Dear PeakBot Community,
We have an important notice for you.
Action is required and will be rewarded.
Your automations will be impacted if you do not take action.
Please read the below message in its entirety.
- What you need to do: Create a Tradier account, usepeakbot.com/Tradier and get a free month of PeakBot.
- What happens if you don’t: Your TDA account will transition to Schwab soon and you won’t be able to use PeakBot.
- What happens if you do: You will enjoy one free month of PeakBot and lower fees on options trades with Tradier.
As you might be aware, TD Ameritrade has started to transfer trader accounts to Schwab. This is following the acquisition of TDA by Schwab that was completed in 2020. In fact, your account may have already been transferred.
What does this mean?
When your account transfers from TDA to Schwab, you will not be able to use PeakBot until Schwab starts to allow 3rd party developers like us to integrate with them. Schwab has communicated vaguely around this and stated this will be available in the 'winter’.
How can I continue to use PeakBot?
You can continue to use PeakBot as normal until your TDA account transfers over to Schwab. But… More importantly, we've recently partnered with another brokerage Tradier.
Tradier has been around for 10+ years and will bring many new benefits including lower options costs, paper-trading, etc. and it is built for 3rd party developers like PeakBot.
We strongly encourage PeakBot traders to create a Tradier account and connect to that account ASAP. You can create your Tradier account at usepeakbot.com/Tradier.
You mentioned a free month of PeakBot?
We are giving a free month on your subscription renewal if you create and transition to a Tradier account by December 31st, 2023.
While your TDA to Schwab transition might not be scheduled yet, it's better to be proactive so that your bots do not get interrupted.
How do I get started with Tradier?
- Create your Tradier account at usepeakbot.com/Tradier.
- Select a Standard or Pro account (either is fine)
- Key information for setting up your account:
- You want a ‘margin’ account
- You need level 4 options access to take full advantage of all PeakBot algorithms.
- Fund your account
- Integrate PeakBot with Tradier once funds are available
To claim your free month, send an email to Thomas@usepeakbot.com when this process is complete and we will apply a discount to your next subscription renewal! If you have more than one subscription, the free month will be applied to all subscriptions.
What else should I know?
- Your PeakBot subscription will remain the same price.
- Tradier offers lower commissions on options contracts, $0.35 per contract vs. TDA's $0.65 per contract.
- Tradier offers a Pro plan that costs $10/month but offers commission-free options trading (great offer to those who trade a high number of contracts).
- Paper trading will be available via Tradier in the near future. This means you can test new bots without risking real money!
- If you have a margin account with a cash balance of less than $10,000, the Wheel strategy will not work for you, you must change to a Cash account.
- Tradier charges $9 per position (not contract) assignment fee. However, we are negotiating with Tradier to see if we can remove this fee for PeakBot traders.
We know this is a lot of information to take in and we wish we could talk on the phone with everyone. However, we please ask that any questions about this transition be sent via email. We will get back to you as quickly as we can!