Has anybody lost money with a broker going under? (Lightspeed Lime Brokerage)

[tonyf]

I haven't but I understand you can. You might have to hang up and call again a few times to get a "customer service" agent who has the intellectual capacity to understand what you're asking, but then you have to do that with most questions with those clowns.

Does not feel like it. I have tried....

 

[Sig]

Does not feel like it. I have tried....

I understand one trick with them is to call when the U.S. office is closed and you'll get automatically pushed to one of their international offices. In a weird reversal of normal call center logic, apparently their overseas call centers are staffed with much more competent folks than their U.S. call center.

 

[Dazz]

Correct, by assets, we are not near top 15. When in history has size protected the customer more? E.g. MFG, BS, LB, ML etc. We provide a variety of solutions for small and medium-sized Hedge Funds, Trading Groups and Active Traders. We focus on US-Listed Equities, Options, and Futures and do our best to do that to the best of our ability. We look to provide access to fast software that is highly configurable with a choice of routing. You can choose to have your own sales rep like me. We have a support/trading desk that is very responsive. We are not self-clearing and not a bank. We like our place in the trading world and so do our clients. https://www.lightspeed.com/testimonials/

As regards your testimonials, do you not say:
the testimonial may not be representative of the experience of other customers.
So if that is true, we cannot believe testimonies so why cite something that you then disavow?

 

[Sig]

As regards your testimonials, do you not say:
the testimonial may not be representative of the experience of other customers.
So if that is true, we cannot believe testimonies so why cite something that you then disavow?

Because the law requires them to say that. You'll see that disclaimer on all testimonials of this type from any broker. If you don't see it that would be a reason to question going with that broker.

 

[Dazz]

I know the law requires that disclosure. Testimonies cannot be verified, authenticated or substantiated so why quote your own testimonies as a attribute which you go to disclaim?

 

[Sig]

I know the law requires that disclosure. Testimonies cannot be verified, authenticated or substantiated so why quote your own testimonies as a attribute which you go to disclaim?

Marketing studies have shown testimonials are effective. Why show scantily clad women when selling crappy beer? It doesn't have to be rational to work.

 

[Dazz]

so true.

 

[Cdntrader]

These types of threads always take me down memory lane. Gotta love markets!

 

[abc1234]

I lost money when a broker seemingly panic closed my crude oil spread even tho I was well over their stated margin requirements. I did file a finra complaint so hoping to hear back from them.

I also lost an insane amount by crypto brokers going under or getting "hacked"

As far as the "insurance" last I heard is they only have the funds for like 1-2% of people. So just remember insurance companies can also go belly up.

If dealing with large capital, one can hedge with hard assets like metals, RE, Bitcoin, etc

Do you mind sharing what brokerage closed your crude spread? Did they give you any notification prior to closing?