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TD Ameritrade merger with Schwab and its thinkorswim impact
For TD Ameritrade account holders, notices have been going out to inform them of their accounts being transfered to the Schwab platform. They intend to do this in a 4 batches over the next several months. The 1st group was moved over President's Day weekend. The next group is moving over the Memorial Day weekend. and rumor has it the 4th of July is another batch.
If you are being moved, you already received notification and were given the opportunity to customize your setup on Schwab prior. This group will include SOME ThinkorSwim users. The message looks like this:
You're receiving this message because you're moving to Schwab soon—and you recently logged in to or traded on thinkorswim. We wanted to let you know that thinkorswim desktop, web, and mobile will not be available at Schwab until later in 2023. But in the meantime, there are trading platforms at Schwab you can use.
Here are some key things to know
Once your move to Schwab is complete, you'll be able to access your account and trade on Schwab.com and the Schwab Mobile app. To help you get familiar with this intuitive online trading experience, check out these handy how-to guides.
You've been automatically enrolled for early access to thinkorswim so that you'll be one of the first clients to enjoy the platform suite at Schwab. We will notify you when thinkorswim is available for use at Schwab.
Our goal is to make your move to Schwab as seamless and simple as possible. And even though you won't have immediate access to thinkorswim at Schwab, you'll have access to Schwab.com and the Schwab Mobile app so that you can take on the market with confidence.
If you have any specific questions about thinkorswim, feel free to call us at 800-454-9272, and we'll be happy to help.
ToS is not currently available on Schwab but they do have plans to make it available on their platform "later in 2023". According to press reports, Schwab plans to "integrate" ThinkOrSwim, TD Ameritrade's popular online trading platform long used by traders, into its own tools for both retail and independent advisors. The plan was confirmed to Investor's Business Daily by Schwab spokeswoman Alison Wertheim.
"For users of Schwab's StreetSmart Edge platforms, there is no change," Metzger said. "As we look ahead, we intend to thoughtfully combine the great capabilities, tools and service at both firms to provide a unified, world-class trading experience for clients."
So upon migration, you will lose access to the ToS platform for an undetermined length of time.
This is just a PSA. I haven't received my notice yet, but am sharing this information from the usethinkscript forum. Thinkscript is the programming tool you can customize charts and setting and strategies on ThinkorSwim. It's really incredible the things you can do to customize your environment on ToS.
This page from the schwab site makes it appear the transition for ToS users will be "seamless":
"If you currently trade with the thinkorswim suite of platforms, your account won't move until after thinkorswim is available at Schwab. "