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They sold my position without my consent or warning half hour before the market close to the market price... I was waiting to sell my options before the market close but they rush for that half hour before the market was closed. Bunch of crooks. Be very careful, and better off this thieves.
On July 6th, 2020 I entered a stop-loss limit for BYFC at (price) $10 and (ACT) $3; the reason why I had entered it in such way was because I wanted the $10 to act as a sell limit and the $3 to act as a stop loss, this was unequivocally without way to misinterpret the way a TD Ameritrade representative illustrated to me as how to enter. I had 10-15 calls the week ending July 3rd and July 4th weekend that discussed this strategy and how to enter correctly. I, unfortunately, cannot pinpoint the exact days.
On July 6th, when the price of Byfc dropped lower than $3, it was to my astonishment that my stop order didn’t execute, which I ended up having to sell most of my shares at $2.3 which ended up costing me over 70,000. I had spoken to a representative in the trade department that stated that they had listened to my recordings and found no wrongdoing by the representative who guided me through the stop loss limit, but was unwilling to go through what was said verbatim as well as unwilling to listen to the recordings with me. As you can imagine, this type of loss has had a significant impact on my personal well being and has been disruptive to my life.
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I am an active trader and have been a client of TD Ameritrade for about 3 months now after moving my portfolio from a different broker. Almost from the beginning, my experience with TD Ameritrade has been pretty bad and has only gotten worse over time. First of all, their customer service representatives are extremely undertrained and are unable to help even with the simplest of requests. For example, I requested some general information regarding mark to market trades and the rep had no idea what I was talking about. After trying to explain what information I needed, he told me someone would be emailing me said information within 2-3 business days. It took over a week and I only received what I requested because I sent an angry follow-up email a few days later. I am sure that if I hadn't sent one, I would still be waiting.
Additionally, their website and platforms (mobile app, think or swim mobile and phone app) constantly crash (about 5-6 times in the 3 months I've been trading with them). The worst crash was today. All their apps and their website were down for an extensive period of time. Not only was I unable to view my positions, every time I tried to make a trade I would get kicked out of their platforms (all of them). This continued for about 2 hours. Please understand that I wasn't able to make ANY effective trades for 2 hours.
I helplessly watched my stock and options values fall from another trading platform and had no way to sell them as they fell. The couple of times that I was successful in getting into one of their apps and trying to sell some of my positions, my orders would automatically cancel or not even show as having been made. Even my stop losses that I had entered weeks before were canceled and/or not triggered. It took me multiple attempts to finally get orders in. I couldn't even see what the current bid and ask prices were for my trades as the apps kept crashing.
To add insult to injury, while all this was happening my account balance and gains and losses tally on their apps were so out of whack that I didn't even know what stocks and options I was up in and which ones I was down in. Later in the day they added a banner to the top of their trading home page letting clients know that the cost basis and day gains for some tickers would not update on their site until tomorrow, so even now after trading hours I still can't be sure about how much I've lost or gained today. Their phone hold times were more than an hour long so even trying to make trades over the phone was out of the question.
All in all, I lost thousands of dollars because of their ineptitude. You can look online on the many trading websites to see that I am only one of thousands who lost money today due to TD Ameritrade's negligence. These issues they had today are inexcusable and could have been avoided had TD Ameritrade performed a stress test sometime last week or during the weekend to make sure their platforms would be able to handle the higher than normal volume of trades that they knew would happen today.
Of course, when I finally was able to speak to someone on the phone in the afternoon (after waiting on hold for 30 minutes) all they could give me was a canned response to the problem that most of their clients experienced today. At one point they even tried to blame me for not looking for another way to make my trades while these problems were going on. When I told them not even one of their platforms or website had been working correctly, the rep had the nerve (stupidity?) to tell me that I should have waited on hold for an hour to try to put my trades in by phone. How would it have helped me to be on hold for an hour trying to make a trade while the value of my portfolio was dropping? Does that even make sense?
I know that this crash made news today and that their official response is that they would address each of their clients' issues individually but this is an absolute lie. They are unwilling to help any of their clients. Retail traders are just a drop in the bucket to them. They do not care if we lost money today due to their negligence and, if confronted, will try to turn everything around to make it seem like we, their clients are 100% at fault.
Obviously, I am transferring to a better broker now and I would not even recommend TD Ameritrade to my worst enemy. I know I won't be reimbursed even 1% of what I've lost in a class action suit but I hope someone files one against them and that their clients find better brokers. I get a tiny bit of satisfaction seeing how their stock fell today but honestly, I hope they go bankrupt one day soon so that they won't be able to screw over their clients anymore.
My advice is to stay away far, far away from this company. There are much better brokers out there whose platforms don't crash when a higher than expected trading volume happens. I am looking into Interactive Brokers now as they seem to have a good reputation and no history of this kind of stuff happening to them but I know that there are many other brokerages one can trade through that will actually have good customer service and care when their mistakes create problems for their clients.
TD Ameritrade has decent executions and a fair to good trading platform. Their Sink or Swim platform gives live quotes, which is an excellent tool for
as I had several question, I called back and left my number. "We will call back in about 30 minutes," the recording said. Two hours later nothing and I called on another line and after holding twenty minutes or so, I got a service agent.
She said that TD, can add a spouse to the account whom can sell and buy securities but make no cash withdrawals or additions. I spent about four to five hours, with their lousy forms and their in house rules. No sir, I had enough and after two years I will shop for another broker. Furthermore, they are being taken over by Schwab, whom decide who and what type of security you can trade, no matter what your trading experience is. Bye, bye to this crappy customer diservice!!
Many issues over the past few months with trades and trying to close them out. I would receive an error message trade not placed. When the stock went up my trade always went through no issues. They received the order. When the stock dropped below my close amount it was always my fault that their system didn't work even with screenshots showing the error on their platform. This company is a joke and stay far away unless you have millions.
I have been trading with TD Ameritrade desk for more than 4 years. When I do trades it happened me five times that the screen with threes after I just placed an order then I could not sell the shares for 15 minutes because it would freeze and I couldn't do nothing and I will lose thousands and thousands of dollars. On top of that when I do trades in a market order I can lose sometimes as much as $0.60 and that could Mount to $300 and when I tell him to correct the problem they tell me I should have placed a limit order.
Was on Robinhood. Friend recommended Ameritrade. Accepted maybe 2 weeks ago. They transferred all my stock. (Not even 100% done.) Then “terminated business.” No explanation given. 30 days to “Liquidate or find new broker..." Terrible man.
I asked customer service to sell my stock when it got down to $83.00. The stock was at $85.00, and I was worried that it was going to go way down, while I was on a plane. The stock had been going down. So, customer service actually sold it for $83.00, when the market value was $85.00. The stock never got down to $83.00. He just sold it to be malicious. He knew exactly what I meant. He's an arrogant man that wants to put women that don't know stock market verbiage in the their place. I'm going to another company. Good customer service would explain that they are going to sell your stock way below market value. Also, that is not what I asked for. I said, "sell if it gets down to $83.00."
Working with the Company means investing endless hours to communicate, get a human being on the phone, execute requests, getting reliable execution of what was discussed by phone, zero customer service, stock sales request at the branch, in writing with signature, was delayed for weeks. Closing the account is likewise the most cumbersome process. Any gain one may achieve, dependent on the market development, is wasted due to lack of execution. Customer service = non-existing.
Blocks purchases and sales. Customer service picks up after about 70 minutes. Lots of hidden fees. Rude employees. I also have their credit card. Same issues. I will close my brokerage account. The card I'll keep. Just not use it. Stay away from them.
TD Bank and TD Banknorth author review by Clark Kendall
TD Ameritrade, founded in 1975 as First Securities Omaha, is a full-service brokerage firm. It is still headquartered in Omaha, Neb. and now holds $774 billion in investor assets. It offers many types of investment and financial products for all levels of investors. Clients can work with agents in local branches or only trade stocks online.
Platform: TD Ameritrade offers multiple platforms, one that is more basic and another that includes more advanced tools for experienced traders. Those interested in trade speed or best-execution rates can find the site’s statistics online.
Tools and calculators: Visitors to the TD Ameritrade website can use several tools and calculators to help them figure out how much to save and the best investing methods for their financial situation. Some of these tools are free for all consumers, not only TD Ameritrade customers.
Education: TD Ameritrade customers have access to educational materials to improve their stock market knowledge. The company has a daily and a quarterly publication that includes news stories, investor insights and research.
Research resources: The TD Ameritrade site has resources for traders to use for researching investments. In addition to historical stock profiles, clients can access technical analysis reports and use Social Signals, which pulls data from Twitter to help investors spot trends.
Asset Protection: TD Ameritrade provides clients with Asset Protection. The company will return any money or assets lost if fraudulent activity occurs on a client’s account. See the company’s website for terms and conditions.
TD Ameritrade Company Information
- Company Name:
- TD Bank and TD Banknorth
- Year Founded:
- 200 S 108th Ave.
- Postal Code:
- United States
- (800) 454-9272
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