Why choose TDA over Moomoo or Tiger Brokers?

Some pros of TD:

1. TD has zero commissions (vs Tiger (1.99 usd min) and moomoo (0.99 usd min))

2. TD allows for OTC trading (vs moomoo which does not)

3. TD has pretty close to spot rates for FX (better than Tiger, not sure about moomoo)

4. TD has an amazing desktop app haha (I'm biased because I like to trade on desktop)

5. Much more established than Futu (moomoo's parent) or Tiger Brokers.

6. No platform fee (I believe moomoo charges a USD0.005/share fee USD1 min per stock)

Some cons for TD:

1. Withdrawal fee (which Tiger and moomoo do not have)

2. Longer deposit time (2-3 business days vs Tiger and moomoo which are same day deposit iirc)

3. Restricted to US markets

So ultimately, I think it depends on what's important for each investor to decide on which broker is best for them.​​​

Hi Anon,

I haven't used TDA personally yet so I can't comment about the deposit/withdrawal processes. But I guess the main appeal of TDA is the 0 commission fees on trades. For long-term buy and hold positions, it doesn't get any better than this. You get to minimise fees on your investments and since you don't plan to liquidate very often (if at all), the withdrawal process shouldn't be much of an issue. Tiger/Moomoo has low commission fees as well, but it's still higher than TDA - even though the difference is relatively small. So I guess if ease of deposit/withdrawal is important to you, that's the premium you'll pay.

Hope this helps!

Regards,

thefrugalstudent