The desktop version of the thinkorswim platform takes time to learn however, the lineup of tools are well worth the investment. The backbone of the TD Ameritrade forex trading experience is the desktop-based trading platform thinkorswim, which is also available for the web. As a result, forex trading is now offered 23 hours a day, with one hour from 5-6 pm ET being suspended trading, which is usually the quietest time anyway due to rollovers period. Pricing: TD Ameritrade uses various Liquidity Providers (LPs) to handle its forex execution, after recently expanding its LPs to include JP Morgan, Citadel Securities, XTX Markets, HC Technologies, and Virtu Financial. I also found it useful that TD Ameritrade's rollover costs are sortable in the thinkorswim platform, which helps you find carry-trade opportunities on specific currency pairs when holding trades past 5 pm ET. While its US stock-trading is at zero dollar commissions, TD Ameritrade's forex pricing is slightly higher than the global industry average, yet is comparable to US competitors such as OANDA and .Įstimated carry costs: It's worth noting that TD Ameritrade provides a useful calculator tool that can help traders estimate their cost-of-carry for various currency pairs (positions held overnight). TD Ameritrade plans to make underlying cryptocurrency trading available to its clients through ErisX, a CFTC-regulated derivatives exchange and clearing organization (Note: TD Ameritrade is an investor in ErisX). equities trading firms.Ĭryptocurrency and Bitcoin: For cryptocurrency trading, clients can trade Bitcoin futures or the exchange-traded Grayscale's Bitcoin Investment Trust (Ticker $GBTC). 1 overall in our Annual Review, which covers the top U.S.
In 2021, TD Ameritrade was Best in Class for its Platform and Tools, Research and Mobile Trading. TD Ameritrade also offers interest rates, metals, grains, stock indices, energy, soft commodities, and livestock futures contracts, which provides traders the ability to execute orders on the CME, CBOT, NYMEX, COMEX, ICE US, and CFE. In addition to trading forex, TD Ameritrade supports exchange-traded forex instruments such as options and futures on various currencies, including the US Dollar Index.
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