TD Ameritrade Review

Overview

TD Ameritrade is no longer available as a standalone brokerage. Charles Schwab acquired TD Ameritrade in October 2020 and completed the migration of TD Ameritrade client accounts to Schwab in May 2024. If you are looking to open a new TD Ameritrade account in 2026, you cannot. You need to open a Charles Schwab account instead.

That does not mean the best parts of TD Ameritrade disappeared. Schwab retained thinkorswim, TD Ameritrade's flagship trading platform, and now markets its active trading offering as Schwab Trading Powered by Ameritrade.

Verdict: if you were considering TD Ameritrade because of thinkorswim, advanced charting, options trading, futures or active-trader tools, Charles Schwab remains one of the strongest replacements because it inherited much of the TD Ameritrade trading experience. If you simply want a straightforward brokerage for passive investing, Schwab is still competitive, but TD Ameritrade's former advantages matter considerably less.

Current Schwab pricing is confirmed by Charles Schwab's published fee schedule. Additional regulatory, exchange and specialist-product charges can still apply.

What happened to TD Ameritrade?

Charles Schwab acquired TD Ameritrade and ultimately moved TD Ameritrade clients onto the Schwab platform.

The acquisition formally closed on October 6, 2020. At the time, the combined company represented roughly $6 trillion in client assets across approximately 28 million brokerage accounts.

The customer migration happened gradually rather than overnight. By the end of 2023, Schwab reported that roughly 90% of TD Ameritrade client accounts had already been transitioned. The final conversion was completed in May 2024. Schwab subsequently confirmed that all TD Ameritrade clients had become Schwab clients.

This distinction matters because an up-to-date TD Ameritrade review should not evaluate the company as though a new investor can still choose between opening TD Ameritrade and opening Schwab.

For brokerage services, the relevant current company is Charles Schwab, which acquired TD Ameritrade. A search for TD Ameritrade banking services should not be treated as a search for TD Bank products.

The real question in 2026 is:

Has Charles Schwab preserved enough of what made TD Ameritrade attractive to make Schwab worth using instead?

For many active traders, the answer is yes.

Is thinkorswim still available after TD Ameritrade?

Yes. Charles Schwab retained thinkorswim, and Schwab clients can use thinkorswim desktop, thinkorswim web and thinkorswim mobile.

This is arguably the most important part of the TD Ameritrade acquisition for active traders.

Historically, thinkorswim was one of TD Ameritrade's biggest differentiators. Instead of retiring the platform after the acquisition, Schwab integrated it into its own trading offering.

Today, thinkorswim remains relevant for traders who want more sophisticated tools than a basic brokerage interface provides. Schwab also continues to offer paperMoney simulated trading through thinkorswim, allowing users to practise strategies without placing live trades.

If your original reason for choosing TD Ameritrade was thinkorswim rather than loyalty to the TD Ameritrade brand itself, the acquisition changed less than it might initially appear.

TD Ameritrade and Schwab fees in 2026

Schwab continues to offer $0 online commissions for listed U.S. stocks and ETFs.

These are Schwab's published brokerage prices. Mutual funds, fixed-income products, foreign securities, OTC securities and other specialist transactions may have different charges.

The core proposition remains similar to late-period TD Ameritrade: listed U.S. stock and ETF trades cost $0 online, while options, futures and other products have separate pricing.

Brokerage fees, product availability and account terms can change. This review is general information, not personalised investment advice.

What are the biggest advantages of the former TD Ameritrade offering?

The strongest parts of TD Ameritrade's proposition have largely become arguments for using Schwab rather than reasons to mourn the old brokerage.

The main advantages are:

• thinkorswim remains available. Active traders still have access to the platform most closely associated with TD Ameritrade.
• Listed U.S. stocks and ETFs remain commission-free online. Options have no base commission and cost $0.65 per contract.
• Futures and forex remain available. Schwab currently lists futures at $2.25 per contract and forex with trading costs incorporated into the bid/ask spread.
• Fractional investing has improved. Schwab now allows eligible investors to buy fractional shares of most U.S.-listed stocks and ETFs from as little as $1.
• Schwab adds broader wealth-management infrastructure. Former TD Ameritrade users now sit within a much larger banking, investing and wealth-management ecosystem.
• Physical support remains available. Schwab says it has more than 400 branches for clients who prefer in-person assistance.

The fractional-share improvement is particularly notable. Older comparisons often criticise TD Ameritrade for limited fractional-share functionality, but that is no longer an accurate description of the current Schwab proposition. Schwab says fractional shares of most U.S.-listed stocks and ETFs can now be purchased from $1.

What are the disadvantages?

The main disadvantage is that TD Ameritrade itself no longer exists as a separate brokerage.

That may matter if you preferred TD Ameritrade's former website, account interface, workflows or support processes. Thinkorswim survived, but the full customer experience did not remain unchanged.

There are also costs outside the headline "$0 commission" proposition. OTC equities, some mutual funds, fixed-income products, foreign transactions and broker-assisted trades may carry additional charges.

Schwab can also offer more trading functionality than a passive investor needs. Someone who buys one diversified ETF each month may get little value from advanced charting, derivatives tools or complex order types.

Finally, direct cryptocurrency trading is not yet generally available at Schwab as of September 2026. Schwab says its forthcoming Schwab Crypto account is expected to support Bitcoin and Ethereum, with a stated 0.75% transaction fee and zero spread, but the product is still described by Schwab as "coming soon."

Is Charles Schwab good for active traders who previously wanted TD Ameritrade?

Yes. Charles Schwab is the most natural choice for somebody whose original reason for choosing TD Ameritrade was active trading or thinkorswim.

The logic is straightforward.

TD Ameritrade's strongest trading asset was thinkorswim. Schwab kept thinkorswim. Schwab also supports stocks, ETFs, options, futures and forex while maintaining competitive headline trading costs.

Schwab also changed its day-trading rules in June 2026 after the previous U.S. pattern day trader framework was eliminated. Schwab says it no longer counts day trades or applies the former $25,000 pattern day trader restriction based on trading frequency. Eligible margin accounts remain subject to Schwab's margin and intraday buying-power requirements.

For active traders specifically, that makes many older TD Ameritrade reviews materially outdated.

Is Schwab good for beginners and long-term investors?

Yes, although thinkorswim should not be the deciding factor for most beginners.

Schwab offers standard brokerage accounts, retirement accounts, educational material, fractional shares and $0 online commissions for listed U.S. stocks and ETFs. It does not charge a standard brokerage account maintenance fee or inactivity fee.

Beginners can use Schwab's regular web and mobile interfaces without learning thinkorswim. The two experiences serve different needs.

For long-term investors, the more relevant questions are whether Schwab offers the funds, account types, fractional investing, cash management, research, customer support and total costs that fit their plans.

Is TD Ameritrade safe?

Former TD Ameritrade brokerage accounts are now held through Charles Schwab, so investors should review Schwab's current account protections.

Charles Schwab & Co., Inc. is a brokerage firm and a member of the Securities Investor Protection Corporation, or SIPC.

SIPC protection can cover up to $500,000 per eligible account capacity, including up to $250,000 in cash, if a member brokerage fails and customer assets are missing. SIPC does not protect against investment losses or falling market prices. Schwab also says it maintains additional excess SIPC coverage.

FDIC insurance is different. Charles Schwab & Co., Inc. is not an FDIC-insured bank. Eligible deposits held with Schwab-affiliated banks or participating program banks may receive FDIC protection under the applicable rules and limits.

SIPC and FDIC coverage protect different assets against different risks.

TD Ameritrade vs Charles Schwab

A traditional TD Ameritrade versus Charles Schwab comparison no longer reflects a real purchasing decision because Schwab owns TD Ameritrade and all TD Ameritrade brokerage accounts have been migrated.

A more useful comparison is between old TD Ameritrade features and their current Schwab equivalents.

Schwab explicitly states that all former TD Ameritrade clients are now Schwab clients.

What are the best TD Ameritrade alternatives?

Charles Schwab is the first brokerage to consider if you want the former TD Ameritrade experience because Schwab owns thinkorswim.

Interactive Brokers is worth comparing if you prioritise execution, international markets or low trading costs. Interactive Brokers offers IBKR Lite with $0 commissions on eligible U.S.-listed stocks and ETFs for U.S. residents. IBKR Pro uses tiered or fixed per-share pricing.

For simpler long-term investing, the decision becomes less about finding a "TD Ameritrade replacement" and more about comparing Schwab with other full-service brokerages based on your portfolio, account requirements and preferred investing workflow.

Can I still log in to my old TD Ameritrade account?

Former TD Ameritrade clients now access their accounts through Charles Schwab.

Schwab says former TD Ameritrade clients who were new to Schwab needed to create a Schwab Login ID and password. Existing Schwab customers could use their current Schwab credentials.

Former TD Ameritrade customers can also access up to 10 years of historical tax documents, brokerage statements and trade confirmations through Schwab, along with up to four years of transaction history.