TD Waterhouse

( TWE) said Friday it opened fewer accounts and its customers made fewer daily trades in February, compared with the same period a year ago.

The online brokerage opened 54,700 new accounts in February, down from 137,000 in February 2000. Average trades per day also dipped, to 135,800 from 243,800 in the year-ago period.

Executives blamed the lower numbers on tough market conditions. Other online brokerages, including

Ameritrade and

Datek, have recently reported declining growth in customer accounts.

The company, which is based in New York, fell 39 cents, or 3.1%, to $12.21 in recent trading on the

New York Stock Exchange

.