TD Ameritrade Alternatives

TD Ameritrade prevented its users from freely trading GameStop shares. With many customers looking for a new broker, here are some of the best alternatives to TD Ameritrade.
By: James Knight
James Knight
When he isn’t at work, James is an avid trader and golfer who likes to travel. He once fed,… read more.
Updated: May 12, 2021
Tip: our preferred broker is, eToro: visit & create account

TD Ameritrade responded to a surge in demand for GME and AMC shares by stopping its users from buying them. This act to prop up hedge funds at the expense of retail investors has sent many users scrambling to find a new broker. This guide looks at the best alternatives to TD Ameritrade.

Compare the best alternatives to TD Ameritrade

You can switch straight to a new broker straight away using the list of options below. If you want more information before choosing your TD Ameritrade alternative, keep reading for an in-depth comparison.

1
Min. Deposit
$50
Exclusive promotion
user-score
10
Trade/invest in stocks with just $50
Invest for dividends and get payout on stocks on Ex-Dividend day
Over 11 payment methods, including PayPal
Start Trading
Description:
eToro is a multi-asset investment platform with more than 2000 assets, including FX, stocks, ETF’s, indices and commodities. eToro users can connect with, learn from, and copy or get copied by other users. Buying stocks on eToro is free and you can invest with as little as $50.
Payment Methods
Bank Transfer, Wire Transfer
Full regulations list:
CySEC, FCA
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
2
Min. Deposit
$1
Exclusive promotion
user-score
9.3
0 Commissions and no deposit minimums
Registered with and regulated by SEC and FINRA
Loss of cash protection
Start Trading
Description:
Financial company driven by technology and offering all-in-one self-directed investment platform that provides excellent user experience.
Payment Methods
Full regulations list:

TD Ameritrade vs other top brokers

Many brokers offer a similar service to TD Ameritrade, without imposing trading restrictions on their customers. We’ve compared the top options to help you decide what’s the best alternative to TD Ameritrade.

TD Ameritrade vs eToro

eToro is a social trading platform that’s ideal for beginners. It offers a simple app where you can trade stocks, forex, and cryptocurrencies. On the app, you can copy the most popular trades and read insight and analysis from the community.

If you’re looking for an alternative to TD Ameritrade because it restricted trading on GME and AMC stock, be aware that eToro also placed some short term limits on those shares. You can follow the latest news to make sure those restrictions have been lifted.

Sign up for an eToro account here >

TD Ameritrade vs Fidelity

Fidelity is one of the most established stockbrokers in the United States. With over 70 years of history, it’s one of the most trusted brokers around.

Although Fidelity targets long term investors, it still offers low fees on US stocks and low margins on everything else. You can trade stocks, forex, and commodities, but it doesn’t yet have any cryptocurrency trading available.

Fidelity lacks some of its competitors’ polish in terms of usability, particularly because its platform isn’t as digitally-friendly as many others. However, unlike TD Ameritrade, it never restricted trading on popular stocks just as its customers wanted to buy them.

Sign up for a Fidelity account here >

TD Ameritrade vs Saxobank

Danish-based Saxo is a broker where you can trade virtually all financial assets. The platform is easy to get to grips with and it has a focus on short term trading. It offers plenty of helpful material that makes it ideal for beginners.

Saxo lets its customers trade freely, having never put any restrictions on GME or any other volatile stock during periods of high demand.

Saxo’s trading fees are higher than the competition but it makes up for it with its range of offerings. With Saxo you can trade stocks, CFDs and forex, as well as ETFs, bonds, and mutual funds.

Sign up for a Saxobank account here >

How to find good alternatives to TD Ameritrade

When deciding on a TD Ameritrade alternative, you need to consider what’s most important to you in a broker. The opportunity to trade freely, whenever you want, is crucial, but there are some other things you should look out for as well.

If you still haven’t decided which broker to choose, you can use our extensive reviews for even more in-depth analysis. Otherwise, here are the most important things to consider when choosing between alternatives to TD Ameritrade.

What to look for in an alternative stock broker

  • Ease of use. Find a platform with an intuitive design that’s easy to use and understand. Getting started with one that presents clear information and has useful guides can be a great idea, especially if you’re new to trading.
  • Low fees. Fees are important if you want to perform lots of trades. Fees vary quite significantly between brokers and you should pick one with low or zero commission if you want to trade frequently.
  • Variety of trading options. Check the broker offers assets that you want to trade on. Most brokers offer stocks and forex, but if you want to trade cryptocurrencies you need to make sure the broker offers it.
  • Account limits. Find out the deposit and withdrawal limits, as well as whether there are day trading limits on your broker’s account. You want to be able to trade whenever and wherever you like.

Why would I want to find an alternative to TD Ameritrade?

TD Ameritrade reacted to a short squeeze on GME and AMC stock by restricting the ability of retail traders to buy those shares. By acting in that way, TD Ameritrade threw its lot in with the hedge funds against the WallStreetBets community and pushed many of its customers towards finding an alternative broker.

When you choose a broker you should be free to decide how you buy and sell your investments. There are plenty of brokers out there that will give you more freedom than TD Ameritrade.

How to move your funds to an alternative broker

  1. Log in and close your TD Ameritrade positions
  2. Go to your account and withdraw the funds
  3. Wait for the withdrawal to clear, which may take a couple of days
  4. Sign up to the new broker
  5. Deposit funds
  6. Open up new trading positions

Fact-checking & references

Our editors fact-check all content to ensure compliance with our strict editorial policy. The information in this article is supported by the following reliable sources.

Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

James Knight
Financial writer
When he isn’t at work, James is an avid trader and golfer who likes to travel. He once fed, rode, and ate an ostrich all on… read more.