TD Ameritrade no longer exists as a standalone broker — Charles Schwab completed the full acquisition and client migration in September 2023. If you're searching for this comparison, you probably want to know what changed, what survived, and whether Schwab is actually as good. Here's the complete answer.
Short answer: thinkorswim survived completely intact.
thinkScript, OnDemand, futures, hot keys, options Analyze tab — all available through a Schwab account today. Commissions didn't change. The main difference is you log in to thinkorswim with your Schwab credentials now.
Charles Schwab (2026)
4.6 / 5
Acquired TD — thinkorswim now lives here
TD Ameritrade (legacy)
4.6 / 5
No longer accepts new accounts — migrated to Schwab
Legacy TD Ameritrade score shown for reference only. New accounts are Schwab accounts — the brokers are functionally the same entity.
The Schwab-TD Ameritrade deal was the largest acquisition in online brokerage history — a $26 billion all-stock transaction announced in November 2019. The context: the industry had just experienced a seismic moment when Schwab dropped stock commissions to $0 in October 2019, triggering a chain reaction that hammered TD Ameritrade's stock price by 26% in a single day. Within weeks, Schwab announced it was buying TD entirely.
Nov 25, 2019
Schwab announces acquisition of TD Ameritrade for $26B in stock
Oct 6, 2020
Acquisition officially closes — TD Ameritrade becomes a Schwab subsidiary
Early 2021
Schwab begins transitioning TD back-office and account infrastructure
2021–2023
Schwab confirms thinkorswim will be preserved and rolled into Schwab platform
Sept 2023
Full client migration complete — all TD accounts converted to Schwab accounts
2024–Present
thinkorswim available via Schwab. No new TD Ameritrade accounts accepted.
Why Schwab wanted TD Ameritrade: Two reasons drove the deal. First, scale — Schwab gained 12 million TD accounts overnight. Second, and more importantly, they wanted thinkorswim. TD's platform had the most sophisticated active trading toolset in retail brokerage, and Schwab's own platform was noticeably weaker for active traders. The acquisition let Schwab offer the full spectrum: passive investing through Schwab's core platform, and active/options trading through thinkorswim.
When the full migration hit in September 2023, every TD Ameritrade account became a Schwab account. Here's a factual breakdown of what actually changed and what stayed the same:
Account numbers changed
Your account number changed when migrated to Schwab. Old TD account numbers are no longer valid.
Holdings transferred automatically
All positions, cash balances, and cost basis data carried over to your Schwab account without any action required.
thinkorswim login changed
thinkorswim now uses your Schwab login credentials. The platform itself is identical.
Order history preserved
Trade history and tax documents from TD Ameritrade are accessible through your Schwab account for prior years.
TD debit/check routing changed
Legacy TD bank links for ACH transfers needed to be updated to Schwab bank routing/account numbers.
TD website now redirects
TDAmeritrade.com redirects to Schwab.com. New accounts can only be opened directly as Schwab accounts.
The single biggest fear among TD Ameritrade traders was that Schwab would gut thinkorswim. That didn't happen. Schwab explicitly preserved the platform because it was one of the primary reasons they acquired TD Ameritrade in the first place. Every feature that made thinkorswim the best free trading platform in retail is available through Schwab today.
The custom scanner coding language that lets you scan for virtually any market condition. Write your own studies, alerts, and screeners. Fully intact — not a single thinkScript function was removed.
Historical market replay that lets you practice trading on real past data in real time. No other retail broker offers anything close to this. Still available through Schwab.
Visualize your complete options P&L profile across any price range and time-to-expiration before you place the trade. The most powerful free options analytics tool in retail trading.
/ES (S&P 500), /NQ (Nasdaq), /CL (crude oil), /GC (gold), and more. Futures remained a key differentiator over Fidelity. Not all retail brokers offer futures access.
One-keystroke order entry and direct market routing for active traders. Preserved through the Schwab migration — essential for fast execution in volatile markets.
Full paper trading account with live market data — not delayed, not simulated. The best paper trading environment in retail brokerage. Free with any Schwab account.
Bottom line on platform: If you're opening a new account today specifically for thinkorswim, you open at Schwab. The platform experience is identical to what TD Ameritrade customers had — same interface, same features, same thinkScript, same paper trading. The only visible difference is the Schwab branding.
| Feature | Schwab Today | TD Ameritrade (Legacy) |
|---|---|---|
| Platform name | thinkorswim (via Schwab) | thinkorswim (original TD) |
| Platform availability | Desktop download + web + mobile | Same |
| thinkScript custom coding | Yes — fully intact | Yes |
| Technical indicators | 400+ indicators | 400+ indicators |
| OnDemand market replay | Yes — still available | Yes |
| Options Analyze tab | Yes — P&L curves, Greeks | Yes |
| Futures trading | Yes — /ES, /NQ, /CL, /GC | Yes |
| Direct order routing | Yes | Yes |
| Hot keys | Yes | Yes |
| Level 2 quotes | Included free | Included free |
| Paper trading | Yes — full paper account | Yes |
| Social / news sentiment | Yes | Yes |
The platform table is effectively a mirror — that's intentional. thinkorswim is the same platform, now accessible through a Schwab account.
| Fee Type | Schwab (Current) | TD Ameritrade (Legacy) | Change |
|---|---|---|---|
| Stock & ETF trades | $0 | $0 | No change |
| Options (per contract) | $0.65 | $0.65 | No change |
| Futures (per contract) | $1.50 | $1.50 | No change |
| Account minimum | $0 | $0 | No change |
| Account maintenance fee | $0 | $0 | No change |
| IRA annual fee | $0 | $0 | No change |
| Margin rate (under $25k) | ~11.8% | ~11.5% | Slightly higher |
| OTC/penny stocks | $6.95/trade | $6.95/trade | No change |
| ATM fees (banking) | Unlimited rebates (Schwab Bank) | Linked TD Bank checking | Improved |
The one real downside: Schwab's margin rates are slightly higher than what TD Ameritrade charged for smaller balances. If you trade heavily on margin with a sub-$25k account, this is the one area where the merger slightly worsened your cost structure. At higher balance tiers, rates converge and become comparable.
Research verdict: The research suites were already very similar before the merger, because Schwab's equity rating model and Morningstar relationship were shared. Post-merger, Schwab inherited TD's thinkorswim technical research tools — so if anything, the combined platform is slightly better. Neither Schwab nor the old TD can match Fidelity's 20+ provider fundamental research depth, but for technical analysis, thinkorswim remains unmatched.
Schwab Bank High Yield Investor Checking
TD Ameritrade customers had a separate TD Bank relationship that wasn't as tightly integrated. Schwab Bank is a meaningful upgrade — especially the unlimited worldwide ATM rebates, which is genuinely rare at this level.
| Category | Schwab (Now) | TD (Legacy) | Change |
|---|---|---|---|
| Commissions (stocks/ETFs) | $0 | $0 | No change |
| Options commissions | $0.65/contract | $0.65/contract | No change |
| thinkorswim availability | Yes — fully intact | Was available | Improved |
| thinkScript coding | Yes | Yes | No change |
| Paper trading | Yes (via thinkorswim) | Yes | No change |
| Futures trading | Yes — /ES, /NQ, /CL | Yes | No change |
| Margin rates | 11.8% (under $25k) | Was ~11.5% | Slight drop |
| Account minimums | $0 | $0 | No change |
| Branch locations | 350+ | Had ~360 | No change |
| Banking integration | Schwab Bank — checking + debit | TD Bank (separate entity) | Improved |
| Cash management | FDIC-insured, ATM fee rebates | Had TD Bank linked account | Improved |
| Research tools | Morningstar, Schwab Equity Ratings | Had similar depth | No change |
| Index funds | Schwab ETFs from 0.03% | Had Schwab ETFs | No change |
| Mobile app | Schwab Mobile + thinkorswim Mobile | Had thinkorswim Mobile | Improved |
9
No change
4
Improved
1
Slight decline
The scorecard tells the real story: this was a preservation-focused acquisition. Schwab didn't strip features — they kept them and added banking integration on top.
If you're opening an account specifically because you want access to thinkorswim or the full active trading suite that TD Ameritrade was known for, here's exactly what to do:
Open a Schwab brokerage account
Go to Schwab.com and open a standard individual brokerage account. Account minimums are $0. Use our referral link if you want to qualify for a bonus.
Download thinkorswim
Go to schwab.com/thinkorswim and download the desktop application. Available for Mac and Windows. Log in with your Schwab credentials — same login, no separate sign-up.
Activate paper trading
In thinkorswim, go to the top-right account switcher and select 'PaperMoney' to enable the paper trading account. It runs on live market data — ideal for learning the platform or testing strategies.
Enable futures if needed
Futures trading requires a separate approval. Go to schwab.com and apply for futures trading authorization in your account settings. Approval is typically straightforward for accounts with relevant experience.
Open your Schwab account now
Use our referral link — may qualify for a cash bonus on new account funding.
Trading frequently? Know the PDT Rule before you do.
The Pattern Day Trader rule — $25,000 minimum equity requirement — applies to Schwab accounts just as it did for TD Ameritrade. Here's how it works and how to avoid getting flagged.
If you were a TD Ameritrade customer who got migrated, your account is in good hands. The platform you loved — thinkorswim — is fully intact. Commissions are the same. You gained Schwab Bank's excellent cash management. The only meaningful change is the login and account number.
If you want the thinkorswim platform — custom scanners, futures, options analytics, OnDemand replay — you open a Schwab account. That's the only way to get it. It's completely free, $0 minimum, and the referral link may get you a cash bonus on funding.
Open Schwab — Referral BonusIf you're primarily a passive index investor who wants the lowest possible expense ratios (Fidelity's ZERO funds at 0.00% ER), or you want deeper fundamental research (20+ providers vs Schwab's fewer), or you need an HSA account — Fidelity is the better choice. Many serious investors hold both.
Schwab vs Fidelity full comparison9-Part Series
Dividend Investing
DRIP, yield & income
Roth IRA
Tax-free retirement accounts
ETF Investing
Low fees & passive investing
Small Accounts
Start investing with $0
Day Trading
Execution & platform quality
Options Trading
Contract fees & Greeks display
Beginners
First IRA setup guide
Long-Term Investing
IRA & buy-and-hold strategy
Crypto Trading
US exchanges, fees & security
Each guide ranks 4–5 brokers head-to-head with a clear verdict.
View all on blogTD Ameritrade did not go out of business — it was acquired by Charles Schwab. The brand is no longer active for new customers, but all existing TD Ameritrade clients were migrated to Schwab accounts in September 2023. Your money was safe throughout the process, accounts were SIPC-protected, and assets transferred automatically.
Yes — thinkorswim is fully available through Charles Schwab. This was the #1 concern for TD Ameritrade traders, and Schwab preserved the entire platform: thinkScript custom coding, OnDemand market replay, the options Analyze tab, futures trading, hot keys, direct routing, and paper trading are all intact. You access thinkorswim using your Schwab login credentials instead of your old TD login.
Open a new Charles Schwab brokerage account directly at Schwab.com. Once your account is open, download the thinkorswim platform and log in with your Schwab credentials. There is no separate thinkorswim application process — it's included with any standard Schwab brokerage account at no cost.
Largely comparable for most traders, with a few specific improvements. Schwab brings better banking integration (Schwab Bank with free ATM rebates worldwide), a more polished mobile app, and slightly broader research access. The core trading experience — particularly thinkorswim — is functionally identical to what TD Ameritrade offered. The main practical downside is that Schwab's margin rates are slightly higher than legacy TD's rates were.
All TD Ameritrade accounts were migrated to Schwab in September 2023. Your positions, cash balances, and cost basis data transferred automatically. Tax documents from prior TD Ameritrade years are accessible through Schwab. Your account number changed — you received your new Schwab account number by mail/email before migration. ACH connections to external banks needed to be re-established using Schwab's routing information.
No. TDAmeritrade.com now redirects to Schwab.com. The TD Ameritrade mobile app stopped functioning after the September 2023 migration — you need the Schwab mobile app or the thinkorswim app instead. If you're still seeing TD Ameritrade app content, it's an outdated cached version — download the current Schwab app from the App Store or Google Play.
Yes. Schwab kept $0 commissions on stock and ETF trades, and $0 base + $0.65 per contract for options — exactly the same fee structure TD Ameritrade had. There were no commission increases as a result of the merger. Account minimums remain $0.
For most former TD Ameritrade users, staying with Schwab makes the most sense. thinkorswim is intact, commissions are the same, and you gain Schwab Bank's cash management tools. The main reason to consider an alternative would be if you need specific features Schwab doesn't offer — for example, if you want 0.00% expense ratio index funds (Fidelity's ZERO funds), or if you're primarily a passive investor who prefers Vanguard's fund structure. For active traders and options traders, Schwab/thinkorswim remains the best free platform available.