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TD Ameritrade Complaints (2023)
TD Ameritrade complaints and reviews for 2023. TD Ameritrade problems with brokerage fees and trading
platform; website issues.
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TD Ameritrade Complaints Overview
TD Ameritrade offers a wide range of securities services, but nevertheless receives complaints and problem reports in some areas. This article will
explore TD Ameritrade problems and see if other brokerage firms do better.
TD Ameritrade Complaints
While the broker's advanced desktop platform, thinkorswim,
has received compliments for some of its strong points, a number of customers have complained that it can be more buggy than
other software programs. In a test, it took one minute and 28 seconds to load thinkorswim on Windows 10, while
Schwab's platform took just 43 seconds.
Traders have complained that TD Ameritrade three separate mobile apps are somewhat cumbersome, compared to having just one. A thinkorswim app is designed with charting and trading in mind. A Mobile Trader version is very similar. A basic app provides funds transfer, account statements, and mobile check deposit. It would be more convenient to combine the three apps into one. Also, thinkorswim and Mobile Trader offer live streaming of CNBC, but only in standard definition. The Fidelity app, by contrast, has live streaming of Bloomberg in HD.
Despite TD Ameritrade's notoriety for its technical tools, it does not have an app for Apple TV. Fidelity
traders do have access to this nice feature.
Checking account features can be added to a securities account at TD Ameritrade. However, the broker does not
provide savings accounts. It also does not offer mortgage loans. Merrill Edge brokerage customers have access to both.
Website charting with TD Ameritrade only has 33 technical studies. By comparison, Ally Invest's web-based graphing software provides roughly 90. Trendlines are available, but the frequently used Fibonacci retracements are not.
While TD Ameritrade does offer margin accounts, its loan rates tend to be on the high side. Currently, a margin
debit of $10,000 or under costs 14.75%.
Robinhood charges just
8%.
While broker-assisted trades are available at TD Ameritrade, the firm does charge a very steep price for them —
$25.
Trading a non-NTF mutual fund at TD Ameritrade costs $49.99 on both the sell and buy sides. By contrast,
WellsTrade customers pay $35 for non-NTF
funds, Firstrade charges $0.
And the last TD Ameritrade complaint: while the broker offers customer service over the phone, it does not have an on-line chat
service. This absence stands out as a lapse when several other firms, including Ally Invest and Firstrade, do offer
on-line customer service.
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TD Ameritrade Bullish Signs
Even though TD Ameritrade clients do have some grievances, the company manages to bring a lot to the table. For
example:
$0 commission stock and ETF trades. It doesn't get any better!
Customer service is available 24 hours a day, 7 days a week over the phone. Vanguard does not have 24/7 service, by contrast. TD Ameritrade clients
can also find an associate at one of the company's local branches. Currently, there are more than 450+ locations throughout the United States.
TD Ameritrade offers one of the best selections of technology of any on-line discount broker. There is
highest rated trading platform in the industry - thinkorswim. It has very advanced charting tools and 400
technical studies. thinkorswim, both in desktop and mobile versions, has paper trading capability. Most other
brokers, including Fidelity and Schwab, don't offer this useful feature.
There is no opening deposit requirement for a brokerage account with TD Ameritrade. This policy allows traders to open an account with no money down and try out the broker's technology. Even better, there are no account maintenance or closeout fees.
Over 13,000 mutual funds are open to new investors. By comparison,
E*Trade, Schwab, and Merrill Edge offer fewer.
4,200 mutual funds at TD Ameritrade can be traded without paying a commission. This is more than at almost all
other brokers.
Futures and forex are both available at TD Ameritrade. Most other securities brokers don't offer these products.
TD Ameritrade Complaints Summary
Investors at TD Ameritrade complain mostly about the broker's mutual funds commissions. But they definitely get a lot of
valuable services in return which other brokers either don't offer or charge additional fees. TD Ameritrade is an Audi of
investing world and the price on mutual funds reflects the quality.
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Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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