I have been trading with Fidelity for the past seven months or so, and I was planning to move to Think or Swim soon. But just today, I get a letter from Fidelity that I am getting kicked out of Fidelity. The only thing I can think of is that I started my account by handing in stock certificates to get my account started, and I heard that some firms were cracking down on people handing in stock certifacites beacuse of fraud. Anyone ever heard of this before?
Fidelity
- Thread starter Rex84
- Start date
How can you get kicked out? What did they say the reason was?
These posts show up periodically where someone gets terminated by their broker.
I've seen some at Oanda and there was one recently from someone terminated by IB. People rail against brokers like it's "us versus them" when the fact is that brokers are enforcing SEC and exchange rules. The IB guy I referred to above complained he was terminated for no reason but was actually a foreigner trading for a US resident. That sort of thing raises all sorts of money laundering red flags.
Big brokers don't terminate for no good reason because it's basically bad for business. We just haven't heard the whole story yet. (And may never hear it.)
I've seen some at Oanda and there was one recently from someone terminated by IB. People rail against brokers like it's "us versus them" when the fact is that brokers are enforcing SEC and exchange rules. The IB guy I referred to above complained he was terminated for no reason but was actually a foreigner trading for a US resident. That sort of thing raises all sorts of money laundering red flags.
Big brokers don't terminate for no good reason because it's basically bad for business. We just haven't heard the whole story yet. (And may never hear it.)