the reason why i was asking is because i see on the website that the minimum initial deposit is $3,500. however, i recall reading somewhere here on et about a trader depositing a lot less to start trading. i think it was with thinkorswim...but i could be wrong. maybe with optionsexpress?
I recently started the process of opening a TOS account and their customer service was extremely helpful. I also asked them about the 3500 floor for accounts and the CS rep that emailed me said they needed at least 2K due to margin requirements. I am waiting for an amount response in reguards to my inquiry about a non-margin account. So far, just in talking to them, I am extremely happy though.
OptionsXpress is a decent broker, but their bond commissions are outrageous. They don't pay very high interest on cash so if you want to increase that by buying bonds you cannot. As I recall, they charge $5 per bond. I don't know any broker that is higher. TOS charges something like $1 per bond. Don
Wish that I would have found this thread before transferring my IRA. Moved it from Wachovia/Pru, and they hit me for about $100. They also charged me $125 for some account management fee, which was supposed to have been discontinued over a year ago. Trying to get a refund from them, but so far no luck. Moved it to IB, which so far I am pleased with. Anyone know if they would do any refunding of tranfer fees? I can ask, but thought that I'd see if anyone had luck with it first? gordo
Only the transfer fee...not the custodial closing fee...but TOS will not tell you that...I ended up staying at OptionsXpress because of this...Wifey does not have that much money and contracts in her account yet (she spent it all)...but we will eventually get over to TOS... I piss a lot of people off with my never ending phone calls and questions and I find things out as much as I can before making a move...I posted this thread for this reason... But when you do not have a lot of money, you can't negotiate...TOS remains quite open-minded, but not for me yet. So I stay and pay a few more dollars per contract over at OptionsXpress... Michael B.
I've been with them not quite a year yet. A good place for trading equity options or even for investing - look elsewhere for futures, though. No surprises so far. You can negotiate a better rate if you do some volume (and it's not that large a hurdle). I was able to get the ticket charge waived and my comm dropped a smidge. I maybe could save some money over at IB, but; 1) My commissions aren't a huge part of my trading, 2) my fills are really good (mostly ISE and done at the mid or darn close), 3) I don't screw with cancel fees (which would take a bite with my style), and 4) they answer on the 2nd or 3rd ring the few times I've had to call. Your mileage may vary. Good luck.