Understanding TD Ameritrade Forex– Trade forex pairs at low costs!

Last updated & tested: 10.10.2018

Being one of the huge investment brokerage firms in America with $774 billion in resources under administration, known for its compelling trading platform that additionally offers forex and stocks trading, ‘Thinkorswim’ was acquired by prime US finance company, TD Ameritrade in 2009 and since then, it has kept on developing as a pioneering brand under the organization. This is one giant of a company and a well known and trusted firm too with a great reputation for trust and transparency.

TD Ameritrade prevails to be one of the few brokers to even today offer retail forex exchanging in the States.

Highlights
  • No minimum opening deposit
  • Best customer service
  • Excellent investor education
  • Powerful Research Tools
2.
of 5 Forex Broker
TD Ameritrade
TD Ameritrade experiences
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Risk warning: Capital can be lost. Terms and conditions apply.
Headquarters and regulation

(FINRA)

Fees and Spread

Depends on account type

Lever

up to 1:50

Market Model

Trading platform

Broker-owned Software

Mobile Trading & Apps

Demo account

Yes, 30-minute custom platform demo

Trade Offering

80 Currencies

Minimum deposit

$ 0

Services & additional benefits

Live
Hotline
E-mail
Economic Calendar
E-Book
Videos
Courses/Seminars

1. Trading Offer

1.) Forex Trade Offer: A Great Opportunity for Forex Investors

The TD Ameritrade Forex Broker Services offer all kinds of solutions one needs for Forex trades to reach to the top. The most important of these features include innovative tools, the access to supreme technology and most importantly, knowledgeable services – all of it coming from a financially reliable and secure company to ensure that the customers get what they deserve.

80
Currencies
Number
30
Raw materials
Number

TD Ameritrade grants its customers a global opportunity to seek momentum and gradually turn into professionals. It helps the beginners develop ideas from the long chain of currency marketers from across the globe.

Tradable:
eur-flag
EUR/USD
usd-flag
usd-flag
USD/JPY
jpy-flag
gbp-flag
GBP/USD
usd-flag
usd-flag
USD/CHF
chf-flag
aud-flag
AUD/USD
usd-flag
nzd-flag
NZD/USD
usd-flag
usd-flag
USD/CAD
cad-flag

With their personalised software ‘Thinkorswim’, that provides trading tools and educational services to the online investors, the users of TD Ameritrade can not only access the global forex-broker charting packages, equities, options and major currency market but can also learn about the real-time and uncut breaking news coming straight from CNBC International, currency trading maps and global news squawks all of it on one integrated platform.

The company does not charge from its customers any sort of subscription or platform fees, apart from the already added commissions and financing charges.

Trader Rating
TD Ameritradereview_summary_group_1_image
  • Offer a portable TD Ameritrade Mobile Trader tool
  • Have a personalized software-'Thinkorswim'
  • No added subscription fees
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2. Costs

2.) Forex Trading Costs: How Much Are The Trading Charges With TD Ameritrade

The heavy package of 24/7 customer support along with extensive research, real-time motivation and helping quotes and an advanced platform at par with the best technologies available comes at a considerable price.

The commission rates over the years have witnessed an exponential decline. The TD Ameritrade valuations have reached to a flat charge of $6.95 per trade which is much lower than the $9.99 that was charged per trade in the previous year, apart from the $.75 that is priced per contract and $6.95 charged as options costs.

1:50
Max Lever
Micro-Lot
Trading size
$ 0
Minimum deposit
None
Market Model

On Forex Broker comparisons of full-service providers, TD Ameritrade stands at par with ETRADE when it comes to an overall evaluation of the true worth of the services provided. However, TD Ameritrade Forex broker is marginally more expensive when compared to the next principal competitors, Fidelity and Charles Schwab. The two broker companies charge a mere cost of $4.95 per trade.

According to the TD Ameritrade Forex Trading – Review 2018, after a thorough trading and broker comparison, TD Ameritrade Forex traders and brokers ranked second among the 13 most expensive broker services available.

However, the company does offer not less than 296 ETFs free from commission which is the highest among all the other Forex trading companies.

Trader Rating
TD Ameritradereview_summary_group_2_image
  • The company charges $6.95 per trade.
  • Ranks second among the most expensive forex traders.
  • Offers the highest number of Commission-free ETFs.
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Risk warning: Capital can be lost. Terms and conditions apply.
3. Account

3.) Accounts: Which TD Ameritrade Account Will Suit Your Needs

The TD Ameritrade Forex broker services have an online brokerage account for all strategy types and for all the different financial goals.

Standard Account
A Standard Account can either be an individual or a joint account that can be upgraded and renewed for options and forex trading. These accounts provide the user flexibility, objective research, free access to all kinds of comprehensive investment products and fully automated trading platforms.

Retirement Accounts
You can choose from different Retirement Accounts like the Traditional IRA, Rollover IRA or the Roth IRA to help you achieve different retirement goals. These accounts grant its users various taxation advantages after job retirement.

Education Accounts
The TD Ameritrade Forex trading comes with planning and investment options offering flexibility in education savings at all the available levels chosen from a whole range of 529 state-qualified plans and the UGMA/UTMA accounts.

Specialty Accounts
The sole purpose of the Specialty Accounts is to make future planning easy for the customer. The features of the account are set to suit the user’s preferences.

Managed Portfolios
Long-term managed portfolios planned to help users meet their financial needs as time changes.

Trader Rating
TD Ameritradereview_summary_group_3_image
  • The company allows individual and joint accounts.
  • The user can set preferences according to needs.
  • Provides current and future planning to customers.
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Risk warning: Capital can be lost. Terms and conditions apply.
4. Platform

4.) Forex Trading Platforms & Mobile Trading: iOS, Android apps, Thinkorswim, and More

TD Ameritrade Forex broker is the best forex broker offering a basic trading platform, however, equipped with features that satisfy all traders and casual investors. The platform features include screeners, access to a number of third-party educational and research resources, social sentiments and customizable alerts built to apprehend user demands.

MT4
metatrader
MT5
metatrader
IOS
Android
Broker owned Software

Apart from the company’s web trading platform, the users are also supported with a personalized software ‘Thinkorswim’, that provides trading tools and educational services to the online investors.

The Trade Architect, another online platform designed by the company, complements the two mobile applications, all synced with each other to provide a consistent trading and research experience.

TD Ameritrade has developed two mobile applications- the TD Ameritrade Mobile, designed for all the amateur and casual traders and investors and the TD Ameritrade Mobile Trader, ideal for professional and all year-round active traders is the #1 mobile trading application on Appstore.

The apps help users to trade and monitor the positions of their investments and to access trusted research works done by industrial leaders like CFRA, Credit Suisse, and the Street. The apps also favor deposition of funds and their transfer between two TD Ameritrade accounts or to other financial organizations.

Trader Rating
TD Ameritradereview_summary_group_4_image
  • The company has a basic web trading platform.
  • It owns two other web platforms and two mobile applications apart from its website.
  • A 24-hour support chat facility with trading specialists.
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Risk warning: Capital can be lost. Terms and conditions apply.
5. Usability

5.) Usability of the website: Easy Navigation, Clean User Interface

Even though a basic web platform, the website of TD Ameritrade is a well designed, easily navigable portal with a wide variety of resources and tools that help traders and investors in research and to monitor trades.

The Snapticket is a handy, built-in, trading feature offered by TD Ameritrade to automatically put docks at the bottom of the console. The web solution helps customers view options chains and buy cash and margin balances as power points. Apart from these features, the users can also monitor and track the position of orders and transaction made.

The website also comes with a ticker feature found at the top of the page that allows you to view the in-depth summary of the company’s services, facilities, and prerequisites.

One can also use the additional research resources that sum upon fundamentals, news, charts and additional social signals.

The website and the web-based platform, however, lacks streaming quotes and requires regular refreshing to update the prices of the commissions offered.

The self-developed software, ‘Thinkorswim’ also does not support advanced orders like the OCO and the brackets.

Trader Rating
TD Ameritradereview_summary_group_5_image
  • The company has a very basic web platform.
  • It also comes with a ticker feature found at the top of the page that allows you to view the in-depth summary of the company's services, facilities, and prerequisites.
  • Has a handy, built-in, trading feature- The Snapticket
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Risk warning: Capital can be lost. Terms and conditions apply.
6. Support

6.) Customer Support: How Good is TD Ameritrade in Handling Customers

To hold their position as the forex brokers, TD Ameritrade promises its customers assistance by all means in the form of their licensed and experienced support representatives any time and at any time.

Users can access the e-mail address, phone number, fax number and the offline mailing address of the company from the ‘Contact Us’ portal on Client Services menu on the website.

E-Mail
Telephone
Live-Chat
On the spot

The website also has a separate section for FAQs that answers to a variety of client query some of which include queries regarding special promotional offers, account transfer methods, form download procedures. The most frequently asked question on the portal is about account opening and funds deposition and transfers into the new account.

For better consultancy results, the firm provides separate calling numbers for new clients, existing clients and retired clients. The service is available in languages like Spanish and Chinese. TD Ameritrade supports the hearing impaired by the TTY services.

Users can always visit the company’s licensed expert representatives for queries and help. Waiting time is very short especially in the non-market hours.

The e-mail service is as responsive as the 24/7 telephonic service and returns replies in a business day.

Trader Rating
TD Ameritradereview_summary_group_6_image
  • FAQ section on the web portal.
  • 24/7 telephonic service available.
  • Special solutions for the hearing impaired.
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Risk warning: Capital can be lost. Terms and conditions apply.
7. Payment

7.) Methods of Payment: How do You Fund and Withdraw Money at TD Ameritrade

Funding your TD Ameritrade Forex account is extremely easy and helps you begin trading smoothly. The company offers a variety of funding methods to its users.

You can choose from a variety of options available when it comes to money transfers from brokerage firms or other accounts and the bank.

After choosing the suitable funding method, users on navigating through the website can search for their way on the drop-down menu in the section provided.

  • banktransfer
  • creditcard
  • paypal

The funding processes are available in plenty. The five major processes that help users process the funding of their accounts include

The Electronic Bank Deposit or the ACH-
Money from the user’s bank account is electronically transferred to the subsequent TD Ameritrade account.

Wire Transfer
TD Ameritrade users can fund their accounts instantly via the wire transfer process from any financial institution or the bank.

External Securities Transfer
This process helps the users transfer ETFs, stocks, and options along with the other valuable assets into their linked account from another linked firm.

Physical Stock Certificates
All the TD Ameritrade users can deposit the physical stock documents and certificates in your name only in an individual account.

Trader Rating
TD Ameritradereview_summary_group_7_image
  • Several funding methods available to add money into the account.
  • Users can choose a suitable payment option from an easy drop-down menu.
  • Can transfer money from both bank accounts and financial organizations.
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Risk warning: Capital can be lost. Terms and conditions apply.
8. Offers

8.) Additional Offers: Bonuses and Free Trade Commissions

The customers new to TD Ameritrade Forex trading, on opening an account are provided a cashback equivalent to $100 against the first deposit of at least $25,000. The firm offers some of the greatest opportunities to practice and learn currency and forex trading.

The TD Ameritrade Forex trading account, if opened must be funded within the next 60 days.

TD Ameritrade Forex trading also comes with some of the most attractive offers which include:

  • Free trade commission for the next 60 days plus cash-backs up to $600 with conditions applied on opening a new TD Ameritrade account.
  • Online investments and equity, ETFs and the options trade free from commissions at the time of first fund deposition of $3,000 or more.
  • Online investments and equity, ETFs and the options trade are free from commissions at the time of first fund deposition of $25,000 or more plus you get cash back of $100.
  • Online investments and equity, ETFs and the options trade free from commissions at the time of first fund deposition of $100,000 or more
  • Online investments and equity, ETFs and the options trade free from commissions at the time of first fund deposition of $250,000 or more plus a cash back of $30 plus a cash back of $600.
E-Mail
Economic calendar
E-Book
Videos
Courses or Seminars
Demo Account
Trader Rating
TD Ameritradereview_summary_group_8_image
  • The firm offers some of the greatest free packages.
  • Offers first free commission when a new account is created.
  • Online payment portals to assist users.
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Risk warning: Capital can be lost. Terms and conditions apply.
9. Regulation

9.) Regulation & Deposit Protection: Why You Can Safely Invest With TD Ameritrade

As mentioned in the TD Ameritrade Forex Trading – Review 2018, the firm is a member of the SIPC that is Securities Investor Protection Corporation. The SIPC protects customer security up to a deposit of $500,000.

FINRA
Regulatory Authority
MIFID II
No
500.000
Dep. Protection

In addition to this, TD Ameritrade provides its clients security protection worth $149.5 million and around $2 million for cash protection.
In case of any kind of brokerage dispute or insolvency, the client or user receives the total amount either from the trustee or SIPC.
The coverage for supplements is made after the SPIC and trustee payouts and every client is restricted to a combined return of a sum equivalent to $152 million from not only the SIPC and the trustees but also the London based insurers.

If the customer loses cash or the deposited securities from the TD Ameritrade Forex trading account due any type of unauthorized activity, the firm guarantees to reimburse the cash or amount equivalent to the shares of the securities lost. This process being unauthorized does not require any transactions or include actions taken by the request of the user.

Trader Rating
TD Ameritradereview_summary_group_9_image
  • TD Ameritrade is a member of the Securities Investor Protection Corporation.
  • A protection amount worth $149.5 million is reimbursed.
  • Supplement
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Risk warning: Capital can be lost. Terms and conditions apply.
10. Awards

10.) Awards: Accolades and Recognition Earned by TD Ameritrade

All of the broker comparison- Forex comparison revealed in the TD Ameritrade Forex Trading – Review 2018 that TD Ameritrade has been considered as #1 trading solutions all around the globe.

Years of hard work, industry-leading services, extensive resource planning and advanced trading tools have helped TD Ameritrade Forex broker services become the best choice among the investors.

TD Ameritrade has won numerous accolades and awards such as:

  • #1 among the Long-Term Investors and novices for its usability
  • Best for Options Traders awarded 8 years simultaneously
  • Best in Investor Education awarded twice simultaneously
  • Best in Frequent Trade awarded for eight years simultaneously
  • Best in In-person Service awarded seven times simultaneously
  • Best in Research Amenities awarded four times simultaneously
  • Best in Trading Experience and Technology awarded thrice simultaneously
  • Rated #1 in a total of 9 different categories
  • Best in Class for Offering of Investments
  • Best in Research
  • Best in Mobile Trading
  • Best in Ease of Use
  • Best in Active Trading
  • Best in Options Trading
Trader Rating
TD Ameritradereview_summary_group_10_image
  • The firm is known for its best services and help provided to its customers.
  • The firm has been receiving tags and awards for the last consecutive years in a row.
  • Marked as the best trading solution across the globe in 9 different nationalities.
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Risk warning: Capital can be lost. Terms and conditions apply.

Conclusion: Our Final Thoughts for TD Ameritrade

Opening an account is truly simple and doesn’t take much time. Fund it electronically and begin purchasing and selling stocks that day itself/same day.

TD Ameritrade has various investment options, clear pricing, and apt investing tools, which makes them a decent broker for the majority of services given. No minimum balance is a major offering point since a lot of brokers endeavor to nickel and dime you with charges and fees.

TD Ameritrade took over its rival Scottrade for $4 billion. Existing Scottrade clients have now all been changed into their new TD Ameritrade accounts.

Nonetheless, with TD Ameritrade, you can drop by any of its branch offices in case you have an inquiry. On the off chance that you are searching for the most low-cost brokerage firm in the market then you might have to look somewhere else but, in any case, if you are searching for a broker that offers a great value for all investment tools that you require then TD Ameritrade might be the best suit for you.

Strengths

  • The Thinkorswim platform that comes with it
  • No minimum deposit, surcharges, inactivity fees and Free ETFs
  • Always available customer support (24x7)

Weaknesses

  • High margin rates
  • High per-trade fee
  • Users may get confused with multiple apps and platforms
Test result
Total

Ratings
0
Broker
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Risk warning: Capital can be lost. Terms and conditions apply.
TD Ameritrade
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Risk warning: Capital can be lost. Terms and conditions apply.

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