Ameritrade brokerage firm is an electronic trade platform that provides online trading services such as sale and purchase of options, common stocks, preferred stocks, mutual funds, etc. It is based in Omaha, Nebraska and the Toronto-Dominion Bank is its largest shareholder. It was founded in 1975, when J. Joseph Ricketts and 3 other partners paired up to open the First Omaha Securities, Inc.It was around the time when the Securities and Exchange Commission banned fixed brokerage.
FOREX TRADE AT AMERITRADE
Ameritrade is a financially stable platform for forex trade that provides its users with excellent technology and innovative tools to optimize their forex trade. It provides trading in around 100 currency pairs.
PROS AND CONS?
One wishing to use TD Ameritrade as a forex trading platform must consider why they should pick that particular service. They should consider the pros and cons, and weigh them carefully and keep in mind their own requirements.
TD Ameritrade has provided the Think Or Swim platform for those of its users that wish to participate in forex trading.
Think Or Swim provides easy to understand educational material from the National Futures Association for prospective traders in the form of lectures, web seminars, reading material, etc. They also explain the risks associated with currency trading.
There are no tiered commission rates, everybody pays the same fee regardless of trade activity or account size. This is also convenient for small traders.
Think Or Swim is well designed, customizable and intuitive. It has features such as Fast Beta that makes analysis fast and easy. Think or Swim is also a free of cost service.
Paper Money let’s you practise trading and offers new strategies without having to risk your own money
Includes many other professional level tools such as Foreign Currency Map (provides bird’s eye view of financial markets all over the world), real-time streaming of CNBC International, etc.
High Quality Mobile App
The Think Or Swim mobile all provides excellent features that enable making in-depth analyses and obtain best prices even on your smartphone. Alerts are customized and facilitate proactivity.
More Currency Pairs
Think Or Swim offers 100 currency pairs which is more than other brokers in the market. This is advantageous for international traders. Experienced traders can exploit currency pairs of less developed economies.
Good Customer Support
Think Or Swim provides customer support through live chat, email, and phone calls. It also has physical retail offices at TD Ameritrade branches.
Too complicated for beginners
The number of powerful features it offers makes it difficult for novices to use. The minimum deposit it requires is $3500, which may not be feasible in the beginning. It can only be used within the US.