Before you invest with or through TD Ameritrade or its subsidiary Thinkorswim, you should read some of the reviews at:
The above site is not affiliated with CheatedInvestor but it does give you an idea of how you will be treated as a customer.
Complaints we have received:
Trades Backed Out
- “I have had (3) profitable trades backed out (but never an unprofitable one); been unable to decipher TD Ameritrade’s intentionally bewildering and conflicting data, reports and statements; and had trades that were not executed.-DN, New York
- “My experiences with and analysis of TD Ameritrade mirror yours. I have had numerous profitable trades backed out; consistently received inaccurate, misleading, and conflicting reports and data; have had reduced/no control over my account; been unable to execute trades; encountered lies, denials and abuse by their representatives and more.”Jeff – USA
- “I have over 20 years investment experience. Over the last 3 years I have traded with TD Ameritrade, Charles Schwab, E-trade and Scottrade… As far as TD Ameritrade, you have no control over your account; I have had good trades backed out and I have not been able to execute certain trades… They are making incredible profits and myself and others feel their staff is ether demoralized or in denial” – Walter – Florida
- “TD Ameritrade holds 3 accounts for me 2 IRA accounts and 1 individual account. During the “Flash Crash” of May 6th 2010, they Liquidated my account as part of protecting their interest causing a loss of more than 160K without allowing me to cover the call.” EM, Ohio
- “We have had serious problems with TD Ameritrade, changing orders, backing out of orders, selling at the wrong price…and the customer services is terrible, we have very little response to all of our emails and almost no help over numerous phone calls.” – CM, New York
FAILURE TO ACKNOWLEDGE PROBLEMS
- “TD Ameritrade has serious issues with their trading platform. I have had the most amazing issues such as buying from one account, but having the orders placed to another, orders placed outside the time limit they advertise, odd error messages, trading platforms locking up while daytrading. Half the time I get no response to my emails. The rest of the time they say it is my fault. I have sent screenshots to them illustrating the problems and even posted a video to Youtube clearly showing my problem. (It can be found in Youtube by ssearching for TDAmeritrade Problem). I emailed them the link a week ago. Nothing. This company chargees $20 a round trip for trades and I make about 4 a day. You would think that for $1600 a month, they might feel some responsibility to their customers.” – John – California
- “I just got off the phone with a TD Ameritrade customer service supervisor and wow was he a jerk…While filling out the application (at a local branch), I came across an alarming statement on the account agreement (“I agree to indemnify and hold harmless TD AMERITRADE (TDA and TD AMERITRADE Clearing, Inc. (TDAC) from any and all liability and claims for damages resulting from any action taken pursuant to this Agreement” – last sentence in #7. Individual Retirement Account Agreement). I found a very similar sentence in the last paragraph of this same section. I called to asked customer service what these sentences meant (it appears to say that I agree not hold TD Ameritrade responsible for any wrong doing related to my account). The first guy could not explain what this sentence was saying. He passed me over to his supervisor. [The supervisor] answers the phone with an attitude and says, “…it is just saying that you agree to the conditions of the account…sign it or don’t, its your choice…” The same section also says that I “Having received and read the Custodial Agreement…” I then asked him where I find this form. His attitude gets worse and he says, “it’s out there somewhere…you should have received it from the agent at the branch…” I did not receive this document and I told him that this is no way to treat a perspective client… All I know is that I feel sorry for anyone that signs this document and later has a problem in there account because according to the account agreement you agree to indemnify (To protect against damage, loss, or injury) and hold harmless TD Ameritrade, TD Ameritrade Clearing, Inc. and TD Ameritrade Inc. from any and all liability and claims for damages resulting from any action taken pursuant (in accordance with) to this Agreement. And if the customer service supervisor treats a new (perspective) client this poorly, I can only imagine how he (they) would treat an existing account holder if they had a problem.” – Sean – Maryland
Other COMPLAINT SITES WORTH VISITING:
Disclaimer: Nothing on this page is to be construed as investment advice of any kind. We are not professionals or licensed investment advisers. We are real people who have been “burned” by TD Ameritrade and Thinkorswim, and we share our stories to help you avoid becoming the next victim.