Question 1

What happened to TD Ameritrade and why is it no longer operating?

FXScope Intelligence Lab · Accepted Answer

TD Ameritrade was acquired by Charles Schwab in 2020, marking the end of its independent operations. The transition process was completed over the weekend of May 11-12, 2024, when all remaining TD Ameritrade clients were migrated to Charles Schwab's platform. This acquisition represented a significant consolidation in the brokerage industry, combining two major players into a single entity. The platform has been completely shut down, and TD Ameritrade as a brand no longer exists as an independent brokerage service.

Question 2

Is TD Ameritrade beginner-friendly?

FXScope Intelligence Lab · Accepted Answer

As TD Ameritrade is no longer operating, this question is no longer applicable for new investors. The platform was historically known for its educational resources, including thinkorswim by TD Ameritrade, which offered comprehensive trading tools and educational materials suitable for beginners. However, since the final migration to Charles Schwab was completed in May 2024, new investors cannot open TD Ameritrade accounts. Existing users have been transitioned to Charles Schwab, which offers its own suite of beginner-friendly features and educational resources.

Question 3

What happened to existing TD Ameritrade accounts and customer data?

FXScope Intelligence Lab · Accepted Answer

All existing TD Ameritrade accounts were successfully migrated to Charles Schwab following the acquisition. The transition was completed over the weekend of May 11-12, 2024, ensuring that customer accounts, positions, and trading history were preserved during the migration process. According to the settlement information provided, current and former TD Ameritrade customers are now considered customers of Schwab or its affiliates, and they may be affected by ongoing legal proceedings related to the merger.

Question 4

Can new investors still open TD Ameritrade accounts?

FXScope Intelligence Lab · Accepted Answer

No, new investors cannot open TD Ameritrade accounts as the platform has been completely shut down. The final migration of existing clients to Charles Schwab was completed in May 2024, and the TD Ameritrade brand no longer operates as an independent brokerage. New investors who are interested in the services formerly provided by TD Ameritrade would need to open accounts directly with Charles Schwab, which acquired TD Ameritrade and now offers similar services under the Schwab brand.

Question 5

Are there any legal settlements or ongoing lawsuits related to the TD Ameritrade and Schwab merger?

FXScope Intelligence Lab · Accepted Answer

Yes, there are ongoing legal proceedings related to the Schwab-TD Ameritrade merger. The case Jonathan Corrente, et al. v. The Charles Schwab Corporation (Case Number 4:22-cv-00470) alleges that the combination violated Section 7 of the Clayton Act by decreasing competition among brokers. The Court preliminarily approved a settlement with Schwab on February 19, 2025, which includes implementing an antitrust compliance program. Settlement class members include current brokerage customers of Schwab or its affiliates, including former TD Ameritrade customers. The fairness hearing is scheduled for August 28, 2025.

Question 6

What investment options are available to former TD Ameritrade customers now?

FXScope Intelligence Lab · Accepted Answer

Former TD Ameritrade customers now have access to Charles Schwab's full range of investment services and platforms. Schwab offers comprehensive brokerage services including stocks, ETFs, options, mutual funds, and fixed income products. The company provides various trading platforms, research tools, and educational resources. Additionally, Schwab's network of branches and customer service options are available to former TD Ameritrade customers. For those seeking alternatives, other major brokerages like Interactive Brokers, Fidelity, and E*TRADE continue to operate independently and offer competitive services for various types of investors.

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