The site does not enable cryptocurrency trading, but you can trade CME Bitcoin futures at TD Ameritrade. Bitcoin futures trading is only possible if you have a margin-enabled account with a minimum of $25,000 and Tier 2 spread option approval. This is a result of the volatility of the crypto trading market. TD Ameritrade crypto trading is therefore limited, but you can enjoy advanced technology and straightforward pricing when trading CME Group Bitcoin futures.
Crypto will play a far role within TD Ameritrade’s portfolio in future after the firm invested in Eris Exchange LLC. The ErisX platform offers traders access to cryptocurrency spot contracts and futures contracts on a single regulated exchange. TD Ameritrade plans to incorporate this service onto its own platform, allowing its clients to trade crypto products on ErisX at TD Ameritrade. It has not yet provided a start date, but customers are encouraged to email TD Ameritrade to be kept abreast of developments. In 2020, ErisX became the first US company to launch Ethereum futures trading, and it also offers Bitcoin futures, plus Bitcoin, Bitcoin Cash, Ethereum and Litecoin as spot products.
TD Ameritrade clients can trade a broad range of asset classes, including stocks, options, EFTs, mutual funds, futures and forex. The firm also provides managed portfolios, cash management, bonds, CDs and annuities for clients. There are naturally no CFDs, as they are banned in the US. Our Ameritrade TD review found 73 forex pairs to trade, covering most major currencies. That compares favourably to some of its key competitors. It also offers more than 300 EFTs on a commission-free basis, plus a huge range of mutual funds with no load, no transaction fee terms. We were impressed with the depth of its product offering when conducting this TD Ameritrade review.
The site offers access to major global markets such as the NYSE and the NASDAQ, plus several OTC penny stocks. There are plenty of futures and futures options, while you can design trades featuring multiple asset classes, with up to eight legs. There are CDs, corporate, municipal and Treasury bonds, although this TD Ameritrade review should point out that some competitors offer a far broader range of bonds. It is worth noting in this TD Ameritrade review that the availability of products will be smaller for traders based outside of the US.
TD Ameritrade stopped charging commission fees in October 2019 after a price war with its rivals intensified. You can trade stocks, EFTs and options for free, although there is a $0.65 contract fee and a $6.95 commission applies to OTC stocks. Broker-assisted trades carry a flat fee of $25. We found hundreds of no-transaction-fee mutual funds when conducting this TD Ameritrade review, but there is a fee of $49.99 fee if you want to trade a no-load fund that is not on the list.
There is no inactivity fee at TD Ameritrade. You should be aware of a $75 transfer-out fee, but partial transfers are free, so there is effectively no withdrawal fee. TD Ameritrade makes money through spreads and financing rates. We tested its fees for this TD Ameritrade review and found them to be very competitive when compared to rivals such as E-Trade. It also compares well with Charles Schwab, so it will be interesting to see what happens if and when these two behemoths eventually merge. TD Ameritrade’s Forex fees are low, and ErisX is known to be competitive, which bodes well for TD Ameritrade’s future crypto trading fees.
TD Ameritrade is not available in Australia, Canada, Hong Kong, Japan, Saudi Arabia, the UAE, the UK or any country in the European Union. As the name suggests, it is primarily aimed at American investors and traders, but it can be accessed from other countries, such as Malaysia. The firm inherited a number of Asian users when it acquired Scottrade. There is also a subsidiary called TD Ameritrade Singapore for that market, but clients cannot trade mutual funds and forex.
You must be based in the US to enjoy the full range of services and instruments at TD Ameritrade, as there are limitations elsewhere. You might want to look at another broker if you are not an American investor. However, you will benefit from a truly superb desktop trading platform, excellent customer service and a wealth of analytical tools if you use TD Ameritrade, so it is easy to see why the firm attracts so many overseas customers.
Start by clicking “Open New Account” at the top right of the homepage. You can choose from a wide range of accounts at TD Ameritrade, including individual, joint, business, retirement, pension, college savings, custodial or guardianship, trust, or managed portfolios. To open an individual brokerage account, you will need to provide a Social Security Number. If you are not a US citizen, you will be required to provide a foreign tax ID, passport or visa number, along with your employer’s details.
You must then add personal information, review it and accept the terms and conditions. We found this process took around 15 minutes when we completed it for the purposes of this TD Ameritrade review. You must then wait for your account to be verified, which takes up to three business days. Make a deposit and then you can start trading. Click on the “Trade” tab at the top of the page and choose the asset category you are interested in. You can then click on “Buy/Sell” and use the “Action” menu to choose either buy or sell. Enter the quantity, the symbol and order type, select a price and a time-in-force. You can then click “Review order”. If you are happy with it, click “Place order” to make the trade.
We tested it out for this TD Ameritrade review, and the process is very smooth, clear and intuitive. The site also walks you through it with helpful guides and advice, or the customer service team can explain each step in a clear and concise manner.