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Top 5 TD Ameritrade competitors
Consider these alternatives to TD Ameritrade if you’re comparing the market.
TD Ameritrade is one of the most well-known brokers in the US, and now it’s in the process of integrating with Charles Schwab following the completion of the business combination.
Current TD Ameritrade customers can expect their accounts to convert to Charles Schwab sometime in 2022, with full integration of accounts by late 2023. If you’re not sure you want to stick around following the merger or whether you should sign up for an account ahead of the integration, here are five alternative trading platforms you should consider.
Top 5 TD Ameritrade competitors
Robinhood
Robinhood
4.5 / 5 ★★★★★
The pioneer of commission-free trading, Robinhood is known for its:
- Commission-free stocks, ETFs, options and crypto
- User-friendly interface
- Fractional-share trading
While commission-free trading is commonplace, there's a reason investors have stuck around with Robinhood: it's easy. Instant deposits give investors immediate cash to invest and fractional shares let investors buy stocks and crypto with as little as $1. To compare, an impressive 22.8 million people used Robinhood as of spring 2022, compared to TD Ameritrade's 11 million.
Those looking for margin investing, more in-depth research and Level II market data can subscribe to Robinhood Gold for $5 per month. But active traders won't find the most sophisticated research tools, like advanced stock screeners and charting. And investors won't have access to securities like mutual funds, forex and precious metals.
| Account types | Brokerage, IRA, Margin |
|---|---|
| Annual fee | $0 per year |
| Available asset types | Stocks, Options, ETFs, Cryptocurrency |
| Annual fee | 0% |
|---|
Interactive Brokers
Interactive Brokers
4.6 / 5 ★★★★★
Like TD Ameritrade, Interactive Brokers (IB) is great for:
- Advanced traders
- Investors who want access to global markets
- Investors who want access to a wide variety of securities
IB offers a variety of advanced research tools and investment options, making it a solid choice for advanced traders and investors looking to expand their portfolios. You can also place more than 100 different order types and access complex trading algorithms.
CSFB Crossfinder+, for example, identifies liquidity among independent and broker-owned dark pools while offering continuous crossing capabilities. According to its website, CrossFinder+ will spread your order over multiple destinations and fill at the midpoint or better.
IB should give the experienced, active investor much to tinker with, which should feel familiar to TD Ameritrade customers or customers coming from other advanced trading platforms. But depending on your skill level, some features may be overwhelming. IB's fee structure for its Pro level can also be complex. Beginners may be interested in the broker's IB Lite platform, which offers commission-free trading on US-listed stocks and ETFs.
| Account types | Brokerage, IRA, Custodial, Joint brokerage, Trust |
|---|---|
| Annual fee | $0 per year |
| Available asset types | Stocks, Bonds, Options, Mutual funds, ETFs, Cryptocurrency, Futures, Forex, Treasury Bills |
| Annual fee | 0% |
|---|
SoFi Invest
SoFi Invest®
4.1 / 5 ★★★★★
SoFi Invest shines for its features targeted to cost-conscious, beginner investors. These include:
- Fractional share trading
- Automated investing
Like other discount brokers, SoFi lets you trade stocks and ETFs no-fee commission, and there are no account minimums to get started. SoFi also offers an automated investing account, or robo-advisor, with just a $1 minimum investment. As we mentioned earlier, investors who stick with TD Ameritrade through the integration will need to pay $5,000 to use Charles Schwab's robo-advisory service.
SoFi doesn't offer futures, forex or mutual funds
INVESTMENTS ARE NOT FDIC INSURED • ARE NOT BANK GUARANTEED • MAY LOSE VALUE
Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees.
Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA(www.finra.org) /SIPC(www.sipc.org).
There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event.
Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options
Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser.
Utilizing a margin loan is generally considered more appropriate for experienced investors as there are additional costs and risks associated. It is possible to lose more than your initial investment when using margin. Please see https://www.sofi.com/wealth/assets/documents/brokerage-margin-disclosure-statement.pdf for detailed disclosure information
Probability of Member receiving $1,000 is a probability of 0.028%
Terms and conditions apply. Roll over a minimum of $20K to receive the 1% match offer. Matches on contributions are made up to the annual limits.
For full promotion terms please visit: https://www.sofi.com/acatoffer. SoFi does not accept cryptocurrencies and has limitations on some mutual funds and OTC stocks. Brokerage and Active Investing Products offered by SoFi Securities, LLC, Member FINRA/SIPC.
Robo Advisor:
Automated investing is offered through SoFi Wealth LLC, an SEC-registered investment adviser.
0.25% fee is based on your account value. The wrap program fee may cost more or less than purchasing brokerage, custodial, and recordkeeping services separately.
Other fees, such as exchange fees, may apply. Please view our fee disclosure to view a full listing of fees.
Investing in alternative investments and/or strategies may not be suitable for all investors and involves unique risks, including the risk of loss. An investor should consider their individual circumstances and any investment information, such as a prospectus, prior to investing. Interval Funds are illiquid instruments, the ability to trade on your timeline may be restricted. Brokerage and Active investing products offered through SoFi Securities LLC, Member FINRA(www.finra.org) /SIPC(www.sipc.org).
There are limitations with fractional shares to consider before investing. During market hours fractional share orders are transmitted immediately in the order received. There may be system delays from receipt of your order until execution and market conditions may adversely impact execution prices. Outside of market hours orders are received on a not held basis and will be aggregated for each security then executed in the morning trade window of the next business day at market open. Share will be delivered at an average price received for executing the securities through a single batched order. Fractional shares may not be transferred to another firm. Fractional shares will be sold when a transfer or closure request is initiated. Please consider that selling securities is a taxable event.
Options involve risks, including substantial risk of loss and the possibility an investor may lose the entire investment Before trading options please review the Characteristics and Risks of Standardized Options
Advisory services are offered by SoFi Wealth LLC, an SEC-registered investment adviser.
Utilizing a margin loan is generally considered more appropriate for experienced investors as there are additional costs and risks associated. It is possible to lose more than your initial investment when using margin. Please see https://www.sofi.com/wealth/assets/documents/brokerage-margin-disclosure-statement.pdf for detailed disclosure information
Probability of Member receiving $1,000 is a probability of 0.028%
Terms and conditions apply. Roll over a minimum of $20K to receive the 1% match offer. Matches on contributions are made up to the annual limits.
For full promotion terms please visit: https://www.sofi.com/acatoffer. SoFi does not accept cryptocurrencies and has limitations on some mutual funds and OTC stocks. Brokerage and Active Investing Products offered by SoFi Securities, LLC, Member FINRA/SIPC.
Robo Advisor:
Automated investing is offered through SoFi Wealth LLC, an SEC-registered investment adviser.
0.25% fee is based on your account value. The wrap program fee may cost more or less than purchasing brokerage, custodial, and recordkeeping services separately.
| Account types | Brokerage, IRA |
|---|---|
| Annual fee | $0 per month |
| Available asset types | Stocks, Options, Mutual funds, ETFs, Alternatives |
| Annual fee | 0.25% |
|---|
Fidelity Investments
Fidelity Investments
4.6 / 5 ★★★★★
One of the largest brokers in the US, Fidelity Investments stands out for its:
- Fractional share trading
- Robust research tools
- No minimum and expense-ratio-free index funds
While TD Ameritrade offers numerous low-cost funds, Fidelity Investments takes it a step further by offering several no expense ratio and no minimum mutual index funds. Fidelity also offers fractional share trading — something TD Ameritrade customers won't get until their account moves to Charles Schwab. However, like TD Ameritrade, Fidelity doesn't offer direct access to cryptocurrency.
Fidelity clients can invest on their own or open an account with Fidelity Go, the firm's robo-advisor. TD Ameritrade clients will have access to Schwab's robo-advisor after the merger, but it requires a $5,000 minimum deposit. Fidelity Go lets you get started with $10, and the management fee is waived for accounts holding less than $10,000.
Those used to TD Ameritrade's excellent research capabilities should be pleased with Fidelity's library of research tools, including stock screeners with more than 140 criteria and access to more than a dozen third-party research providers, including Recognia, Refinitiv and McLean Capital Management.
| Account types | Brokerage, IRA, Custodial, Joint brokerage, Trust |
|---|---|
| Annual fee | $0 per year |
| Available asset types | Stocks, Bonds, Options, Mutual funds, ETFs, Cryptocurrency, Gold/Commodities, CDs, Treasury Bills |
| Annual fee | 0% |
|---|
Vanguard
Vanguard Brokerage
3.8 / 5 ★★★★★
One of the biggest names in investing, Vanguard is known for:
- Its large selection of quality ETFs and mutual funds
- Its long-term investment options
- Its low-fee index funds
As a leader in low-cost investing, Vanguard is an ideal choice for the buy-and-hold investor. But active traders can also benefit from commission-free stock trading.
Those saving for retirement will find a selection of more than 160 no-transaction-fee mutual funds from Vanguard and other companies and thousands of commission-free ETFs. The most passive investors can use Vanguard's digital advisor when their account reaches $3,000. Long-term investors with an eligible 401(k) retirement account can enroll with as little as $5. Vanguard charges 0.20% in advisory fees for its robo-advisory services.
But active investors may want more out of Vanguard, which lacks the research tools offered by TD Ameritrade and other competitors.
| Account types | Brokerage, IRA, Education (529), Custodial, Trust |
|---|---|
| Annual fee | $20 per year |
| Available asset types | Stocks, Options, Mutual funds, ETFs |
| Annual fee | 0.3% |
|---|
Pros and cons of TD Ameritrade
Pros
- Commission-free online stock, ETF and options trades
- $0 minimum investment
- A leading trading platform with advanced research and charting tools
- Extensive investment options
Cons
- No fractional shares until integrated with Charles Schwab
- No cryptocurrency trading
- No robo-advisor until integrated with Charles Schwab, then a $5,000 minimum investment
How to transfer your brokerage account
If you’ve decided to switch brokers, your new broker should outline how to make the switch. TD Ameritrade uses the Automated Customer Account Transfer Service (ACATS) system and charges $75 to transfer all funds and close the account. Your new broker may reimburse you for this outgoing charge since you’re bringing them your business. Your new broker is typically the one that initiates the transfer.
Follow these steps to transfer your account to another broker:
- Get a statement from your old broker that includes information like your account number and current assets.
- Log in to your new brokerage account and navigate to that broker’s account transfer services section.
- Request to transfer your assets from your old broker into your new account. Your new broker will validate your request and initiate the transfer, which shouldn’t take more than six days to complete.
Each broker determines which types of assets are transferable. If an asset cannot be transferred, you should be given the option to liquidate your position ahead of the transfer.
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