Looks like TDAmeritrade managed to take our brokerage firm off the street by buying them out at a pretty nice premium. I couldn’t be more bummed about this. I left TDAmeritrade, because in my opinion, they have horrible fills, and I constantly found myself arguing with them over this. With ThinkorSwim , the fills were always the best, and never once called them up to dispute an order. But if they are just going to swallow TOS into the parent company, then I’m taking my money elsewhere. Been there and done that – I’m not going though that misery again.
I like Tradestation , the only problem, they don’t have a web-based platform, and I always like having that feature, for backup purposes. Instead they have a software-based trading platform in which they charge you about $100/month, unless you meet numerous certain conditions, which isn’t a good thing for a trader, because you might find yourself trying to trade in order that you might meet the monthly requirements to waive the $100 fee.
E-Trade is a mirror image of TDAmeritrade, so that is a “no-go”, and Scottrade, I’m not to familar with, but the times I have used them, I’ve been unimpressed. I have been checking out TradeKing , and they seem to be pretty descent, and provide some pretty descent services (though no where near as good as TOS). So if necessary, at the current moment, I’m leaning toward TradeKing as my alternative.
I’m going to wait it out for the time being. If TDAmeritrade keeps TOS as a stand alone company and don’t go messing with their fee structure, software, and most importantly their order execution, then I will stay, but if they even change one thing on my list, I’m out the door.
