TOS (Thinkorswim) Discounted Rates for SO members

[Kim]

Hello all,

I just spent few hours chatting with Kenny Griffin, Manager of the Trade Desk at TOS, trying to get a discounted rate for SO members.

He offered us an initial rate of 1.50 per contract, with an option to negotiate lower on customer by customer basis. I realize that this might not do any good for many members who are already paying less. However, I believe that some members are still paying more and this deal might be attractive to them.

Remember: this is an initial rate, you can always try to negotiate less, and your starting point is still better than the general public. I personally still believe that unless you can get 1.00 or lower, IB presents better value, but some people just cannot stand IB, and for them TOS is probably the best option.

Thanks to Jesse for his help, if any of you will take advantage of this offer, please mention him.

 

To get this rate, contact the Trade Desk and ask to talk to Kenny Griffin or email him at kenny.griffin@tdameritrade.com

 

March 2013 Update:

Had another session with Kenny. He offered further discount for those on "standard" commissions structure: instead of 9.99+0.75, it is $8.00 ticket + $0.75 per contract for SO members.

 

In addition, TOS will conduct a one on one platform demo for every new customer who is SteadyOptions subscriber. The demo is done by an experienced trade desk rep and typically last about 30 minutes. 

 

Please note that Anchor Trades members who select to auto-trade those products enjoy 0.75/contract with TDAmeritrade Institutional platform.

[jr1221]

Kim, have you spoken to IB about whether they have any flexibility on rates for our members? We account for a lot of volume although I'm sure they know they are already the cheapest game in town. But their poor customer service and occasional software quirks could offer us a little leverage?

[Kim]

IB don't negotiate commissions - like you said, they are already the cheapest and they know it.

[Guest DShaver]

Kim,

Would we have to call TOS and find this Kenny Griffin or just mention it? I did the math and that rate would help me significantly with trades of less then 10 straddles (40 total in and out).

[Kim]

You can chat with the Trade desk, and mention you are a member of SO. It might be good to mention Kenny and his chat with me. Let me know if you have any issues getting that rate, and I'm glad that at least someone will benefit from it..

[Guest DShaver]

Awesome, I called up the TOS trade desk, talked to him for about 2 minutes. All I said was I wanted to negotiate my options commission rate and he said he could drop it to $1.50 a contract and would give me a rebate for the difference from the trades today. If I start making more trades I can get it lower, but that would require more money lol. So thanks Kim, I mentioned SO and he knew exactly what I was talking about.

[smt1]

Does this include a change in ticket charge?

edit: never mind, I forgot that ToS's usual retail rate is 9.99 + 0.75, so I guess this is 0.00 + 1.50

Edited August 20, 2012 by smt1

[Guest DShaver]

Correct, which I figured out that 1.50 is cheaper with less then 40 contracts on a trade. Or 10 straddles, 10 calls in, 10 puts in, 10 calls out, 10 puts out. If you're at the level of doing 10+ straddles and ending up with 40+ contracts round trip then it's better to go with the 9.99+0.75/contract, although at that level you could probably get the rate lowered more from the 1.50 level but still would need about a $1 level to make it make sense.

[Guest cstan]

Kim, i just realize that SO member can get discounted rate from TOS. I considered a new member (only 1 year) for TOS and i mostly paper trade using their platform.

 

Then, i call them for the discounted rate by mention that i am a member of SO but they are not approving me for it.

 

Furthermore, I am not granted the approval to only trade option in TOS. Currently, i can only trade covered call and secure put strategies using their platform. In other word, i am not allowed to purely buy or sell option in TOS.

 

Hopefully, you can help me to solve my issue.

 

thank you!

[Kim]

Try to talk to Kenny Griffin or email him at kenny.griffin@tdameritrade.com. But if they don't allow you to trade options, maybe it's better to switch to IB anyway?

[Guest cstan]

I have consider that, but IB require 10K USD to activate the account. i am not plan to put that much as a starting. haha. i will check with Kenny Griffin, tell him about my situation, see whether he is able to help or not. 

 

Thank you!

[deblina1981]

off the track question: Can anybody please tell me what is options exercise/assignment fee in TOS for SO members. Also I am getting 1.50/contract as SO member in TOS while I know other people getting 1.25/contract.

[Kim]

off the track question: Can anybody please tell me what is options exercise/assignment fee in TOS for SO members. Also I am getting 1.50/contract as SO member in TOS while I know other people getting 1.25/contract.

There is no special arrangement regarding exercise/assignment fee since I wasn't aware that TOS charge those fees - IB don't (another reason to move to IB).

1.25 per contract is usually reserved for higher volume clients, you are free to try and negotiate this rate. Like I mentioned, I know that 1.50 is not the best you can get, but it is still better than their standard fees.

[mike_tee_vee]

Can anyone confirm if Think or Swim is available for Canadian residents?  I am very interest in the back testing research that is referenced on this forum.

[Kim]

Can anyone confirm if Think or Swim is available for Canadian residents?  I am very interest in the back testing research that is referenced on this forum.

You can open a paper account and just fill out a random address. You have to change the user every 2 months, but it takes less than 5 minutes.

[Kim]

Had another session with Kenny. He offered further discount for those on "standard" commissions structure: instead of 9.99+0.75, it is $8.00 ticket + $0.75 per contract for SO members.

 

In addition, TOS will conduct a one on one platform demo for every new customer who is SteadyOptions subscriber. The demo is done by an experienced trade desk rep and typically last about 30 minutes. 

[Mikael]

Does anyone know if it's still 1.50 for SPX options? because that's what IB charges for SPX trades, and i'd rather use ToS for SPX trades because the platform is way better. 

 

I sent him an email asking for $1/contract no ticket fee, and i'll transfer 300-400k over to ToS. 

Edited August 10, 2013 by Mikael