TD Ameritrade stopped serving retail clients in Singapore at the end of 2023, keeping only accredited investors. The Singapore business has since been renamed Charles Schwab Singapore (Charles Schwab SG Pte. Ltd.), and the old tdameritrade.com.sg website now sends visitors to a Schwab page titled “Your Account Has Moved“.
If you are not an accredited investor, you can no longer open an account there, and any old account that is still open is restricted: you have to transfer it or close it.
Below we cover what happened and when, how to qualify as an accredited investor, what to do if you still have an old account, and the main alternatives for Singapore investors, including a step-by-step transfer to Interactive Brokers.
What happened to TD Ameritrade in Singapore?
In September 2023, TD Ameritrade Singapore announced that it would stop serving retail investors (non-accredited investors) and focus only on accredited investors. Accredited clients were moved to accounts with its US affiliate, TD Ameritrade, Inc., through Singapore’s cross-border arrangement framework.
TD Ameritrade was already part of Charles Schwab, and the Singapore entity now operates as Charles Schwab SG Pte. Ltd., trading as Charles Schwab Singapore. According to the Monetary Authority of Singapore (MAS) register, it still holds a capital markets services licence, and it still serves accredited investors, including through thinkorswim, now branded “Schwab Trading Powered by Ameritrade”.
TD Ameritrade Singapore closure timeline
According to TD Ameritrade Singapore’s own notices at the time:
- September 2023: the retail exit was announced;
- From 27 November 2023: non-accredited accounts were charged a USD 50 monthly maintenance fee, based on the cash balance on the 27th of each month. Accounts with less than USD 50 were only charged down to zero. The first notice gave 27 October 2023 as the start date, and the later version of the page gave 27 November;
- 1 December 2023: non-accredited accounts were restricted after the US market close. No new positions or deposits, only orders to close positions;
- From 4 December 2023: accounts with a margin debit balance could have positions liquidated to bring them back to zero or positive cash;
- 31 December 2023: the deadline to close accounts. Until then, TD Ameritrade waived or refunded its transfer and wire fees for full account transfers and wire withdrawals.
The notice also said the USD 50 fee would keep being charged until the account was fully transferred or withdrawn.
What if you still have an old TD Ameritrade account?
Some old accounts are still open. The Schwab page that tdameritrade.com.sg now redirects to says “your account has moved to Schwab Singapore” and that, because Schwab Singapore serves accredited investors only, the account “is currently restricted”. It adds: “If you are not an Accredited Investor, you must transfer or close out your account.”
What that means in practice:
- You can sell and withdraw: close your positions and withdraw the cash to your bank. Withdrawals are made by international telegraphic transfer (TT), and Schwab offers them in several currencies;
- You can transfer the whole account to another broker, keeping your shares instead of selling them;
- Fees: Schwab Singapore says it waives the transfer-out fee for full account withdrawals, but may charge a wire fee on partial withdrawals. Check your statements too: under the 2023 notices, the USD 50 monthly fee applied until the account was fully transferred or withdrawn.
Selling may create a gain or loss, so if your positions are large, a transfer is often the cleaner option. We explain how to transfer to Interactive Brokers below.
How to become an accredited investor in Singapore
To stay with Charles Schwab Singapore, you need to qualify as an accredited investor under section 4A of the Securities and Futures Act 2001. An individual qualifies by meeting at least one of these tests:
- Net personal assets above S$2 million, where your primary residence counts for at most S$1 million;
- Net financial assets above S$1 million;
- Income of at least S$300,000 in the previous 12 months.
Meeting the test is not enough on its own. Under the Securities and Futures (Classes of Investors) Regulations 2018, you must opt in with a written statement before a firm can treat you as an accredited investor, and you can withdraw that consent at any time. Accredited investors also give up some of the protections that apply to retail investors, so read what you are consenting to.
TD Ameritrade alternatives in Singapore
If you are not an accredited investor, several brokers licensed by MAS give Singapore residents access to US and Singapore stocks. These are the main ones:
| Broker | US stock fees | SGX stock fees | SGX shares in your CDP? |
| Interactive Brokers | $0 (IBKR Lite) or $0.005 per share, min $1 (IBKR Pro) | 0.08%, min S$2.50 | No, held in custody |
| moomoo | $0 commission + $0.99 platform fee per order | 0.03% (min S$0.99) + 0.03% platform fee (min S$0.99) | Yes, CDP link available |
| Tiger Brokers | $0.005 per share (min $0.99) + $0.005 platform fee (min $1) | 0.03% (min S$0.99) + 0.03% platform fee (min S$1) | Yes, with a Cash Boost account |
| Webull Singapore | $0 commission and platform fee | $0 for new clients for 1 year, then 0.025% (min S$0.80) | Not stated |
Fees before 9% GST and exchange, clearing and regulatory fees. Sources: each broker’s Singapore pricing page, checked September 2026. CDP is the Central Depository, where SGX shares can be held in your own name.
A few points to weigh up:
- Interactive Brokers has the widest market access and, since IBKR Lite is available to Singapore retail investors with individual, joint or trust accounts, commission-free US stocks and ETFs. It is also the closest replacement for thinkorswim, with Trader Workstation (TWS) and IBKR Desktop. See our Interactive Brokers review;
- moomoo and Tiger Brokers are cheaper for Singapore shares and let you hold them in your own CDP account, but charge a platform fee on US trades;
- Webull Singapore currently charges nothing on US stocks, but its page does not say whether that is permanent.
If you mainly used TD Ameritrade for thinkorswim, our guide to thinkorswim alternatives in Singapore compares the platforms in more detail.
One thing to know before choosing: Singapore has no scheme like the US Securities Investor Protection Corporation (SIPC) that protects securities if a broker fails. Protection comes mainly from segregation of client assets and, for SGX shares, from holding them in your own CDP account. At Interactive Brokers, Singapore accounts are carried by its US affiliate, and securities held there are covered by SIPC up to USD 500,000, including USD 250,000 in cash.
How to transfer your investments from TD Ameritrade to Interactive Brokers
Interactive Brokers is licensed by MAS through Interactive Brokers Singapore Pte. Ltd. (licence CMS100917). Beyond the pricing above, it offers access to US stocks and ETFs around the clock from Sunday to Friday, with only a 10-minute break each night.
You can either sell your positions and move the cash, or transfer the positions themselves. From a US broker, IBKR uses the Automated Customer Account Transfer Service (ACATS), and it does not charge for incoming ACATS transfers. It does not refund fees charged by the broker you are leaving.
The screens below show the process as it worked in 2023, when the accounts were still with TD Ameritrade. Since they have moved to Charles Schwab Singapore, ask Schwab Singapore which transfer method applies to your account before you start. You can also check IBKR’s guide to ACATS transfers.
1. Open your account
Make sure you have an approved Interactive Brokers account. If you don’t have one yet, you can open it here.
2. Start the transfer
Before you begin, log in to your old account and download your latest statement, in case anything goes wrong during the transfer.
Then log in to IBKR’s Client Portal and go to Transfer & Pay > Transfer Positions, and choose an incoming transfer.
Next, select your region. Choose United States to see the ACATS option.
From the available methods, choose ACATS.
Enter the details of the broker you are leaving, your account number and your account type. In 2023, TD Ameritrade appeared in the list of popular brokers.
Further down the page is a section called “Assets“.
To move everything, choose a full transfer. Some mutual funds may not be accepted by IBKR, and you can authorise their removal during the transfer.
If you hold small US stocks, check whether any are classed as micro-caps, which IBKR restricts. The page has a link to check a ticker.
3. Sign and confirm
On the confirmation page, type your name as a digital signature to submit the request, and keep the confirmation number.
According to IBKR, US securities and USD cash usually arrive within 4 to 8 days and can be traded immediately. Non-US securities can take longer.
Will I be charged any fees?
TD Ameritrade’s 2023 waiver of transfer and wire fees expired on 31 December 2023. Today:
- Charles Schwab Singapore says it waives the transfer-out fee for full account withdrawals, but may charge a wire fee for partial withdrawals;
- Interactive Brokers does not charge for incoming ACATS transfers, but passes on and does not refund any fees charged by the broker you are leaving.
Moving the whole account at once is therefore usually the cheapest route.
Bottom line
TD Ameritrade left the Singapore retail market at the end of 2023, and its Singapore business now operates as Charles Schwab Singapore for accredited investors only. If you do not meet the accredited investor tests of S$2 million in net personal assets, S$1 million in net financial assets or S$300,000 in income, and still have an old account, it is restricted and you need to transfer it or close it.
For most former clients, Interactive Brokers is the closest replacement: MAS-licensed, commission-free on US stocks through IBKR Lite, and with platforms comparable to thinkorswim. moomoo and Tiger Brokers are strong alternatives if you trade Singapore shares and want them in your own CDP account.
