ThinkOrSwim to close Australian accounts
- Thread starter jlryan87
- Start date
I am a future trader focus on the emini NASDAQ 100, I live in Venezuela, South America. Most of my income come from trading activities. I day trade and also swing trade holding positions over night for days, weeks or months.
I had an ThinkorSwim account (more than 7 years) which was transferred to TD Ameritrade. I received an email from TD Ameritrade telling me that they have made the business decision to no longer offer brokerage services to clients located in certain foreign countries. Since I reside in one of those identified foreign countries they will proceed to close my account. This has shocked me. Now, I have to open a new futures brokerage account .
This is terrible!.
This is ridiculous. I'm a former Datek customer and have been with them since the 90s. I'm based in Europe and I too received the account liquidation notice.
It does not look like a solid business practice.
I would say suicidal practice at least.
It does not look like a solid business practice.
I would say suicidal practice at least.
Consider that the real unstated reason may well be that regulators in your respective home countries have passed laws regulating foreign brokers who serve citizens of your country.
This is the usual reason. I think this applies to Australia.
Many countries have recently done so, including the U.S. in respect of non U.S. brokers soliciting its citizens (the inverse situation).
In other cases (some South American and other countries) the U.S. may be the one restricting money transfers to some countries, or imposing onerous verification liabilities on the broker and its bank, for various reasons related to sanctions, tax reporting, prevalence of money laundering etc.
Usually to avoid getting into detailed policy discussions that the representative really cannot deal with, the broker will just say it is for "business reasons."
Your best bet is to switch to a broker that already has a branch in your country, or is otherwise approved by your home country to operate there (e.g. has a branch in another European country in the case of the E.U.)
This is the usual reason. I think this applies to Australia.
Many countries have recently done so, including the U.S. in respect of non U.S. brokers soliciting its citizens (the inverse situation).
In other cases (some South American and other countries) the U.S. may be the one restricting money transfers to some countries, or imposing onerous verification liabilities on the broker and its bank, for various reasons related to sanctions, tax reporting, prevalence of money laundering etc.
Usually to avoid getting into detailed policy discussions that the representative really cannot deal with, the broker will just say it is for "business reasons."
Your best bet is to switch to a broker that already has a branch in your country, or is otherwise approved by your home country to operate there (e.g. has a branch in another European country in the case of the E.U.)
Hello dear members,
What do you think about CANNON TRADING, (futures broker), website: www.cannontrading.com ?.
Please let me know, I am still looking..., testing platforms, looking at reviews, etc, etc, etc. What a time killer ....
Regards,
Malaspina.
What do you think about CANNON TRADING, (futures broker), website: www.cannontrading.com ?.
Please let me know, I am still looking..., testing platforms, looking at reviews, etc, etc, etc. What a time killer ....
Regards,
Malaspina.
Interactive Brokers is an option for Australian customers and probably every other country targeted by this mass force closure. While we are not privy to the TD timeline, we will do everything possible to assist customers transferring under a deadline. Please make sure to alert your new account specialist at Interactive that you are a TD customer. We will do ever thing allowed under the various local regulatory rules to fast track account openings for affected customers.
Please contact a local sales person if we can help you.
http://institutions.interactivebrokers.com/en/p.php?f=salesInfo&ib_entity=inst
Good luck.
Salvatore
Please contact a local sales person if we can help you.
http://institutions.interactivebrokers.com/en/p.php?f=salesInfo&ib_entity=inst
Good luck.
Salvatore