Is TD Ameritrade a broker or a “Roach Motel” - Reviews of Brokers and Data Feeds | futures io social day trading
futures io futures trading


Is TD Ameritrade a broker or a “Roach Motel”
Updated: Views / Replies:2,688 / 18
Created: by jberesfordtipton Attachments:0

Welcome to futures io.

(If you already have an account, login at the top of the page)

futures io is the largest futures trading community on the planet, with over 90,000 members. At futures io, our goal has always been and always will be to create a friendly, positive, forward-thinking community where members can openly share and discuss everything the world of trading has to offer. The community is one of the friendliest you will find on any subject, with members going out of their way to help others. Some of the primary differences between futures io and other trading sites revolve around the standards of our community. Those standards include a code of conduct for our members, as well as extremely high standards that govern which partners we do business with, and which products or services we recommend to our members.

At futures io, our focus is on quality education. No hype, gimmicks, or secret sauce. The truth is: trading is hard. To succeed, you need to surround yourself with the right support system, educational content, and trading mentors – all of which you can find on futures io, utilizing our social trading environment.

With futures io, you can find honest trading reviews on brokers, trading rooms, indicator packages, trading strategies, and much more. Our trading review process is highly moderated to ensure that only genuine users are allowed, so you don’t need to worry about fake reviews.

We are fundamentally different than most other trading sites:
  • We are here to help. Just let us know what you need.
  • We work extremely hard to keep things positive in our community.
  • We do not tolerate rude behavior, trolling, or vendors advertising in posts.
  • We firmly believe in and encourage sharing. The holy grail is within you, we can help you find it.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.

You'll need to register in order to view the content of the threads and start contributing to our community.  It's free and simple.

-- Big Mike, Site Administrator

Reply
 
Thread Tools Search this Thread
 

Is TD Ameritrade a broker or a “Roach Motel”

  #11 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,237 since Jun 2009
Thanks: 29,350 given, 83,145 received


jberesfordtipton View Post
The fact that they may have a good reputation makes what happened in my case even more curious.
I have now been waiting for an explanation from them since November 26th, with nary a word.
I am glad you got your money back without a problem.

I believe the issue lies with the way you handled it. You funded an account then withdraw all the money back out five weeks later, and did not place any trades. There are money laundering laws.

I am sure there is a disclaimer that defines this, I believe it is a waiting period that all brokers must enforce but I am not certain.

It is not fair to call TDA a "roach motel" because of this. Although I am surprised that when you spoke to them on the phone, they weren't able to specifically cite why they couldn't return the money yet. They should have been able to cite the reason and give a date the funds would be available, per the money laundering laws.

This is my understanding. I am not a broker nor have I done what you've done.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #12 (permalink)
Elite Member
virginia
 
Futures Experience: Intermediate
Platform: ninja
Favorite Futures: ES
 
cory's Avatar
 
Posts: 5,198 since Jun 2009
Thanks: 627 given, 6,285 received

no matter what a customer intention is, it could be as simple as getting cold feet. It's his money to start with so the broker should return his his money imm, imho.

Reply With Quote
 
  #13 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,237 since Jun 2009
Thanks: 29,350 given, 83,145 received



cory View Post
no matter what a customer intention is, it could be as simple as getting cold feet. It's his money to start with so the broker should return his his money imm, imho.

Naturally. But they are bound by money laundering laws in this case, is my guess.

Sent from my LG Optimus G Pro

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #14 (permalink)
Elite Member
new york new york
 
Futures Experience: Intermediate
Platform: IB
Favorite Futures: commodities
 
Posts: 9 since Nov 2013
Thanks: 9 given, 1 received

Although they have never explained to me why they did what they did, I doubt that money laundering regulations could have anything to do with their actions:
1. It could hardly be a wash to be taking money out of my bank account and then replacing it back into the same account over a month later.
2. They had no hesitation to mail me a check for the requested funds on that same day.

As an aside, as to why I did what I did: I funded the account in the expectation that I could use two order entry systems with which I was familiar, Quotetracker ( which had been actually been bought by Ameritrade) or NinjaTrader. When I found that those two systems could not be used for futures with TD Ameritrade my interest in using TD Ameritrade decreased. [I know that they have TOS, but I am not keen on learning a new system ( I currenty use IB's TWS)].

Reply With Quote
 
  #15 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,237 since Jun 2009
Thanks: 29,350 given, 83,145 received


jberesfordtipton View Post
Although they have never explained to me why they did what they did, I doubt that money laundering regulations could have anything to do with their actions:
1. It could hardly be a wash to be taking money out of my bank account and then replacing it back into the same account over a month later.
2. They had no hesitation to mail me a check for the requested funds on that same day.

As an aside, as to why I did what I did: I funded the account in the expectation that I could use two order entry systems with which I was familiar, Quotetracker ( which had been actually been bought by Ameritrade) or NinjaTrader. When I found that those two systems could not be used for futures with TD Ameritrade my interest in using TD Ameritrade decreased. [I know that they have TOS, but I am not keen on learning a new system ( I currenty use IB's TWS)].

I cannot find the specific rule I am thinking of. All I know is that in the past I've signed an agreement stating that funds I deposit will not be available for withdraw within a certain period of time, I was thinking something around 4-6 weeks or something. But can't find it, and can't spend more time on it.

What is still unclear to me is what TDA has told you when you've spoken to them by phone. Have you?

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #16 (permalink)
Elite Member
new york new york
 
Futures Experience: Intermediate
Platform: IB
Favorite Futures: commodities
 
Posts: 9 since Nov 2013
Thanks: 9 given, 1 received

The only time I spoke with them was when I asked them to sent me the majority of my money by ACH. They said they would not do that unless I obtained a letter from my bank saying that the money that I had transferred to TD by ACH over a month ago had left the bank. I said this was nuts as TD had had the money for over a month. I then asked for a check instead and they said (and they did) mail me a check that very day.

After that but on the same day, November 26th I sent an email message to TD asking for an explanation and telling them that they could review the tape of the call. The only response I ever received was a message on November 27th saying:"Your inquiry has been escalated. A specialist will research and respond to your concern. We appreciate your patience while awaiting their resolution."

It is now December 4th and no further word from them

Reply With Quote
 
  #17 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
Big Mike's Avatar
 
Posts: 46,237 since Jun 2009
Thanks: 29,350 given, 83,145 received


jberesfordtipton View Post
The only time I spoke with them was when I asked them to sent me the majority of my money by ACH. They said they would not do that unless I obtained a letter from my bank saying that the money that I had transferred to TD by ACH over a month ago had left the bank. I said this was nuts as TD had had the money for over a month. I then asked for a check instead and they said (and they did) mail me a check that very day.

After that but on the same day, November 26th I sent an email message to TD asking for an explanation and telling them that they could review the tape of the call. The only response I ever received was a message on November 27th saying:"Your inquiry has been escalated. A specialist will research and respond to your concern. We appreciate your patience while awaiting their resolution."

It is now December 4th and no further word from them

Well let's be realistic, why don't you call them again? They are a big place, it is better to handle this stuff by phone.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #18 (permalink)
Elite Member
new york new york
 
Futures Experience: Intermediate
Platform: IB
Favorite Futures: commodities
 
Posts: 9 since Nov 2013
Thanks: 9 given, 1 received


Big Mike View Post
Well let's be realistic, why don't you call them again? They are a big place, it is better to handle this stuff by phone.

Mike

I feel that if I try to handle this by phone whoever gets the phone call will not believe my account of what happened [It sounds just plain nuts] without first finding the tape and playing what the TDAT representative demanded that I do. That is why when I sent them the original request for an explanation I asked them to play the tape.

But in the warm spirit of Christmas I decided to send them another message tonight, again giving them the opportunity to review the tape and explain what their problem was. If, as, or when, they reply I will post their answer.
Regards,
JBT

Reply With Quote
 
  #19 (permalink)
Elite Member
new york new york
 
Futures Experience: Intermediate
Platform: IB
Favorite Futures: commodities
 
Posts: 9 since Nov 2013
Thanks: 9 given, 1 received

TDAT Answers : Can't Take Money Back for 2 Months

On December 10th TDAT clarified their position. Because I funded account on October I cannot remove funds for 2 months.
Below is their complete message. I guess I now know that the answer is that it acts like a roach motel



From: Message Center Client Services|Date: 12/10/13 12:02 PMMessage available until 12/10/15.
To [jberesfordtipton],

The account was funded on 10/15/2013. You have to wait until 12/15/2013 to remove the funds. If you have further questions please respond to this e-mail and I will be happy to help you. Thank you for choosing TD Ameritrade.

Sincerely,

Ben Houston
Client Services, TD Ameritrade
Division of TD Ameritrade, Inc.

Reply With Quote

Reply



futures io > > > > Is TD Ameritrade a broker or a “Roach Motel”

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

Adam Grimes: TBA

Elite only

NinjaTrader: TBA

Dec 7

Linda Bradford Raschke: TBA

Elite only

Ran Aroussi: TBA

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
TD ameritrade w/Sierra charts rmiller863 Sierra Chart 7 December 12th, 2013 05:53 PM
TD Ameritrade Data Feed Request iCEO MultiCharts 13 April 23rd, 2013 03:41 AM
ThinkorSwim and TD Ameritrade Warning philipp Reviews of Brokers and Data Feeds 35 February 13th, 2013 10:28 AM
Anyone here use Zen-fire and TD Ameritrade feed ? quantismo Reviews of Brokers and Data Feeds 1 December 1st, 2012 12:36 AM
China's a 'Roach Motel'; Don't Trust the Numbers: Chanos Quick Summary News and Current Events 0 September 20th, 2012 09:10 AM


All times are GMT -4. The time now is 12:00 PM.

Copyright © 2017 by futures io, s.a., Av Ricardo J. Alfaro, Century Tower, Panama, +507 833-9432, info@futures.io
All information is for educational use only and is not investment advice.
There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
no new posts
Page generated 2017-11-18 in 0.14 seconds with 19 queries on phoenix via your IP 54.162.250.227