Does TD Ameritrade still exist?

No. TD Ameritrade completed its merger with Charles Schwab in September 2023. All TD Ameritrade accounts were transitioned to Schwab. However, TD Ameritrade's thinkorswim trading platform was preserved and is now available as Schwab's thinkorswim. Former TD Ameritrade customers are now Schwab customers.

Does E*Trade still exist?

E*Trade was acquired by Morgan Stanley in 2020 and now operates as E*Trade from Morgan Stanley. The brand and platform still exist but are part of Morgan Stanley's wealth management division. E*Trade accounts function independently with their own platform and fee structure.

Should I choose Schwab (formerly TD Ameritrade) or E*Trade (Morgan Stanley)?

Schwab is generally the better choice for most investors — it has more branches (400+), lower-cost index funds, thinkorswim for active trading, and a free robo-advisor. E*Trade is strong for options trading, offers competitive managed portfolios, and integrates with Morgan Stanley's wealth management. Both offer $0 commissions.

TD Ameritrade vs E*Trade: Full Comparison After Schwab and Morgan Stanley Mergers (2026)

TD Ameritrade and ETrade were once two of the top independent brokerages in America. Both have been acquired — TD Ameritrade by Charles Schwab (completed 2023) and ETrade by Morgan Stanley (completed 2020). Here’s how the merged platforms compare today.

What Happened to TD Ameritrade and E*Trade?

Event	Details
TD Ameritrade + Schwab	Schwab acquired TD Ameritrade for $26 billion. All accounts transitioned to Schwab by September 2023. The thinkorswim platform was preserved.
*ETrade + Morgan Stanley**	Morgan Stanley acquired ETrade for $13 billion in 2020. ETrade continues as “E*Trade from Morgan Stanley” with its own platform and accounts.

Schwab (ex-TD Ameritrade) vs E*Trade: Quick Comparison

Feature	Schwab (thinkorswim)	E*Trade (Morgan Stanley)
Stock/ETF commissions	$0	$0
Options (per contract)	$0.65	$0.65 ($0.50 for 30+ trades/qtr)
Mutual funds	Thousands (many NTF)	Thousands (many NTF)
Lowest index fund ER	0.02% (SWPPX)	N/A (no proprietary funds)
Fractional shares	✅ (S&P 500 stocks)	❌
Cash yield	4.15% (Value Advantage)	4.05% (sweep options)
Physical branches	400+	Limited (Morgan Stanley offices)
Mobile app	4.7/5 (iOS)	4.6/5 (iOS)
Desktop platform	thinkorswim (excellent)	Power E*Trade (excellent)
Robo-advisor	Intelligent Portfolios (free)	Core Portfolios ($500 min, 0.30%)
SIPC insured	Yes ($500K)	Yes ($500K)

Trading Fees

Fee	Schwab	E*Trade
Stock/ETF trades	$0	$0
Options (per contract)	$0.65	$0.65 ($0.50 with 30+ trades/qtr)
Futures (per contract)	$2.25	$1.50
Mutual funds (NTF)	$0	$0
Mutual funds (transaction fee)	$49.95	$19.99
Bonds (Treasury, new issue)	$0	$0
Bonds (secondary market)	$1/bond	$1/bond
Broker-assisted trade	$25	$25
Margin rate (base)	13.00%	13.70%
Wire transfer (out)	$0 (online)	$25

Winner: E*Trade for active options traders (volume discount to $0.50) and futures ($1.50 vs $2.25). Schwab for mutual fund investors ($0 on proprietary index funds).

Trading Platforms

Schwab thinkorswim

Feature	Details
Platform type	Desktop, web, mobile
Charting	Advanced (400+ studies)
Options analysis	Excellent (probability tools, Greeks)
Paper trading	✅ (paperMoney)
Screeners	Stock, options, ETF, bond
Custom scripting	✅ (thinkScript)
Level 2 data	✅ (free)
Heat maps	✅
News	Real-time (CNBC, Benzinga)
Social/community	✅ (in-app chat)

ETrade Power ETrade

Feature	Details
Platform type	Web, mobile
Charting	Advanced (100+ studies)
Options analysis	Excellent (spectral analysis, P/L)
Paper trading	✅
Screeners	Stock, options, ETF, mutual fund
Custom scripting	Limited
Level 2 data	✅ (free)
Heat maps	❌
News	Real-time (Reuters, MarketWatch)
Options strategy builder	✅ (excellent)

Platform Comparison

Feature	thinkorswim	Power E*Trade
Overall depth	⭐⭐⭐⭐⭐	⭐⭐⭐⭐
Ease of use	Steep learning curve	More intuitive
Charting indicators	400+	100+
Custom scripting	✅ (thinkScript)	Limited
Options analysis	Excellent	Excellent
Best for	Active traders, options pros	Options traders, visual learners

Winner: thinkorswim (Schwab) — more indicators, custom scripting, and deeper customization. Power E*Trade is more approachable and still very strong for options.

Account Types

Account	Schwab	E*Trade
Individual brokerage	✅	✅
Joint brokerage	✅	✅
Traditional IRA	✅	✅
Roth IRA	✅	✅
SEP IRA	✅	✅
SIMPLE IRA	✅	✅
Solo 401(k)	✅	❌
Inherited IRA	✅	✅
529 plan	✅	❌
HSA	✅	❌
Trust account	✅	✅
Custodial (UGMA/UTMA)	✅	✅
Estate account	✅	✅

Winner: Schwab — more account types including solo 401(k), 529, and HSA.

Index Funds and ETFs

Category	Schwab Fund	ER	E*Trade Option
S&P 500	SWPPX	0.02%	VOO or IVV (0.03%)
Total US Market	SWTSX	0.03%	VTI (0.03%)
International	SWISX	0.06%	VXUS (0.08%)
US Bond	SWAGX	0.04%	BND (0.03%)

Schwab has its own ultra-low-cost index funds. E*Trade relies on third-party funds (Vanguard, iShares, etc.), which are still very cheap but not proprietary.

Winner: Schwab — proprietary index funds at 0.02-0.06% give it a slight edge.

Research and Education

Feature	Schwab	E*Trade
Research providers	15+ (Morningstar, CFRA, MarketEdge)	10+ (Morgan Stanley, TipRanks)
Analyst reports	✅	✅ (Morgan Stanley research)
Screeners	Comprehensive	Comprehensive
Learning center	Comprehensive	Good
Webinars	Regular	Regular
Trading education	Extensive	Good
Morgan Stanley research	❌	✅

Winner: Tie — Schwab has more third-party research providers. E*Trade has exclusive access to Morgan Stanley equity research, which is highly regarded.

Managed Accounts and Robo-Advisors

Feature	Schwab Intelligent Portfolios	E*Trade Core Portfolios
Management fee	0%	0.30%
Minimum balance	$5,000	$500
Tax-loss harvesting	✅ (over $50K)	❌
Cash allocation	6-30% (high)	Low
Rebalancing	Automatic	Automatic
Human advisor	Premium ($30/mo + $300 setup)	Available (higher tiers)

Higher-Tier Wealth Management

Tier	Schwab	E*Trade / Morgan Stanley
Robo + human	Intelligent Portfolios Premium ($25K)	Not available at E*Trade level
Full wealth management	Schwab Private Client ($1M+)	Morgan Stanley Financial Advisor ($250K+)
Fee	0.80-1.00%	Varies (typically 1.00-1.50%)

Winner: Schwab for robo-advising (0% fee is unbeatable). E*Trade/Morgan Stanley for access to Morgan Stanley’s full wealth management at higher asset levels.

Cash and Banking

Feature	Schwab	E*Trade
Cash yield (default sweep)	0.48%	0.01-0.35%
Best money market option	4.15% (SWVXX)	4.05% (sweep options)
Checking account	✅ (Schwab Bank)	✅ (E*Trade Bank)
Debit card	✅	✅
ATM reimbursement	Unlimited worldwide	❌
Bill pay	✅	✅
Mobile check deposit	✅	✅
Foreign transaction fee	0%	1%

Winner: Schwab — unlimited ATM rebates worldwide and 0% foreign transaction fee are significant advantages.

Customer Service

Factor	Schwab	E*Trade
Phone support	24/7	Extended hours
Physical branches	400+	Limited (Morgan Stanley offices)
Chat	In-app	In-app
J.D. Power 2025	828	800
Dedicated trading desk	✅	✅

Winner: Schwab — 24/7 support, 400+ branches, and higher customer satisfaction.

Who Should Choose Schwab (ex-TD Ameritrade)?

✅ You want thinkorswim — the premier trading platform
✅ You want low-cost proprietary index funds
✅ You want 400+ physical branches for in-person help
✅ You want a free robo-advisor (Intelligent Portfolios)
✅ You want unlimited worldwide ATM rebates
✅ You want 24/7 phone support
✅ You need a solo 401(k), HSA, or 529 plan
✅ You want the most comprehensive do-everything brokerage

Who Should Choose E*Trade (Morgan Stanley)?

✅ You want discounted options commissions ($0.50/contract with volume)
✅ You want Morgan Stanley equity research
✅ You want Power E*Trade for a more visual options experience
✅ You want access to Morgan Stanley wealth management (higher tiers)
✅ You trade futures frequently ($1.50 vs $2.25)
✅ You want a $500 minimum robo-advisor
✅ You want lower transaction-fee mutual fund costs ($19.99 vs $49.95)

Bottom Line

Category	Winner
Trading platform	Schwab (thinkorswim)
Options trading	Tie (Schwab depth vs E*Trade volume discount)
Index funds	Schwab (proprietary low-cost)
Robo-advisor	Schwab (free)
Research	Tie (different strengths)
Branches	Schwab (400+ vs limited)
Customer service	Schwab (24/7, higher ratings)
Cash management	Schwab (ATM rebates, 0% FX)
Account variety	Schwab (more types)
Wealth management	E*Trade / Morgan Stanley (premium tier)
Best for most investors	Schwab

Schwab (incorporating TD Ameritrade’s thinkorswim) is the better choice for most investors and traders. It offers the most complete package: a world-class trading platform, low-cost index funds, free robo-advising, and 400+ branches. E*Trade is best for active options traders who benefit from the volume discount, and investors who want eventual access to Morgan Stanley’s premium wealth management services. For long-term, buy-and-hold investors, also consider Fidelity and Vanguard — both offer similarly excellent service with even lower fund costs.