I still have an existing TD Ameritrade account since my options days on ThinkOrSwim platform.
This morning, TD Ameritrade announced that they will focus only on Accredited Investors (AI) in Singapore.
Here is the notice.
You will have two options:
- Declare and become an Accredited Investor
- Sell or Transfer your Assets and Close your account
- Remain open. You will continue to be charged a monthly account maintenance fee of USD $50 until you complete an entire account transfer and/or wire withdrawal to bring your account cash balance down to $0 (zero).
Here is the timeline, and please note the impact:
I would most likely close my account if I could but like a Telegram member says, ThinkOrSwim even before being bought over by TD has one of the better options and charting platforms out there.
This will impact the smaller options traders who are trying to learn options on a better platform.
I would most likely check how much I have in my TD account and close it if possible. The impact to my account should be minimal.
Like most announcement of cessation of business, I thought they should give more lead time.
This message also shows us that they are likely pulling out of Singapore (perhaps due to the intense competition) and the AI money will be managed directly from the US entity.
For some of you, this might concern you as you prefer an entity with at least a local presence.
To trade stocks & options in US, there is always a few brokers such as WeBull, Moomoo, Tiger as well as Interactive Brokers.
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