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:
Updated: Jan 24, 2022
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
$10
Promotion
User Score
10
Trade/invest in stocks with just $10
Deposit with ACA, Wire, Pay with my bank
Invest for dividends and get payout on stocks on Ex-Dividend day
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
Investoo Ltd is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc., as applicable. This compensation incentivizes Investoo Ltd to describe those products and services in favorable terms. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success.
2
Min. Deposit
$0
Promotion
User Score
9.3
$0 commission and $0 Options contract fees
Upgraded research with advanced charts
Smart Menus for faster trades
Start Trading
Description:
Firstrade is a leading online brokerage firm offering a full line of investment products and tools designed to help investors like you take control of your financial future. Since its founding in 1985, Firstrade has been committed to providing high value and quality services to help you reach your financial goals.
Payment Methods
Full regulations list:
3
Min. Deposit
$500
Promotion
User Score
8.7
We offer one of the best execution speeds in the industry with low latency
Award-winning support in 14 languages
Trade with precision from 0.5 pips on EURUSD
Start Trading
Description:
Founded in Switzerland, ActivTrades has been around since 2001, which means it has more than two decades of experience in the fintech industry. The independent brokerage house started as a small firm, but it is now a global retail and institutional broker. In 2005, ActivTrades moved its HQ to London, and it began growing rapidly through Europe. ActivTrades offers a lot of benefits to its clients, including educational tools, rewards programs, competitive spreads, and the use of MetaTrader 4 and MetaTrader 5, two industry-leading platforms.
Payment Methods
Bank Transfer, Bank Wire, Credit Card, Debit Card, PayPal, Sofort, neteller, skrill
Full regulations list:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% 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.

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
Editor of Education
James is the lead content editor for Invezz, covering the stock market, cryptocurrency, and macroeconomic markets. Outside of work, James is an avid trader and golfer… read more.