If you are looking to invest in mutual funds, TD Ameritrade’s app is a great platform to do so. With its user-friendly interface and comprehensive research tools, you can find and buy mutual funds that align with your investment goals. Here is a step-by-step guide on how to buy mutual funds on TD Ameritrade’s app:
Step 1: Open an Account
To start buying mutual funds on TD Ameritrade’s app, you need to open an account with them. You can do this by downloading the app or visiting their website. The account opening process is simple and requires you to provide basic personal information such as your name, address, and social security number.
Step 2: Research Mutual Funds
After opening an account, you need to research the mutual funds you want to invest in. TD Ameritrade’s app provides a variety of research tools to help you find mutual funds that match your investment objectives and risk tolerance. You can use the app’s search function to find mutual funds by name, ticker symbol, or investment category.
Step 3: Place an Order
Once you have identified the mutual funds you want to invest in, you can place an order using TD Ameritrade’s app. To do this, select the mutual fund you want to buy and click on the “Buy” button. You will then be prompted to enter the amount you want to invest.
Step 4: Select Order Type
TD Ameritrade’s app offers various order types, including market orders, limit orders, and stop orders. You can select the order type that suits your investment strategy. For example, if you want to buy a mutual fund at the current market price, you can place a market order. Alternatively, if you want to buy a mutual fund at a specific price, you can place a limit order.
Step 5: Review and Confirm
Before submitting your order, make sure to review all the details and confirm that everything is correct. This includes the mutual fund you have selected, the order type, and the amount you are investing. Once you have confirmed everything, click on the “Submit” button to place your order.
Step 6: Fund Your Account
After placing your order, you need to fund your TD Ameritrade account. You can do this by linking your bank account or by transferring funds from an existing account. TD Ameritrade’s app provides a variety of funding options to choose from, including ACH transfer, wire transfer, and check deposit.
Step 7: Monitor Your Investment
Once your order is filled, you can monitor your investment and track its performance using TD Ameritrade’s app. The app provides a variety of tools to help you track your investments, including real-time quotes and news, alerts, and customizable watchlists.
In conclusion, buying mutual funds on TD Ameritrade’s app is a straightforward process that requires you to open an account, research mutual funds, place an order, select an order type, review and confirm, fund your account, and monitor your investment. By following these steps, you can start investing in mutual funds and grow your portfolio over time.