TD Ameritrade-review

TD Ameritrade Review

Overall, TD Ameritrade is considered low-risk, with an overall Trust Score of 84% out of 100TD Ameritrade is licensed by three Tier-1 Regulators (high trust), one Tier-2 Regulator (average trust), and one Tier-3 Regulator (low trust). TD Ameritrade offers three different retail trading accounts as well as Demo and Islamic accounts. TD Ameritrade is currently not regulated by the Central Bank of Nigeria.

Updated : June 2, 2023

Jump to:

005 regulations book

Regulation and Safety of Funds

005 feature selection

Account Types and Features

006 add user

Account Registration

002 candlestick

Range of Markets

007 fees

Fees

001 cash withdrawal

Deposits and Withdrawals

003 research

Education and Research

002 affiliate marketing

Affiliate Program

008 auction

Final Verdict

004 review

Pros and Cons

001 question

FAQ

Overall Rating

Min Deposit

$0 / 0 NGN

Regulators

SEC, FINRA, CFTC, MAS

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

TD Ameritrade at a Glance

🏛️ HeadquarteredUnited States
🏛️ Nigerian Based OfficeNo
👍 Accepts Nigerian Traders?Yes
📅 Year Founded1975
📱 Nigerian Office Contact NumberNone
⚖️ RegulationSEC, SFC, FINRA
⚖️ CBN RegulationNone
✴️ Regional RestrictionsAustralia, Canada, Hong Kong, Japan, Saudi Arabia, Singapore, United Kingdom, European Union
☪️ Islamic AccountNo
📈 Demo AccountYes
📈 Retail Investor Accounts2
📊 PAMM AccountsYes
📊 Liquidity ProvidersJP Morgan, Citadel Securities, XTX Markets, HC Technologies, Virtu Financial
💰 Affiliate ProgramNone
📊 Crypto trading offered?Yes
🚀 Offers a Nigerian Account?No
💻 Dedicated Nigerian Account Manager?No
📈 Maximum Leverage1:2
📈 Leverage Restrictions for Nigeria?No
💳 Minimum Deposit (₦)400 Nigerian Naira (equivalent to $1)
💳 Nigerian Naira Deposits Allowed?No
💰 Active Nigerian Trader Stats1.3 million
💰 Active Nigerian-based TD Ameritrade customers150,000+
💰 Nigeria Daily Forex Turnover$1.25 million+
💳 Deposit and Withdrawal Options• Electronic Bank Deposit (ACH)
• Wire Transfer
• Cheque
• Broker Transfer
• Stock Certificates
💰 Segregated Accounts with Nigerian Banks?No
💻 Trading Platforms• TD Ameritrade Web, • TD Ameritrade Mobile, thinkorswim mobile, thinkorswim web
💰 Tradable Assets• Stocks
• Options
• ETFs
• Mutual Funds
• Futures
• Forex
• Bonds
• Fixed Income
• Annuities
• IPOs
• CDs
• Cryptocurrency
• Trading
🌐 Offers USD/NGN currency pair?No
🌐 USD/NGN Average SpreadN/A
📈 Offers Nigerian Stocks and CFDsNo
👨‍💼 Languages supported on WebsiteEnglish
👥 Customer Support LanguagesMultilingual
👥 Customer Service Hours24/7
👥 Nigerian-based customer support?No
💰 Bonuses and Promotions for NigeriansNo
✴️ Education for Nigerian beginnersYes
📊 Proprietary trading softwareYes
💰 Most Successful Nigerian TraderUche Paragon ($20 million net worth)
✔️ Is TD Ameritrade a safe broker for Nigerians?Yes
✔️ Rating for TD Ameritrade Nigeria8/10
✔️ Trust score for TD Ameritrade Nigeria98%
👉 Open an account👉 Open Account

TD Ameritrade Overview

TD-Ameritrade-overview

👉 According to research in Nigeria, TD Ameritrade was founded in 1975 and has been serving investors ever since. TD Ameritrade’s knowledgeable and certified staff is glad to provide advice based on your specific investment objectives and to accompany customers on their financial journeys.

 

👉 TD Ameritrade is based in the United States and does not have offices in Lagos, Nigeria, nor does the broker have regulation through the Central Bank of Nigeria (CBN). However, TD Ameritrade accepts Nigerian traders of all skill levels and trading experience.

 

👉 TD Ameritrade offers a wide range of instruments spread across several asset classes including Stocks, futures, mutual funds, options, exchange-traded funds (ETFs), fixed income investments, cryptocurrencies, CDs, and bonds.

 

👉 Market analysis, instructional materials, and an award-winning customer support team are just some of the services they provide investors. Margin loans and other forms of cash management are other options available to customers.

 

👉 While TD Ameritrade offers commission-free trading on ETFs, options, and online stocks, this benefit is subject to restrictions and conditions.

 

👉 This TD Ameritrade review will provide traders with the details that they need to consider whether the broker is suited towards their unique trading objectives and needs.

 

TD Ameritrade Distribution of Traders

👉 The distribution of TD Ameritrade traders is as follows:

➡️️​ United States – 95.51%

➡️️​ Taiwan, Province of China – 0.60%

➡️️​ India – 0.32%

➡️️​ Singapore – 0.27%

➡️️​ Canada – 0.26%

 

Popularity among traders who choose TD Ameritrade

🥇 TD Ameritrade offers its services around the globe and ranks 22 in the Finance and Investment category. However, TD Ameritrade does not have a large market share in Nigeria, ranking it in the Top 100 forex and CFD brokers for Nigerian traders.

TD Ameritrade Regulation and Safety of Funds

TD Ameritrade-regulations

👉 The United States securities regulators (SEC) and the Financial Industry Regulatory Authority (FINRA) supervise TD Ameritrade. Several other countries, notably Hong Kong, have their own regulatory bodies, such as the Securities and Future Commission (SFC) that oversee the operations of TD Ameritrade in the region.

 

👉 SIPC coverage is capped at $500,000, of which $250,000 is available in cash. Another insurance policy in place by the broker covers each customer up to $152 million ($2 million cash limit) with a total coverage maximum of $500 million. This policy also protects the broker.

 

👉 Futures, for example, are not protected by the investor protection plan, and not all customers are eligible for the protection. Protection against a negative account balance is not offered. 

TD Ameritrade Account Types and Features

👉 Despite the type of trader or investors, TD Ameritrade is an online broker that offers a wide range of accounts for different objectives and needs. The full suite of accounts offered by TD Ameritrade include:

➡️️​ Standard Account offers comprehensive investment products along with objective research and powerful trading platforms.

➡️️​ Retirement Accounts include IRA, Roth IRA, and Rollover IRA that can help investors achieve their retirement objectives.

➡️️​ Education Accounts are suited for those who want to plan and invest for a better future. These accounts offer flexibility in saving for education, offering several plans.

➡️️​ Specialty Accounts range from individual trusts, pension plans, and partnerships to sole proprietorships.

➡️️​ Managed Profiles offer long-term investment solutions by offering professionally managed portfolios that are offered by TD Ameritrade Investment Management, LLC.

➡️️​ Margin Trading allows traders of all experience levels to borrow money from TD Ameritrade. This allows traders to open positions that are 50% larger than their initial investment, which translates to leverage of 1:2.

 

👉 While there are several accounts to choose from, the retail investor accounts offered by TD Ameritrade include the Standard Account and the Margin Trading Account.

 

TD Ameritrade Live Trading Accounts

Standard Account

Screenshot 2022 03 17 at 16.43.48

👉 A Standard Account can either be opened by an Individual Trader or it can be a Joint Account. The client profiles under this account type are:

➡️️​ Cash

➡️️​ Cash and Margin

➡️️​ Cash and Option

 

👉 The Account Minimum and fees involved are as follows:

➡️ There is no minimum deposit requirement when registering an account. However, if Nigerian traders opt for special promotional offers, there may be some requirements.

➡️ The minimum electronic funding is 20,800 Nigerian Naira equivalent to $50.

➡️ The Margin or options privileges on the Standard Account will incur a minimum deposit requirement of 830,000 Nigerian Naira (equivalent to $2,000).

 

Margin Trading Account

TD Ameritrade-margintrading

👉 With a margin trading account, traders have twice the purchasing power of a conventional cash account. This account can be used either for investing or personal needs. With the Margin Account, traders have the following features:

➡️ Extensive access to products as margin trading can be done across all platforms. This account also allows professional traders to trade with unsettled funds and margin IRAs.

➡️ Access to comprehensive education including training articles, educational videos, and an immersive curriculum.

➡️ Access to 24/7 support.

➡️ Straightforward and transparent trading costs.

 

Demo Account

TD Ameritrade-demoaccount

👉 A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital. 

 

👉 There is a certain degree of risk involved when trading financial markets and TD Ameritrade offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.

 

👉 TD Ameritrade offers paper trading to investors and traders by offering:

➡️️​ A Practice trading account with paperMoney

➡️️​ Access to the Virtual Stock Simulator

TD Ameritrade Account Registration

👉 The account registration with TD Ameritrade can be a time-consuming process, unlike registering a broker account with any other brokers. The reason why it can take longer is that applicants must submit a series of documents including identification copies, which must be verified.

 

👉 When registering an account, traders must provide personal information such as their name, residential address, date of birth, and other information that will identify the trader. To verify this information, traders must upload a valid proof of identity and proof of their residential address.

 

👉 It may take a few hours for the account to be verified and approved and once complete, traders can fund their account and start trading.

 

Overall Rating

Min Deposit

$0 / 0 NGN

Regulators

SEC, FINRA, CFTC, MAS

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

 

TD Ameritrade Vs Exness Vs Fidelity Investments – Broker Comparison

TD AmeritradeExnessFidelity Investments
📱 Regulation

SEC, SFC, FINRA

FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA

FINRA, SEC

💰 Trading Platform

TD Ameritrade Web
TD Ameritrade Mobile
thinkorswim mobile
thinkorswim web
MetaTrader 4
MetaTrader 5
Active Trader Pro
Fidelity Mobile
📈 Withdrawal FeeNoNoNo
📊 Demo Account

YesYesYes
💰 Min Deposit

400 NGN

4,100 NGN

400 NGN

💳 Leverage1:2

Unlimited

1:1

✴️ SpreadNoneVariable, from 0.0 pips

💳 CommissionsFrom $0

From $0.1 per side, per lot

From $0 to $0.03

📊 Margin Call/Stop-Out

None60%/0%

N/A

⚖️ Order Execution

NoneMarketN/A

💰 Cent Accounts

NoYesNo
📈 Account Types

• Standard Accounts
• Retirement Accounts
• Education Accounts
• Speciality Accounts
• Managed Profiles
• Margin Trading Account
• Standard Account
• Standard Cent Account
• Raw Spread Account
• Zero Account
• Pro Account
• Fidelity Personalized Planning and Advice
• Portfolio Advisory Services Accounts
• Fidelity Tax-Managed US Equity Index Strategy
• Fidelity Equity-Income Strategy
• Fidelity International Equity Strategy
• Fidelity Tax-Managed
International Equity Index Strategy
• Fidelity US Large-Cap Equity Strategy
• Fidelity Core Bond Strategy
• Fidelity Intermediate Municipal Strategy
• Breckinridge Intermediate Municipal Strategy
⚖️ CBN Regulation

NoNoNo
💸 NGN Deposits

NoYesNo
📈 Nigerian Naira Account

NoNoNo
🕐 Customer Service Hours

24/7

24/7

24/7

🛍 Retail Investor Accounts

2515
☪️ Islamic Account

NoYesNo

TD Ameritrade Trading and Non-Trading Fees

TD Ameritrade-fees

👉 With TD Ameritrade, traders can pick from a variety of powerful, user-friendly, and flexible trading platforms, including:

➡️️​ TD Ameritrade Web

➡️️​ TD Ameritrade Mobile

➡️️​ thinkorswim mobile

➡️️​ thinkorswim Web

 

👉 These are offered to customers at no cost and may be accessed by online, desktop, and mobile devices, respectively. A wide range of built-in tools and features are available to accommodate investors of all skill levels and needs.

 

👉 Whether traders are short-term day traders or long-term investors, the platforms include everything that they need to do research, place trades, access real-time prices, watch live news feeds, manage an investment portfolio, and more.

 

TD Ameritrade Range of Markets

👉 TD Ameritrade offers a wide range of markets spread across these asset classes:

➡️️​ Stocks

➡️️​ Options

➡️️​ ETFs

➡️️​ Mutual Funds

➡️️​ Futures

➡️️​ Forex

➡️️​ Bonds

➡️️​ Fixed Income

➡️️​ Annuities

➡️️​ IPOs

➡️️​ CDs

➡️️​ Cryptocurrency Trading

 

TD Ameritrade Broker Comparison for Range of Markets

TD AmeritradeExnessFidelity Investments
⚖️ RegulationSEC, SFC, FINRA

FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA

FINRA, SEC

📊 Trading Platform• TD Ameritrade Web
• TD Ameritrade Mobile
• thinkorswim mobile
• thinkorswim web
• MetaTrader 4
• MetaTrader 5
• Active Trader Pro
• Fidelity Mobile
💳 Withdrawal Fee

NoNoNo
📉 Demo Account

YesYesYes
💸 Min Deposit

400 NGN

4,100 NGN

400 NGN

📊 Leverage1:2

Unlimited

1:1

📊 SpreadNoneVariable, from 0.0 pips

📉 OptionsNoYesNo
📈 CommissionsFrom $0

From $0.1 per side, per lot

From $0 to $0.03

🛑 Margin Call/Stop-Out

None60%/0%

N/A

💸 Order Execution

NoneMarketN/A

💰 No-Deposit Bonus

NoNoNo
💵 Cent Accounts

NoYesNo
📈 Account Types

• Standard Accounts
• Retirement Accounts
• Education Accounts
• Speciality Accounts
• Managed Profiles
• Margin Trading Account
• Standard Account
• Standard Cent Account
• Raw Spread Account
• Zero Account
• Pro Account
• Brokerage Account
• Cash Management •Account
• Brokerage and Cash Management
• The Fidelity Account for Businesses
• Fidelity Go
• Fidelity Personalized Planning and Advice
Portfolio Advisory Services Accounts
• Fidelity Tax-Managed US Equity Index Strategy
Fidelity Equity-Income Strategy
Fidelity International Equity Strategy
Fidelity Tax-Managed International Equity Index Strategy
• Fidelity US Large-Cap Equity Strategy
Fidelity Core Bond Strategy
• Fidelity Intermediate Municipal Strategy
• Breckinridge Intermediate Municipal Strategy
⚖️ CBN Regulation

NoNoNo
💵 NGN Deposits

NoYesNo
💰Nigerian Naira Account

NoNoNo
📞 Customer Service Hours

24/7

24/7

24/7

🛍 Retail Investor Accounts

2515
☪️ Islamic Account

No

YesNo

 

Trading and Non-Trading Fees

Commissions

👉 TD Ameritrade does not charge any commissions on exchange-listed United States stocks, domestic and Canadian ETFs, and options trades. However, the following commissions are charged:

➡️️​ Stocks – $6.95 commission is charged to online trading of OTC stocks, which are those not listed on a US exchange. There is also a $5 charge for the phone system and $25 for trades assisted by a broker.

➡️️​ Options – $0.65 commission is charged per options contract fee in addition to $5 + $0.65 for phone system trading and $25 + $0.65 for broker-assisted trading.

➡️️​ Futures – There is a $2.25 fee per future as well as futures on options contracts.

TD Ameritrade Deposit and Withdrawal 

TD Ameritrade-depositandwithdrawel

👉 TD Ameritrade offers the following deposit and withdrawal methods:

➡️️​ Electronic Bank Deposit (ACH)

➡️️​ Wire Transfer

➡️️​ Cheque

➡️️​ Broker Transfer

➡️️​ Stock Certificates

 

The process to Withdraw Funds from a TD Ameritrade Account

👉 To withdraw funds from an account with TD Ameritrade traders must:

➡️️​ Log into their trading account through the terminal or official website.

➡️️​ Select the option to withdraw from the relevant menu provided.

➡️️​ Indicate the account to withdraw from and where the funds must be sent to.

➡️️​ Indicate the withdrawal amount and indicate the reason for the withdrawal.

➡️️​ Submit the request.

Alternative Brokers to TD Ameritrade

Alternative Brokers to TD Ameritrade

➡️ Exness

➡️ AvaTrade 

➡️ ACY Securities

➡️ FXCM

➡️ Pepperstone

➡️ Webull

How To Minimize Risk While Trading? 

How To Minimize Risk While Trading? 

1. Use Stop Losses

👉 A stop loss is a trading technique that takes you out of losing trades at a predetermined level in order to limit your losses. Utilize stop losses to ensure a 1:1 risk-reward ratio and above in all your trades in order to limit losses and maximize profits on each trade. For example, if you’re setting your stop loss at 50 pips below your entry point, set your take profit at least 50 pips above your entry point.

 

👉 A 1:2 risk-reward ratio and above will ensure that you remain profitable even if the majority of your trades are losing trades. Using a 1:2 risk-reward ratio means that you should place your stop loss at 100 pips if you have a profit target of 200 pips and so on.

 

👉 If you are a more aggressive trader, you can use a 1:3 risk-reward ratio, where you risk 100 pips for a profit target of 300 pips.

 

2. Use Proper Lot Sizes

👉 Trading using proper lot sizes is crucial to your success as a trader. That’s because the lot size determines the value of each point of the currency pair you are trading. A standard lot typically refers to 100,000 units of the base currency you are trading. Therefore, trading a standard lot of the EURUSD currency pair puts the value of each point at USD 100.

 

👉 The lot sizes you trade should be proportionate to the amount you are willing to risk on each trade, which is directly related to the size of your account and your risk appetite.

 

3. Control Your Losses

👉 You should only risk 2% or less of your trading account on each trade. This will ensure that you can survive any losing streak while minimizing the drawdown on your trading account.

 

👉 Remember: losses in forex trading are not linear. A 50% loss would require a 100% gain in order to recover your original trading account level.

 

4. Use Leverage Carefully

👉 Most forex brokers offer to trade with leverage, and with Exness traders can enjoy up to 1:Unlimited leverage. While trading with leverage is one of the great advantages of trading forex, it can also increase the risk of losses if used incorrectly. Leverage works as a ratio, meaning that if you trade with USD 10 at a leverage of 1:50 your market investment will be USD 500. This means that, if your investment moves in a favourable direction, your profits would be 50x bigger than they would have been without leverage. However, this also means that your losses if the currency moves in an unfavourable direction would be 50x greater as well. Traders are therefore reminded to apply leverage with care.

 

5. Choose The Time Of Day That You Trade

👉 Most traders tend to ignore the impact of the time of day that they trade. However, traders who are active during periods of less volatility tend to be more profitable than traders who trade during periods of high volatility.

 

👉 The high volatility periods for different currency pairs vary, but can generally be summarized as the opening hours of the Asian sessions, the London/European sessions, and the New York/American sessions.

 

👉 Experienced traders who are trading European currency pairs, such as EURUSD and GBPUSD, typically trade during off hours from 7PM to 11AM GMT. However, this data applies to range of traders who trade following the existing trends but might differ for traders using other trading strategies, such as scalping.

 

6. Buy The Rumor, Sell The News

👉 Many traders like to stay abreast of news that affects the forex market, but this is very hard to do given that it is near-impossible to accurately predict what will happen at any given time across the globe. However, experienced traders typically keep abreast of economic releases from different countries, which generally have an impact on many currency pairs.

 

👉 In most cases, markets typically discount the news based on investors’ expectations, which means that by the time the news is released, the big moves in the affected currency pairs would have already taken place. Therefore, it is important to make trades related to major news events way before the actual news is released.

All About TD Ameritrade’s Rebate System

All About TD Ameritrade's Rebate System

How much rebate can I pay back?

👉 Rebate percentage can be set to be anything between 0% and 100%.

 

Payment schedule

👉 Rebates are paid daily to the selected referred clients who have closed any trades within the last 24 hours. Daily payments need to be approved by the partner.

 

👉 Once rebates are set up from your PA, rebates will be automatically calculated for the selected referred clients every time you receive rewards. Total daily rebates will then await your approval in the Approval section of the Rebates tab, or be automatically distributed if you have selected automated approval on rebates for specific referred clients; more information about this is available in the article about how to manage rebates.

TD Ameritrade Education and Research

TD Ameritrade-guidance

👉 TD Ameritrade offers the following educational materials and guides:

➡️️​ Immersive Curriculum

➡️️​ Educational Articles

➡️️​ Webcasts

➡️️​ In-Person Events

➡️️​ Talking Green Podcast

 

👉 TD Ameritrade offers an extensive list of research tools and resources including:

➡️️​ News Feeds

➡️️​ News Reports

➡️️​ Sectors and Industries

➡️️​ Economic Calendar

➡️️​ Analyst Reports

➡️️​ Investor Movement Index (IMX)

➡️️​ Market Screeners

➡️️​ Trading Ideas

➡️️​ Investment Ideas

➡️ Options Research

Verdict on TD Ameritrade

👉 TD Ameritrade is one of the most trusted online brokers and entities in the forex industry. TD Ameritrade caters for advanced traders and offers trusted third-party research, broker-assisted trades, ETF trades, and a wide range of financial products and additional trading tools.

 

👉 TD Ameritrade accepts any trading strategy and provides a powerful proprietary mobile platform and desktop platform to facilitate online trades. TD Ameritrade accepts all types of traders who want to participate in forex trading, futures trading, options trading, and several other financial markets.

 

👉 Beginner investors are provided with a wide range of educational content and training guides to guide them in their investment choices. Day traders and seasoned traders can benefit from the powerful mobile app, a wide investment selection, and competitive brokerage fees.

 

👉 With TD Ameritrade, investors and traders alike can rest assured that client assets are safe, with the broker keeping all client funds in segregated accounts with top-tier banks. In addition to transparent fee structures, TD Ameritrade offers commission-free stock and ETF trades, with competitive commissions for stocks that are traded OTC.

 

👉 TD Ameritrade is the best choice for investors not only because of its array of investment products but also because of its reputation, good broker reviews, dedicated customer service, expert financial advisors, custodial services, and innovative paper trading options that cater for beginner and seasoned traders.

Overall Rating

Min Deposit

$0 / 0 NGN

Regulators

SEC, FINRA, CFTC, MAS

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

TD Ameritrade Pros and Cons

✔️ Pros❌ Cons
TD Ameritrade is a trusted online brokerage that accepts all types of investors and traders

TD Ameritrade does not offer any fractional shares

There is no minimum investment required when registering for an account


There are high margin rates

The broker offers a wide range of guides and training for educational purposes

There is a powerful web-based platform and mobile version with a customizable dashboard, custom alerts, real-time data, and advanced charting tools


There are several retail investor accounts to choose from

TD Ameritrade is one of the most reputable brokerage firms with strict regulation in the US

In addition to a wide range of investment options, TD Ameritrade also offers crypto trading

Frequently Asked Questions

 

Is TD Ameritrade fake or scam brokers?

TD Ameritrade is not considered fake/scam because of its solid reputation as one of the largest brokerage firms in the USA with a long standing history of good services to their clients. TD Ameritrade also adheres to regulations and authority of SEC, SFC, FINRA.

Does TD Ameritrade offer leverage and what is the maximum ratio offered?

Yes, TD Ameritrade offers a maximum leverage ratio of 1:2.

Which trading platforms are supported by TD Ameritrade?

TD Ameritrade offers the following platforms: TD Ameritrade Web TD Ameritrade Mobile thinkorswim mobile thinkorswim Web

What is the overall rating for TD Ameritrade out of 10?

The overall rating for TD Ameritrade is 8/10.

Is TD Ameritrade suitable for beginner and professional traders?

Yes, TD Ameritrade is a suitable international broker for beginner traders and experienced traders in Nigeria.

9/10 - (18 votes)