TD Ameritrade review 2022: Is It Still a Top Broker?
This comprehensive TD Ameritrade review 2022 explores whether this long-standing brokerage remains a leading choice for investors. Our detailed analysis, part of a broader forex broker review process, delves into its strengths and weaknesses.
TD Ameritrade Methodology and Review Process
For our 2022 Forex Broker Review, we meticulously evaluated 39 international forex brokers over a three-month period. This extensive research generated over 50,000 words of published findings.
Each broker was assigned a grade based on 113 distinct variables, including our proprietary Trust Score algorithm. This innovative scoring system assesses a broker’s trustworthiness by examining factors such as licenses, regulatory compliance, and corporate structure.
As part of our annual review, all brokers were invited to provide updates and key milestones. They also completed an in-depth data profile, which we rigorously hand-checked for accuracy.
Ultimately, our stringent data validation process ensures an error rate of less than 0.1% annually. This commitment provides site visitors with reliable and trustworthy data for their forex broker comparison.
Where TD Ameritrade Excels
Our TD Ameritrade review 2022 highlights several areas where the broker truly shines:
- Free Research: TD Ameritrade offers an extensive array of third-party research from highly reputable sources. These include the Federal Reserve Economic Database, Center for Financial Research and Analysis, and Morningstar, all available to users at no cost.
- High-Quality Trading Platforms: Beyond its standard web and mobile platforms, the highly acclaimed thinkorswim platform provides professional-level trading capabilities on both desktop and mobile. A thorough thinkorswim review consistently praises its advanced features.
- Exceptional TD Ameritrade Customer Support: With 24/7 support available via phone, text, fax, live chat, email, or social media, plus in-person meetings at over 250 branches, TD Ameritrade customer support is exceptionally robust.
- Large Investment Selection: TD Ameritrade caters to a wide range of investors. Its offerings span from a large selection of low-cost mutual funds to advanced products like futures and forex trading.
Where TD Ameritrade Falls Short
Despite its strengths, our TD Ameritrade review 2022 also identified some areas for improvement:
- Fractional Shares: While once a niche offering, fractional shares are now widely available from major players like Fidelity and Schwab. TD Ameritrade does not yet offer this feature, which might deter investors with limited capital. Fractional shares allow investment by dollar amount, enabling diversification even with expensive stocks.
- Crypto and OTC Stocks: TD Ameritrade does not provide direct access to cryptocurrencies, though exchange-traded cryptocurrency trusts and Bitcoin futures are available to some users. Additionally, it imposes a significant commission on over-the-counter (OTC) stock trades.
TD Ameritrade at a Glance
Here’s a quick overview of key features:
- Account Minimum: $0
- Stock Trading Costs: $0
- Options Trades: $0.65 per contract
- Account Fees: No annual or inactivity fee. $75 for full transfers; $0 for partial transfers.
- Number of No-Transaction-Fee Mutual Funds: More than 1,600
- Tradable Securities: Stocks, Bonds, Options, Mutual Funds, ETFs, Futures, Forex, Foreign ADRs, IPOs for qualified accounts.
- Crypto Availability: No direct access to cryptocurrencies, but crypto coin trusts are available OTC, and qualified clients can trade Bitcoin futures from CME.
- Trading Platforms: TD Ameritrade web and thinkorswim (desktop).
- Mobile Apps: TD Ameritrade mobile app, TDA thinkorswim app.
- Research and Data: Research, analysis, commentary, and news from 15 providers, including Argus, CFRA, Reuters, Vickers, and Morningstar.
- Customer Support Options: Phone, email, and live chat support 24/7. In-person at local branches. Support also available via text, Facebook Messenger, Twitter direct message, Apple Business Chat, and Amazon Alexa.
Detailed Ratings for TD Ameritrade
Account Minimum: 5 out of 5 stars
TD Ameritrade maintains a $0 account minimum, making it accessible for new investors.
Stock Trading Costs: 5 out of 5 stars
There is no commission on exchange-listed stock trading at TD Ameritrade. However, OTC trades do incur a cost.
Verdict
Our TD Ameritrade review 2022 confirms its status as a top-tier broker, particularly for beginner investors, advanced traders, and those seeking extensive educational resources. The robust TD Ameritrade methodology for research and the powerful thinkorswim review feedback solidify its platform strength. While it lags in fractional shares and direct crypto access, its comprehensive offerings and exceptional TD Ameritrade customer support make it a strong contender in any forex broker comparison.
