Best companies to open a ROTH, Rollover and Traditional IRAs for starters. Top online brokerage firms for new investors to open a retirement account in 2019.

TD Ameritrade

4.5-star brokerage firm rating

  • Stocks & ETFs: $6.95
  • Options: $6.95 + $0.75 per contract
  • Mutual Funds: $49.99
  • IRAs offered: Traditional IRA, Individual 401k, ROTH IRA, SIMPLE IRA, SEP IRA, Rollover IRA.
  • Minimum to open: $0 for a cash account, $2,000 for an IRA.
  • Investments: Stocks, Options, ETFs, Bonds, CDs, Mutual Funds, Futures, Forex.

Setting Up Best Beginner IRA
Setting up a new IRA is free with TD Ameritrade (TDA). First, you click on their promotion offer: Trade free for 60 days + get up to $600. Application form opens and it takes 10-15 minutes to complete and are available online. In compliance with the US Patriot Act, investors will have to provide four important pieces of information to open an account:

  • U.S. Permanent Residential Address
  • Date of Birth
  • Social Security or Tax ID number
  • Employer name and address

TDA may require additional pieces of identification such as a State ID or a copy of a driver’s license before accepting funds. It is prudent to assume a two-week waiting period between initial application and availability of funds for trading in the online account. It is important to notify TDA of any changes in this information as any inconsistency can result in account suspension.

ThinkorSwim™ and Investor Education
TDA’s recent acquisition of ThinkorSwim has opened up a new dimension of trading to its IRA customers. Investors are now able to download and use proprietary software equivalent to the type of power-user applications available to professional stockbrokers. IRA investors can now trade equities, ETFs, futures and Forex (FX) from the same account with the click of a button. Trades that were previously reserved for professional or authorized accounts are now available to the average investor looking for diversification.

To compliment the advancements in their trading platform, TDA has also assembled a comprehensive educational database for their clients. Investors can find the investment strategy right for them through webcasts, podcasts and YouTube videos. These free educational tools are available for download and can be saved to laptop or mobile device for future viewing at home or on the road.

Mobile Apps and Trading
Checking account balances and placing trades has never been easier with TDA’s mobile app. Available for both the iPhone or Android operating system, this free, light-weight mobile application allows users to read market headlines, check balances in real-time, download analyst reports and move money in or out of an account.

TDA’s mobile app has come a long way since its introduction. New functionality is added with each version update. In its latest version, TDA has allowed customers to deposit and withdrawal funds from an IRA account. Transactions post in real-time and often a message will appear inside the app within seconds informing the client that a buy or sell trade has been executed. Clients can then view their new portfolio and money market balances within seconds. ThinkorSwim™ is also available as a separate mobile app.

A New TD
Best IRA Account For Beginners

TDA completely redesigned their website. The new sleek yet simplistic design is a clear upgrade from their previous late 90’s design. The website now loads much faster and more functionality is bundled into each webpage using Flash and Java technology. Contacting customer support is even easier with live chat and a secure inbox that allows messages from representatives to be available upon login.

The redesigned website has a mobile version for investors who may not be able to download the TDA mobile apps. TDA utilizes industry standard HTTPS and SSL Internet encryption to protect user information and account integrity. Users traveling abroad or using a VPN network may be asked to verify their identity by answering their secret security questions but will otherwise have the same functionality and customer support as when at home.

Initial Offers and Fees
TDA doesn’t charge setup or annual fees for IRA accounts. New accounts can be setup through initial deposit or as a rollover account from an employer or from a competing brokerage firm. Stock trades occur at $6.95 each and mutual funds trades occur at $49 per transaction. Unlike other brokerage firms, TDA doesn’t charge for extended-hour trading or cap the size of individual trades.

The Best of TD Ameritrade
  • TDA does not charge an early IRA distribution fee
  • TDA has excellent customer service
  • Free mobile apps continue to increase in functionality and are invaluable to the investor on-the-go
  • Acquisition of ThinkorSwim™ technology allows end-users to use specialized trading software usually reserved for institutional traders
  • The “Education” section of the TDA website provides extensive documentation about understanding the different aspects of international finance

TD Ameritrade Concerns
Despite upgrades, the TD website is often slow to load. The website has become more difficult to access from slower connections with the increase in graphic content.

Best IRA For Beginners Conclusion
TDA has a proven track record of providing both brick-and-mortar and online brokerage products to customers around the world. TDA has made great progress in providing streaming online content with education material relevant to beginning and advanced users. Overall the TD Ameritrade offers one of the best IRAs for beginner investors in 2019.

Open TD Ameritrade IRA

Trade free for 60 days + get up to $600.

Open TD Ameritrade Account

Continue Reading