I've never seen this question posted before but I'm thinking that I will open a thinkorswim account - based on what I've seen at their website and comments on Elite Trader. However, I really don't know anything more about TOS and it makes me wonder how safe is my money. I don't mean how safe is my money in terms of trades that I make. I mean, how stable is TOS. I'll move from Etrade and Vanguard which, of course, have a larger presence. Any input? Thanks,
I wouldn't be concerned about this at all. ToS handles its finances through Penson Financial Services, just in case you want to check into them a bit. They've been around for about 11 years, and specialize in active trading brokers/dealers, so it is a good fit for ToS. My expeirence with ToS has been wonderful. They are the only options brokers that I have dealt with that know what they are talking about.
TOS clears thru Pension like many. When I used to trade with Pristine's broker, they clear thru Pension too. Check TOS's FAQ: http://www.thinkorswim.com/tos/displayPage.tos?webpage=whythinkorswim I have no doubt with TOS. If you have more other question, you can call TOS directly to ask this question.
I must agree with these other posts. Nothing to worry about with Penson. TOS is great, they have accomodated every request I've made of them. I now even have them e-mailing me when a trade gets triggered Don-
I too am opening a TOS account. I used to use MyTrack but comm etc. were too much. I used them for years and they cleared through Penson without ever a problem. hope this helps. T
If options is your interest then TOS should be the brokerage of choice. hey are absolutely the best options brokerage out there. I have dealt with optionsxpress and TOS and TOS blows them out of the H2O. I can't say enough about these guys and the software they offer. Simply top notch.
they have more money than you or i will probably ever have... the owners are successful floor traders and have access to lots of venture capital... if i had half their money i would burn mine... any more questions...
I think that so far none of the replies addresses charliek_98's concern. Even the biggest business can go bankrupt, and he's concerned for his money. I use optionsXpress and they insure their customers' accounts up to something like $20 mils. I guess TOS does something similar.
Are you blind? Almost every reply on the first page gives some kind of reassurance that Penson and TOS are trustworthy. Isn't that the concern charlie had? Maybe I missed something.... Don-
I'm not blind, but you lack manners ... His concern was "it makes me wonder how safe is my money". If he learns that his account will be insured against the brokerage failure, it should alleviate his concern. You're affirmation, that "Penson and TOS are trustworthy", offers no financial guarantee. Enron was trustworthy, that British bank brought down by one Singapore trader was trustworthy too. Account protection might not be a concern to you if you have a small account and are covered by SIPC, but it is the most important thing when you have a large one. Maybe you'll be in that position one day, or maybe not. Anyway, better watch your manners ... They could make you or brake you.