TD Ameritrade Singapore is closing. What to do: Step-by-Step!

In September 2023, TD Ameritrade Singapore announced that it would stop serving retail investors from December 2023 and focus only on accredited investors. Since then, TD Ameritrade has been fully integrated into Charles Schwab, and all Singapore accounts have moved to Charles Schwab Singapore, which still serves accredited investors only.

In this article, we explain what happened, what it means for former TD Ameritrade clients in 2026, and which brokers Singapore retail investors can use instead.

What happened to TD Ameritrade in Singapore?

On 26 September 2023, TD Ameritrade Singapore announced that it would stop serving retail investors from December 2023 and focus on accredited investors, a segment it described as “under-served historically in Singapore”. The decision came only a few weeks after the shock closure of MoneyOwl.

From 1 December 2023, retail accounts were restricted to closing positions and withdrawals. Retail clients who did not act in time were charged a monthly maintenance fee of US$50, and TD Ameritrade stopped refunding transfer and wire fees after 31 December 2023.

TD Ameritrade had been owned by Charles Schwab since 2020. After Schwab completed the integration, TD Ameritrade Singapore accounts moved to Charles Schwab Singapore, which kept the same policy: it only accepts accredited investors.

Can you still use thinkorswim in Singapore?

Only if you are an accredited investor. The thinkorswim platform is now operated by Charles Schwab, and Schwab Singapore offers it to accredited investors through accounts held with Charles Schwab & Co. in the US. Retail investors in Singapore cannot open a thinkorswim account, so they need to use an alternative broker (see below).

I still have a TD Ameritrade account. What should I do?

If you had a TD Ameritrade Singapore account, it has been moved to Charles Schwab Singapore. According to Schwab, retail accounts are restricted, so you have two options:

1. Become an accredited investor: you qualify under the criteria of the Monetary Authority of Singapore (MAS) if you had a personal income of at least S$300,000 in the past 12 months, net personal assets above S$2 million (of which your primary residence counts for at most S$1 million), or net financial assets above S$1 million. Accredited investors can keep using thinkorswim and the support of Schwab’s Singapore office.
2. Transfer or withdraw your assets: transfer your holdings to another broker or sell them and withdraw the cash. You can find the instructions on Schwab Singapore’s page for former retail clients. Check the fees before transferring, since transfer and wire fees are no longer refunded.

TD Ameritrade alternatives in Singapore

These brokers accept retail investors in Singapore and give access to US stocks:

• Interactive Brokers: the closest alternative to thinkorswim for active traders, with its Trader Workstation platform, access to markets worldwide and low fees. It is regulated in Singapore by the MAS.
• Saxo: a professional-grade platform with a wide range of products, suited to experienced investors.
• Moomoo: a popular mobile-first app in Singapore with US stocks, options and research tools.
• Tiger Brokers: another app-based broker popular in Singapore, with access to US, Hong Kong and Singapore stocks. See our article on where Webull is available if you are also considering Webull.

Fees, products and promotions change often, so compare each broker’s current pricing before opening an account.

Conclusion

TD Ameritrade no longer serves retail investors in Singapore, and its accounts now sit with Charles Schwab Singapore, which only accepts accredited investors. If you are not an accredited investor, you should transfer or withdraw your assets and choose another broker, such as Interactive Brokers, Saxo, Moomoo or Tiger Brokers.

Disclaimer: This article is for information only and is not investment advice. When investing, your capital is at risk.