TD Ameritrade (Now Schwab) vs Robinhood: 2026 Guide

Searching for TD Ameritrade vs Robinhood in 2026? Here is the fact most comparison articles bury: TD Ameritrade no longer exists as a standalone broker. Charles Schwab bought it in 2020 and finished migrating every TD Ameritrade account to Schwab in May 2024. You cannot open a TD Ameritrade account today.

So the real comparison is Schwab, which kept TD Ameritrade's famous thinkorswim platform alive, versus Robinhood. That is the honest matchup, and it is still a useful one.

What Happened to TD Ameritrade?

Schwab announced the acquisition in late 2019 and closed the deal in 2020. Account migrations rolled out in waves and wrapped up in May 2024, when the TD Ameritrade platform shut down for good.

The best part of TD Ameritrade survived. Schwab kept thinkorswim, the desktop, web, and mobile trading suite that active traders loved, rather than folding it into Schwab's own tools. If you came to this comparison for thinkorswim, you now get it by opening a Schwab account.

TD Ameritrade (Schwab) vs Robinhood at a Glance

Details are as of July 2026 and subject to change. Terms and conditions apply.

Fees and Commissions Compared

Both brokers charge $0 commissions on online stock and ETF trades. The gap shows up in options: Schwab charges $0.65 per contract, while Robinhood charges no per-contract commission on equity options, though small regulatory and exchange fees apply at both firms.

Margin is another split. Robinhood publishes tiered margin rates starting at 5% as of July 2026, among the lowest from a major US broker. Schwab's margin rates run several percentage points higher. If you borrow to invest, that difference compounds fast.

Robinhood's premium tier, Robinhood Gold, costs $5 a month and adds perks like a boosted IRA match and interest on uninvested cash. Schwab has no comparable subscription; its extras are bundled free, but there is no IRA match to boost.

Trading Platforms: thinkorswim vs Robinhood Legend

thinkorswim remains the benchmark for serious retail traders. You get professional-grade charting, options analytics, paper trading, and a customizable desktop layout. It has a learning curve, and that is the point.

Robinhood built its reputation on the opposite: an app so simple you can place a trade in seconds. In recent years it added Robinhood Legend, a free desktop platform with real-time charting aimed at active traders. Legend has closed part of the gap, but most traders still consider thinkorswim the deeper toolkit.

If you are a beginner who wants to buy index funds monthly, either app works. If you plan to trade options spreads daily, thinkorswim is hard to beat.

Investment Selection and Crypto

Schwab offers the wider traditional menu: stocks, ETFs, options, futures, bonds, CDs, more than 8,000 mutual funds, and full-service advice. Robinhood covers stocks, ETFs, options, futures, and index options, but skips traditional mutual funds entirely.

Crypto flips the script. Robinhood offers spot trading in a few dozen cryptocurrencies plus wallet transfers. Schwab does not offer spot crypto as of July 2026; you are limited to crypto ETFs and futures, though the firm has signaled interest in adding spot trading. If owning actual Bitcoin matters, Robinhood wins this row. Crypto traders who want more coins and deeper tools can also look at Gemini, a dedicated US crypto exchange with 70+ coins and staking.

Retirement Accounts and the IRA Match

Robinhood pays a 1% match on eligible IRA contributions, and Gold members get 3%. On a $7,000 annual contribution, that is $70 to $210 a year in free money, something almost no other broker offers. Match funds require keeping the money in the IRA for five years, so read the terms.

Schwab counters with breadth: every IRA type, inherited accounts, local branches, and human advisors. For complex retirement situations, that infrastructure is worth more than a match. For a simple Roth IRA you fund monthly, Robinhood's match is a real edge.

TD Ameritrade vs Robinhood: Which Fits You Now?

Choose Schwab if you wanted what TD Ameritrade was: thinkorswim, mutual funds, branch access, and a full-service firm behind your money. It is the natural home for retirement-focused investors and advanced options traders.

Choose Robinhood if you want the lowest all-in costs on options and margin, spot crypto, and the IRA match, all in an app built for speed. It suits self-directed investors who do not need hand-holding.

There is also a middle path. Public offers commission-free stocks, bonds, options, and crypto with strong research tools and a calmer, community-driven design. If Schwab feels heavy and Robinhood feels too gamified, Public is worth a look.

Whichever broker you pick, transfers between them are routine. You can move an account later through ACATS without selling your holdings, so the choice is not permanent.

Frequently Asked Questions

Does TD Ameritrade still exist in 2026?

No. Charles Schwab completed the acquisition and migrated all TD Ameritrade accounts by May 2024. The brand is retired, but the thinkorswim platform lives on under Schwab, and former TD Ameritrade customers now bank through Schwab accounts.

Is Robinhood cheaper than Schwab?

For options and margin, yes. Robinhood charges no per-contract options fee versus Schwab's $0.65, and its margin rates start at 5% as of July 2026, well below Schwab's. For plain stock and ETF trades, both are $0.

Can I still use thinkorswim without a TD Ameritrade account?

Yes. thinkorswim is available to all Schwab brokerage customers at no extra cost, on desktop, web, and mobile. You just need to open a standard Schwab account and enable the platform.

Which is better for beginners, Schwab or Robinhood?

Both offer $0 trades and $1 fractional investing. Robinhood's app is simpler for a first trade, while Schwab offers more educational depth and human support when you get stuck. Beginners who value guidance tend to prefer Schwab; those who value simplicity lean Robinhood.