TD Ameritrade Forex Trading in 2022

TD Ameritrade Forex Review

I have been a customer with TD Ameritrade for several years and was always disappointed that they didn’t have a way for clients to trade FOREX and futures. During that time, I had read great things about ThinkorSwim, which did allow these types of accounts. So when Ameritrade bought ThinkorSwim and opened it up to their clients, I was ecstatic. Although ThinkorSwim can execute multiple types of trades, I will focus my review on the FOREX capabilities of ThinkorSwim.

First, you need to open new account at TD Ameritrade with bonus offer above. The ThinkorSwim platform is a desktop application that you need to download from the TD Ameritrade website. To be eligible you only need to be a client of TD Ameritrade. Opening new account at TD Ameritrade and then funding could be easily done online. The minimums are very low. Once your account is open, you can transfer funds between different types of accounts instantly. I funded my FOREX account from my regular stock and options account with only $500. You’ll also need to sign and fax agreement forms in to activate your account. These agreements are like options agreements and just have you sign that you understand the risks involved with FOREX trading. It can take 1-2 days to get it all setup and active.

ThinkorSwim/TD Ameritrade Currency Pairs

ThinkorSwim allows you to trade both major and exotic pairs. This gives you tremendous diversity as a FOREX trader, especially if you want to invest in currencies from other strong economies like Norway or Singapore. Here is a full list of all the diverse TD Ameritrade currency pairs you can trade (the total is 137 currency pairs):

ThinkorSwim Forex Fees

ThinkorSwim allows you to trade standard, mini and micro lot sizes. There is no monthly fee or charge to use the service, desktop software or mobile app. There is also no fee or charge for trading standard or mini lots. A standard lot equals 100,000 units and a mini lot equals 10,000 units. However if you trade micro lots, lots of 1,000 units, the following fees apply: $1 minimum and/or $0.10 per 1,000 units.

If you’re trading standard and/or mini accounts, TD Ameritrade makes their money on the difference between the bid and ask like many other brokers. They do not have as tight of spreads as some of the other FOREX services in the market but they’re also not outrageous. In addition, I find that I have a fighting chance to make money with them. Other services that offer 100:1 or 1000:1 leverage just steal your money in a matter of minutes because it’s too hard not to hit a margin call.

Open TD Ameritrade Account

Open TD Ameritrade Account

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