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TD Ameritrade Review

TD Ameritrade Review

Overall, Axi is considered low-risk, with an overall Trust Score of 84% out of 100. Axi is licensed by three Tier-1 Regulators (high trust), one Tier-2 Regulator (average trust), and one Tier-3 Regulator (low trust). Axi offers three different retail trading accounts as well as Demo and Islamic accounts. Ameritrade is currently not regulated by the CMA of Kenya 

Updated : August 31, 2022

Jump to:

TD Ameritrade Review

Regulation and Safety of Funds

TD Ameritrade Review

Account Types and Features

TD Ameritrade Review

Account Registration

TD Ameritrade Review

Range of Markets

TD Ameritrade Review

Fees

TD Ameritrade Review

Deposits and Withdrawals

TD Ameritrade Review

Education and Research

TD Ameritrade Review

Affiliate Program

TD Ameritrade Review

Final Verdict

TD Ameritrade Review

Pros and Cons

TD Ameritrade Review

FAQ

Overall Rating

Min Deposit

$0 / 0 KES

Regulators

SEC, FINRA, CFTC, MAS

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

TD Ameritrade Overview

👉 Overall, TD Ameritrade is considered low-risk, with an overall Trust Score of 98 out of 100. TD Ameritrade is licensed by four Tier-1 Regulators (high trust), zero Tier-2 Regulators (average trust), and zero Tier-3 Regulators (low trust).

👉 TD Ameritrade offers 2 retail investor accounts including a Standard Account and a Margin Trading Account, with several other account options including Retirement Accounts, Education Accounts, Speciality Accounts, and Managed Profiles.

👉 As an American brokerage firm, TD Ameritrade has an extensive selection of financial products, strong platforms, trading tools and a wealth of instructional materials, and award-winning customer support from these companies. Clients can also benefit from margin loans and other cash management services that TD Ameritrade provides.

👉 This TD Ameritrade review will provide traders with the details that they need to consider whether the broker is suited to their unique trading objectives and needs.

Distribution of Traders

👉 The distribution of traders with TD Ameritrade is as follows:

➡️ United States – 95.51%

➡️ Taiwan, Province of China – 0.60%

➡️ India – 0.32%

➡️ Singapore – 0.27%

➡️ Canada – 0.26%

 

Popularity among traders who choose TD Ameritrade

🥇 There are TD Ameritrade offices across the world, and they are ranked 22nd in the Finance and Investment category. There is no doubt that TD Ameritrade is one of the best FX and CFD brokers for Kenyan traders, although it has a small market share in Kenya.

TD Ameritrade At a Glance

🏛 HeadquarteredUnited States
⚖️ Local Market Regulator in KenyaCapital Markets Authority (CMA)
💰 Foreign Direct Investment in Kenya1.3% of the overall GDP
💸 Foreign Exchange Reserves in Kenya8.2 billion USD
🏛 Local office in Nairobi?No
⚖️ Governor of SEC in KenyaNone
✔️ Accepts Kenyan Traders?Yes
🗓 Year Founded1975
📞 Kenyan Office Contact NumberNone
📱 Social Media Platforms• Twitter
• Facebook
• YouTube
⚖️ RegulationFINRA, CFTC, SEC, SFC
1️⃣ Tier-1 Licenses• Financial Industry Regulatory Authority (FINRA)
• Commodity Futures Trading Commission (CFTC)
• Securities and Exchange Commission (SEC)
• Securities Futures Commission (SFC)
2️⃣ Tier-2 LicensesNone
3️⃣ Tier-3 LicensesNone
🪪 License Number• CRD – 7870
• SEC – 801-60469 and 8-23395, CIK 0000277841
• SIPC
• NFA ID – 0506639 (Not a Member)
• SFC – BJO462
⚖️ CMA RegulationNo
❌ Regional RestrictionsAustralia, Canada, Hong Kong, Japan, Saudi Arabia, Singapore, United Kingdom, European Union
☪️ Islamic AccountNo
💻 Demo AccountYes
🛍 Retail Investor Accounts2
✔️ PAMM AccountsYes
💧 Liquidity ProvidersJP Morgan, Citadel Securities, XTX Markets, HC Technologies, Virtu Financial
💰 Affiliate ProgramNone
💻 Order ExecutionNone
📊 Starting spreadNone
💰 Minimum Commission per TradeNone
💸 Decimal PricingUp to 5 digits after the comma
📞 Margin CallNone
🛑 Stop-OutNone
💰 Minimum Trade Size0.01 lots
💵 Maximum Trade SizeNone indicated, depends on account balance
✔️ Crypto trading offered?Yes
✔️ Offers a KES Account?No
👥 Dedicated Kenyan Account Manager?No
📈 Maximum Leverage1:2
📋 Leverage Restrictions for Kenya?No
💰 Minimum Deposit (KES)110 KES or an equivalent to $1
✔️ Kenyan shilling Deposits Allowed?No
👥 Active Kenyan Trader Stats70,000+
🤝 Active Kenyan-based TD Ameritrade customersUnknown
💰 Kenya Daily Forex Turnover$100 million+
💵 Deposit and Withdrawal Options• Electronic Bank Deposit (ACH)
• Wire Transfer
Cheque
• Broker Transfer
• Stock Certificates
⏰ Minimum Withdrawal Time5 minutes
🕙 Maximum Estimated Withdrawal Time7 working days
✔️ Instant Deposits and Instant Withdrawals?No
🏧 Segregated Accounts with Kenyan Banks?No
💻 Trading Platforms• TD Ameritrade
• thinkorswim
💵 Tradable Assets• Stocks
• Options
• ETFs
• Mutual Funds
• Futures
• Forex
• Bonds
• Fixed Income
• Annuities
• IPOs
• CDs
• Cryptocurrency • Trading
✔️ Offers USD/KES currency pair?No
📊 USD/KES Average SpreadN/A
✔️ Offers Kenyan Stocks and CFDsNone
🗣 Languages supported on the WebsiteEnglish
📞 Customer Support LanguagesMultilingual
✔️ Copy Trading SupportNone
⏰ Customer Service Hours24/7
🧑‍💻 Kenyan-based customer support?No
💰 Bonuses and Promotions for KenyansNo
📚 Education for Kenyan beginnersYes
✔️ Proprietary trading softwareYes
🥇 Most Successful Kenyan TraderPatrick Mahinge (Net Worth – Private)
✔️ Is TD Ameritrade a safe broker for Kenyans?No
🥇 Rating for TD Ameritrade Kenya8/10
🎖 Trust score for TD Ameritrade Kenya98%
👉 Open Account👉 Open Account

Regulation and Safety of Funds

TD Ameritrade Regulation and Safety of Funds

👉 TD Ameritrade is well-regulated and overseen by these strict entities:

➡️ Securities and Exchange Commission (SEC)

➡️ The Financial Industry Regulatory Authority (FINRA)

➡️ The Commodity Futures Trading Commission (CFTC)

➡️ Hong Kong’s Securities & Futures Commission (SFC)

 

👉 Additionally, US customers are covered by the Securities Investor Protection Corporation (SIPC) system. The SIPC is an investor protection system created to safeguard customers’ funds and assets if their broker is unable to meet their financial responsibilities.

 

👉 SIPC protection is restricted to $500,000, with a cash maximum of $250,000. Additionally, the broker has a separate insurance policy in place that provides coverage of up to $152 million ($2 million cash limit) per customer and a combined maximum of $500 million.

 

👉 It should be emphasized that some investment products, such as futures, are not protected by the investor protection program, and the policy does not extend to all customers. There is no protection against negative account balances.

 

👉 Before opening an account with any brokerage, it is critical to thoroughly go through all the broker’s terms and conditions to ensure that you understand the protection given.

Account Types and Features

TD Ameritrade Account Types and Features

👉 Regardless of the trader or investor, TD Ameritrade is an online broker that provides a variety of accounts to meet a variety of aims and requirements. TD Ameritrade’s entire array of accounts includes the following:

➡️ The Standard Account provides comprehensive investment products, impartial research, and strong trading platforms.

➡️ Retirement Accounts include Individual Retirement Accounts (IRAs), Roth Individual Retirement Accounts (IRAs), and Rollover Individual Retirement Accounts (IRAs). These accounts may assist investors in achieving their retirement goals.

➡️ Education Accounts are ideal for individuals looking to prepare for and invest in their children’s future. These accounts provide a variety of options for saving for college.

➡️ Speciality Accounts include Individual trusts, pension plans, partnerships, and sole proprietorships.

➡️ Managed Profiles provide long-term investment solutions via TD Ameritrade Investment Management, LLC’s professionally managed portfolios.

➡️ Margin Trading enables traders with varying degrees of expertise to borrow money from TD Ameritrade. This enables traders to initiate trades worth 50% more than their original investment, resulting in a leverage ratio of 1:2.

 

👉 While there are various types of accounts available, TD Ameritrade’s retail investor accounts include the Standard Account and the Margin Trading Account.

 

Live Trading Accounts

Standard Account

TD Ameritrade Standard Account

👉 A Standard Account can be created by either an Individual Trader or a Joint Trader. The following customer profiles are associated with this account type:

➡️ Cash

➡️ Cash and Margin

➡️ Cash and Option

➡️ Cash, Margin, and Option

 

👉 The minimum balance required to open an account and the associated costs are as follows:

 

👉 There is no minimum deposit requirement when opening an account. However, if Kenyan traders want to take advantage of special promotional deals, additional conditions may apply.

➡️ The minimum amount of electronic funding is 5,700 Kenyan shillings, or $50.

➡️ The Standard Account’s Margin or Options privileges will need a minimum deposit of 230,000 Kenyan shillings (equal to $2,000).

 

Margin Trading Account

👉 Traders who open a margin trading account have double the buying power of those who open a traditional cash account. This account may be used for investment purposes or personal expenses. Traders that open a Margin Account benefit from the following features:

➡️ Extensive product selection since margin trading is available across all platforms. Professional traders may also use this account to trade with unsettled money and margin IRAs

➡️ Access to a comprehensive education program that includes training materials, instructive videos, and a simulated classroom environment

➡️ Access to 24/7 customer support

➡️ Uncomplicated and straightforward trading charges

 

Demo Account

TD Ameritrade Demo Account

👉 A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital. 

 

👉 There is a certain degree of risk involved when trading financial markets and TD Ameritrade offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.

 

👉 TD Ameritrade provides investors and traders with paper trading opportunities by providing the following:

➡️ A practice trading account with paperMoney – a program that enables traders to evaluate their trading methods and practice trading in simulated live market circumstances without risking their own money.

➡️ Access to the Virtual Stock Simulator – a virtual stock simulator allows beginner traders to improve their trading skills before they enter the live market.

 

Islamic Account

👉 Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.

 

👉 This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.

 

👉 TD Ameritrade does not provide the option for an Islamic Account or a Swap-Free account on the live trading accounts.

TD Ameritrade Vs Axi Vs Plus500 – Broker Comparison

🥇 TD Ameritrade🥈 Axi🥉 Plus500
⚖️ RegulationFINRA, CFTC, SEC, SFCASIC, SVG, FCA, FMA, DFSAASIC, FMA, FSCA, FCA, CySEC, FSA, MAS
📱 Trading Platform• TD Ameritrade
• thinkorswim
• MetaTrader 4Plus500 mobile and web-based trading platform
💸 Withdrawal FeeNoYesNone
💻 Demo AccountYesYesYes
💵 Min Deposit112 KES0 KES11,500 KES
📊 Leverage1:21:5001:30
📊 SpreadNone0.0 pips0.8 pips
💰 CommissionsFrom $0From $3.5None
🛑 Margin Call/Stop-OutNone90%/50%None
💵 Order ExecutionNoneMarketNone
💰 No-Deposit BonusNoNoNo
💵 Cent AccountsNoNoNo
💻 Account Types• Standard Accounts
• Retirement Accounts
• Education Accounts
• Speciality Accounts
• Managed Profiles
• Margin Trading Account
• Standard Account
• Pro Account
• Elite Account
• Standard Live Account
⚖️ CMA RegulationNoNoNo
💸 KES DepositsNoYesNo
💰 Kenyan shilling AccountNoNoNo
📞 Customer Service Hours24/724/524/7
🛍 Retail Investor Accounts231
☪️ Islamic AccountNoYesYes
💵 Minimum Trade Size0.01 lots0.01 lots 0.01 lots
📈 Maximum Trade SizeNone indicated, depends on account balance1,000 (US500)100 lots
⏰ Minimum Withdrawal Time5 minutesInstant1 business day
💻 Maximum Estimated Withdrawal Time7 working daysBetween 1 to 3 DaysUp to 7 working days
💵 Instant Deposits and Instant Withdrawals?NoYesNo

Trading Platforms

👉 TD Ameritrade offers a variety of sophisticated, accessible, and adaptable trading platforms. These are supplied to customers for free and are accessible on the web, desktop, and mobile. The platforms have a variety of built-in tools and features that cater to investors with varying skill levels and needs.

 

👉 The platforms provide all the tools you need to study various companies, place trades, have access to real-time quotations, read live-streaming news, manage your portfolio, and talk with financial gurus. TD Ameritrade offers Kenyan traders a choice between these trading platforms:

➡️ TD Ameritrade

➡️ thinkorswim

 

Desktop Platforms

➡️ thinkorswim Desktop

👉 Thinkorswim desktop gives you access to elite-level trading tools and a platform that is supported by analytics, education, and a dedicated trade desk.

 

👉 Discover the unmatched power of a completely customisable trading experience that is intended to assist you in mastering even the most sophisticated tactics and approaches.

 

WebTrader Platforms

➡️ TD Ameritrade Web

➡️ thinkorswim Web

TD Ameritrade Web

👉 The online platform is completely self-contained and does not need any further software downloads or installs. It includes all the tools that most investors will need. Some typical features include:

➡️ There are no downloads necessary

➡️ Executes straight from a web browser

➡️ Simple to use with a completely customizable dock

➡️ A third-party study, which is conducted independently

➡️ Resources for education

➡️ Economic news is available daily

➡️ Market sentiment and social signals

 

thinkorswim Web

👉 thinkorswim is a professional trading platform that is geared toward more serious traders. The features of the thinkorswim platform include:

➡️ The best and most advanced tools for performing analyses and evaluating strategies

➡️ Market surveillance and scanning to identify trading opportunities with favourable risk/reward ratios

➡️ thinkManual and several tutorials to assist users in getting acquainted with the platform

 

Trading App

➡️ TD Ameritrade Mobile

➡️ thinkorswim mobile

TD Ameritrade Mobile

👉 The mobile trading platform is suitable for those who need access to and management of their trading account while on the go. It is compatible with Android and iOS devices and can be accessed from anywhere in the globe with an internet connection.

 

thinkorswim mobile

👉 The thinkorswim mobile app puts the power of thinkorswim in your hands. Our top-rated trading app, which is optimized for your phone, tablet, and Apple Watch, enables you to make trades effortlessly and securely.

 

👉 Kenyans can trade with confidence because of the access that they receive to robust and innovative technology, education, and assistance from real traders.

 

Range of Markets

👉 Kenyan traders can expect the following range of markets from TD Ameritrade:

➡️ Stocks

➡️ Options

➡️ ETFs

➡️ Mutual Funds

➡️ Futures

➡️ Forex

➡️ Bonds

➡️ Fixed Income

➡️ Annuities

➡️ IPOs

➡️ CDs

➡️ Cryptocurrency Trading

Broker Comparison for Range of Markets 

🥇 TD Ameritrade🥈 Axi🥉 Plus500
➡️ ForexYesYesYes
➡️ Precious MetalsNoYesYes
➡️ ETFsYesNoYes
➡️ CFDsNoYesYes
➡️ IndicesYesYesYes
➡️ StocksYesYesYes
➡️ CryptocurrencyYesYesYes
➡️ OptionsYesNoYes
➡️ EnergiesNoYesYes
➡️ BondsYesNoNo

Trading and Non-Trading Fees

TD Ameritrade Trading and Non-Trading Fees

Commissions

👉 TD Ameritrade does not charge fees on trading in exchange-listed US equities, domestic and Canadian exchange-traded funds, and options. Nevertheless, the following commissions are assessed:

➡️ Stocks – Online trading of OTC stocks, which are not listed on a US exchange, is subject to a $6.95 fee. Additionally, there is a $5 fee for the phone system and a $25 fee for transactions handled by a broker.

➡️ Options – A commission of $0.65 per contract is added to the $5 + $0.65 cost for phone system trading and the $25 + $0.65 fee for broker-assisted trading.

➡️ Futures – A $2.25 charge is assessed on futures and futures on options transactions.

Overall Rating

Min Deposit

$0 / 0 KES

Regulators

SEC, FINRA, CFTC, MAS

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

Deposits and Withdrawals

TD Ameritrade Deposits and Withdrawals

👉 TD Ameritrade offers the following deposit and withdrawal methods:

➡️ Electronic Bank Deposit (ACH)

➡️ Wire Transfer

➡️ Cheque

➡️ Broker Transfer

➡️ Stock Certificates

 

Payment Methods, Processing Times, Deposit Limits

💵 Payment Method⏰ Processing Time💰 Deposit Limit
Electronic Bank Deposit (ACH)5 Minutes$50 up to $250,000
Wire Transfer1 Working DayNone
Cheque1 to 3 Working DaysNone
Broker TransferUp to 7 Working DaysNone
Stock Certificates1 Working DayNone

How to Deposit Funds with TD Ameritrade

👉 To deposit funds to an account with TD Ameritrade, Kenyan traders can follow these steps:

➡️ Connect your TD Ameritrade Account with your bank account

➡️ Transfer funds from your bank account to your TD Ameritrade account

TD Ameritrade Fund Withdrawal Process

👉 To withdraw funds from an account with TD Ameritrade, Kenyan traders can follow these steps:

➡️ Log into your TD Ameritrade Account and navigate to “Deposits/Transfers”

➡️ Select “Withdraw” and “Transfer from your Bank”

➡️ Indicate how much you want to withdraw and complete the additional steps necessary to submit the withdrawal request

Education and Research

TD Ameritrade Education and Research

👉 TD Ameritrade offers the following Educational Materials:

➡️ Immersive Curriculum

➡️ Educational Articles

➡️ Webcasts

➡️ In-Person Events

➡️ Talking Green Podcast

 

👉 TD Ameritrade offers Kenyan traders the following Research and Trading Tools:

➡️ News Feeds

➡️ News Reports

➡️ Sectors and Industries

➡️ Economic Calendar

➡️ Analyst Reports

➡️ Investor Movement Index (IMX)

➡️ Market Screeners

➡️ Trading Ideas

➡️ Investment Ideas

➡️ Options Research

Bonuses and Promotions

👉 TD Ameritrade currently does not offer any bonuses or promotions to Kenyan traders.

Overall Rating

Min Deposit

$0 / 0 KES

Regulators

SEC, FINRA, CFTC, MAS

Trading Desk

Metatrader 4

Crypto

Yes

Total Pairs

Islamic Account

No

Trading Fees

Low

Account Activation Time

24 Hours

How to open an Affiliate Account with TD Ameritrade

👉 TD Ameritrade currently does not offer an Affiliate Program to Kenyans.

 

TD Ameritrade Affiliate Program Features

👉 TD Ameritrade currently does not offer an Affiliate Program to Kenyans.

TD Ameritrade Corporate Social Responsibility

👉 TD Ameritrade’s declared mission is to improve lives via investment. This goal necessitates that efforts transcend much beyond the confines of the workplace and into the lives of people who work and live near the broker’s headquarters.

 

👉 Corporate Citizenship, for TD Ameritrade, is about utilizing expertise and resources to impact the lives of workers, clients, shareholders, and communities in meaningful ways. TD Ameritrade is happy to be an involved and responsive corporate citizen, striving to improve communities and assist people in need.

 

👉 TD Ameritrade makes it as simple as possible for its employees to volunteer and give back by participating in company-sponsored activities supporting one of our four primary programs: the American Red Cross, Habitat for Humanity, Special Olympics, or United Way.

 

👉 Not only does TD Ameritrade provide a hand to make a difference, but the broker also offers its workers’ time. Each calendar year, TD Ameritrade gives each employee eight hours of compensated volunteer time.

 

👉 Additionally, TD Ameritrade has established a matching program that will match dollar for dollar any employee gift made via corporate giving programs to two of its important partners, United Way, and the American Red Cross.

Verdict on TD Ameritrade

👉 TD Ameritrade is primarily a US brokerage firm that specializes in online trading across a broad range of financial products through strong platforms, effective trading tools, and a wealth of instructional materials. Fees are quite competitive, and there are account kinds to meet a variety of investment objectives.

 

👉 They do not, however, provide the greatest forex trading conditions, do not offer CFDs, and do not offer the MetaTrader platform. Additionally, funding possibilities are restricted, and the account setup procedure is lengthy.

TD Ameritrade Pros and Cons

✔️ Pros❌ Cons
TD Ameritrade is extremely well regulated by some of the strictest market regulatorsThere are no fractional shares offered
There are extensive investment selections offered and a range of accountsThe margin rates are very high
There is no minimum deposit requirement when Kenyans register a trading accountThere are high account fees
There are several guides and trading tools offeredThere is no KES-denominated account and local deposit/withdrawal methods are not offered
TD Ameritrade offers powerful proprietary trading platforms
Crypto trading is offered and there is a demo account provided

FAQ

Can TD Ameritrade be trusted?

Yes, TD Ameritrade is regulated by four Tier-1 regulators, and it is a reputable corporation with a long history in investment purchasing and selling, and it has remained technologically and operationally current with its technology and online resources.

 

In addition, TD Ameritrade provides a comprehensive selection of investment products, account types, and trading instruments.

 

Is TD Ameritrade a good broker for Kenyans?

Yes. When it comes to the best online stockbrokers, it is hard to beat TD Ameritrade’s impressive list of services. These include excellent customer service, in-depth analysis of the stock market, and low commissions.

 

Can I withdraw funds from TD Ameritrade?

Yes. However, four business days following deposit posting, funds cannot be withdrawn or utilized to buy non-marginable securities, IPO stocks, or options. Electronic deposits are subject to scrutiny and may be limited for a period of up to 60 days after receipt.

 

What is the overall rating for TD Ameritrade?

We give TD Ameritrade an overall rating of 8/10 based on the broker’s range of markets, investment and trading options, high trust score, regulatory status, and trading accounts available, each with unique trading conditions and benefits.

 

Can I short-sell on TD Ameritrade?

Yes, except for penny stocks, most stocks can be short sold via TD Ameritrade.

Conclusion

👉 Now it is your turn to participate:

➡️ Do you have any prior experience with Axi?

➡️ What was the determining factor in your decision to engage with Axi?

➡️ Was it because of the minimum deposit, regulation, retail trading accounts, or any other factors?

➡️ Have you experienced any issues with Axi such as difficulty withdrawing funds, inability to verify regulation, irresponsive customer support, etc.?

 

👉 Regardless, please share your thoughts in the comments below.

 

Addendum/Disclosure:

👉 No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.

9.2/10 - (16 votes)