TDAmeritrade For Investors
Is TDAmeritrade worth using for investors?
Before we start talking about TDAmeritrade, let me just say that here at Angel Kings, we look out for top investing opportunities for startups. I've invested both in the public and private market and had great returns because I do my research. Follow along as I review TDAmeritrade's Think or Swim. TD Ameritrade's Think or Swim is one of many platforms in which investors and traders can go online, sign up and start trading stocks.
What are the positives about TDAmeritrade's Think or Swim? Where else can they improve?
It's nice that they have no account minimums. They've democratized the playing field by allowing anybody to sign up for an account regardless of how much is in their bank account. Another is that the site or company its self I think lends a lot of credence and gives a lot of credit is connected to TD bank. In fact TD is TDAmeritrade, they combine, they were merged together. TD bank is out of Toronto, it's a Canadian based company that's out of Toronto. You know that by trading with TDAmeritrade it's a legitimate brokerage with the FDIC all the built in protections that come along with investing in their platform.
TDAmeritrade is stronger for those who trade as opposed to invest. I would say if you're more of a long term investor I wouldn't recommend this for you.
What are some of the negatives about TDAmeritrade?
We know Think or Swim very well. TDAmeritrade needs to improve. Once I had signed up for an account, there was very little interaction. There's a automated phone call that was called to my cell phone and I talked to somebody briefly. I've never heard for somebody since. They mention a local branch of TD bank. TDAmeritrade needs to improve their customer relationships and build that client development out so they're competitive even with longer term brokerages.
Also the fees and stock and options are high. I mention obviously that it's good for traders for stocks, but they also need a fee that's reasonable for traders. If you're placing 5 or 10 trades a day or maybe more sometimes 20,30, 40, 50, 100 - that can add up to 100, 200, 300K a year in fees. As of right now there about $10 per flat rate equity trades that can change. I'm kind of keeping that open. They have to reduce that in order to get more people onto their platform and to adopt it more frequently.
Options are also pretty high. The fees are pretty expensive. Reduce those fees. Overall, I would recommend TDAmeritrade's Think or Swim. They're backed by a solid bank and they're connected to a bank. They need to improve or reduce their fees, get them down to about 5 or less I think. Start to improve your outreach to clients, but overall it's a 4.5 out of 5.
We'd love to address any more questions or make other recommendations, but make sure to check out TDAmeritrade. You will miss out if you don't. We've built a phenomenal platform for investors just like you.