Best TD Ameritrade Alternatives in 2024

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.

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

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.

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. ETFs are traded commission-free, as a whole, or fractional shares (other fees apply). US, UK and EU stocks have a commission of $1 per trade.

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.

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.

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.

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).

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.