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Best TD Ameritrade Alternatives in 2024

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Franklin Silva
Updated
May 20, 2024

TD Ameritrade’s recent news about stopping services for retail customers in Singapore has caught a lot of attention. As a prominent US. broker, TD Ameritrade is renowned for providing access to diverse asset classes through its user-friendly yet powerful trading platform, thinkorswim.

Established in 1975 and subsequently acquired by Charles Schwab in 2019, TD Ameritrade adheres to rigorous regulatory standards overseen by top-tier US authorities, including the SEC, FINRA, and CFTC.

Primarily catering to US investors, TD Ameritrade extends its services to select countries, only covering some regions, including the UK and EU countries. Additionally, its limitation to US markets may pose a drawback for those seeking a more global trading platform.

In this article, we will present and compare the six best alternatives to TD Ameritrade in 2024 that we identified based on our research. Let’s get started!

Best TD Ameritrade Alternatives in 2024

Award Winner

Interactive Brokers logo
#1 Best Alternative overall
Min. deposit of €0
Offers interest on uninvested cash balances
Excellent reputation (founded in 1978)
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Broker summary
Supported countriesWorldwide (exceptions apply)
Fractional sharesYes
RegulatorsFINRA, SIPC, SEC, CFTC, IIROC, FCA, CBI, AFSL, SFC, SEBI, MAS and MNB
Interest on uninvested cashEUR: 3.413%; USD: 4.830%; GBP: 4.698%
Products and MarketsStocks, ETFs, Options, Futures, Forex, Commodities, Bonds and Funds
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Award Winner

Saxo Bank logo
#2 Best Alternative for non-US investors
Excellent reputation
Wide range of assets covered
Offers interest on uninvested cash balances
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Broker summary
Supported countriesWorldwide (exceptions include US)
Fractional sharesNo
RegulatorsFCA, FSA, FINMA, ACPR, ASIC, MAS
Interest on uninvested cashUSD: Up to 4.08%; EUR: Up to 2.66%; GBP: Up to 3.95% (as of June 2024)
Products and MarketsStocks, ETFs, bonds, currencies, futures, options, mutual funds, and CFDs
Visit BrokerRead review

62% of retail CFD accounts lose money.

Award Winner

eToro logo
#3 Best Alternative for commission-free investing
Min. deposit of $10 (varies between countries)
$0 for stocks and ETFs (other fees apply)
Demo account
See broker summary
Visit BrokerRead review
Broker summary
Supported countriesWorldwide (exceptions apply)
Fractional sharesYes
RegulatorsFCA, CySEC and ASIC
Interest on uninvested cash0%
Products and MarketsETFs, Stocks, Cryptocurrencies and CFDs on Stocks, ETFs, Commodities, Forex, Indices and Cryptocurrencies
Visit BrokerRead review

51% of retail CFD accounts lose money.

Best TD Ameritrade Alternatives in 2024 1
#4 Best US Alternative for Research
Min. deposit of $0
Commission-free trading
Great research tools
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Broker summary
Supported countriesUS only
Fractional sharesNo
RegulatorsSEC, FINRA, CFTC
Interest on uninvested cashMaximum rate of 0.15% for USD (depends on cash amount)
Products and MarketsStocks, ETFs, Investment Funds, Futures, Leveraged Products, Bonds and Warrants
Visit Broker
Best TD Ameritrade Alternatives in 2024 2
#5 Best Alternative for all Account Types
Min. deposit of $0 ($25000 for international accounts)
Commission-free trading
Demo account
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Broker summary
Supported countriesUS focused (other countries available with Schwab One International account)
Fractional sharesYes
RegulatorsSEC, FINRA, CFTC, SFC, MAS
Interest on uninvested cashUSD: 0.45%
Products and MarketsStocks, ETFs, Bonds, Funds, Option, Futures
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Best TD Ameritrade Alternatives in 2024 3
#6 Best Alternative for US Beginner Investors
Min. deposit of $0
Commission-free trading
Wide range of assets covered
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Broker summary
Supported countriesUS only
Fractional sharesYes
RegulatorsSEC and FINRA
Interest on uninvested cashUSD: 1.5% (maximum of 4.9% for Robinhood Gold members)
Products and MarketsStocks, ETFs, Options, Cryptocurrencies
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Note: CFDs are not available to US investors due to regulation constraints.

Comparison of the Best TD Ameritrade Alternatives

Broker Minimum deposit Products Trading Fees (US Stocks) Available Countries Regulators
Interactive Brokers €/$0 Stocks, ETFs, Options, Futures, Forex, Commodities, Bonds and Funds Free for US investors. Non-US: $0.0035 per share (Min. $0.35; Max. 1% of trade value.) Internationally (exceptions apply) FINRA, SIPC, SEC, CFTC, IIROC, FCA, CBI, AFSL, SFC, SEBI, MAS, MNB
Saxo Bank $0 to $10,000 (varies between countries) Stocks, ETFs, bonds, currencies, futures, options, mutual funds, CFDs 0.08% (min. $1) – for classic account Internationally (exceptions include US) FCA, FSA, FINMA, ACPR, ASIC, MAS
eToro $10 (varies between countries) Stocks, ETFs, Forex, Crypto, CFDs on Stocks, ETFs, Cryptos and Commodities $0 (other fees apply) Internationally (exceptions apply) FCA, CySEC, ASIC
E*TRADE $0 Stocks, ETFs, Investment Funds, Futures, Leveraged Products, Bonds and Warrants $0 US only SEC, FINRA CFTC
Charles Schwab $0 ($25,000 for international accounts) Stocks, ETFs, Bonds, Funds, Option, Futures $0 US focused (other countries available with Schwab One International account) SEC, FINRA, CFTC, SFC, MAS
Robinhood $0 Stocks, ETFs, Options, Cryptocurrencies $0 US only SEC and FINRA

#1 Interactive Brokers (IBKR)

Interactive Brokers logo
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Interactive Brokers at a glance

Products availableStocks, ETFs, Options, Futures, Forex, Commodities, Bonds and Funds
RegulatorsFINRA, SIPC, SEC, CFTC, IIROC, FCA, CBI, AFSL, SFC, SEBI, MAS, MNB
Minimum deposit€/$0
FeesFree for US investors; Non-US: From $0.0035 per US stock (min. $0.35 per order) for international
Demo account
Visit Interactive BrokersRead review

Founded in 1978 and publicly listed in NASDAQ (ticker: IBKR), Interactive Brokers is a global online broker that surpassed major financial crises, showing resilience and a rigorous risk management process.

Interactive Brokers offers an advanced investment platform that includes a wide range of products (stocks, options, mutual funds, ETFs, futures, bonds, and currencies) from +135 markets, solid trade execution (IB SmartRouting), and a set of technical and fundamental tools to help you in your investment decisions.

IBKR web app

Beginners and intermediate investors have educational tools to explore, but the learning curve will be steep. Besides, customer service gives crystal clear answers to your doubts, so there is no need to go back and forth.

On the downside, if you are a non-US investor, Interactive Brokers’ fee structure is quite complex, the registration process is lengthy (but fully online), and the broker doesn’t offer commission-free trading. However, when considering FX fees, narrower spreads, and the stock loan program, Interactive Brokers’ clients still get significant savings compared to most brokers.

Interactive Brokers also launched IBKR GlobalTrader, a modern mobile trading app to trade stocks, ETFs, and options, ideal for beginner investors. Some of the features of IBKR GlobalTrader include automatic currency conversions, fractional shares, and a demo account.

Want to know more about Interactive Brokers? Check our Interactive Brokers Review

Pros

  • Zero-commission on US stocks for US investors
  • The broadest product and markets range in the brokerage industry
  • Demo account
  • Excellent reputation (founded in 1978)
  • Extensive research and Education tools
  • Has a modern mobile trading app to trade Stocks, Options and ETFs, ideal for novice investors, IBKR GlobalTrader

Cons

  • Complicated and lengthy account opening process (but fully online)
  • Steeper learning curve for beginners
  • Website is difficult to navigate
  • Interactive Advisors (Robo-advisor feature) is only available for US customers

#2 Saxo Bank

Saxo Bank logo
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Saxo Bank at a glance

Products availableStocks, ETFs, bonds, Mutual Funds, Crypto ETPs, Options, Futures, Forex, Commodities, CFDs and Managed Portfolios
RegulatorsFCA, FSA, MAS, FINMA, AMF, ASIC, SFC, FSMA, DNB
Minimum depositVaries between countries ($2,000 in most)
Fees0.08% (min. $1) - for classic account
Demo account
Visit Saxo BankRead review

62% of retail CFD accounts lose money.

Launched in 1992, Saxo Bank is one of the most solid financial entities in the brokerage industry, with a proven track record of success. It lets you trade over 70,000 financial instruments through their trading platforms: SaxoTraderPRO (for PC) and SaxoTraderGO (on mobile).

The wide range of cash and margin trading products across global markets includes stocks, ETFs, bonds, mutual funds, cryptos, options, futures, CFDs, forex, and more! Saxo Bank presents its advanced research tools for “Buy and hold or trade on leverage”. 

The Saxo Bank account tiers are the following:

  • Classic: A minimum $2,000 deposit is required (depending on the country of residency), giving you access to tight spreads and customer and technical support 24/5.
  • Platinum: A minimum $200,000 deposit is required. In addition to Classic features, it lowers trading prices by up to 30% and prioritises local-language customer support.
  • VIP: A minimum $1,000,000 deposit is required. Here, you will find the best prices, access to trading experts, and exclusive event invitations.

The pricing structure will vary according to your account tier. For instance, a US stock order will be 0.08% of the trade value, with a minimum of $1 in Classic. However, within the VIP tier, the same trade would be 0.03% of the trade value with the same minimum of $1. Plus, for accounts with stocks, ETFs/ETCs, or bond positions, a custody fee of up to 0.15% p.a. will apply.

Saxo Bank A/S is a fully licensed European bank under the supervision of the Danish Financial Supervisory Authority (FSA). Saxo Bank is a member of the Danish Guarantee Fund, which protects client cash deposits up to €100,000 and financial securities (stocks, ETFs) up to €20,000 per client.

Pros

  • Very wide selection of financial products
  • Extensive trading data and tools
  • Demo account
  • Reputable broker with a long track record

Cons

  • Higher than average fees for the non-professional investor
  • High minimum initial deposit
  • Not available in most big markets outside the EU, like the USA

#3 eToro

eToro logo
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eToro at a glance

Products availableStocks, ETFs, Cryptos, and CFDs on Stocks, ETFs, Commodities, Forex, Indices, and Cryptocurrencies
RegulatorsFCA, CySEC, ASIC
Minimum deposit$10 (it varies between countries)
Fees$0 for stocks and some ETFs (other fees apply)
Demo account
Visit eToroRead review

51% of retail CFD accounts lose money.

Founded in 2007,  eToro is an international online broker with over 30 million users who can trade over 3,000 financial assets, including stocks, ETFs, Cryptos, and CFDs on Stocks, ETFs, Commodities, Forex, Indices, and Cryptocurrencies. Stocks and ETFs are traded commission-free, as a whole, or fractional shares (other fees apply).

eToro’s investment platform, accessible through both web and mobile platforms, is a social trading hub. Here, investors can engage in discussions about investments, speculations, and market news with fellow investors. eToro also allows users to replicate trading strategies (CopyTrader™) and invest in ready-made investment portfolios (Smart Portfolios) based on thematic investment strategies.

The demo account is particularly useful for a beginner ($100,000 virtual money). It lets you have a real experience hands-on as you would be using real money. So, when switching to a real account, you will notice no difference between your training and the real-life of investing. On the downside, there is a withdrawal of $5, and the only base currency is the USD.

eToro is fully regulated and supervised by top-tier regulators such as the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC) in Australia. The subsidiary in Europe, formerly known as “eToro (Europe) Ltd,” is authorised and regulated by the Cyprus Securities Exchange Commission (CySEC).

For more details, visit our eToro review.

eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.

Please note that CFDs are complex instruments with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.

Pros

  • Commission-free stock and ETF trading (other fees apply)
  • Social Trading and other innovative products
  • Wide variety of financial products
  • Demo Account
  • Slick, modern, and easy for anyone to use.

Cons

  • Limited disclosed financial information
  • Withdraw and inactivity fees
  • Spread, overnight, inactivity, and currency conversion fees higher than average
  • Only one currency account (USD) - a currency conversion fee is applied if you deposit in a different currency
  • Doesn’t offer bonds, futures, or options

#4 E*TRADE

Best TD Ameritrade Alternatives in 2024 1
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E*TRADE at a glance

Products availableStocks, ETFs, Investment Funds, Futures, Leveraged Products, Bonds and Warrants
RegulatorsSEC, FINRA, CFTC
Minimum deposit$0
FeesNo fees on stocks and ETF trading
Demo account
Visit E*TRADE

Established in 1982, E*TRADE stands as a prominent online broker renowned for its comprehensive platform designed for self-directed investors and traders. While E*TRADE offers a diverse array of investment options, it exclusively caters to the US market, encompassing stocks, ETFs, options, bonds, mutual funds, and futures. Notably, E*TRADE grants investors access to IPOs and various other new issues.

One notable feature is E*TRADE’s commitment to commission-free trading on stocks and ETFs. Additionally, the platform provides competitive commissions on other investment options, including commission-free US Treasury bonds and select mutual funds. E*TRADE boasts low non-trading fees, with no charges for activity, deposits, or withdrawals (though wire transfer fees are relatively high, $25).

The user-friendly trading platform offered by E*TRADE provides real-time market data, advanced charting tools, and efficient order execution capabilities, empowering users to make informed decisions. Complementing its trading features, E*TRADE offers extensive research resources, encompassing market analysis, company profiles, and economic data. The platform’s educational materials, webinars, and articles further enrich users’ understanding of investing and trading.

Facilitating trading on the go, E*TRADE’s mobile app enhances accessibility. Meanwhile, their prebuilt portfolios of leading mutual funds or exchange-traded funds (ETFs) cater to long-term investment objectives. Following its acquisition by Morgan Stanley in 2020, E*TRADE continues to serve as a reliable online platform, integrating its expertise with broader financial resources.

Regulated by top-tier US authorities, including the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA), E*TRADE ensures a secure and compliant trading environment. E*TRADE is also registered with the Commodity Futures Trading Commission (CFTC), which protects investors in futures trading.

Pros

  • Commission-free stock and ETF trading
  • Extensive account offerings
  • User-friendly mobile and web trading platform
  • Pre-built portfolio options
  • Robo-advisory service
  • Demo account

Cons

  • Doesn't offer forex trading
  • Withdraw fee of $25 for wire transfers
  • Doesn't offer a demo account
  • Limited deposit methods (credit/debit cards and electronic wallets are not accepted)
  • High margin rates

#5 Charles Schwab

Best TD Ameritrade Alternatives in 2024 2
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Charles Schwab at a glance

Products availableStocks, ETFs, Bonds, Funds, Option, Futures
RegulatorsSEC, FINRA, CFTC, SFC, MAS
Minimum deposit$0 ($25,000 for international accounts)
FeesCommission Free on Stock and ETF Trading
Demo account
Visit Charles Schwab

Established in 1971, Charles Schwab Corporation, commonly referred to as Schwab stands out as a pioneering American brokerage and banking company. Beyond its role as a simple online broker, Schwab operates as a full-service bank, offering a diverse range of banking products, including checking accounts, savings accounts, mortgages, and loans.

Catering to a broad spectrum of account types, the platform accommodates Individual, joint, IRAs, education savings accounts, 529 education accounts, SEP IRAs, and solo 401(k). 

While Charles Schwab primarily targets US investors, its user-friendly interface makes investing accessible to both seasoned investors and beginners. The platform provides comprehensive access to stocks, ETFs, options, bonds, mutual funds, and futures. On the other side, Charles Schwab provides investors with access to their trading platform called thinkorswim. It offers some of the highest levels of data and options compared to other advanced trading platforms available today. However, it is an extensive and intricately designed program, meaning that even the most seasoned traders should anticipate a challenging learning curve.

Schwab also offers a robo-advisory service called Schwab Intelligent Portfolios, providing an automated solution for investment management.

Noteworthy is Charles Schwab’s commitment to cost-effectiveness, with 0% commissions on stocks and ETFs, along with no minimum account requirements, activity fees, deposit fees, or withdrawal fees. However, it’s important to note a $25 fee for wire transfers.

While Charles Schwab is available in countries like Germany, Switzerland, and Australia, non-US investors should be cautious due to stringent requirements for the Schwab One International account, including a minimum investment of $25,000, foreign exchange fees (as it only operates in US dollars), and limited investment options.

Regulated by top-tier US authorities, including the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA), Charles Schwab ensures a secure and compliant trading environment. Furthermore, it is registered with the Commodity Futures Trading Commission (CFTC) and holds licenses from the Hong Kong Securities and Futures Commission (SFC) and the Monetary Authority of Singapore (MAS).

Pros

  • Commission-free stock and ETF trading
  • Extensive accounts offers
  • User-friendly mobile and web trading platform
  • Pre-built portfolio options
  • Robo-advisory service
  • Demo account

Cons

  • $25 withdrawal fee for wire transfers
  • Limited deposit methods (credit/debit cards and electronic wallets not accepted)
  • Strict requirements for account opening for non-US investors
  • Limited investment options for non-US investors

#6 Robinhood

Best TD Ameritrade Alternatives in 2024 3
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Robinhood at a glance

Products availableStocks, ETFs, Options, Cryptocurrencies
RegulatorsSEC and FINRA
Minimum deposit$0
FeesCommission Free on US Stock and US ETF Trading
Demo account
Visit Robinhood

Established in 2013, Robinhood swiftly carved a niche for itself as a disruptor in the financial landscape, revolutionising the approach to investing. The platform’s commitment to simplicity is evident in its fast and user-friendly trading experience, making it particularly enticing for new investors. However, for advanced traders, there may be limitations in trading tools, order types, and research amenities.

Robinhood adopts a mobile-first approach, delivering a straightforward and intuitive trading experience, although some constraints in customisation persist. Recent enhancements to charting functionality improve the visual analysis of stock trends, catering to both novice and experienced traders.

The platform’s offerings encompass stocks, ETFs, options, and direct cryptocurrency trading. However, it lacks mutual funds, fixed-income products, and other asset classes, limiting its appeal to diversified investors. While providing basic market and limit orders, Robinhood falls short in supporting conditional orders, hindering the execution of more complex trading strategies.

Robinhood does not provide support for money market funds, but it does offer a cash management brokerage feature. Customers enrolled in its deposit sweep program can earn a 1.50% interest on uninvested cash balances. For Robinhood Gold members, there’s an enhanced rate of 4.90% on uninvested cash. 

Robinhood distinguishes itself by offering commission-free trading on stocks and ETFs. Notably, it avoids withdrawal or inactivity fees, and depositing funds incurs no additional charges. However, users who transfer assets out of Robinhood face a $75 transfer fee.

While there has been improvement in Robinhood’s educational content, it still falls short compared to offerings from many of its competitors. Robinhood is actively expanding its Learn section by adding more material and has upgraded the onboarding questionnaire. This improvement not only aids users in grasping investing fundamentals but also assists in setting risk parameters aligned with their risk tolerance.

Regulated by prominent US authorities, including the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA), Robinhood is committed to maintaining a secure trading environment for investors. However, the platform has encountered challenges in terms of transparency, leading to fines from the SEC due to misleading practices.

Pros

  • Commission-free stock and ETF trading
  • User-friendly mobile and web trading platform
  • Direct cryptocurrency access
  • Solid cash management features

Cons

  • Doesn´t offer a demo account
  • Limited product and order type range
  • $75 fee for transfer out assets
  • Limited research and educational content
  • Scandals with SEC

The bottom line

We hope this article helped answer a few of your concerns. When choosing a trading platform, we recommend opening a demo account, if available, and testing the features before making the final decision. 

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About the author
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Ricardo Fernandes
Fintech Analyst

Ricardo Fernandes is broker analyst. He has a passion for finance and business and is the CEO of Minho Investment Association, a junior initiative from Portugal.

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