Scottrade operated as a discount brokerage firm, until September 2017, when it was acquired by one of its rivals, TD Ameritrade. If you’ve arrived here looking for information on the Scottrade app, this has now been replaced by the TD Ameritrade Mobile app – you’ll find information about it below, along with a review of TD Ameritrade and its customer service.
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TD Ameritrade bought Scottrade for $4 billion and in doing so, quadrupled the size of its own branch network. The company now has 364 branches nationwide. TD Ameritrade has three trading platforms: its web platform, its mobile trading app and “thinkorswim”, which is geared up for serious traders who want access to elite level tools and idea generation.
TD Ameritrade offers a wide choice of investment products, including stocks, options, more than 300 commission-free ETFs, futures, mutual funds, Forex, bonds, CDs, and annuities. Managed portfolio solutions are also available, including automated, low-cost ETF portfolios as well as personalized portfolios that feature a high level of service and tailored advice.
Additionally, TD Ameritrade offers tons of educational resources and research tools, plus a checking account that comes with a free debit card and free ATM withdrawals. TD Ameritrade charges a flat-rate fee of $6.95 per online equity trade. There are no account minimums or other platform fees to worry about. Fees and account minimums do apply for their managed portfolio solutions.
For example, TD Ameritrade’s Essential Portfolio, which is automated, requires a minimum deposit of $5,000 and a 0.30% management fee applies. A Personalized Portfolio has a minimum deposit requirement of $250,000 and an annual advisory fee that varies by portfolio and the amount invested.
TD Ameritrade has received several accolades, including “Best Online Broker for 2018” in the Kiplinger’s Personal Finance Best Online Brokers review. Barron’s has rated TD Ameritrade No.1 for Long-term Investing (6 years in a row), and Stockbrokers.com has given TD Ameritrade a (5 / 5) rating overall.
For customer reviews, we checked out the App Store and Google Play to see what real users make of TD Ameritrade, its service and its apps. There are two mobile apps available – the first is the TD Ameritrade Mobile app which allows users to access equity and options trading, streaming quotes, real-time positions, fund transfers, and research tools. This app scores (3.2 / 5) on Google Play and (4.2 / 5) in the App Store.
The second one is the TD Ameritrade Trader app which scores (3.7 / 5) on Google Play and (4.6 / 5) at the App Store. This app is more geared up for trading and allows investors to place trades easily and securely, as well as get access to educational resources and support.
Over at the App Store, one reviewer of the Trader app said that it was insanely powerful and the best app they’d used. According to this person, it doesn’t matter what you trade – with the “thinkorswim” platform and the app, you’ll have everything you’ll ever need for trading.
Another reviewer, who uses several different brokers, said that TD Ameritrade has one of the most user-friendly websites to navigate and that they believe the company’s trading prices are very competitive.
One new investor who had been trading for around 6 weeks at the time of reviewing said that they had initially used a free site for trading, which they didn’t get on with. Having moved over to TD Ameritrade, they were able to get lots of their questions answered by helpful staff.
On Google Play, the Trader app appears to be a little glitchy, which is the same for the TD Ameritrade Mobile app. At the time of writing this article, several Android users are experiencing app crashes, which is affecting how they can use the TD Ameritrade trading platforms via mobile. If you’re worried about using the app for trading, you can always use the desktop platform instead.
Other critical reviews reflect on the trading commissions, with a couple of users saying they have moved their investments to a cheaper broker.
As part of Stockbroker.com’s 2018 Online Broker Review, TD Ameritrade ranked No.1 for both Customer Service and Phone Support (for 2 years in a row). Via the Barron’s 2018 Online Broker Review, TD Ameritrade was ranked among the best for In-Person Service (7 years in a row).
Unlike some other brokers, TD Ameritrade offers customer support over the phone, via email (24/7), via Facebook Messenger and in person at a branch, which is nice to know if you prefer face to face support. The best contact numbers to use are 800-454-9272 (for new accounts) or 800-669-3900 (for existing accounts).
The customer service element of TD Ameritrade has been well received by app users too, with one saying that they’ve given the app a (5 / 5) rating purely because of their helpful customer service. Another user said that the staff are very friendly and are happy to answer questions and resolve issues.
TD Ameritrade is worth a look if you value a wide choice of investment products, and appreciate in-depth research tools and educational resources along with quality customer support. If the trading commissions are offputting, you could consider an alternative broker like Robinhood which offers zero commissions. However, experienced investors may find their range of investment products a little limiting.
*We hope you find this article useful, but please note it shouldn’t be construed as professional financial or investment advice.