Online brokerages are a dime a dozen, and it’s easier than ever to trade stocks, mutual funds and other securities without paying commissions. TD Ameritrade bills itself as one of the largest brokerage firms in the U.S., offering clients a range of trading platforms, managed portfolios, investment research and education, mobile investing and cash management services.
Not only does TD Ameritrade state that it offers new customers a brokerage bonus for new accounts with a qualifying deposit minimum, but it also charges no commissions on trades.
So if you’re interested in a new brokerage service and wouldn’t mind some extra cash in the form of a one-time bonus, read more to find out if TD Ameritrade is right for you.
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TD Ameritrade Bonus
The current new account bonuses offered directly on the TD Ameritrade website is up to $2,500 when you open a new brokerage or retirement account by December 31, 2021 and meet qualifying deposit minimums.
Bonus cash offers:
- Earn $350 cash when you deposit $250,000 or more
- Earn $700 cash when you deposit $500,000 or more
- Earn $1,500 cash when you deposit $1 million or more
- Earn $2,500 cash when you deposit $2 million or more
It’s important to know that any bonus received during the calendar year will be included on your consolidated Form 1099.
TD Ameritrade has been around since 1975, but despite recent competition from mobile-first brokerages like Robinhood and M1 Finance, the brokerage firm has continued to be an options for investors.
Account Types and Investment Products
TD Ameritrade offers several different account types through its website, including:
- Standard accounts for investing without a specific goal in mind
- Retirement accounts
- Education accounts, including 529 plans, Coverdell Education Savings Accounts and UGMA/UTMA accounts
- Specialty accounts for trusts, pension plans, business partnerships and more
With those accounts, you can trade a variety of securities, much more than you can get with smaller brokerages. Options include:
- Mutual funds
- Exchange-traded funds
- Cash solutions
- Bonds and other fixed-income securities
- Initial public offerings
Standard and speciality accounts also offer margin trading, which allows you to borrow up to 50% of a trade from TD Ameritrade to potentially increase your buying power.
Fees and Costs
TD Ameritrade says all trades come with no commissions, which means no platform fees and no data fees.
Also, there’s no minimum for how much you can buy or sell in a trade. The only exception is that there’s a $0.65 contract fee for options trades. While brokerages used to charge roughly $5-$10 on each trade, it’s now standard to waive that charge.
|$0||commission on online stock trades|
|$0||commission on online exchange-traded funds (EFTs)|
|$0||commission on online options trades|
(contract fees now only $0.65, plus no assignment or exercise fee)
Finally, TD Ameritrade has no account minimums.
TD Ameritrade provides research, data and educational resources, which the firm hopes will guide clients and help them make investment decisions. It also provides information that it claims helps people build efficient, diversified portfolios. What’s more, all of these resources are free to investors.
TD Ameritrade also provides customer support, and hundreds of physical branches around the U.S., where customers can get in-person service.
TD Ameritrade is one of the biggest brokerages in America, but don’t let that scare you. The firm says it’s invested heavily in resources that it hopes makes investing easier for beginners, as well as more experienced investors.
Despite the platform’s $0 account minimum and $0 trade commissions, as with any financial decision, it’s important to compare several brokerage firms when choosing an investing platform. Take some time to research and compare other online brokerages.
Use TD Ameritrade offer codes to find additional promotions and limited-time offers.
TD Ameritrade FAQ
Brokers give bonuses to incentivize new customers to choose their brokerage. Since many brokerages all provides similar services, brokerage bonuses are a way to reward potential traders for choosing their firm.
According to TD Ameritrade’s website, here is how to transfer your investments from another brokerage or firm into a TD Ameritrade account. Begin by opening a new TD Ameritrade account online. Once you’ve opened an account, log in to your dashboard and select My Account and then Account Transfer. Before initiating the transfer, be sure that the name and title of the account being transferred matches the name and title on the receiving TD Ameritrade account.
TD Ameritrade says there are no transfer fees when transferring a brokerage account into one of its accounts. However, your current broker or firm may charges fees.
Yes, investors can trade for free with TD Ameritrade, according to its website. Additionally, clients also get access to the broker’s platform with no trading minimums or deposit minimums.
The brokerage states that while there are no commissions on trades, no data fees, no platform fees, and no trade minimums, it does charge $0.65 per contract fee for options trades. Additionally, TD Amertrade’s site discloses that it may charge fees for holding certain types of non-standard assets, like limited partnerships and private placements.