TD Ameritrade Reviews In Canada 2024: Features, Cost & Alternatives

TD Ameritrade is a US-based online stock brokerage that provides investing and trading services for individual investors. It offers a wide range of products including stocks (as well as penny stocks), bonds, mutual funds, ETFs, options, and futures trading. What’s more, the online broker charges low fees, zero account minimums, and inactivity fees.

Aside from trading, the company gives clients powerful tools to help them perform technical analysis and find good opportunities in the market. They can do all of this on the go as well since TD Ameritrade customers can access their accounts via mobile apps or desktop platforms.

In this article, we will go into more detail about what TD Ameritrade has to offer, the cost of using their services, and some alternatives in case you are looking for something different.

TD Ameritrade Advantages

Compared with other online brokers, TD Ameritrade shines thanks to these advantages:

Large Selection of Investments

It’s easy to make diversified investment choices in the TD Ameritrade platform because it offers a wide range of asset classes. You can trade stocks, bonds, options, futures, forex, mutual funds, and ETFs. You can also trade cryptocurrency indirectly via futures contracts (like Bitcoin futures).

TD Ameritrade Mobile App & Trading Platforms

TD Ameritrade offers two trading platforms that come with a ton of features. The TD Ameritrade web platform is the one with all the fundamentals. You get to do options trades, stock and ETF trades, mutual funds, and more, as well as access third-party research and market news.

The other is the Thinkorswim platform, which has additional capabilities, like forex trading, futures, charting tools, and advanced analytics.

Both the web platform and Thinkorswim have their own mobile apps. They all have advanced features from their desktop versions.

Wide Range of Research & Education Tools

Customers, especially beginner investors, can enjoy a wide range of research and education tools to help them make better trading decisions.

Aside from helpful resources, TD Ameritrade’s platform supports free third-party research from 15 different providers, including Reuters, Morningstar, and Argus. Users can also stream the TD Ameritrade Network, which provides up-to-the-minute news and analysis from market professionals.

Excellent Customer Service

TD Ameritrade sets the bar high for customer support. Customer service representatives can be reached through various channels, namely phone, live chat, email, social media, SMS, and fax. TD Ameritrade clients can also set meetings at one of the company’s branches, while TD Ameritrade’s chatbot is available for quick inquiries.

Assistance From Trading Specialists

As a value-added service, trading specialists are available to assist. The specialists can help you create personalized trading strategies and give you tips on what investments to make. They’re also around if you need help understanding the platform or have questions about the markets.

Demo Account

You can start risk-free through the Thinkorswim desktop platform or Thinkorswim mobile app because you can access paperMoney, a trading simulator that allows trades without spending real money (known as paper trading). This is a great way to test the platform, learn how to use it, and try out different strategies before investing real money in the markets.

TD Ameritrade Packages

TD Ameritrade Standard Account

A standard TD Ameritrade account is the most flexible of the account types at TD Ameritrade. It requires no minimum balance and can be used for both retirement and non-retirement accounts. With this brokerage account, customers have access to all the online trading platforms, tools, research materials, and educational resources that TD Ameritrade offers.

TD Ameritrade Retirement Account

TD Ameritrade also provides clients with Individual Retirement Accounts (IRAs) that come with tax benefits like contribution deductions and tax-deferred growth of earnings. The company offers traditional IRAs, Roth IRAs, SEP IRAs, Simple IRAs, and 401K Rollover Accounts, which makes them a great choice for retirement planning.

TD Ameritrade Education Account

The company also offers 529 college savings plans and Custodial Uniform Gift to Minors Act (UGMA) or Uniform Transfer to Minors Act (UTMA) accounts for minors. These Education TD Ameritrade accounts are great for saving up money for college or other expenses that the minor may have in the future.

TD Ameritrade Specialty Account

Specialty accounts include trusts, limited partnerships, charity accounts, and small businesses. These accounts are tailored to the needs of those with more unique financial situations than individual investors.

TD Ameritrade Managed Portfolios Account

TD Ameritrade Essential Portfolios used to be a managed portfolio service offered by the broker. However, because of the Charles Schwab merger, TD Ameritrade is no longer accepting new clients. If you want a managed portfolio, you will need to inquire with Schwab.

TD Ameritrade Margin Trading Account

For active traders who want to leverage their investments, a margin account is a perfect choice. It allows clients to borrow against their portfolio and increase buying power. However, there are certain risks associated with this type of account, and TD Ameritrade requires clients to complete an application process before opening one.

TD Ameritrade Quick Overview

4.7 stars

Best Overall Value

• $0 commission and account fees
• Trading simulation
• Excellent customer support

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TD Ameritrade Customer Reviews

Here are what people have to say about TD Ameritrade

I have used TD Ameritrade for 10 years now but I do not like how they manipulate the options, sometimes making you lose some money. They are and have gotten more strict on trading options on Fridays. I think their platform is good to use for options trading but the customer service is horrific. Have to wait several hours at times. Overall 3/5 mostly pro for their platform and overall the hold time to speak to anyone is too long.

Mandy

I’ve used the TDAmeritrade website for about 15 years… even before the original company, Ameritrade, acquired TD Waterhouse. I’ve never been disappointed. They support my retirement accounts and my regular “trading” account. The website is ultra user-friendly and all postings seem to be instantaneous. Their charts, history, cost basis, etc. tabs allow me a plethora of information regarding my investments. Currently operating with a “no fee” policy for my manual trades on their site, it’s as good as anyone can expect… in my opinion, of course. Whenever I have a question, a simple phone call to their 800 # is quickly directed to a real live human being who usually has an answer in just a few seconds. If not, the rep puts me on a short hold, inquires of a more knowledgeable source, and returns with the answer. I’d recommend this investment company and their website to any of my very best and close friends… if they asked me.

Larry

If they want to offer accounts with no fee to draw in small investors, the fee structure should match. You can’t charge a reorganization fee of $38.00 on a stock total value of pennies or a couple dollars. That is excessive and frankly shows they don’t care about the customer. Now that they are owned by Schwab, their customer service takes twice as long.

Al

No idea why they have some bad reviews. I found their customer service beyond exceptional. I can always reach a pleasant, intelligent, knowledgeable, and fluently English speaking live person. I only started trading about a year ago when COVID-19 left me with time on my hands and I got tired of the “returns” from my savings account. This platform allowed me to make quite a bit of money with minimum effort and zero fees. What’s not to like?

Ahuda

TD Ameritrade Reviews

Now that we’re done exploring what TD Ameritrade offers, let’s review who this broker is intended for.

Is This Brand Right For You?

TD Ameritrade’s trading tools and features cover plenty of ground, making it ideal for both novice and experienced investors.

Beginners can access the basics of stock trading, while more advanced traders have access to things like mutual fund screeners, comprehensive charting, and analysis tools. TD Ameritrade’s platforms provide research reports from independent sources as well as educational resources for those who want to learn more about investing.

The company offers competitive fees on all types of online trades, including commission-free ETFs and stocks with no account minimums or inactivity fees. That’s why it’s a great choice for those who are just starting out in their investment journey. They don’t need to worry about having too much money tied up in one account. 

Cost Value

Considering the low to no trading costs, and access to a wide range of assets, advisory services, and research tools, the TD Ameritrade trading platform certainly offers value for money. What’s more, the broker provides both mobile platforms and desktop platforms so that investors can access their accounts and execute timely trades on the go. 

Customer Service

TD Ameritrade has established a history of good customer service. But some users have said the recent Charles Schwab acquisition has affected the quality of the company’s customer service. Still, many long-time investors swear by TD Ameritrade and will continue to praise the broker’s customer support.

Ease of Use

The TD Ameritrade trading platform is user-friendly and intuitive. The interface has a modern look and feel, which makes it easier for novice traders to understand how to navigate through the menus.

All of their research tools are well-organized, so you can quickly find what you’re looking for without having to waste any time searching for it. Additionally, the mobile apps have been designed with convenience in mind, allowing investors to make trades on their smartphones or tablets whenever they want.

Included Features

Considering you can engage in paper trading, make broker-assisted trades, and access powerful tools like the Thinkorswim app, TD Ameritrade offers a complete package for investors, especially cautious ones. The broker also offers two mobile apps for both Android and iOS users, allowing you to stay connected with the markets from anywhere. 

You can also benefit from a range of third-party market research providers. They help investors make better decisions when evaluating stocks or other investments by providing them with independent evaluations and ratings. 

Overall

Overall, TD Ameritrade is a great option for both beginners and experienced investors looking to get into the stock market. The broker has no account minimums or inactivity fees, offers commission-free trading, and provides plenty of tools to help customers research investments.

Additionally, the company values convenience and customer service, as it provides good mobile versions of its platforms, and responds promptly to concerns.

2 Top TD Ameritrade Alternatives In Canada

eToro

EToro allows access to global markets and allows active trading in stocks, ETFs, commodities, and cryptocurrencies. It also offers unique features like copy trading and social trading. The broker may charge more fees than other competitors but makes up for it with its wide range of features.

Interactive Brokers

Interactive Brokers is known for its low fees and access to global markets. The platform allows trading stocks, ETFs, mutual funds, and more. The comprehensive trading and research tools are particularly designed for professional investors, which is why this broker may not be ideal for casual traders. 

Conclusion

TD Ameritrade is a great online stock brokerage with low fees, no account minimums, or inactivity fees. It provides powerful tools to help customers make informed decisions, and these can all be accessed via mobile and desktop. 

It is one of the most recommended online brokerages, and it is worth considering if you are looking for a reliable and well-rounded service. 

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