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Hi, I have been trading paper FOREX for a few months now on Think or Swim. When I tried to trade FOREX live, TD Ameritrade said I had to apply for margin and options approval (Options Level 2). I was approved for margin, but got rejected for options level 2. When I asked the rep how I can get the option 2 approval he said I had to complete an options course on their website which will give a certificate. Once I do that I need to reapply, but no guarantee that I will be approved for options level 2. He said I was rejected because of my profile and net value and those things and that I need Options level 2 to even start trading FOREX. Anyone have this experience with TD Ameritrade? What platforms do you use for FOREX? Thank you.
Pro tip for new people trying to use TD Ameritrades thinkorswim and getting approved for Forex trading
If youre like me and have 0 experience trading options but want to use thinkorswim to trade forex, you may run into the issue of having to be approved for their teir 2 options trading. It may be no issue for most, but for myself I filled everything out and wasnt even allowed to apply due to (honestly) filling out my profile and saying I have no experience trading options. They wont even allow you to do the application. Then if you go and, uh, fudge some numbers, youll still have to wait 60 days because you changed information on your profile. Im a big impatient guy and am comfortable with paper trading and wanted to move on to some low dollar trading so I messaged them. They basically just told me to do the options trading courses on their website, fill out a copy of the application and send it and the certification for the courses to them in a message. You will not have to wait the 60 days and are more likely to get approved. This is probably a problem that all of 3 other people will run into this year but just thought I'd put it out there for anyone who needs it.
Why does TD Ameritrade make you get approval for Options trading before allowing you to trade Forex?
Title. I just want to trade Forex but they're making me jump through hoops to get account approval. I understand you need margin approval for the account but why options?? They require Tier 2 Options approval before allowing you to upgrade to Forex Account.
TD Ameritrade/Thinkorswim - anyone use them for forex trading? Spread question
Just started demo trading on Thinkorswim/TD Ameritrade. Was looking at the GBP/JPY spread last night - it’s like... 15-20 pips. Guessing people do not trade forex on TD Ameritrade because of the spread...? Leverage? Am I figuring the pip spread out incorrectly? Seemed a lot higher than EUUSD which is maybe 5-6 pips. Also know most people use specific forex brokerages and I’m curious if pip spread is the reason. Bonus question - if a trade starts going the opposite way, I’ll reverse the trade sometimes. When I do that, where is the sale price, and at what price do I enter a sell/short position at? Thanks
Does TD debit also charge you forex fee when you use paypal to send USD?
I want to send USD to my friend using my TD account on paypal. I know that if I use TD credit card there's a forex charge (on top of the $5 charge for sending) but is it the same case when you use debit? Thanks!
So the general idea is that TD is an introducing broker to Gain (Forex.com) and it even says on the sticky info thread here. Thing is, I pulled up both live accounts and Forex.com and TD do NOT have same spreads. TD also has floating margin requirement that is not present on Forex.com. Right now there is 3% margin requirement on EUUSD while Forex.com has usual 2%. Forex.com usually has 1.2 - 1.5 pip spread on EU while TD majority of time is 09 to 1.0 pip spread. USDCAD spread is 0.2 - 0.4 pips worse on TD than Forex. So clearly there is some differences here. Meanwhile ATC is completely identical in everything to Oanda. So what is TD ameritrade??
TD Ameritrade Forex provides traders 75 currency pairs (e.g., EUR/USD) compared to OANDA's 70 available pairs. Forex pairs aside, OANDA offers traders access to 55 CFDs while TD Ameritrade Forex has 0 available CFDs, a difference of 55. Overall, between OANDA and TD Ameritrade Forex, TD Ameritrade Forex is the better forex broker. OANDA Review ... Whether you’re traveling or sending money abroad, we can help ensure your foreign currency transactions are processed safely and securely. For the full list of the foreign currencies and related services we offer, view our currency and service availability. The backbone of the TD Ameritrade forex trading experience is the desktop-based trading platform thinkorswim. The platform takes time to learn; however, the plethora of tools and depth are well worth the patience required. In 2020, TD Ameritrade won our award for best Desktop Platform, as well as Platform Technology, thanks to its thinkorswim ... Data as of March 2018. Comparison of longest average store hours in the regions (MSAs) in which TD Bank operates compared to major banks. Major banks include our top 20 national competitors by MSA, our top five competitors in store share by MSA and any bank with greater or equal store share than TD Bank in the MSA. TD Ameritrade Forex Margin/Leverage One more reason we like TD Ameritrade is because their leverage requirements are lower than other popular FOREX platforms. They use a 50:1 and 20:1 leverage model depending on whether the pair you’re trading is a major pair or an exotic pair. Here are two examples of what this would mean.
HOW TO SET UP THINK OR SWIM FOR FOREX TRADERS - YouTube
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