can i trust lightspeed with my money?

[Overnight]

...Sorry, but theres a point where its just too far. I still had my entire liquid net worth there at the time though, i lost everything.

Edit: ahh, I think I see. The terrible losses you incurred happened some time ago.

We were worried about you man, you seemed on edge there, especially when you were ripping into Max Headroom Morse. He's a hoopy frood, no need to bite his ankles.

 

[Max E.]

You are saying you lost everything at a prop firm? Yikes. Well Max, just take a chill pill, gather your thoughts. Take a break man.

LOL, it happened two years ago, sorry if im excited but every time i think about it i just want to see this piece of shit once so i can deck him.

My whole life changed cause of that, had to restart with a 50k account and sell a rental property, plus i no longer had a strategy, because i needed the leverage the prop firm was offering to make my strategy viable.

When we talked to a lawyer i couldnt even believe how limited our options were, and how standard prop shop contracts basically make you sign off all your rights.

This is the reason i would recommend not to go to a prop shop, im not pulling it out of thing air, i got torched for everything i had at the time, and there wasnt a damn thing i could do about it, thats why im saying avoid a prop shop if you dont need the leverage.

 

[Overnight]

LOL, it happened two years ago, sorry if im excited but every time i think about it i just want to see this piece of shit once so i can deck him.
...

Yes, I realized what you meant and re-edited that post while you were typing a response.

 

[dumpdapump]

Having said all that what ensures that smaller clearing firms and custodians in the US are safe? I trust large established houses such as UBS or GS a lot more than Wedbush and Co. What happens to my funds beyond the SIPC protection cap? I would be fully exposed to a total loss beyond, was it 100k Usd? In that regards going with a more reputable, established, and above all, larger firm always pays. Of course that only applies to those who have a choice.

 

[Max E.]

Having said all that what ensures that smaller clearing firms and custodians in the US are safe? I trust large established houses such as USB or GS a lot more than Wedbush and Co. What happens to my funds beyond the SIPC protection cap? I would be fully exposed to a total loss beyond, was it 100k Usd? In that regards going with a more reputable, established, and above all, larger firm always pays. Of course that only applies to those who have a choice.

GS and USB have government insurance, if they walk out on you the government covers your account up too 250k i think. Thats the difference.

With a prop firm there is literally nothing you can do if some cocksucker walks off with your money, unless you got hundreds of thousands to chase a law suit, in which case you will get less than you deposited back.

 

[dumpdapump]

Even that is meaningless for someone with 5 or 6mln in the account. IB in the past purchased private insurance from Lloyds of London I think it covered up to 10mln of non trading related losses per client account if I remember correctly. Not so anymore.

GS and USB have government insurance, if they walk out on you the government covers your account up too 250k i think. Thats the difference.

 

[FSU]

GS and USB have government insurance, if they walk out on you the government covers your account up too 250k i think. Thats the difference.

With a prop firm there is literally nothing you can do if some cocksucker walks off with your money, unless you got hundreds of thousands to chase a law suit, in which case you will get less than you had up back.

You have the same SIPC insurance with Wedbush, Apex, IB, Goldman, Merrill, and others.

 

[Overnight]

Having said all that what ensures that smaller clearing firms and custodians in the US are safe? I trust large established houses such as UBS or GS a lot more than Wedbush and Co. What happens to my funds beyond the SIPC protection cap? I would be fully exposed to a total loss beyond, was it 100k Usd? In that regards going with a more reputable, established, and above all, larger firm always pays. Of course that only applies to those who have a choice.

I do not know the exact details of how the protection works...I only know that I am totally comfortable with it at this stage of my account's size. For details, speak with your particular broker to find solace and understanding of how much you are protected for.

 

[dumpdapump]

But chances of a meltdown are orders of magnitude smaller with a large established firm compared to the Wedbush family shop type of clearers and custodians

You have the same SIPC insurance with Wedbush, Apex, IB, Goldman, Merrill, and others.

 

[dumpdapump]

I do and my funds are held with a large international bank. And I recommend others to consider that as well if they have the chance to choose who safekeeps their funds. All you need your bank to do is issue a letter of credit and most brokers are willing to work with that

I do not know the exact details of how the protection works...I only know that I am totally comfortable with it at this stage of my account's size. For details, speak with your particular broker to find solace and understanding of how much you are protected for.