TD Ameritrade is a broker company that has been present in the trading market for a couple of decades. You would assume that, based on this, it would also have invaluable experience to share with its clients, but that is unfortunately not the case here. It was established back in 1975 and has since then been able to upgrade its operations and add new technologies in order to attract a broader audience. Back in 2000, TD Ameritrade switched online and has been operating like this since then. In this TD Ameritrade review, we will show you all the good and bad sides of trading with this hot-shot name.
When it comes to keeping up with the latest innovations on the market, TD Ameritrade seems to be quite well with it. The company is able to catch up and implement new solutions quite easily, which is great news for all the clients. Back in 2019, TD Ameritrade has actually joined the rich and alluring Charles Schwab Corporation, which is one of the most prestigious names in the trading industry.
This partnership is highly beneficial for both their clients for many reasons. Mainly, these two companies have worked hard on incorporating different visions to create a single winning solution for clients across the globe. One of the shared values that they like to emphasize is equal access for all clients, no matter where they are coming from or how much experience they have on the trading market. So far, this all seems quite promising. But, let’s dive in further to see what this broker company is all about and whether it has some skeletons in its closet that you should stay away from.
There are several account types you can find on the AD Ameritrade page, which is great. You can choose the accounts such as Join, Retirement, Education, Savings, Business, Managed Portfolios, and Estate or Beneficiary IRA. These all sound fancy and complex, which is why there are many first-time clients who may be confused by it all. Unfortunately, TD Ameritrade did not make any particular effort towards making things easier for them, which is a huge downside that they should work on.
However, if you do know what they are talking about here, you will see that this selection is quite good. It has everything for different client types, from high-rollers to the ones who are more traditional or want to take their time in trading. However, there are a lot of facts missing about these account types, such as the leverage, bonus funds, minimum deposit amounts needed to acquire the account, and others. So, we are not exactly sure how would you even progress through these different levels, and how to even begin.
From everything we’ve seen so far, we have to admit that we weren’t particularly encouraged to learn about this section. Still, education is one of the most important tools that can help you get ahead and advance in your trading, so a company like TD Ameritrade should at least have different abilities to make this possible. TD Ameritrade is a place where a lot of new traders like to come in and start their trading journeys, and this company is well aware of that fact. This is why they have made sure to pay attention, especially to this client group. They do so by including different educational tools into their selection such as lessons and video tutorials of the most common things that you should learn about before you begin.
Aside from this, TD Ameritrade has made sure to include different types of educational tools for all its clients, regardless of their level of knowledge and trading proficiency. They include things like Market news and articles, which keep you updated with the latest events on the market that will certainly affect your trading in the long run. Then, there is also the Webcasts section, which contains different video tutorials that provide you insights into expert opinions by the influential people of the world of finance.
Lastly, the ultimate weapon which you can have at your disposal at TD Ameritrade is the thinkorswim trading platform. Here, you can use the educational and other trading tools to approach it as an actual trading platform, but with a twist. Namely, you won’t have to worry about losing any money, since this platform works as a demo account. So, you can try out your different strategies and find the perfect one before you enter the market and create a real account. This is a huge relief, especially for the clients who are visiting the first time and are still not sure whether trading is the right thing for them.
Now, let’s get to the real deal and talk a little bit about the trading platform at TD Ameritrade. After all, this will be the website section where you will spend most of your time, so it has to be perfect. So, what does a great trading platform need to have? For starters, it should be responsive, loading without a hitch, and optimized for different devices. So far, the TD Ameritrade trading platform covers all these features.
Here you can find a few platform options including the web, the desktop, and the mobile version. They are easily customizable and are quite appealing when it comes to design. However, the web platform is a bit different than the others, since it does not operate based on software. In other words, you cannot be certain in your security and safety while trading, since there is no program or operation that can ensure this and keep your data and funds safe.
The most important thing you need to keep in mind with the TD Ameritrade platform is the fact that there is no way to access it unless you create an account. This is quite disappointing, since it takes away the chance to check out the platform, learn your way around and find out if it even suits you and your trading needs. Aside from this, the selection of the assets is quite good, with over several hundred stocks, options and commodities. However, there are no currency pairs or cryptos, which is just another proof at how TD Ameritrade is not catching up with the latest innovations when it comes to trading.
We don’t even have to emphasize how important it is to have an efficient, friendly and supportive customer support. The agents are most often the first point of contact between the companies and the clients, so they have to be up their game. This includes them being both knowledgeable and friendly, and well as able to deal with the clients in a respectful manner. So, how does TD Ameritrade perform in this field?
At a first glance, the customer support page is working fine. It is filled with different information about how to contact them, including email, telephone number and the online form. However, when you click on each one, you will learn that the customer support team is currently not operating for some reason. Instead, they will advise you to redirect to the Frequently Asked Questions page to try and find your answers. This is highly irregular and quite disappointing, especially for the clients who are here for the first time and need a bit more help than others.
Finally, let’s talk a bit about the depositing and withdrawal methods at this company. Are they safe and reliable? Also, are they efficient at processing your transaction requests? Let’s find out!
As we investigated this section further, we’ve learned that there are quite a few payment methods you can use, but they are mostly traditional and not so reliable. For example, the bank wire transfer takes the longest to process – up to 14 business days! Who has the time? Then, there is the option of mailing in your check or account transfers through other companies. There is also the option of a physical stock certificate and the electronic bank deposit (ACH). Whichever one you choose, brace yourself for a long wait until the company is able to process your transactions. Also, the deposit limit here is $150.000, but we can’t even imagine who would try to deposit this kind of amount into this company.
However, when it comes to withdrawals there isn’t many options explained here, so we are not even sure if they come with additional fees or other requirements.
In the end, we can say that we are not pleased with anything we’ve learned about this company. It lacks a lot of basic features that are standard in other companies, so why wouldn’t you just go there instead to get a full package? TD Ameritrade definitely has a long way to go before acquiring some new clients and living up to its old reputation.