TD Ameritrade Forex Trade Platform and Broker Review

TD Ameritrade Forex Trade Platform and Broker Review

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Ameritrade Broker Review

TD Ameritrade is an established US Forex broker that provides trading for 11 million client accounts for trading in stocks, forex, futures, options, ETFs, and other securities. 

TD Ameritrade was founded in 1975 and is headquartered in Omaha, Nebraska, United States, with 175 branches across the USA. TD Ameritrade has over 8 939 employees.

Is TD Ameritrade Regulated?

Yes, TD Ameritrade is regulated by the Financial Industry Regulatory Authority (FINRA). In addition, client accounts are protected under FDIC (deposit accounts held at TD Bank) and SIPC. 

According to the official website, TD Ameritrade is under regulation for discretionary investment advisory services including asset allocation and fund selection.

TD Ameritrade’s regulations guarantee extensive client protection measures, including the storing of segregated client funds, as well as extensive data protection protocols and regular audits.  

Is TD Ameritrade Regulated in the United States?

Yes, TD Ameritrade is regulated in Virginia and other US states.

Is TD Ameritrade Regulated in Europe?

No. TD Ameritrade is not regulated in Europe. The broker does not accept customers from Germany, Netherlands, the UK, France, Italy, Romania, Spain, Switzerland, Ireland, and most other European countries.

Is TD Ameritrade regulated in a Tier-1 Jurisdiction?

According to the TD Ameritrade website, TD Ameritrade is not regulated under Tier-1 jurisdiction. 

This type of jurisdictional regulation would give the broker a license to operate in specific countries, namely Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Israel, Japan, Luxembourg, Netherlands, New Zealand, Norway, Puerto Rico, Singapore, Sweden, and Switzerland.

Is TD Ameritrade regulated in Tier-2 Jurisdiction?

According to the official TD Ameritrade sources, TD Ameritrade is not regulated under Tier-2 jurisdiction. 

Such jurisdictional regulation would give the broker license to operate in the following countries: British V.I., Cayman Islands, Cyprus, Italy, Malaysia, Mexico, Poland, Portugal, Spain, and Taiwan.

What are the Platforms and Tools for Forex Trading in TD Ameritrade?

TD Ameritrade offers traders its proprietary Thinkorswim trading platform, which has a range of advanced features and exceptional trade capabilities.  

  1. Thinkorswim from TD Ameritrade allows users to Access independent third-party research, educational resources, and planning tools and also offers onboarding tools like thinkManual and platform tutorials to get started quickly. The platform has fully customizable, downloadable software.

Does TD Ameritrade Have a News Blog for Forex News?

Yes. TD Ameritrade has a free news blog available on its official website. Under the Research section on the broker’s website, traders can access the dedicated Markets Overview page which is constantly updated with movements in the US markets.  

Does TD Ameritrade Have a Traders Dashboard?

Yes, TD Ameritrade provides a Traders Dashboard from within the Thinkorswim platform. This resource features integrated data streams that will allow traders to monitor market movements and fundamental analysis from one area. 

Does TD Ameritrade Have an Educational Section?

Yes, TD Ameritrade has an education system for Forex Traders. To join the education system, users can navigate to the dedicated Education section on the broker’s website. 

What is the content of TD Ameritrade Forex Education?

The Forex Education from TD Ameritrade consists of 4 different resource categories, which are Immersive Curriculum, Articles, Videos, and Webcasts. 

The Immersive Curriculum section consists of free online immersive courses that are broken down into lessons so you can deepen your investing knowledge on your own time. 

Added to this, the course consists of goal-based learning paths that pair courses with relevant webcasts and events to help you master the concepts, with the help of an Education Coach.

The Articles section consists of investment articles divided into the following six categories:

  1. Market news
  2. Investing
  3. Trading 
  4. Retirement
  5. Personal Finance
  6. Tools

The Videos section consists of a catalog of six instructional videos. These are listed below. 

  1. Investing basics
  2. Tax-efficient investing
  3. Options
  4. The power of compounding
  5. ETFs
  6. Planning for retirement

This is a very comprehensive educational offering from TD Ameritrade and should be used by beginner and intermediate traders alike, as it covers both the trading basics as well as more advanced trading topics. 

Is TD Ameritrade Legit?

Yes, TD Ameritrade is a legit Forex Broker and Trade Platform. TD Ameritrade has FINRA and SCB legal certificates to perform Forex Broker and trading services.

Is TD Ameritrade Safe?

TD Ameritrade is a reliable and safe Forex Trade platform in terms of its regulation and safety protocols. The broker is regulated in the United States by the Financial Industry Regulatory Authority (FINRA). 

In terms of its safety protocols, TD Ameritrade’s online security procedures and policies have been carefully designed to help protect your financial assets and personal information.

These include security products and services, asset protection guarantees, and leading-edge procedures. 

Is TD Ameritrade a Good Broker?

Yes. According to the Forex Suggest review, for security and trading speed, TD Ameritrade is a good broker. 

  1. In terms of trading speed, TD Ameritrade uses advanced routing technology and evaluates execution quality, and its proprietary routing technology enables market orders to be filled quickly.
  2. In terms of security, TD Ameritrade utilizes advanced firewalls to keep unauthorized parties from gaining access to your personal information, as well as anomaly detection and intrusion detection technology to alert the broker to unusual behavior in your account.
  3. In terms of online support, TD Ameritrade does not offer a live chat option on its website. Traders will need to contact the broker via telephone or email.  
  4. In terms of cryptocurrencies, TD Ameritrade does not currently offer cryptocurrency trading. 

What is the Offering of Investment in TD Ameritrade?

Offerings of TD Ameritrade can be found below.

Feature TD Ameritrade
Forex Trading Yes
CFDs Yes
Forex Pairs Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) No
Social Trading  No

Does TD Ameritrade have Nasdaq?

Yes, TD Ameritrade offers traders the option of trading CFDs on the Nasdaq 100 Stock Index. This is an electronic stock exchange that allows investors to trade the stocks of the largest global companies.

What are the Awards of TD Ameritrade?

Forex Trading Platform TD Ameritrade’s awards are listed below.

  1. TD Ameritrade was named #1 Overall Broker in the StockBrokers.com 2023 Online Broker Review, for a third consecutive year.
  2. TD Ameritrade was named Best Broker for Stock Trading Platform and Research in NerdWallet's 2023 Best-Of Awards for meeting the needs of all levels of investors
  3. In a January 2019 study by Investor's Business Daily, TD Ameritrade was named among the top online brokers for customer service, research tools, investment research, and options trading platforms.

How to Use TD Ameritrade for Forex trading?

To use TD Ameritrade, a forex trader should have the necessities below:

  1. A copy of their identification documents
  2. They should be 18 years or older
  3. They should not be a resident of Germany, Netherlands, the UK, France, Italy, Romania, Spain, Switzerland, Ireland, and most other European countries.

If a Forex Trader has the conditions above, they can open a forex trading account to use TD Ameritrade. 

How to open a Forex trading account with TD Ameritrade?

To open a Forex Trading account with TD Ameritrade, a trader should follow the steps below.

  1. Select the account type on the TD Ameritrade official website and provide your investment/trading preferences
  2. Provide your personal information, including your Social Security Number, residency and employment status
  3. Review your information
  4. Read and acknowledge the terms and conditions
  5. Confirm your application

What are the Forex Trader Account Types with TD Ameritrade?

Forex Trading Platform and Financial Asset Management Institution TD Ameritrade have 6 different account types. Every Forex trading account type has different features and conditions with TD Ameritrade. 

TD Ameritrade Account Types are listed below. 

  1. Demo Account

  2. Standard Account

  3. Retirement Account

  4. Education Account

  5. Specialty Account

  6. Managed Account

  • Demo Account

The free Demo account from TD Ameritrade is called the Papermoney Account. It allows users to fully navigate and test the trade features on the Thinkorswim trading platform in a risk-free environment, as the account is funded with virtual currency for this purpose. 

  • Standard Account

The Standard Account is TD Ameritrade’s most common and flexible account type. There is no minimum funding required to open an account. However, special promotional offers may have requirements.

Electronic funding minimum is $50, and margin or options privileges on the account require a minimum of $2,000. The account owner can assign a beneficiary, and upon death, all assets in the brokerage account are passed to the beneficiary.

  • Retirement Account

The Retirement Account type from TD Ameritrade is designed to allow users to plan their investments over the long term.  

If eligible for this account, your annual contribution limits are the same but are not tax-deductible. However, since annual contributions have already been taxed, these contributions will never be taxed again and earnings can grow tax-free. 

Finally, the contributed funds can be withdrawn any time you wish and there are no required minimum distributions.

  • Education Account

The Education Account from TD Ameritrade is designed to allow users to save for educational purposes. It allows you to save for college while your money grows tax-deferred. The 529 Plan is designed to meet the needs of virtually every family and every budget.

There is no minimum annual contribution required.

Choices vary by individual plan and also by state, and may be limited. Details are available in the plan's enrolment handbook.

  • Specialty Account

Specialty investment accounts from TD Ameritrade include trusts, limited partnerships, small business, charitable, and accounts for investment clubs.

  • Managed Portfolio Account

Managed portfolios are offered as goal-oriented portfolios by TD Ameritrade. With just a few questions TD Ameritrade Investment Management can recommend a managed portfolio for you, and then provide ongoing monitoring, allocation, and rebalancing. 

This account type saves you time and helps you stay invested for the long term. 

How to Withdraw Money from TD Ameritrade?

To withdraw money from TD Ameritrade, the following should be done:

  • You can transfer funds out of client accounts—as well as make IRA distributions—from the Cash Management section of Self-Service.
  • To move money electronically, two things must be in place:
  • Permission: The client account must show that these transactions are permitted. To establish client permission, please have your client complete, sign, and submit the Move Money (or IRA Move Money) Advisor Authorization form. 
  • Once these forms are received by TD Ameritrade Institutional, please allow 24 hours for the instructions to be added and permission(s) enabled.
  • Bank information: The account must have one or more banks set up to transfer funds into and out of. Please contact your Regional Service Team for information on how to set up bank information for an account.
  • Once you’ve established permission and bank information, follow these steps to make an electronic withdrawal from one of your accounts:
  1. Go to Accounts and choose Self-Service.
  2. Select the Cash Management tab.  
  3. Enter the account number you’d like to withdraw money into, or click Choose Account to select one.
  4. Select ACH OUT Request below Request Type.
  5. Select the fund destination by clicking the bank the funds will be sent to.
  6. Select a transaction frequency, and enter a start date.   
  7. Enter the dollar amount to be transferred from your client's TD Ameritrade account to the bank account.
  8. Click Preview once you’ve finished entering the withdrawal information. From the Preview page, you can review and edit the request details as you’ve entered them by clicking Modify, or cancel the request by clicking Cancel.
  9. If you are ready to enter the request, click Submit on the Preview page.
  10. To view the status of your transactions or to Modify/Cancel a transaction in process, go to the Status tab in Self-Service and filter by status, transaction details, or account detail(s). You can set up custom filters.
  • Important – Funds availability and cut-off times: If your electronic withdrawal request is received before 4:30 p.m. ET, it will be processed the following business day. If your request is received at or after 4:30 p.m. ET, it will be processed in two business days.

How many days do deposits take with TD Ameritrade?

Deposits generally post to your account 1-2 days after TD Ameritrade receives your check or electronic deposit. Once the fund's post, you can trade most securities. 

Electronic deposits can take another 3-4 business days to clear; checks can take 5-6 business days.

What are the costs and fees with TD Ameritrade?

TD Ameritrade has three types of costs, namely spreads, commissions, and swap fees. A Forex Trading Fee is one that is charged by the broker in return for its services. 

The commission is charged on round trades and varies, usually charged in dollars. Spreads are the difference between the bid and the asking price and are expressed in pips. Swaps are interest fees on positions held overnight and can be debited or credited, depending on the position. 

The Forex Trading Fees with TD Ameritrade are below. 

Spreads: 

  • The average spread cost is 1.2 pips during peak trading hours for major currency pairs like USD/EUR

Commission:

  • Commissions are charged at $6.95 per trade for stocks and ETFs. 
  • Commission-free ETFs sold within 30 days of purchase are subject to a $13.90 trading fee.

Swap fees:

  • These will vary depending on the instrument being traded and the nature of the position

What are the Trading Fees with TD Ameritrade?

Apart from the commissions, spreads, and swaps, TD Ameritrade does not charge additional fees like inactivity fees, or charges on deposits or withdrawals. The broker does not offer a swap-free account for Muslim traders. 

What is the minimum deposit in TD Ameritrade?

TD Ameritrade does not have a minimum deposit requirement in order to open a Forex Trader account

What are the contract specifications in TD Ameritrade?

Feature TD Ameritrade
Forex Trading Yes
CFDs 0
Forex Pairs 73
Cryptocurrency (Physical) 0
Cryptocurrency (CFD) 0
Social Trading  Yes

Does TD Ameritrade have promotional offers?

Yes, TD Ameritrade does offer promotions and bonuses, which vary from region and schedule. 

Does TD Ameritrade have a welcome bonus?

Yes, TD Ameritrade does have a welcome bonus. The welcome bonus is the same as the deposit bonus. Traders opening an account can receive a $2 500 bonus when depositing a minimum of $250 000. 

Does TD Ameritrade have a deposit bonus?

Yes, TD Ameritrade does have a deposit bonus. The deposit bonus is the same as the welcome bonus. Traders opening an account can receive a $2 500 bonus when depositing a minimum of $250 000. 

Is there a commission-free trade bonus in TD Ameritrade?

No, TD Ameritrade does not offer a commission-free trade bonus. The broker does however offer commission-free trading on ETFs.   

Is there a VIP bonus in TD Ameritrade?

No, TD Ameritrade does not offer a VIP bonus. The broker does offer VIP services in the form of its managed portfolio accounts for tailored trading conditions.  

Can you start trading with no money at TD Ameritrade?

No, you cannot start trading with no money at TD Ameritrade. This is because TD Ameritrade does not offer a any deposit bonus, therefore traders will need to deposit their own funds when opening a Trader Account.

How does leverage work with TD Ameritrade?

Leverage or margin trading affords traders up to twice the purchasing power of a traditional cash account and can be used for both their investing and personal needs. 

TD Ameritrade’s margin loans are easy to apply for and funds can be used instantly without the need for extra paperwork. 

Traders can use leverage with TD Ameritrade by applying directly to the broker’s support team. 

Where are the headquarters of TD Ameritrade?

TD Ameritrade is headquartered in Omaha, Nebraska, United States, with 175 branches across the USA.

Who is TD Ameritrade’s CEO?

The CEO of TD Ameritrade is Steve Boyle. He was educated at the Leonard N Stern School of Business and responsible for the oversight of the strategy and operations of the company. 

What are the social media accounts of TD Ameritrade?

Traders can follow TD Ameritrade on the following social media accounts:

  • Twitter
  • Facebook
  • Instagram
  • YouTube
  • LinkedIn

How many employees do work for TD Ameritrade?

According to Wikipedia, TD Ameritrade has 8 939 employees. 

What are the opinions about TD Ameritrade?

TD Ameritrade is a long-established American broker that provides advanced trading features on its proprietary platform, but a limited asset portfolio, with no cryptocurrencies and no CFDs available. 

TD Ameritrade is well-regulated, and offers extensive client security measures, with excellent customer support. However, traders from Europe will not be able to open an account with TD Ameritrade. 

What are TD Ameritrade Contests?

TD Ameritrade does not run any kind of Forex Trading Contests. Forex Contests can be performed for brokers who offer them to traders to profit on contest winnings. 

TD Ameritrade didn't perform any Forex Contest in the past. For future forex exchange contests and competitions, TD Ameritrade didn't perform any official announcements yet.

Does TD Ameritrade have online support?

No, TD Ameritrade does not provide online support. Traders will have to contact the broker’s support team via email or telephone. 

Does TD Ameritrade offer demo accounts for Forex trading?

Yes, TD Ameritrade offers a free demo account for all new traders. The demo account can be opened with the following steps:

  1. Log on to your account at tdameritrade.com.
  2. Go to the Trade tab. At the far right, select Start swimming today. 
  3. Select the green Download thinkorswim buttons and install the platform. 
  4. When launching thinkorswim, slide the toggle switch under your username and password to paperMoney before logging in (see figure 1).
  5. You now have virtual trading access to most of the same suite of tools, charts, and indicators offered on the state-of-the-art thinkorswim live platform.

Does TD Ameritrade have a mobile app for Forex trading?

Yes, TD Ameritrade offers the Thinkorswim mobile app. 

The mobile app provides users with a quick read on the market, as well as on their stock and options portfolio. The app integrates a user-friendly interface since the information is presented in an easy-to-understand format.

 The application provides users with full access to all the research reports seen on the TD Ameritrade site. Added to this, the app allows users to access account statements, tax documents, and the Secure Message Centre. 

Does TD Ameritrade publish an economic calendar?

An economic calendar allows traders to check up on important announcements of upcoming economic events which will impact their trades and currency prices.  

TD Ameritrade does offer an economic calendar. TD Ameritrade’s economic calendar provides information on financial events, forecasts, and historical data.

What is the communication information of TD Ameritrade?

TD Ameritrade has six telephone numbers and 175+ local addresses. 

TD Ameritrade’s main telephone number is: 800-669-3900

TD Ameritrade’s main local address is 200 South 108th Avenue Omaha, NE 68154 United States.

Alternate phone numbers are:

Existing Clients: 800-669-3900

Retirement Consultants: 800-213-4583

En Español: 888-376-4684

华语服务专线:  877-888-1238 (美国境内)

400-882-2767 (中国)

0800-666-756 (台湾)

International support, outside the United States: 800-368-3668

 

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