2009 and has since continued to evolve as an innovative brand under the company. Under its CFTC-regulated entity, TD Ameritrade Futures and Forex LLC, TD Ameritrade remains one of the few regulated brokerages to still offer retail forex trading in the United States. The 100 forex brokers fxdd demo continues to benefit from the backing of its parent company for both technology innovation and customer support resources. Trust Score Trading with a forex broker that traders can trust is crucial to success.
Forex fraud and scams are, unfortunately, common in the industry. The following table summarizes the different investment products available to clients of TD Ameritrade FX. TD Ameritrade’s fees for trading forex on thinkorswim vary depending on whether you choose the commission-free pricing available as a separate FX contract or the commission-based contract from within the platform each time you submit an order for execution. 30 pips, including a commission of 2.
While we were not able to obtain any average spreads published by TD Ameritrade, we looked at sample real-time price quotes for its major forex pairs to make a general comparison from within the platform. It’s also worth noting that thinkorswim uses GAIN Capital, the owner of FOREX. For our 2018 Forex Review, 129 customer service phone tests were conducted over three months. The data collected is institutional grade. On average, three questions were asked for each test.
The thinkorswim platform from TD Ameritrade is loaded with powerful research tools, including a set of several detailed screeners, such as the Stock Hacker, and live CNBC news feeds alongside additional 3rd party sources such as Dow Jones, Thomson Reuters, and Morningstar. There are also a detailed economic calendar and fundamental analysis tools that offer traders a diverse arsenal of means to research the markets, including in video format. Beyond the basics normally found in an economic calendar, thinkorswim adds smart features such as the ability to filter the calendar based on various news events, and even set alerts on upcoming events relevant to your portfolio. Numerous social features developed from in-house and third parties are also found on the platform, including the Social Signals service that pulls insights from Twitter, adding to the broad range of research and content that TD Ameritrade delivers.
After installing thinkorswim and navigating the variety of menus, it quickly becomes clear that the platform has numerous tools and features packed within. For my review, I focused primarily on the forex specific functionality. All in all, the number of positive features in the thinkorswim platform far exceeds any negative attributes. Instead of grouping all products into the same area, thinkorswim separates them out into individual tabs, which makes trading streamlined and efficient. Under the Forex Trader module, rates are displayed for six currency pairs by default.
Users can choose from 77 different forex pairs, and each pair lives in its own module that can be further customized. Within each forex quote window, there is a sidebar that lets you quickly show or hide different views just for that currency pair. Although this feature was difficult to use the first time because the layout adjusts on the fly, I quickly got the hang of it and found the extra optional layer of customization to be a net benefit. Also, if six pairs isn’t enough for you, you can easily adjust the grid to accommodate up to 24 pairs at once in a 4×8 configuration. If having access to 397 indicators wasn’t enough, each one can be customized then grouped and saved into sets. This allows for clean charts themed to whatever analysis you desire.
Aside from the powerful charts, the heatmap is another highly configurable tool that lets you explore indices and various sectors in incredible detail. It is conveniently located in the watchlist module so you can create custom lists and heatmaps based on items already on your watchlists. Tools in our 2017 Forex Review. The thinkorswim mobile app, available for iOS and Android devices, comes packed with a ton of features, ranging from charting with several hundred indicators to creating advanced Blast orders, all organized neatly in a modern, user-friendly way. One feature that stands out is how available order types are displayed visually. I tested the app on my Samsung Galaxy S7 Edge and logged into the paper trading demo where exploring the app was made easy, thanks to a clean side navigation menu.