Trader API Schwab Integration Guide - June 2023 Update

Latest information on the next steps for the TD Ameritrade Trader API as we bring an updated version of our API into Schwab’s ecosystem as a product offering for retail self-directed traders.  

 

What is the Schwab Trader API?

The Schwab Trader API allows you to create your own application that can access Schwab products and services via different sets of RESTful and Streaming API's for your self-directed brokerage trading account.  Some features of the Schwab Trader API that are available includes:

  • Secure token based authentication
  • Getting Snapshot current and historical market data
  • Retrieve real time account and transaction information
  • Place trades for Stocks, Options, ETFs
  • Stream Quotes and account activity

 

What is the difference between Individual use and Commercial use?

We provide the ability for you to use our Schwab Trader API for Individual use or Commercial use.  Available functionality between these are mostly the same.  Here is a little more information regarding the differences:  

Individual use

  • You are creating an application yourself to authenticate into your own application through our API with your own self-directed brokerage account/accounts (e.g., make your own application for backtesting)
  • Non-order related throttles are set to 120 requests per minute on an application level
  • Order related throttles are set to 0-120 per minute that you will set during application registration on an account level

Commercial use

  • You are creating an application to distribute for free or for a fee for other self-directed brokerage account/accounts to use (e.g., offer your application through a website allowing users to sign up)
  • Non-order related throttles are set to 120 requests per minute on an application level
  • Order related throttles are set to 0-120 per minute that you will set during application registration on an account level

 

How do I sign up?

For either Individual use or Commercial use, you will need to create a Developer account by clicking on the link within the email you received as part of the Schwab Trader API integration to create a developer account and request access to the Trader API. 

The creation of a Developer account will go into pending status for a quick review.  Once approved, click on API products to select either Trader API - Individual or Trader API - Commercial.  From there, you will be able to see the basic features that are available.  if you choose, you can request access.

After access is requested for a specific product, this will also go into pending status for a quick review.  Once approved, you will be able to register an application and start the integration into the Schwab Trader API. 

To start, we will be offering Schwab Trader API registration to existing legacy TD Ameritrade application owners.  We will open up Schwab Trader API registration later on this year for non-legacy TDA users. 

I currently have a developer account at TD Ameritrade now, what else should I know?

As part fo the Schwab acquisition of TD Ameritrade, a new Schwab Trader API will be made available for Schwab self-directed brokerage accounts to use.  There will be differences in the new Schwab Trader API endpoints as compared to the legacy TDA offering.  Some of the changes specifically for the Schwab API program will include the following:

  • Updated token-based authentication flow for more security
  • API endpoint resource URL changes (e.g., switching TDA to Schwab domain)
  • New Account Number encription feature
  • New Order Preview endpoint
  • Saved Orders and Watchlist endpoints will not be avialable at launch

No existing legacy TDA API external applications will be automatically migrated over into the Schwab Trader API.  There will need to be a new registration for devevlopers and applications through the Schwab Developer Portal.  Integration work into the new endpoints will be required. 

The Schwab Trader API endpoints will require a Schwab retail self-directed brokerage account for authentication and interaction.  It is possible that a TDA brokerage account may not be migrated to Schwab brokerage before Schwab endpoints are live.  At launch, we will not be able to provide test endpoints and test accounts for pre-conversion integration.  These types of test environments may be considered for addition post integration.  The legacy TD Ameritrade endpoints will remain available until all account Transition Groups have been complete.

What will remain the same with the new Schwab Trader API?

Our goal is to keep the actual API related contracts as similar as possible.  Some API requests/responses will be simpler than before.  Here are some things that are expected to stay the same:

 

  • Quotes for both snapshot and historical market data
  • Active account and transaction data monitoring
  • Ability to place orders for stocks, options, and ETFs
  • Futures, Futures options, and Forex order entry will not be available
  • Streamer WebSocket based API including the QUOTE and ACCT_ACTIVITY subscruptions
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When will Schwab Trader API endpoints be live so I can start integration?

We hope to have the first set of endpoints available Summer of 2023.  We will continue adding them as they become available with the goal of all features/functionality being available by Winter 2023.  Read-only documentation for the Schwab Trader API endpoints, along with the ability to interact with these endpoints, is currently planned for further out in 2023.  Actual integration into the different endpoints can begin once it is available.  The first step is to register a Developer account and register an application through the link in your Schwab Trader API integration email so you can be ready for when the first set of endpoints are live.