TD Ameritrade Alternatives

Contributor, Benzinga

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One of the most popular online brokerages, TD Ameritrade offers a massive library of investment options.

You can tap into free stock research, data and analytics and guidance on how to build a profitable portfolio. Combine these benefits with no-commission trading and it’s easy to see how TD Ameritrade meets people at all experience levels.

Still, what’s right for others may not be right for you. It’s best to research competing brokerage firms before deciding where to place your hard-earned money.

Best TD Ameritrade Alternatives

TD Ameritrade is a solid pick if you just want to get the ball rolling on your investment journey. Plus they’re now partnered with Charles Schwab.

However, as you grow, you’ll discover that you prefer certain attributes over others. For some, convenience may reign supreme. For others, access to alternative investment vehicles may be the most important attribute. Thanks to innovations in the investing space, you now have more options than ever.

If you want a brokerage that speaks specifically to you, take a look at our list of best alternatives.

Pros
  • 39,000+ funds worldwide
  • 35,000+ no-load funds
  • Over 380 fund families
  • No custody fees
  • Fund agnostic
  • Free Mutual Fund Inventory Search Tool

Best for Mutual Funds: Interactive Brokers

IBKR has one of the largest Mutual Fund Marketplaces, with funds from Allianz, American Funds, BlackRock, Fidelity, Franklin Templeton, Invesco, MFS, PIMCO and many others. In addition, the Marketplace is neutral – there is no conflict of interest as we don’t offer proprietary funds.

You can use their Mutual Fund Inventory Search Tool to identify funds by country of your residence, commission charged, fund type or fund family.

Want the IBKR advantage? Here’s what you can expect:

  • 40,000+ Funds available to residents worldwide
  • 7,700+ Funds with no transaction fees
  • Other funds available at low commissions and no custody fees
  • IBKR is neutral – no proprietary funds
  • Free Mutual Fund Search tool to help you find the right funds
Best For
Beginners

Best for Engagement: Robinhood

Following the initial wave of the pandemic, Robinhood enjoyed a surge in user volume as workers transitioned to work remotely. Many people who didn’t consider investing began diving in, especially given that zero commission trading is both affordable and very attractive.

Easily the most identifiable attribute of Robinhood is its engagement. Featuring a “gamified” interface, Robinhood utilizes visual and aural touches with each trade and offers a major contrast to the often stiff nature of traditional brokerages.

You can invest in stocks and cryptocurrency, learn more about your investments through the FAQs, use the Learn section or Support center. Specifically, Robinhood allows trading on Dogecoin, which is growing in popularity.

Best For
Active Traders

Best for Scalability: Moomoo

While the rise of trading apps is an encouraging development as it plugs a new generation of investors into the markets, many examples provide only a basic foundation. As you grow into your investing journey, you’ll want access to powerful tools while maintaining the convenience of trading apps and can look into the scalability of Moomoo.

An intuitive app, Moomoo appeals to beginner investors. However, it offers advanced features such as real-time market bids and trades for free. The platform also provides detailed technical charts so that you can better strategize your next trade.

Best For
Intermediate Traders and Investors

Best for Cryptocurrencies: Webull

An online and mobile brokerage, Webull’s interface automatically appeals to Generation Z — investors who grew up in the digital age and have no recollection of the analog era. Webull offers a no-fee platform that doesn’t require a minimum balance but doesn’t skimp on useful tools.

Webull’s biggest asset: cryptocurrencies. The so-called blockchain market fits into the “anywhere, anytime” mentality of young investors and Webull fills a critical and relevant need.

Webull offers technical and fundamental analysis tools, making it easier for you to make wise decisions. Plus, you can use leverage up to 4:1 on margin trades or 2:1 on positions held overnight.

Best For
Futures Trading

Best for Professionals: TradeStation

Although the investing business received a massive boost in engagement because of the pandemic, a majority of these newcomers won’t turn to day trading as a career. For the intrepid few that dare to make this transition, TradeStation offers a perfect platform.

Featuring access to the most advanced trading tools and insightfully comprehensive research, TradeStation has a decades-long track record for assisting professional traders through the peaks and valleys of the investment markets. TradeStation features bulk pricing for high-volume trading, a huge benefit if you trade for a living.

What is TD Ameritrade?

TD Ameritrade is a full-service brokerage firm that opens access for an impressive array of investments: stocks, bonds, mutual funds, exchange-traded funds (ETFs), options, futures, forex, foreign ADRs and initial public offerings (IPOs) for qualifying account holders.

Though competition in the brokerage space is intense, TD Ameritrade has consistently stood out for its relevance for both beginner and advanced investors. Its personalized education suits your investing style and goals and you get the information you need to stay on track.

Why TD Ameritrade Might Not Be Right for You

Although TD Ameritrade has broad appeal, it might not fulfill your specific needs. While TD Ameritrade offers an incredible list of investing selections, it doesn’t include everything. For instance, while the company offers you access to cryptocurrency futures, it doesn’t allow you to invest in the actual digital tokens themselves.

Of course, this could be a disadvantage if you are a younger investor who prefers next-generation asset classes. You may not find much use of the offered educational materials or you may find them too stuffy. TD Ameritrade alternatives may offer much more satisfaction.

Consider TD Ameritrade Alternatives

Undoubtedly, TD Ameritrade is the benchmark for wide-ranging access to investment opportunities. Moreover, this brokerage is an appropriate choice whether you’re an advanced day trader or just starting your journey in the capital markets.

However, the business of investing is not a one-size-fits-all endeavor. You might prefer a platform that caters to convenience and intuitiveness because trading is not your top priority. Or you may be considering a career as a Wall Street regular. In either of these cases, TD Ameritrade may not have exactly what you want.

Make sure you understand what you’re trying to achieve. From there, review the pros and cons of each brokerage and find the one that best suits your goals and strategies. Everyone is different, and you should use a brokerage that works with your investments. If your goals change, reach out to the broker for assistance or switch to a broker that is better suited to your current situation.