You can trade with nearly 80 currency pairs on TD Ameritrade, but it’s the tools, research, and streaming data on the thinkorswim platform that makes this a top choice for US forex traders.
Pros
- Very stable and trusted platform, founded in 1975
- Best in class rating for platform and tools, mobile trading, and research
- Low-cost competitive pricing for forex traders
Cons
- US traders only
- No copy trading
- Does not offer MetaTrader compatibility
The cost to trade on forex with TD Ameritrade is based on spread alone. The broker recently removed all trading commissions for stocks and ETFs in October 2019. However, TD Ameritrade also provides a calculator that helps you estimate the cost to carry different currency pairs. This largely depends on the direction of the trade and order size.
Since TD Ameritrade uses GAIN capital, which is the owner of Forex.com, the spreads for EUR/USD contracts averaged at 1.06 pips. This is based upon data from October 2018 to September 2019. There is no minimum initial deposit, and you can access thinkorswim platform without a subscription.
The thinkorswim platform is TD Ameritrade’s best desktop-based program. With so many tools and research capabilities, you can streamline your trading and upgrade your skills.
You can use the Forex Trader module to display rates for six different pairs or add more. There are 75 different forex pairs to choose from, and you can customize your dashboard as you like.
There are 382 technical indicators available for the charting tools. This is the most in the industry, and explains why TD Ameritrade is a favorite among U.S. clients.
There are also over 80 different strategies that trigger trading signals when a custom condition is set. You can also test trades in their simulator platform.