I wouldn't consider my money safe @ Genesis Securities

P

ProgrammerGuy

First of all I'd like to say Genesis is a great brokerage overall. The rates that they can give are incredible, and overall their execution system is top notch.

However my biggest concern is the safety of my money their.

1) If you want to create/change your password you have to tell someone what you want to change it to (so they'll always know)

2) There are no securities questions, aka (what's your dogs name) I called genesis and the rep asked me for my user ID, with just that information I was able to change my password. Not only did he not ask a security question, he didn't even ask for my name.

I hope that Genesis will see this post and that the "political power" of elite trader will encourage them to change their securities procedures.
 
always been my fear with genesis. just doesn't seem like a top tier type firm. but penson who clears for 100's of brokers isn't too swift on the security either. ib is incredible on security
 
Quote from ProgrammerGuy:

First of all I'd like to say Genesis is a great brokerage overall. The rates that they can give are incredible, and overall their execution system is top notch.

However my biggest concern is the safety of my money their.

1) If you want to create/change your password you have to tell someone what you want to change it to (so they'll always know)

2) There are no securities questions, aka (what's your dogs name) I called genesis and the rep asked me for my user ID, with just that information I was able to change my password. Not only did he not ask a security question, he didn't even ask for my name.

I hope that Genesis will see this post and that the "political power" of elite trader will encourage them to change their securities procedures.
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Let's see if this post helped.

Post your acccount # and I'll try wiring some money out. :)
 
Quote from indahook:

When I call Goldman Sachs trade support desk/tech all they ask for is my user id. No security question either...
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you worried about that?
 
Quote from indahook:

When I call Goldman Sachs trade support desk/tech all they ask for is my user id. No security question either...
More...
When I call Bloomberg they also ask for Id only.
 
Genesis is dirt cheap. They have a huge business, and i doubt this is an issue. Each day we wake up we could be hit by a truck. This is life and part of it. Go retail get your sipc ins and your safe by our Gov't.




I wouldn't be paranoid over this issue. World Co situation do happen but that was not a solid firm like genesis.
 
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