TD Ameritrade Review: Features, Pros, Cons, and More 2024!

Published :
Written by

TD Ameritrade is a forex and CFD broker that provides online trading services globally. Based in the United States, it is regulated by top regulatory authorities including FINRA, SIPC. TD Ameritrade offers a variety of trading instruments, including Stocks,Options,ETFs,Mutual Funds,Futures,Forex,Margin Trading,Bonds & Fixed Income. It supports popular trading platforms and tools such as Web Platforms, thinkorswim desktop, thinkorswim®web and Mobile Trading.

Though TD Ameritrade is a highly trusted and regulated forex and CFD broker, it has its strengths and weaknesses. In this review, we will take an in-depth look at TD Ameritrade, exploring its features, pros, cons, and more. By reading this review, you will gain a better understanding of whether TD Ameritrade is the right broker for your trading needs and preferences.

What is TD Ameritrade?

Key Features:

  • Applicable For: Applicable for all jurisdictions including FINRA, SIPC
  • Account Opening: Fully Online Account opening. It may take only 5 to 7 Minutes. The demo account has 30 days of validity. 
  •  KYC Verification: Required 
  • Trading Instruments: Stocks,Options,ETFs,Mutual Funds,Futures,Forex,Margin Trading,Bonds & Fixed Income.
  • Trading Platforms: Web Platforms, thinkorswim desktop, thinkorswim®web and Mobile Trading.
  • Minimum Deposit:  $0
  • Maximum Leverage: Up to 30:1 (CySEC, ASIC), up to 1000:1 (FSA), and up to 500:1 for a professional account.
  • Trading Fees: Trading fees (spreads and commissions) depend on account types. The minimum spread is starting from 0.0 pips.
  • Minimum Trade Size: 0.01 lot. 
  • Maximum Trade Size (Lot restriction per Ticket): 100 Lots 
  • Funding Currencies: USD
  • Maximum Number of Positions ( At a time): 200 for MT4, MT5 Live account, 100 for MT4, MT5, demo accounts, 2000 for Ctrader trading account. 
  • Maximum Volume per trade: The maximum volume per trade ranges from 50 to 250 lots, depending on the platform type and tradable assets. For Shares CFDs, the maximum volume is 1000 shares in total
  • Trading Style Allowed: All including Scalping, hedging, and EA Trading. 
  • Stop Out Level (retail): 50%
  • Margin Call Level: 80% 
  • Negative balance Protection: Yes 
  • Investor Protection:  Available under ASIC and CySEC regulations. However, the Investor protection scheme does not apply to FSA jurisdiction. 

TD Ameritrade Pros and Cons

Pros:

  • ETF, non-penny stock, and options trades are commission-free
  • Expansive trading tools and resources for all types of investors
  • Low trading fees (free stock and ETF trading)
  • Regulated by FINRA, SIBC 
  • Part of Charles Schwab Corporation since October 2020, with a combined 28 million clients and $6 trillion in assets.
  • The company does not charge fees for trading in American and Canadian stocks, options, and ETFs.
  • There is a large selection of investments from which to choose

Cons:

  • Broker-assisted trades are somewhat costly
  • No direct crypto Trading 
  • Forex trading via thinkorswim, a trading platform where you can trade forex
  • No MT4, MT5, cTraders  trading platforms are offered 
  • Fractional shares are not offered
  • Accounts mostly limited to US residents
  • As a U.S.-only forex broker, TD Ameritrade does not offer copy trading or MetaTrader (MT4).

Our Ratings for TD Ameritrade:

Review and Reputation on Public Domains:

Public review sites like Trustpilot and Forex Peace Army have become important sources of information about brokers. Many traders share their real-life trading experiences on these platforms. However, there are also many fake or paid reviews on these platforms, and sometimes competitors leave negative reviews. This makes it challenging to find genuine reviews. By carefully reading the content and context of the reviews, you can often discern their authenticity. Do not blindly rely on these reviews; instead, use them as part of your overall broker research process

TD Ameritrade Ratings and Reviews from Trustpilot:

TD Ameritrade has earned a rating of 1.4 out of 5 on Trustpilot. These high ratings indicate customer satisfaction and trust. After carefully examining the reviews, we found that most of them are genuine, provided by real users sharing their real-life trading experiences.

TD Ameritrade Ratings and Reviews from Forex Peace Army:

TD Ameritrade has achieved an average rating of 2.1 out of 5 on Forex Peace Army (FPA). We’ve observed numerous brokers on FPA, and most brokers tend to have lower ratings. Several reasons might contribute to this. There is a complaint that FPA does not approve all positive reviews and only approves negative ones for the sake of their business. To understand the real reviews, traders should focus on the content of the reviews. Typically, fake, paid, or competitor reviews are generic. While you should consider these reviews as part of your research process, you shouldn’t make decisions based solely on them. For instance, if you encounter any user complaints, you might discuss them with the broker to verify if such issues exist. Additionally, you should review the broker’s policy and terms of service.

Final Verdict:

TD Ameritrade is a regulated forex and CFD broker that offers its trading services to traders and investors worldwide. It provides a wide range of trading instruments, including Stocks,Options,ETFs,Mutual Funds,Futures,Forex,Margin Trading,Bonds & Fixed Income. The broker’s spreads start from as low as 0.0 pips, and it offers high leverage (up to 1:500) and a low minimum deposit (as low as $0). With top-tier regulations, a variety of trading instruments, high leverage, low minimum deposit, fast execution, and flexible account types, TD Ameritrade can be a good choice for many traders.

However, the broker does not accept US clients. It also does not have any investor protection scheme for non-UK/EU traders. Additionally, TD Ameritrade does not offer any real stocks or cryptocurrencies; it offers only forex and derivatives. 

If you are a forex and CFD trader looking for a trusted broker, TD Ameritrade can be an ideal choice for your trading journey. However, We always encourage traders to test brokers with a demo account or with a small deposit. Once you are satisfied with the trading conditions of the broker, you may proceed with real trading.

Written by

Jason Paine is a forex trader, researcher, and tech enthusiast. He is passionate about financial markets and cutting-edge technology. With a dynamic 16-year trading career, he's on a mission to guide fellow traders. Having navigated diverse forex brokers, Jason shares his insights at Brokersway to bridge the gap between traders and the right brokerage.

Disclosure:  At Brokersway we're committed to delivering unbiased information. our opinions are our own and are not influenced by the payment we receive from our advertising partners. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation of how we make money.

Leave a Comment