TD Ameritrade
Legendary thinkorswim platform lives on under Schwab. Best-in-class education and options tools, though new accounts now open at Schwab.
Score Breakdown
Six dimensions assessed across a 15-year investment horizon.
Protection & Custody
Investor Protection
SIPC + excess coverage
$500,000 (SIPC) + $149.5M excess
Now part of Charles Schwab; accounts migrating
Track Record
51+
Years in operation since 1975
Total Cost of Ownership
“Low cost with premium platform”
Commission
$0 (stocks/ETFs) / $0.65/contract (options)
Spread
Included in routing
Inactivity Fee
$0
Withdrawal Fee
$0 (ACH) / $25 (wire)
FX Conversion
N/A
Est. Monthly Cost
~$0–$15/month for active traders
Order Flow & Execution
Receives PFOF; significant revenue source
TD Ameritrade was one of the largest recipients of PFOF before Schwab acquisition. Routing to market makers including Citadel and Virtu.
Pros & Cons
Pros
- thinkorswim — best retail trading platform
- Exceptional investor education center
- 24/7 customer service
- $0 commissions on stocks and ETFs
Cons
- No new accounts (migrating to Schwab)
- No fractional shares
- Higher options fees than some competitors
- Platform transition uncertainty
Legendary thinkorswim platform lives on under Schwab. Best-in-class education and options tools, though new accounts now open at Schwab.