ThinkorSwim (ToS) is closing accounts (and a work around).

Just a heads up for those of you who use ToS platform for charting or paper trading.  I had opened an account with them about a year ago but of course I didn’t make any deposit.  It was purely for the live data feed and their excellent charting platform.  Recently, I got an e-mail notifying me of a $0 zero balance and that they would soon be closing my TD Ameritrade account which would in turn make my ToS platform login no longer valid.  Went to login and lo and behold, the username was no longer valid.

TDClosed

Anyway, I gave them a call to see what was up and they mentioned that they would soon be sweeping and closing down account balances of $0.  Whether your account raises a flag or not, is pure chance.  So you may get by with no issues but it may just be a matter of time before your zero account raises a flag.  Also, the delayed data paper trade side of things would also be limited to 60 days use.  So after 60 days you could either sign up again and keep doing so every 60 days or use the work around.

So, what is the work around?  Well, if you shop around charting platforms, you’ll know that they aren’t cheap.  TC2000 is a good choice but runs about $45 a month with the data feeds.  ESignal runs over $100 a month with data and IB charts are trash.  Taking this into consideration, I’ve found that depositing the bare minimum into the TD Ameritrade account gives you the charting platform, paper money, live data, level 2, the whole package.  And the best part is that $50 is the account minimum.  And you can fund instantly with your bank routing and account number and start using the platform right away.  And it’s $50.  Ya cheap bastards.

If you compare the main charting platforms like that, ToS is by far the best bang for your buck.  And at a one time charge of $50, a steal.  Not to mention that you can always get your $50 back if you want to wire the money back out.  It’s more of a holding fee to use ToS than anything.

Hope that helps with those of you who run into any issues with them.  If you have any other work around please leave a comment.  Ya cheapo.

Cheers

Advertisements

3 thoughts on “ThinkorSwim (ToS) is closing accounts (and a work around).

  1. dude great tip! i’m looking to get back into equities – looks like those $20 lapdance girls will have to wait until next week lol.

    Like

      1. hell yeah! i’m trading futures; u.s. indices mainly , along with some softs & currencies. thing is, derivatives seem to be cooling off while equities are where the game is at now.

        Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s