A few weeks ago I closed my TD Ameritrade account, transferring all its assets to a different one. Why? The new account gets $5 trades because it is an iZone account: www.izone.com.
For all intents and purposes, the iZone account looks and feels just like the regular old Ameritrade account. In fact, as far as I can see, it doesn't even mention iZone anywhere. Same snappy Ameritrade interface, from positions to trading to rapid order entry. But when I make a trade, it only charges me $5! I also retain my Apex status in the new account.
Transferring assets between TD Ameritrade accounts is easy, using their Web-based internal transfer form. Customer service is limited to phone and e-mail, but those were the only two venues I was using anyway!
This is part of my plan to reduce the number of accounts I have, while seeking out better deals. I gave the iZone account a shot, and it turned out to give me the same exact Ameritrade experience I enjoy, while bringing cheaper trading commissions to the table. So it was an easy switch.
You might be asking why I have a TD Ameritrade account at all. Well, I use it to trade individual stocks. The reason I do that will have to be saved for a later post. For now, let me just say that I am keeping at least one Ameritrade account open because they simply have the best reputation for trading execution and low costs. My experience with them has done nothing but corroborate that. Their customer service is pretty good too.
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