10-second breakdown:
The overall performance of TD Ameritrade is impeccable. The deep research tools, smooth functionality, and customer service make it clear that this platform is all about the experience.
The good:
The research tools available from TD Ameritrade may just be the best online. There are also incredible educational resources to help you get a handle on your portfolio without the need of an expert. And you get access to all their tools with ANY trading account.
The iPad app (Mobile Trader) is possibly the best trading app bar none even though it isn’t available for Android (yet).
Not only is customer service easily available any way you can imagine, they are friendly and highly-rated by users.
The bad:
The fees are a bit steep when compared to some of the newer kids on the block, but still competitive especially considering the tools.
The platform isn’t necessarily geared toward day traders and fast-moving options investors.
How it works:
TD Ameritrade is definitely on the list of well-known investment companies and their platform is one of the prettiest we’ve seen. While trading fees are a bit higher than other options available there is no account minimum. Even as little as $50 buck will get you started trading quickly.
Signing up takes just a few minutes and you’ll need to have the personal information required by most basic financial accounts. After you’re approved, it’s time to start using some awesome tools.
Since you will pay a bit more per trade, it makes sense that you’ll be given one of the best research systems in online trading. Pulling up basic company data works the same as many of the other platforms. A simple chart and all the numbers you would expect to see. The third party data for equities is Thomson Reuters. For mutual funds, TD Ameritrade opts to give you quick access to MorningStar (no real surprise here since it is the heavy favorite of most financial experts).
Next, is where you really start to see the differences between TD and the competition. The web-based charting in deep from the start with 34 technical metrics and a super-readable and large chart to really see the patterns. Even the most in-depth analyst will appreciate all of the data available right out of the box.
While all the intel is there, TD Ameritrade doesn’t offer their own analysis on the market. If you are expecting help from them regarding the even the general feel of an industry or the market overall, you won’t find it. Everything you could want can be found, but you’ll have to come up with the assessment on your own (or through a third-party source).
In addition to having all the fancy tools, they can genuinely be a joy to use. For starters, the sidebar (called “MyDock”) on your dashboard is highly customizable and can include up to 13 different widgets or “modules”. These quick-access data points can be expanded when you need them and easily collapsed when you don’t, making for a great experience.
You’ll also have a quote bar that streams real-time quotes to help you keep track of stocks of interest. If at any time, on any page you need to make a quick trade, there’s “SnapTicket” a quick-trade function that allows you to make stock and option trades on any of the site’s pages. These two tools alone could help you know exactly when to pull the trigger on a move, even when you’re in the middle of researching another stock.
If you’re bummed out about not seeing TD Ameritrade’s valuation of stocks, there is another capability you may deem valuable. Social Signals allows you (and all of the other users) to see recent and relevant stock analysis tweets about any given equity. This tool also shows several metrics that can help you gauge the risk/reward level just a bit better.
Two trading platforms are available and are geared toward two very different investors. The choices are “thinkorswim” and Trade Architect”.
Trade Architect is made for the DIYer with a full-time job. If you want all the basic research tools in a simplified format, this is your choice. You really do get access to much of the same data as thinkorswim, but in a way that isn’t going to overwhelm. The real-time quotes are still available everywhere and everything runs really smooth. All your charts and data is clean and very clear to help you make the most of the data.
On the other side of TD Ameritrade is thinkorswim. If you fancy yourself a heavy options expert or day-trader, the tools found in this platform aren’t for the faint of heart. It’s truly a place that you can get digitally lost. In addition the the “traditional” data, you’ll be privy to heat maps, live CNBC tv, back-testing, alerts, and one-click trading (a handy little feature). If you are the social type, the ability to share certain data via several of the top social media outlets is available.
Mobile trading is available in the form of two separate apps. Much like their two web-based platforms, there is one option for casual traders and another for the hardcore types. Essentially, they’ve boiled down the functions of their two online platforms into these apps and the results are nothing short of impressive. You can even live chat with a customer support rep right inside of them!
TD Ameritrade understands investors at every level in a way that most other online trading platforms don’t seem to. If you can look past the higher fees and see the tools that you are getting, it’s an easy choice for the deep researching trader.
For complete rankings of all online trading platforms, go here.
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