Since this list was compiled, TD Ameritrade has been incorporated into Charles Schwab.
TD Ameritrade is a highly versatile online broker that shines in many areas, from education and research to its platform and technology. All of this make it the best choice for new investors who are learning the ropes.
Besides offering the best trading platform for beginners, TD Ameritrade’s thinkorswim mobile app is also outstanding. All of the strengths of this online broker’s educational and research offerings, products and technology carry over to it, though the more basic TD Ameritrade app is also available, which may appeal to beginners.
Rich Educational Resources for Beginners
TD Ameritrade’s courses feature progress tracking and gamified elements, rewarding progress with points and badges. Topics include more advanced subject matter like technical analysis, income investing and options trading.
Given the vast quantity of educational resources that are available, it’s helpful that TD Ameritrade provides the ability to filter its subject matter according to your level of knowledge (beginner, intermediate and advanced) and by the type of media (articles, videos, webcasts, courses or events).
TD Ameritrade also provides news and third-party research from Thomson Reuters, Dow Jones and Credit Suisse. Clients can receive a dose of daily inspiration from the firm’s Market Java email. Sent out before the market opens, it provides updates on pre-market conditions, major stock moves and analyst insights.
Novice investors inevitably have questions beyond the scope of FAQs and chatbot capabilities. To help answer these queries, TD Ameritrade offers customer service that was sound in our tests, with reliable phone support, a message center and live chat available 24/7.
It is always a good idea to first test trading ideas in a virtual environment. The paperMoney trading simulator allows beginners to get their feet wet without risking any real money. Users can test strategies with live market data across multiple markets.
Extensive Features on Mobile
TD Ameritrade’s well-designed app makes it easy to find your way around the numerous features. Customer support is literally close at hand via mobile. You can chat live with a trading specialist and even share your screen without leaving the app.
News and insights via live streaming video from the TD Ameritrade Network and CNBC are available via mobile. The app even has chat rooms built into it, so you can talk trading with your peers.
Mobile traders can take advantage of advanced order types such as trailing stops and OCOs (One Cancels Other). Risk-free paper trading is also possible on mobile using the virtual paperMoney account.
For Beginners
- Outstanding range of educational materials.
- Intuitive, easy-to-use trading platforms.
- Reliable, knowledgeable customer service.
For Mobile App Users
- Highly intuitive mobile app user experience.
- Multiple products may be traded on the app.
- App features advanced tools and extensive resources.
For Beginners
- Does not offer fractional share trading.
- Some fees are slightly higher than peers.
- Some areas of the client portal feel dated.
For Mobile App Users
- Live chat support via mobile is not 24/7.
- You can only trade U.S. markets.
- Mutual fund trades are not possible via mobile.
