TD Ameritrade Utilizes Twitter DMs for Stock Trading

Buying and selling stocks used to be quite a process. First you would need to place an order with a broker who would then have to call in orders to a person actually on the floor of the exchange to make the trade. These days things are much easier, with investors being able to trade from their computers, smartphones, and now via Twitter.

Last week (in what was some fairly bad timing, as it turns out), TD Ameritrade rolled out a new feature that allows customers to buy and sell stocks by direct messaging the company’s Twitter accounts. As TwoCents reports, Twitter users can now send a DM to @tdameritrade or @thinkorswim to retrieve stock updates and quotes. The chatbot is also able to answer basic financial and investing questions. For example DMing the term “401(k)” will return a brief summary of the topic and link users to further information.

While any Twitter user will be able to get these updates, Ameritrade customers have the option to place actual trade orders as well.  This includes the ability to buy and sell stocks and ETF. As the company’s director of emerging tech and innovations Sunayna Tuteja explained, this new feature is meant to make trading easier and more accessible. “We’re trying to help you optimize your investing experience. We want to contextualize the information and make it relevant and timely to your life so you know what to do with it,” she said. Tuteja also noted that the information sent via this DM feature is not shared with Twitter and, if users are having any issues with the automated chatbot, a human representative may jump in to assist them.

Although the Twitter DM chatbot from Ameritrade is new, the company does have a some similar chatbot deployed on Facebook Messenger and also offers support for Amazon’s Alexa. In each case these options come at no charge. However the platform’s standard $6.95 per-trade commission will be applied to any trades.

Ultimately features like this may seem like a gimmick but there may be more to them than that. Beyond giving traders an extra way to buy and sell stocks, these chatbots may also allow those looking at investing for the first time an easy way to start gaining knowledge about the process. In that aspect, TD Ameritrade’s new “trade via tweet” option seems like a win-win for customers and FinTech services.

Author

Jonathan Dyer

I'm a small town guy living in Los Angeles looking to make solid financial decisions. I write for a number of finance websites, including HuffingtonPost and Business2Community. I founded DyerNews.com in 2015 to focus on personal finance and the emerging FinTech markets.

Other Articles by Jonathan Dyer

AllWork Raises $4.9 Million From FINTOP Capital 

A FinTech focused on freelancer payroll has closed a significant early-round investment. This week, AllWork announced that it had raised a $4.8 million round. The Series A was led by Nashville-based FINTOP Capital with no other participants. As a result of the transaction, FINTOP's Chris Haley and Rick Holton will join AllWork's board of directors. Previously, AllWork closed a $3.8 million seed round in 2019, bringing their to-date funding total to $8.7...

U.S. Economy Added 263,000 Jobs in November 2022

Over the past several months, the United States economy has repeatedly offered mixed signals. Although gross domestic product results would suggest we're headed for a recession, the Federal Reserve has been forced to hike interest rates in a bid to slow inflation. Now, the latest figures also show that the economy continues to create jobs at a decent clip. According to the latest Bureau of Labor Statistics report, the U.S....

Amex Launches Digital B2B Payments Platform Business Link

For consumers, these days, there's no shortage of peer-to-peer apps they can use to move money, with some popular examples including Cash App, Venmo, and Zelle. As for businesses, the list of options for sending money to vendors may be more limited. Now, a well-known credit card company and small business supporter is introducing a new platform for this purpose. This week, American Express announced the launch of Amex Business...