Can you Buy Crypto with TD Ameritrade?
No, TD Ameritrade doesn't allow direct purchases of cryptocurrencies. They only provide derivative investments, such as crypto stocks, trusts, and ETFs, which have higher fees and custodial risk. The best alternative to buy cryptocurrencies is to use a FinCEN-licensed exchange in the USA.
How to Buy Bitcoin and Crypto with an Alternative
As outlined above, the best alternative to TD Ameritrade for buying cryptocurrencies in the USA is with a trusted and licensed broker like Uphold. Their platform offers instant and free USD deposits via ACH Transfer, Debit Card, Credit Card and other methods to trade over 250 crypto assets with zero fees. They are the preferred alternative to retail brokers like Coinbase and eToro due to their significantly lower fees and tighter sprerads.
Here is a simple 4-step guide to getting started:
- Open an account with Uphold and complete the identity verification process.
- Deposit US Dollars (USD) onto the account via ACH Bank Transfer from any US Bank (this is the best deposit method because its instant and free).
- Find the cryptocurrency you want to buy on the Uphold dashboard using their search feature.
- Input the amount of USD you want to buy and finalize your trade.
Will TD Ameritrade Offer Crypto Trading?
No, TD Ameritrade has no plans to offer cryptocurrencies due to two main reasons. First, they do not support the necessary infrastructure to handle crypto wallets. Second, there is heightened regulatory scrutiny of the asset class which makes it difficult for TD Ameritrade to offer it to their clients.
What is TD Ameritrade?
TD Ameritrade is a financial services company that provides online brokerage and trading services. They offer a wide range of investment products, such as stocks, bonds, mutual funds, and exchange-traded funds, as well as retirement planning, education savings, and wealth management services. TD Ameritrade is known for its user-friendly trading platform and extensive educational resources for investors of all experience levels. In 2020, TD Ameritrade was acquired by Charles Schwab Corporation, forming one of the largest brokerage firms in the United States.
In summary, while TD Ameritrade does not offer direct purchasing of cryptocurrencies, there are alternative platforms, such as Uphold, that offer FinCEN-licensed exchanges for trading with zero fees. Uphold is a trusted and popular platform among investors due to its lower fees and tighter spreads.
TD Ameritrade is a well-known financial services company offering a range of investment products, but does not currently have plans to offer cryptocurrencies due to the regulatory scrutiny and lack of necessary infrastructure. In choosing a platform to invest in cryptocurrencies, it is important to consider the fees, security, and regulation of the platform.