This is not investment advice. The information provided is for educational and informational purposes only and does not constitute a recommendation to buy or sell any financial product.
TD Ameritrade was a leading online broker known for the thinkorswim platform, extensive educational content, and strong customer service. In 2020, Charles Schwab acquired TD Ameritrade, and all accounts are being migrated to Schwab. The thinkorswim platform lives on as Schwab's flagship trading platform.
Fees (legacy, migrating to Schwab pricing)
| Fee Type | TD Ameritrade | Post-migration (Schwab) |
|---|---|---|
| Stock/ETF commission | $0 | $0 |
| Options | $0.65/contract | $0.65/contract |
| Margin rate (USD) | 9.50%+ | 8.25%+ |
| Inactivity fee | $0 | $0 |
| Account minimum | $0 | $0 |
Platform and tools
The reason most traders chose TD Ameritrade was thinkorswim. The desktop platform offers advanced charting with over 400 technical studies, a powerful options chain with probability analysis, stock and options scanners, paper trading with real-time data, and a scripting language (thinkScript) for custom indicators.
The thinkorswim web and mobile versions are simpler but still feature-rich. The TD Ameritrade mobile app also supported trading, research, and CNBC streaming video.
The TD Ameritrade educational library is one of the deepest in the industry, with hundreds of videos, webinars, articles, and in-person events.
Product range
TD Ameritrade offered stocks, ETFs, options, futures, forex, bonds, mutual funds, and IPOs. Crypto was available through Bitcoin futures only.
Regulation and safety
TD Ameritrade was regulated by the SEC and FINRA. SIPC coverage protects up to $500,000. Schwab's excess SIPC policy ($600 million) extends to former TD Ameritrade accounts. The broker was publicly traded before the Schwab acquisition. Read the full safety analysis.
Pros and cons
Pros: thinkorswim remains one of the best trading platforms, excellent educational content, paper trading, strong customer support (before migration), deep research.
Cons: Accounts moving to Schwab — transition uncertainty, margin rates were high compared to IBKR, some TD Ameritrade features may not survive migration.
Is TD Ameritrade still the right choice?
If you are opening a new account, go directly to Charles Schwab — that is where all TD Ameritrade accounts will end up. The thinkorswim platform is now available to Schwab customers. If you already have a TD Ameritrade account, you keep access to thinkorswim and will be migrated to Schwab on the broker's timeline.
Read the Charles Schwab review for the current offering. If you are interested in thinkorswim, see the platform review.
Common questions
Is TD Ameritrade closing? The TD Ameritrade brand is being retired as accounts move to Schwab. The thinkorswim platform continues under Schwab.
Can I still open a TD Ameritrade account? No. New accounts are opened with Charles Schwab, which includes thinkorswim access.
Will thinkorswim stay free? Yes. Schwab has committed to keeping thinkorswim free for all Schwab brokerage customers.