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Click on a category below to go to a TD Ameritrade section of interest. When you’re ready to check out another section, click on the Return to Index ↑ link.
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TD Ameritrade Overall Rank - #3 |
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| Navigation |
TD Ameritrade has great navigation. The toolbar at the top is intuitive and always provides a list of subsections that are clear and logically organized. Page load times can be a little slow at 3.3 sec, but most pages have a lot of high quality relevant content so we can forgive the fact that they are slightly slower than average.
It's nice that you never get "pitched" on this site. You won't get any pop-ups or sales pitches once you've logged in unless you actually choose to review a product offering. |
| Dependability |
Shortly after the Ameritrade and TD Waterhouse merger there were a lot of complaints about site crashes that usually lasted about half an hour. They appear to have fixed the problem, we haven't seen many complaints now that they've had more time to merge the two trading platforms together. |
| Glitches |
TD Ameritrade was suffering a lot of glitch complaints around the same time they were getting hit with site crash complaints. They were having problems with some of their streaming quote and charting tools, data would either be unavailable or from the previous day. All of these problems appear to be fixed. Ameritrade's trading platform is now one of the most flexible and dependable in the business, apparently they just needed some time to absorb TD Waterhouse. |
| Customization |
Ameritrade crushes most of the competition in the customization category. You can customize your screen the same way you would customize any homepage, by adding your favorite modules and deleting content that isn't of interest. You can also build out your own reports, stock/fund screens, and define your portfolio view. Another nice feature is "shortcuts" which acts as your internal favorites list to the pages you view most frequently. |
| Trade Execution |
Ameritrade is one of the few sites with a guarantee. They promise that every trade will be completed in 5 seconds or less. While that's not very fast, it's still nice to know that they are holding themselves accountable for trade executions. |
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| Intuitive Commission Structure? |
Ameritrade's commission structure is very straightforward. All fees are flat, and there are no minimum trade requirements or tier structures. Worth noting is that the cost of a stock trade remains flat regardless of the number of shares traded. |
| Minimum to Open an Account |
$2,000 minimum to open a new account |
| Stocks |
Internet Trades = $9.99
Interactive Voice System = $34.99
Broker Assisted = $44.99 |
| Options |
Internet Trades = $9.99 + $0.75 per Contract
Interactive Voice System = $34.99 + $0.75 per Contract
Broker Assisted = $44.99 + $0.75 per Contract |
| Mutual Funds |
No-Load No-Fee Funds = $0.00 Free trades, No commissions or transaction frees charged by the Mutual Fund or Ameritrade (1,445 available)
No-Load Funds = $49.99 transaction fee charged by Ameritrade (2,948 available)
Load and Fee Funds = Fees charged by mutual fund and possibly by Ameritrade as well
Tip: Avoid any funds with loads or fees. Ameritrade has a great selection of no-load no-fee funds so there's no reason to ever pay them! |
| Treasuries & Bonds |
Treasuries at auction = $25 flat fee
Bonds and CDs = On a net yield basis. All Buy orders for bonds are subject to a 5 bond ($5,000 par value) minimum. Online CD Buy orders are subject to a 2 CD ($2,000 par value) minimum. TD Ameritrade may act as principal on any fixed-income transaction. When acting as principal, they will add a markup to any purchase, and subtract a markdown from every sale. This markup or markdown will be included in the price quoted to you.
Tip: Ameritrade has the widest variety of bonds of any online broker. |
| Rates & Fees |
Margin Rate: 8% base and adjusted up or down based on size of portfolio. Goes as low as 6.5% for > $1,000,000 in assets and as high as 9.25% for < $10,000 in assets.
Interest Paid on Cash (Sweep): Money market account sweep vehicle. 0.05% for accounts < $25,000, 1% for accounts $25,000-$100,000, 2.5% for accountsn > $100,000.
Checking Available? Yes. 100 checks reorders cost $9.95 but Free for Apex clients.
Paper Statements: $2 monthly and $5 for reorders. Free for Apex.
Electronic Statements: Free.
Wires: $25 or Free for Apex.
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| Phone Reps |
Phone reps are available 24 hours a day. Wait times are usually 3 minutes or less.
One BIG caveat... Apex clients have much shorter wait times and you will always be dealing with a licensed broker or specialist. Apex is explained in the Perks section.
Ameritrade and TD Waterhouse both had high marks for customer service until they merged. This created chaos, there were a lot of complaints about poorly trained reps, rudeness, long wait times, and an unwillingness to accept responsibility for mistakes or errors for about 8 to 12 months. However, they appear to have righted the ship or at least turned it back in the right direction. Complaints are down and the quality of the service and knowledge/professionalism seem to be back on par with industry standards during our sample phone calls. |
| Online Support |
Online support is a little weak. Ameritrade offers email and FAQs, they don't have an instant message chat support service. If you're in a hurry, you're best bet is to call customer service to get a live rep. |
| Advanced Support (Options, Funds, Bonds, etc.) |
Wait times can be a little long to talk to a specialist since you have to go through the regular customer service number, but they are well trained and knowledgeable. Ameritrade has Stock, Mutual Fund, Options, and Bond specialists. One perk worth mentioning is that Apex customers go straight to brokers and specialists (more about Apex below). |
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| Market Research |
TD Ameritrade gets high marks in this category. Many online brokerages make their own half-hearted attempts at research and analysis, but TD Ameritrade hired some of the industry's best. You will have access to many Morningstar, Minyanville, Standard & Poor and Market Edge research and analysis tools.
Sounds pretty standard right? We thought so to... until we pulled a quote. Wow! The quality and depth of information was astonishing. You couldn't compile this much research at most sites even if you worked the entire day, and it all pops up instantly. Every section is well labeled and intelligently organized so that you don't get lost in the data. This is a great perk for self directed investors, no other site makes it this easy or fast to pull so much information. |
| Level II Quotes & Streaming Data |
Both are available. |
| Morningstar Tools |
Many sites choose to develop their own tools, but TD Ameritrade made a brilliant move in this category, they hired the industry's top gun, Morningstar.com. Every TD Ameritrade client has free access to Morningstar portfolio analysis and screening tools. The Portfolio X-Ray, Stock Screener, and Fund Screener were some of the most powerful and flexible tools we saw at any site. If you'd like to learn more, feel free to read our Morningstar.com: The Power of Institutional Investors at your Fingertips Guide. |
| Strategy Desk |
We love the paper trading concept, it allows people to test a strategy before risking real money. Kudos to TD Ameritrade for this tool, StrategyDesk is robust and powerful. You can define strategy entry and exit rules, test your rules against historical market data, and then activate your winners for live trading. |
| Command Center |
Command Center 2.0 is a fully customizable investing workstation. You can track your portfolio, make trades, view market data or perform research from a single screen. Most of the major online brokerages have some form of this tool now, but Ameritrade has one of the stronger versions. They have three default setups to choose from so that beginners can get started immediately. This shortens the learning curve considerably. |
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| Apex |
We were more impressed by the free research and analysis tools than by TD Ameritrade's Apex program. Apex is Ameritrade's version of a HNWI (High Net Worth Individual) or high volume trader club. You must either maintain $100,000+ portfolio or make at least 5 trades per month to become an Apex member.
There aren't many additional benefits to being an Apex customer but here are a few notable perks:
- Apex clients get first priority, they have much shorter customer service wait times and you will always be dealing with a licensed broker or specialist.
- Apex clients pay no service fees. You won't be charged for common services such as paper statements, paper trade confirmations, reorganizations, outgoing wires or overnight delivery.
- Apex clients receive free access to Minyanville's Buzz & Banter. This is a nice bonus for daytraders. 35 Professional traders share their strategy, analysis, positions, and concrete, actionable ideas throughout the day.
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| Current Specials |
New Accounts: Trade for free for 30 days with new accounts. Also receive $100 cash if you open with > $25,000.
Transfers: $50,000-$99,000 transfers receive 30 days free trading + $200 cash. $100,000+ transfers receive 30 days free trading + $300 cash. |
| High Volume Discounts |
None |
Section 6: Product Offerings
Return to Index ↑ |
| Retirement Accounts |
IRAs and Roth IRAs |
| Education |
529, Custodial, and Coverdell ESA Accounts |
| Managed Accounts |
Yes, through Amerivest. |
| Specialty Accounts |
Trust, Limited Partnership, Partnership, Investment Club, LLC, Sole Proprietorship, Corporate (profit & nonprofit), Pension Plans for Small Businesses |
Section 7: Security
Return to Index ↑ |
| SIPC Member |
Yes. SIPC protects securities in your account up to $500,000. Ameritrade also carries insurance over and above the SIPC protection. |
| Firewall Secured and Fraud Protection |
Yes. All of the major sites have dependable security. They can't afford to make mistakes, they wouldn't survive a year if they gained a reputation for mishandling money or for lax security. |
