Hours after Schwab announced plans to eliminate commissions on online trades for stocks, ETFs and options starting Oct. 7, TD Ameritrade announced plans to do the same, starting Oct. 3. Like Schwab, TD Ameritrade will charge 65 cents per contract for options trades.
“We are committed to giving our clients the best possible investing experience, with cutting-edge technology and award-winning investor education and service teams. And now, that experience just got better,” said Tim Hockey, president and CEO of TD Ameritrade, in a statement. “We’ve been taking market share with a premium price point, and with a $0 price point and a level playing field, we are even more confident in our competitive position, and the value we offer our clients.”