Anyone use TD Ameritrade?

[churnmaster]

Whilst $0 brokerage fee for US trades is heaven to many, do take note below for small amt traders.

What is the minimum deposit required to open an account?
There is no minimum amount to open an account.

We recommend people start with at least USD$3,500. If you do fund with at least USD$3,500, we will rebate your wire fee up to USD$100.

You need USD$25,000 to actively day trade,

USD$5,000 to sell options naked,

and USD$2,000 to have margin capability in your account.

At a minimum, you need at least USD$500 to receive live real time data.

https://www.tdameritrade.com.sg/faqs.html

The minimum requirements are quite reasonable.

How long it takes to open an account these days? Few weeks back someone said it takes almost a month because of too many signup applications after the $0 brokerage fee announcement.

 

[queerquirks]

The minimum requirements are quite reasonable.

How long it takes to open an account these days? Few weeks back someone said it takes almost a month because of too many signup applications after the $0 brokerage fee announcement.

Close to 4 weeks for me, still waiting for account opening.

 

[Converged]

What is the cheapest way to fund TOS? Exchange rate at bank is atrocious

Posted from PCWX using 999

 

[OnePunchMan]

The minimum requirements are quite reasonable.

How long it takes to open an account these days? Few weeks back someone said it takes almost a month because of too many signup applications after the $0 brokerage fee announcement.

I got an reply of some document you submitter have expired.. 10th week so far

 

[findinglaserprinter]

I think that those brokers that are not implementing it are just B Booking

A/B booking is only for forex. Regulations are tricky, at least in this case the broker and not the individual is responsible for following this rule

What is the cheapest way to fund TOS? Exchange rate at bank is atrocious

Posted from PCWX using 999

Isn't their rate through DBS fairly good? It's not the publicly available one but a preferential rate.

 

[silverbomb]

Just to check, there is a document which we got to print and physically sign and scan back to them to complete the sign up?

Posted from PCWX using SM-G965F

 

[BBCWatcher]

What is the cheapest way to fund TOS? Exchange rate at bank is atrocious

If you already have U.S. dollars in a U.S. bank or U.S. credit union account, then that'll be the cheapest way to fund a TD Ameritrade account. Otherwise, you're just picking your least painful poison, really.

TD Ameritrade Singapore can accept first party GIRO and FAST transfers from POSB and DBS account holders, even in Singapore dollars. (GIRO/FAST transfers from other banks are not allowed.) Also, TD Ameritrade Singapore can accept first party paper Singapore dollar checks drawn from any local bank in Singapore. However, in all these cases you're at the mercy of whatever path TD Ameritrade picks to convert those Singapore dollars to U.S. dollars.

Part of choosing a broker is choosing the deposit and withdrawal paths the broker supports, and their costs. If TD Ameritrade doesn't meet your needs in these regards, find another broker.

 

[nekoarc]

Just to check, there is a document which we got to print and physically sign and scan back to them to complete the sign up?

Posted from PCWX using SM-G965F

Yes there is a document to collect your signature. I used Adobe Acrobat's digital signature feature to do that.

 

[silverbomb]

If you already have U.S. dollars in a U.S. bank or U.S. credit union account, then that'll be the cheapest way to fund a TD Ameritrade account. Otherwise, you're just picking your least painful poison, really.

TD Ameritrade Singapore can accept first party GIRO and FAST transfers from POSB and DBS account holders, even in Singapore dollars. (GIRO/FAST transfers from other banks are not allowed.) Also, TD Ameritrade Singapore can accept first party paper Singapore dollar checks drawn from any local bank in Singapore. However, in all these cases you're at the mercy of whatever path TD Ameritrade picks to convert those Singapore dollars to U.S. dollars.

Part of choosing a broker is choosing the deposit and withdrawal paths the broker supports, and their costs. If TD Ameritrade doesn't meet your needs in these regards, find another broker.

Are the withdrawal strictly in USD (via multicurrency acct) or exchange back to SGD and transfer to local bank account?

Posted from PCWX using SM-G965F

 

[silverbomb]

Yes there is a document to collect your signature. I used Adobe Acrobat's digital signature feature to do that.

Oh I saw somewhere stating digital one cannot. Did TOS approved your account then??

Posted from PCWX using SM-G965F

 

[findinglaserprinter]

Yes there is a document to collect your signature. I used Adobe Acrobat's digital signature feature to do that.

Oh I saw somewhere stating digital one cannot. Did TOS approved your account then??

Posted from PCWX using SM-G965F

They did mention a wet signature is required, and a bit of googling told me that it meant that it must be physically signed. Digital signatures, even a digital image of your signature does not count.

I only saw that after I submitted my form, and they wouldn't let me resubmit.... my account is not yet approved, let's see if they will accept it

 

[nekoarc]

My account got approved already. Oh well

 

[OnePunchMan]

My account got approved already. Oh well

grats.. I feel like my document is re-queuing all over again. hope it will be done this week

 

[BBCWatcher]

Are the withdrawal strictly in USD (via multicurrency acct) or exchange back to SGD and transfer to local bank account?

If you don't have a U.S. bank or U.S. credit union account, then withdrawals are via U.S. dollar wire transfers to your account outside the United States. TD Ameritrade charges US$25 per wire transfer, and your bank and its intermediaries may levy fees, too.

If your bank account is in some other currency besides U.S. dollars, such as Singapore dollars, then the currency will be converted at whatever the bank and its intermediaries want to charge. That probably won't be a wonderful conversion rate. If your bank account is denominated in U.S. dollars then congratulations, you'll end up with U.S. dollars (after fees). "Then what?" is still your problem to solve. If you want to buy a plate of chicken rice at Kopitiam in Singapore, U.S. dollars don't work too well.

In short, TD Ameritrade accounts are in U.S. dollars, and TD Ameritrade doesn't help too much with any other currencies. TD Ameritrade makes it slightly more convenient to deposit Singapore dollars and have them instantly converted to U.S. dollars, although the conversion rate you get will be whatever TD Ameritrade and its bank provide at that moment.

 

[silverbomb]

If you don't have a U.S. bank or U.S. credit union account, then withdrawals are via U.S. dollar wire transfers to your account outside the United States. TD Ameritrade charges US$25 per wire transfer, and your bank and its intermediaries may levy fees, too.

If your bank account is in some other currency besides U.S. dollars, such as Singapore dollars, then the currency will be converted at whatever the bank and its intermediaries want to charge. That probably won't be a wonderful conversion rate. If your bank account is denominated in U.S. dollars then congratulations, you'll end up with U.S. dollars (after fees). "Then what?" is still your problem to solve. If you want to buy a plate of chicken rice at Kopitiam in Singapore, U.S. dollars don't work too well.

In short, TD Ameritrade accounts are in U.S. dollars, and TD Ameritrade doesn't help too much with any other currencies. TD Ameritrade makes it slightly more convenient to deposit Singapore dollars and have them instantly converted to U.S. dollars, although the conversion rate you get will be whatever TD Ameritrade and its bank provide at that moment.

Good explanation. Basically it's ease of conversion is 1 way to attract Singaporeans to on board but for the return direction they don't make offer that option in reverse. Thanks.

Posted from PCWX using SM-G965F

 

[findinglaserprinter]

My account got approved already. Oh well

Congrats. Guess they don't really enforce the wet signature requirement!

If you don't have a U.S. bank or U.S. credit union account, then withdrawals are via U.S. dollar wire transfers to your account outside the United States. TD Ameritrade charges US$25 per wire transfer, and your bank and its intermediaries may levy fees, too.

If your bank account is in some other currency besides U.S. dollars, such as Singapore dollars, then the currency will be converted at whatever the bank and its intermediaries want to charge. That probably won't be a wonderful conversion rate. If your bank account is denominated in U.S. dollars then congratulations, you'll end up with U.S. dollars (after fees). "Then what?" is still your problem to solve. If you want to buy a plate of chicken rice at Kopitiam in Singapore, U.S. dollars don't work too well.

In short, TD Ameritrade accounts are in U.S. dollars, and TD Ameritrade doesn't help too much with any other currencies. TD Ameritrade makes it slightly more convenient to deposit Singapore dollars and have them instantly converted to U.S. dollars, although the conversion rate you get will be whatever TD Ameritrade and its bank provide at that moment.

Makes me wonder, since partial ACATS transfers are free on TDA, if one has an Interactive Brokers account, then it could be used to receive the funds and then converted using IBKR's superior forex exchange. Big con would be the processing time to transfer between brokers though.

 

[BBCWatcher]

Makes me wonder, since partial ACATS transfers are free on TDA, if one has an Interactive Brokers account, then it could be used to receive the funds and then converted using IBKR's superior forex exchange. Big con would be the processing time to transfer between brokers though.

I don't think cash only ACATS is allowed. Hypothetically (for example) you could probably stuff your U.S. dollars into a 4 week T-Bill then transfer the T-Bill, but now we're getting way too silly, aren't we?

If you want some better, lower cost way to withdraw funds, why not choose a better (for your purposes) broker in the first place?

 

[jasvonvios]

Based on their site, electronic transfer can only be made in Sing dollar. Has anyone try USD transfer from DBS?

Do's:

The name of the bank account holder must match the name registered with your TD Ameritrade Singapore account

Transfers can only be made payable in Singapore Dollar currency

If you already have U.S. dollars in a U.S. bank or U.S. credit union account, then that'll be the cheapest way to fund a TD Ameritrade account. Otherwise, you're just picking your least painful poison, really.

TD Ameritrade Singapore can accept first party GIRO and FAST transfers from POSB and DBS account holders, even in Singapore dollars. (GIRO/FAST transfers from other banks are not allowed.) Also, TD Ameritrade Singapore can accept first party paper Singapore dollar checks drawn from any local bank in Singapore. However, in all these cases you're at the mercy of whatever path TD Ameritrade picks to convert those Singapore dollars to U.S. dollars.

Part of choosing a broker is choosing the deposit and withdrawal paths the broker supports, and their costs. If TD Ameritrade doesn't meet your needs in these regards, find another broker.

 

[moolala]

I don't think cash only ACATS is allowed. Hypothetically (for example) you could probably stuff your U.S. dollars into a 4 week T-Bill then transfer the T-Bill, but now we're getting way too silly, aren't we?

If you want some better, lower cost way to withdraw funds, why not choose a better (for your purposes) broker in the first place?

because TD has one of the best charting software out there

 

[OnePunchMan]

Anyone have their TD approve recently?