrade?

TD Ameritrade is a well-regarded platform for forex trading, offering several advantages:. Extensive Currency Options: TD Ameritrade’s thinkorswim platform offers over 70 tradeable currency pairs. , providing traders with a wide range of options to diversify their portfolio. Impressive Tools and Research: The platform provides a plethora of impressive tools, research, and education. This includes in-house research from TD Ameritrade’s Ticker Tape hub and TD Ameritrade Network. , as well as third-party market news integration from sources like CNBC, Dow Jones, Thomson Reuters, Morningstar, and FXWirePro. Educational Resources: The Learning Center boasts over 400 pieces of content — both written and audio-visual — many of which are forex-related. This robust multimedia offering, including a well-maintained YouTube channel, and a catalogue of archived webinars with quality content such as its Trader Talks Webcasts. , provides traders with valuable insights and knowledge. Trust and Reliability: TD Ameritrade is publicly traded and regulated in four tier-1 jurisdictions. It is trusted by over 11 million clients, with over $1 trillion in assets. Being part of Charles Schwab Corporation since October 2020, it has a combined 28 million clients and $6 trillion in assets. Availability of Currency ETFs and Futures: The availability of currency ETFs, exchange-traded forex futures, and options on forex futures elevate TD Ameritrade’s already-impressive forex offering. Award-Winning Platform: The thinkorswim platform left us so impressed that it won our award for Best Desktop Platform for 2023. Commission-Free Trading: TD Ameritrade offers commission-free trading with no hidden fees or complicated pricing structures. The cost of the trade is reflected in the bid/ask spread. Innovative Platforms: The professional-level thinkorswim suite, including the completely streamlined thinkorswim web and thinkorswim mobile app, offer qualified investors extensive product access. Knowledgeable Support: TD Ameritrade provides forex assistance day and night. These features make TD Ameritrade a strong choice for forex trading. However, it’s important to note that as of August 2023, TD Ameritrade accounts are transferring to Charles Schwab in batches. Schwab clients will get the thinkorswim platform.

What are the Cons of TD Ameritrade?

TD Ameritrade, a well-known brokerage firm, offers a range of services including forex trading. However, there are certain drawbacks that potential investors should be aware of:. Limited Trading Platform Options: TD Ameritrade does not offer MetaTrader (MT4), a popular platform for forex trading. This could limit the options for traders who prefer using this globally recognized platform. Focus on Other Markets: The live video broadcasting provided by TD Ameritrade is more focused on equities markets and futures than forex. This could be a disadvantage for traders who rely on these broadcasts for forex trading insights. Higher Cost Structure: Compared to some other forex brokers, TD Ameritrade has a relatively higher cost structure. They charge a commission for each trade, which can increase trading costs, especially for frequent traders. Above Average Spreads: With average spreads close to 1.2 pips on the EUR/USD, pricing is slightly above the industry average. This could impact the profitability of trades. Availability: TD Ameritrade’s forex trading services are only available for U.S. clients. This restricts access for potential traders from other parts of the world. High Entry Threshold: There is a high entry threshold set for margin trading and investment in managed portfolios. This could be a barrier for traders with limited capital. Limited Payment Systems: The broker offers a limited selection of payment systems for deposits and withdrawals. This could inconvenience traders who prefer using a specific payment method. Lack of Online Chat: There is no online chat on the company’s website. It is available only in some versions of trading platforms. This could limit the support options for traders who prefer using online chat for immediate assistance. These points should be considered by potential investors when evaluating TD Ameritrade as a forex trading platform.

Is TD Ameritrade Regulated and who are the Regulators?

TD Ameritrade is indeed regulated. The primary regulators are the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and the Commodity Futures Trading Commission (CFTC). In addition to these U.S. regulators, TD Ameritrade is also regulated by the Hong Kong Securities and Futures Commission, and the Monetary Authority of Singapore (MAS). In the context of forex trading, TD Ameritrade complies with regulations set forth by the aforementioned regulatory bodies. For instance, the CFTC is a key regulator in the forex space, and TD Ameritrade adheres to their rules and guidelines. Furthermore, TD Ameritrade is subject to the PRIIPs Regulation. This European Union (EU) regulation requires the development of Key Information Documents (KIDs) for packaged retail and insurance-based investment products (PRIIPs), which include futures and futures options. These KIDs are intended to provide retail investors located within the European Economic Area (EEA) with an overview of the PRIIPs, including a risk assessment. TD Ameritrade also complies with the Regulation Best Interest (Reg BI), Form CRS, and the Department of Labor (DOL) Fiduciary Rule. These regulations ensure that when TD Ameritrade makes recommendations, they are acting in the best interest of the client. In conclusion, TD Ameritrade is regulated by several top-tier authorities, ensuring a high level of investor protection. This makes it a reliable and trustworthy platform for forex trading.