E*TRADE vs TD Ameritrade: Post-Merger Reality
TD Ameritrade no longer exists as an independent company—it's been absorbed into Schwab. So how does E*TRADE compare to the new Schwab/thinkorswim combo?
Important Context
TD Ameritrade merged with Charles Schwab in 2024. All TD Ameritrade accounts have migrated to Schwab, but the thinkorswim platform lives on under Schwab's umbrella. This comparison is effectively E*TRADE vs Schwab (with thinkorswim).
| Feature | E*TRADE | Schwab/TDA | Winner |
|---|---|---|---|
| Stock Trades | $0 | $0 | Tie |
| Options | $0 + $0.50-0.65 | $0 + $0.65 | E*TRADE |
| Parent Company | Morgan Stanley | Charles Schwab | Tie |
| Trading Platform | Power E*TRADE | thinkorswim ✓ | Schwab |
| Research | Morgan Stanley ✓ | Schwab + Morningstar | E*TRADE |
| Sign-Up Bonus | Up to $10,000 ✓ | $50 Starter Kit | E*TRADE |
| Branches | ~30 | 400+ | Schwab |
| Education | Good | Excellent ✓ | Schwab |
| Futures Trading | Yes | Yes | Tie |
Platform Wars: thinkorswim Still Reigns
The TD Ameritrade acquisition gave Schwab the legendary thinkorswim platform. It remains the most powerful retail trading platform available—with customizable layouts, advanced options analytics, and scripting capabilities.
E*TRADE's Power E*TRADE is good, especially on mobile. But it doesn't match thinkorswim's depth. If platform power is your priority, Schwab wins.
Research: Morgan Stanley's Firepower
E*TRADE's acquisition by Morgan Stanley brought institutional-grade research to retail accounts. Morgan Stanley's equity research was previously available only to wealth management clients.
Schwab offers solid research from their own analysts plus Morningstar, but Morgan Stanley's global research operation is a differentiator for E*TRADE.
The Bonus Battle: E*TRADE Crushes
E*TRADE currently offers up to $10,000 in cash bonuses for new accounts (code: OFFER25). Schwab's $50 starter kit isn't in the same league. If you're opening a new account with significant assets, E*TRADE's bonus structure is far more generous.
Who Should Choose Which?
- • You want the largest sign-up bonus
- • Morgan Stanley research matters
- • You trade options at high volume (lower fees)
- • You prefer Power E*TRADE's interface
- • You want thinkorswim platform
- • In-person branches are important
- • You value education resources
- • You're a former TDA customer
Bottom Line
Both are excellent established brokers backed by financial giants. For serious traders, Schwab's thinkorswim platform is unmatched. For bonus-seekers and those who value Morgan Stanley research, E*TRADE delivers more immediate value.