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lindagray

TD Ameritrade - Best Platform Design

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TD Ameritrade - Best Platform Design

Why we chose it
Helpful platform for beginners

TD Ameritrade offers two platforms and mobile trading apps for various types of investors. Both platforms are free to use for any investor with a TD Ameritrade account. However, the web platform, though often in the shadow of thinkorswim, is streamlined and easy to use. It will appeal to beginning investors or anyone who prefers a simplified educational interface. Its tab-based navigation lets users flip between trading tools and account overview, plus charts, stock screeners, heat maps, and more.

Commission-free trades
TD Ameritrade has been historically one of the more expensive trading platforms, but over the years, they have gradually lowered their costs to compete with other online brokers. On October 2, 2019, TD Ameritrade eliminated commissions from all stock, options, and ETF  (Exchange Trade Fund) trades - a move that was followed by other online stock trading sites like E*TRADE. Previously, TD Ameritrade charged a $6.95 commission on stock, options, and ETF trades.

Powerful platform for pros
Thinkorswim, on the other hand, is a powerhouse designed for the advanced. This desktop application regularly racks up awards for its superior tools and features, things any other broker would charge a premium for — research reports, real-time data, charts, technical studies. Also included: customizable workspaces, extensive third-party research, a thriving trader chat room, and a fully functional mobile app.

Thinkorswim is a particular standout in options trading, with options-trading tabs (just click “spread” if you want a spread and “single order” if you want one leg), plus links that explain the strategies on the order page. Its Strategy Roller feature lets investors create custom covered calls and then roll those positions from expiration to expiration.

Points to consider
Divided user experience

TD Ameritrade has been a mainstay in the market for its various trading tool options. Thinkorswim has brought both casual and serious traders to TD's business and, with it, you have access to stocks, bonds, options, ETFs, and even forex. However, you may want to look elsewhere if you are trying to find an all-in-one solution for all (or at least most) of your trading needs, TD Ameritrade may not deliver in that regard.

reviews.com

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