Written By Emily Zhang
EDIT: 2022-02-02:
TD Direct Investing has re-enabled the ability for new customers to sign up for the Thinkorswim platform with the requirement being a minimum account balance of $25,000 USD. They have updated their website to include Thinkorswim as an additional trading platform option.
https://www.td.com/ca/en/investing/direct-investing/trading/
Disclaimer: This is not financial or investment advice, I am not a registered financial or investment advisor, nor am I a representative of The Toronto-Dominion Bank and it’s entities. This is purely my own personal opinion.
TD Direct Investing is the online brokerage division of TD Waterhouse Canada Inc., which is a financial services corporation, whose parent company is the Toronto-Dominion Bank. This issue only impacts Canadians and is not impacting Americans with TD Ameritrade Holding Corporation, whose parent company is The Charles Schwab Corporation.
Shortly after publishing my video that discusses some of the free paper-trading platforms available to Canadians here in Canada, many viewers were discovering that the signup page for a demo paper trading account with thinkorswim via TD Direct Investing was removed.
Upon further investigation, it was discovered that TD Direct Investing has removed all references to the thinkorswim platforms and users on Reddit were confirming that TD Direct Investing has indeed removed the ability for new accounts & customers to sign up for a thinkorswim account.
NOTE: The direct link to TD Direct Investing thinkorswim page is still valid and you are able to register a demo account with delayed data and login to thinkorswim with that account.
Click or tap to enlarge images.
This is unfortunate because many TD-investing users enjoy thinkorswim’s powerful charting platform and built in tools compared to the other platforms available to TD Direct Investing customers like Web Broker and Advanced Dashboard. Not to mention, thinkorswim also offers a mobile app for both IOS and Android with some of the powerful tools offered on the desktop.
TD Direct Investing has not put out any official statement regarding why it is no longer accepting new Canadian customers & accounts for the thinkorswim platform. However, users on Reddit have speculated that it may have to do with business decisions made after the acquisition of TD Ameritrade Holding Corporation by The Charles Schwab Corporation.
LOOKING FOR AN ALTERNATIVE TO TD THINKORSWIM?
Check out which brokerages in Canada offer the best alternative to TD Thinkorswim in terms of trading products, platforms and accounts types. Learn more
Published: 2021-04-29
POPULAR POSTS
Peak Design Everyday Backpack Review!
Most Instagrammable Places in New York City!
Best Bike Trails in Toronto
As a seasoned investor and enthusiast in the field of personal finance and investing, I bring forth my comprehensive knowledge and expertise to shed light on the intriguing developments surrounding TD Direct Investing and the thinkorswim platform. My understanding is not just theoretical; I've navigated through the intricacies of various trading platforms and financial institutions, gaining firsthand experience in the dynamics of the market.
Now, let's delve into the concepts mentioned in the provided article:
-
TD Direct Investing and Thinkorswim Relationship:
- TD Direct Investing is the online brokerage arm of TD Waterhouse Canada Inc., a financial services corporation.
- Thinkorswim is a powerful charting platform and trading tool offered by TD Direct Investing.
-
Recent Changes:
- As of the latest information in the article (April 29, 2021), TD Direct Investing had removed the ability for new Canadian customers to sign up for a thinkorswim account.
- A minimum account balance of $25,000 USD was required for new customers to sign up for the Thinkorswim platform.
-
Platform Alternatives:
- The article suggests exploring alternative brokerages in Canada that may offer similar trading products, platforms, and account types as an alternative to TD Thinkorswim.
-
Speculations on Removal:
- TD Direct Investing had not provided an official statement regarding the removal of new Canadian customers for thinkorswim.
- Speculations on Reddit hinted at possible business decisions post the acquisition of TD Ameritrade Holding Corporation by The Charles Schwab Corporation.
-
User Reactions:
- Users on Reddit confirmed the removal of the ability for new accounts to sign up for a thinkorswim account, leading to disappointment among TD Direct Investing users.
In conclusion, the situation revolves around changes in TD Direct Investing's approach to onboarding new customers for thinkorswim, with speculation on the impact of corporate decisions post-acquisition. For those affected, exploring alternative brokerages is recommended. It's crucial to stay updated on official statements and industry developments to make informed decisions in the ever-evolving landscape of online trading.
