Comments on: Think or Swim Discount Brokerage Review http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm Building Wealth through Saving and Investing Fri, 19 Mar 2010 19:36:23 -0400 http://wordpress.org/?v=abc hourly 1 By: Realinvestor http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm/comment-page-1#comment-110672 Realinvestor Thu, 11 Feb 2010 12:29:35 +0000 http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm#comment-110672 Joe, No they do not currently have TFSA/ RRSP. All choices for Canadians are in US at the moment Joe,

No they do not currently have TFSA/ RRSP. All choices for Canadians are in US at the moment

]]> By: Joe http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm/comment-page-1#comment-110670 Joe Thu, 11 Feb 2010 10:27:55 +0000 http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm#comment-110670 Anyone know if ThinkorSwim has the TFSA trading account? Anyone know if ThinkorSwim has the TFSA trading account?

]]> By: Dk http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm/comment-page-1#comment-109835 Dk Fri, 22 Jan 2010 16:47:39 +0000 http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm#comment-109835 I call them about once a month to check on the status. Earlier this month they said possibly this spring. I call them about once a month to check on the status. Earlier this month they said possibly this spring.

]]> By: Tetsuo http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm/comment-page-1#comment-108779 Tetsuo Thu, 24 Dec 2009 04:29:16 +0000 http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm#comment-108779 Anyone hear of any updates on this? Website still says "temporarily not accepting new accounts" Anyone hear of any updates on this? Website still says “temporarily not accepting new accounts”

]]> By: GG http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm/comment-page-1#comment-106603 GG Tue, 27 Oct 2009 02:14:46 +0000 http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm#comment-106603 TOS Canada doesn't allow new accounts to be open because of the merger, they said "soon" a couple of months ago anyone know what soon means ? TOS Canada doesn’t allow new accounts to be open because of the merger,

they said “soon” a couple of months ago

anyone know what soon means ?

]]> By: William Conner http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm/comment-page-1#comment-105118 William Conner Sun, 13 Sep 2009 14:48:15 +0000 http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm#comment-105118 I'm a Yank, and I have been using TOS brokerage for 10 months now. I am a beginning trader with a small cash account, averaging a balance of around $3500. I have been using their Web-Based Trading service because their trading platform complexity (as would most others probably) intimidates my non-techy mind. Thursday last, I exited trade before the close at a $30 gain because I could see that it was going to go against me. I thought that I had executed the closing order properly. Friday I discovered that I had inadvertently purchased a shorting position on the very Call I was intending to exit! You would think that when you click on your position and select "closing order" it would take you directly to your position and present an order command module, right? By the time I got through the order page confusion, my $30 gain had devolved into a $200 loss! I got after the trade desk personnel. I learned that the WBT feature has design problems! And is not reliable to enter/exit trades. I was advised that I ought to be using the trading platform to execute trade orders. Here I thought that my 2009 execution fumbling losses of approximately $1000 was due to my own ineptitude! In a few instances, TOS reversed the commissions, but that was only pennies on the dollars I lost. Relatively small dollars in the big picture, but when looked upon as a percentage of my financial capacity, it is quite significant. Other than this story of frustration, I will say that their day-to-day customer service is friendly. But, the the story speaks to a major issue of integrity. I’m a Yank, and I have been using TOS brokerage for 10 months now. I am a beginning trader with a small cash account, averaging a balance of around $3500. I have been using their Web-Based Trading service because their trading platform complexity (as would most others probably) intimidates my non-techy mind.

Thursday last, I exited trade before the close at a $30 gain because I could see that it was going to go against me. I thought that I had executed the closing order properly. Friday I discovered that I had inadvertently purchased a shorting position on the very Call I was intending to exit! You would think that when you click on your position and select “closing order” it would take you directly to your position and present an order command module, right? By the time I got through the order page confusion, my $30 gain had devolved into a $200 loss!

I got after the trade desk personnel. I learned that the WBT feature has design problems! And is not reliable to enter/exit trades. I was advised that I ought to be using the trading platform to execute trade orders. Here I thought that my 2009 execution fumbling losses of approximately $1000 was due to my own ineptitude! In a few instances, TOS reversed the commissions, but that was only pennies on the dollars I lost. Relatively small dollars in the big picture, but when looked upon as a percentage of my financial capacity, it is quite significant.

Other than this story of frustration, I will say that their day-to-day customer service is friendly. But, the the story speaks to a major issue of integrity.

]]> By: newschool http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm/comment-page-1#comment-74991 newschool Thu, 26 Mar 2009 04:13:04 +0000 http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm#comment-74991 I contacted in 2008 thinkorswim canada for an expected date of the TSX trading availability and got for response "end of March / begin of April". I recently asked and update and the TSX trading platform was delayed to the summer, around June, probably due to the recent acquisition by TD. I contacted in 2008 thinkorswim canada for an expected date of the TSX trading availability and got for response “end of March / begin of April”.

I recently asked and update and the TSX trading platform was delayed to the summer, around June, probably due to the recent acquisition by TD.

]]> By: Ted http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm/comment-page-1#comment-74520 Ted Sun, 22 Mar 2009 21:08:43 +0000 http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm#comment-74520 I have been using ThinkorSwim since Jan. 2009 when I first got into the market. I found TOS through Barron's a weekly investing and financial magazine. For three out of four years, Barron's has rated TOS 1st or 2nd. In 2009, TOS was rated #1 discount brokerage. Personally, I really like it. I live in the US and want to hnave the opportunity to trade in Canada. I have been using ThinkorSwim since Jan. 2009 when I first got into the market. I found TOS through Barron’s a weekly investing and financial magazine. For three out of four years, Barron’s has rated TOS 1st or 2nd. In 2009, TOS was rated #1 discount brokerage.

Personally, I really like it. I live in the US and want to hnave the opportunity to trade in Canada.

]]> By: Pablo http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm/comment-page-1#comment-74493 Pablo Sun, 22 Mar 2009 16:12:37 +0000 http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm#comment-74493 Sorry, links did not work - so here they are: http://www.amtd.com/news/releasedetail.cfm?ReleaseID=358124 http://www.tdameritrade.com/forms/TDA6993.pdf Sorry, links did not work – so here they are:
http://www.amtd.com/news/releasedetail.cfm?ReleaseID=358124
http://www.tdameritrade.com/forms/TDA6993.pdf

]]> By: Pablo http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm/comment-page-1#comment-74492 Pablo Sun, 22 Mar 2009 16:10:01 +0000 http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm#comment-74492 On January 8th, 2009 TD AMERITRADE to acquire thinkorswim. For more information, please see letter from TD AMERITRADE, the press release, and FAQ for thinkorswim customers. On January 8th, 2009 TD AMERITRADE to acquire thinkorswim. For more information, please see letter from TD AMERITRADE, the press release, and FAQ for thinkorswim customers.

]]> By: Dan http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm/comment-page-1#comment-65621 Dan Mon, 29 Dec 2008 00:13:31 +0000 http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm#comment-65621 I too am looking for anyone who has info, both pro and con, on TOS Canada. As well as the tax implications of having the funds held in the US. Please post. I too am looking for anyone who has info, both pro and con, on TOS Canada. As well as the tax implications of having the funds held in the US. Please post.

]]> By: G-Bert http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm/comment-page-1#comment-65246 G-Bert Tue, 23 Dec 2008 03:26:10 +0000 http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm#comment-65246 Jeff, stop using their web based platform and use thinkDesktop. You'll see a world of difference. Jeff, stop using their web based platform and use thinkDesktop. You’ll see a world of difference.

]]> By: Bobby http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm/comment-page-1#comment-64772 Bobby Thu, 18 Dec 2008 03:29:07 +0000 http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm#comment-64772 I would love for someone to write a detailed pros/cons list on TOS site for me... Just interested, you can send it to my email address! THanks! dariusmoj@hotmail.com I would love for someone to write a detailed pros/cons list on TOS site for me… Just interested, you can send it to my email address! THanks! dariusmoj@hotmail.com

]]> By: Roseydave http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm/comment-page-1#comment-61573 Roseydave Sun, 23 Nov 2008 23:31:24 +0000 http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm#comment-61573 Was considering TOS till Jeff's post. Wonder why these issues weren't mentioned in any of the previous posts. This sounds like a very slow and archaic refresh proccess. Seconds cost. Was considering TOS till Jeff’s post. Wonder why these issues weren’t mentioned in any of the previous posts. This sounds like a very slow and archaic refresh proccess. Seconds cost.

]]> By: Jeff http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm/comment-page-1#comment-61164 Jeff Wed, 19 Nov 2008 22:14:43 +0000 http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm#comment-61164 I'm a TOS customer that ONLY uses their web-based trading platform. After several month, today I have had enough. I'm tried of the web-based trading platform and I'm leaving to go back to my previous broker. The reason is that the order entry is soooo very slow and often causes the MS Internet Explorer to crash. My beefs are many... but here are a few. I usually trade 1000 share lots do some nearly every day. On the web based order page, whether you’re changing the Side (Buy/Sell), Quantity, Price, Order (Limit, Market, Stop, etc) – it refreshes from the TOS server for each one… making is so very slow. If you’re too fast it can cause it to crash and then you have to log back in. Again—when you change from buy to sell it refreshes to server. Then when you change Quanity it refreshes to server; then when you change price it goes to server, then when you change the order… it again goes to the server and the when you hit the CONIRM+SEND and get the confirmation page it give you two commission rates: “Per Share Commission $15.00 or Flat Fee Trading $9.95” Of course it defaults to the high rate and order to change it to the $9.95 rate you have to click another bottom… but now the Order Confirmation and Analysis page blocks the price and so you hit the SEND ORDER only to find that the market is way gone from where it was when you where setting the order up. NOW you have to change pages, go to the MONITOR page and check the WORKING ORDER status and then do a REPLACE and back to the TRADING tab to do it all over again. OMG it shouldn’t be this hard to make a trade. I’m a TOS customer that ONLY uses their web-based trading platform. After several month, today I have had enough. I’m tried of the web-based trading platform and I’m leaving to go back to my previous broker. The reason is that the order entry is soooo very slow and often causes the MS Internet Explorer to crash.

My beefs are many… but here are a few. I usually trade 1000 share lots do some nearly every day. On the web based order page, whether you’re changing the Side (Buy/Sell), Quantity, Price, Order (Limit, Market, Stop, etc) – it refreshes from the TOS server for each one… making is so very slow. If you’re too fast it can cause it to crash and then you have to log back in. Again—when you change from buy to sell it refreshes to server. Then when you change Quanity it refreshes to server; then when you change price it goes to server, then when you change the order… it again goes to the server and the when you hit the CONIRM+SEND and get the confirmation page it give you two commission rates: “Per Share Commission $15.00 or Flat Fee Trading $9.95” Of course it defaults to the high rate and order to change it to the $9.95 rate you have to click another bottom… but now the Order Confirmation and Analysis page blocks the price and so you hit the SEND ORDER only to find that the market is way gone from where it was when you where setting the order up. NOW you have to change pages, go to the MONITOR page and check the WORKING ORDER status and then do a REPLACE and back to the TRADING tab to do it all over again. OMG it shouldn’t be this hard to make a trade.

]]> By: jesse http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm/comment-page-1#comment-58783 jesse Wed, 29 Oct 2008 14:55:44 +0000 http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm#comment-58783 With TOS, isn't your actual account held in the US not Canada, so you are subject to US tax on your earnings, and then have to claim a credit on your Canadian return. Doesn't this complicate matters and cost you more than just working with an actual Canadian broker that holds your money in Canada?? With TOS, isn’t your actual account held in the US not Canada, so you are subject to US tax on your earnings, and then have to claim a credit on your Canadian return. Doesn’t this complicate matters and cost you more than just working with an actual Canadian broker that holds your money in Canada??

]]> By: NJ http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm/comment-page-1#comment-57679 NJ Mon, 20 Oct 2008 03:13:35 +0000 http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm#comment-57679 I was at a Think or Swim presentation over the week-end. It is true about US Dollars. The Rep did also indicate that RRSP's and Mutual funds should be available by end of Nov 08 I was at a Think or Swim presentation over the week-end. It is true about US Dollars. The Rep did also indicate that RRSP’s and Mutual funds should be available by end of Nov 08

]]> By: Dan http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm/comment-page-1#comment-53969 Dan Fri, 26 Sep 2008 21:45:47 +0000 http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm#comment-53969 me again I wanted to ask... where did you guys hear they have order cancelation charges? it's inaccurate, I make on average of 1-2 cancelations per trade... never been charged anything... me again

I wanted to ask… where did you guys hear they have order cancelation charges? it’s inaccurate, I make on average of 1-2 cancelations per trade… never been charged anything…

]]> By: Dan http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm/comment-page-1#comment-53627 Dan Wed, 24 Sep 2008 21:50:10 +0000 http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm#comment-53627 Dan again here I live in Nova-Scotia now, but was in ON when I opened my account, and now they are available in NS. When I did the transfer of funds from presidents choice to TOS, I sent CA$ and they did the conversion, so you can fund it in CA$... and did I mention I love the platform that works on my mac, with streaming cotes…. So I don’t have to go back and forth between tablinks and refresh to place an order, go to a different screen to find out if it has been filled, if it hasn’t then keep refreshing your window till it does, and then wait until the next business day to find out what my market value is or start calculating on my own, all this I put-up with on the TDW Webbroker… not for long I hope! Dan again here

I live in Nova-Scotia now, but was in ON when I opened my account, and now they are available in NS.

When I did the transfer of funds from presidents choice to TOS, I sent CA$ and they did the conversion, so you can fund it in CA$… and did I mention I love the platform that works on my mac, with streaming cotes…. So I don’t have to go back and forth between tablinks and refresh to place an order, go to a different screen to find out if it has been filled, if it hasn’t then keep refreshing your window till it does, and then wait until the next business day to find out what my market value is or start calculating on my own, all this I put-up with on the TDW Webbroker… not for long I hope!

]]> By: Dan http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm/comment-page-1#comment-53614 Dan Wed, 24 Sep 2008 20:51:21 +0000 http://www.milliondollarjourney.com/think-or-swim-discount-brokerage-review.htm#comment-53614 I have 2 accounts I've been with TOS for about 6 months now, started out very small, about 8k US, hovering around 13K now (and I can tell you 13K US now is worth more then 13k US 4 months ago in terms of CA$... needless to say my RRSP account at TDW is in US as well) What I love about TOS: A free platform that is user friendly, it works on my Mac, I haven't seen any glitches yet. I have access to free Prophetcharts (for those who don't know, IMO it's the best charting for a technical analysis available on the web). They have free CNBC news, you can listen to the news live without any commercials, or just look up a stock symbol and it will list all related news, so you can just spend 5-10 min doing your research per stock… if that... TRADING COST IS CHEEP. If you have to call and the few times that I did it was pleasant. How I started the account I just went on my Presidents Choice bank account, added a bill account with the word "Pension", made a payment to it, and the money was there in about 2 business days, and I can add to it if I want to at anytime. You can place trades on the phone for no additional cost. My RRSP account with TDWaterhouse... slightly larger yet still small, about 50K... I can't stand them, "if you're not rich you pay" is their approach, if you have money, they'll make it very cheep for you to stay with them, you're only important if you have 100K + otherwise you're quite insignificant. Website is very complicated and archaic, doesn't always allow you to do what you need or want to do... so you have to call them, by the time they figure out what was wrong your buy price is no longer available or better yet, twice in 4 months by the time they were done figuring out that I did have enough money in my account to place my trade, 13 & 17 min later respectively, the market is closed, so they ask you if you want it for the next day.... if the website doesn't let you do a trade and you call them to let them know what happened, make sure to remind them not to charge you extra because you couldn't do it on the website otherwise you get slapped with broker commissions (higher). Because I want to keep my account in US $, after every trade I have to call in and ask them to wash my trades, if I don't it gets converted back to CA$, and you almost always loose on the exchange, especially if you plan on buying US securities next time.... all they had to do is ad a check box for a wash... As you can see I can b@#!$ about TDW for hours but my TOS are great, they will start holding CA$ accounts when they get approval to operate by all provinces in Canada, after that they will start holding RRSPS... and I can't wait for that to happen so I can tell TDW to go..... If you have any issues call them and ask for yourself, don't just go by what I’m saying or anyone else for that matter. Dan I have 2 accounts

I’ve been with TOS for about 6 months now, started out very small, about 8k US, hovering around 13K now (and I can tell you 13K US now is worth more then 13k US 4 months ago in terms of CA$… needless to say my RRSP account at TDW is in US as well)

What I love about TOS:

A free platform that is user friendly, it works on my Mac, I haven’t seen any glitches yet. I have access to free Prophetcharts (for those who don’t know, IMO it’s the best charting for a technical analysis available on the web). They have free CNBC news, you can listen to the news live without any commercials, or just look up a stock symbol and it will list all related news, so you can just spend 5-10 min doing your research per stock… if that… TRADING COST IS CHEEP. If you have to call and the few times that I did it was pleasant. How I started the account I just went on my Presidents Choice bank account, added a bill account with the word “Pension”, made a payment to it, and the money was there in about 2 business days, and I can add to it if I want to at anytime. You can place trades on the phone for no additional cost.

My RRSP account with TDWaterhouse… slightly larger yet still small, about 50K… I can’t stand them, “if you’re not rich you pay” is their approach, if you have money, they’ll make it very cheep for you to stay with them, you’re only important if you have 100K + otherwise you’re quite insignificant. Website is very complicated and archaic, doesn’t always allow you to do what you need or want to do… so you have to call them, by the time they figure out what was wrong your buy price is no longer available or better yet, twice in 4 months by the time they were done figuring out that I did have enough money in my account to place my trade, 13 & 17 min later respectively, the market is closed, so they ask you if you want it for the next day…. if the website doesn’t let you do a trade and you call them to let them know what happened, make sure to remind them not to charge you extra because you couldn’t do it on the website otherwise you get slapped with broker commissions (higher). Because I want to keep my account in US $, after every trade I have to call in and ask them to wash my trades, if I don’t it gets converted back to CA$, and you almost always loose on the exchange, especially if you plan on buying US securities next time…. all they had to do is ad a check box for a wash…

As you can see I can b@#!$ about TDW for hours but my TOS are great, they will start holding CA$ accounts when they get approval to operate by all provinces in Canada, after that they will start holding RRSPS… and I can’t wait for that to happen so I can tell TDW to go….. If you have any issues call them and ask for yourself, don’t just go by what I’m saying or anyone else for that matter.

Dan

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