Is TD Ameritrade Izone Worth the Savings?

Discount broker TD Ameritrade (AMTD) has an online only division called Izone that I have never seen advertised but have heard about on various other blogs and forums.  It is a little closer to a deep discount broker than the regular TD Ameritrade I use.  I’ve been trying to find a list that compares their differences and finally did my own homework directly with them although getting the information took more effort than I would have guessed.  They offer trades at half the price ($5) of the normal AMTD commissions ($9.99), but you have to give up phone support. Their site gives very limited information on the differences aside from that. 

I checked my 2007 trades and saw I’ve made 111 trades to date.  Give me two more months and I would have saved over $600 with Izone this year.  I emailed to ask more details, but received a canned email in return that said check the site.  Still curious, I checked the site again and found a chat option that I had to dig around for, the second bad impression I had.  The following is my transcript with the Izone representative that has helped me make the decision NOT to transfer my account.

Please wait for a site operator to respond.
You are now chatting with ‘Izone Rep’
Izone Rep: Hello.
Izone Rep: How may I help you?
Alex: Hi, I currently have an account with TD Ameritrade. Can I transfer my account to izone?
Izone Rep: Yes.
Izone Rep: You will need to complete the Izone online application.
Alex: Do I need to close my TD AMTD account and transfer all funds as if I was a new customer?
Izone Rep: Then complete and return an Internal Transfer form to us.
Izone Rep: Yes.
Alex: How long does the transfer take?
Izone Rep: The Internal Transfer will take 2-3 business days from the day we receive the signed transfer form.
Alex: OK
Alex: So I have to liquidate my current account to move it?
Alex: or do stocks and options currently held transfer?
Izone Rep: No.  You can move the entire account as is.
Izone Rep: They transfer.
Alex: cool
Alex: Are all the same features in izone, like APEX, etc
Izone Rep: No.
Izone Rep: There is no phone support.
Izone Rep: Funding can only be electronic.
Izone Rep: Streamer costs $9.99 a month if you wish to use it.
Alex: are those the only differences? The interface is what I’m concerned about
Izone Rep: The interface is the same.
Izone Rep: There is no Gain/Loss tracker in Izone.
Izone Rep: There are no Reports & Alerts with Izone.
Izone Rep: There is no Apex status with Izone.
Izone Rep: There is no checking with Izone.
Alex: No trade alerts or trade triggers?
Izone Rep: Trade Triggers yes.  Alerts no.
Alex: Ah, I use those enough to pay the extra $5, thanks for your time
Izone Rep: You are welcome.
Alex: A chart of the differences would be handy to see on the izone site
Izone Rep: I will put in that suggestion.
Alex: Thanks, bye
Izone Rep: Have a great day,
Alex: you too
Chat session has been terminated by the site operator.      

At least he was nice.  Also worth noting, they don’t allow IRAs.  That didn’t apply to me, but I saw it somewhere. At least he was nice.  Also worth noting, they don’t allow IRAs.  That didn’t apply to me, but I saw it somewhere.