looking for a broker catering to day traders without the BS

rcrracer said:
I put in a request for an ACH fund transfer last Friday. Checked on how it was going on Mon. Suretrader said I needed to fill out the transfer info since they had changed software from when I had opened an account. OK that sounds legit. Filled out the form with identical info as I had on my initial application. Maybe thaey have computers and they could have transfered the info themselves. Today they sent me an email saying they can't do ACH transfers. Said they could only do SWIFT transfers. I informed Suretrader my credit union doesn't do SWIFT. Then Suretrader says, oh wait they can do ECH transfers after all, but only if they split it into amounts smaller than $1000. I'm sure ACH that deals with $trillions each day can't handle anything greater than $1000. Are the people at Suretrader waiting until they sign up a new customer so they can send me MY money? Outcome scenarios: 1.I am never going to see a penny of MY money. 2.If I am fortunate enough that the send me MY money, they will be charging me for the two pieces they break my tiny request into. If I do receive my money, it will be a minimum two weeks after my original request. Stay away from Suretrader. Shady as they come. Repeated lies about when I would receive my money. Double charging me if I actually do receive my money by breaking the request into two parts. Every other broker I have used, Tradescape, Web St., Freeetrade, Fidelity, Datek, TDA, IB, etc. sent me requested funds immediately. There wasn't any bullshit like you were dealing with somebody who was operating their brokerage out of a phone booth. I'm pissed.
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get your money & run
 
rcrracer said:
I put in a request for an ACH fund transfer last Friday. Checked on how it was going on Mon. Suretrader said I needed to fill out the transfer info since they had changed software from when I had opened an account. OK that sounds legit. Filled out the form with identical info as I had on my initial application. Maybe thaey have computers and they could have transfered the info themselves. Today they sent me an email saying they can't do ACH transfers. Said they could only do SWIFT transfers. I informed Suretrader my credit union doesn't do SWIFT. Then Suretrader says, oh wait they can do ECH transfers after all, but only if they split it into amounts smaller than $1000. I'm sure ACH that deals with $trillions each day can't handle anything greater than $1000. Are the people at Suretrader waiting until they sign up a new customer so they can send me MY money? Outcome scenarios: 1.I am never going to see a penny of MY money. 2.If I am fortunate enough that the send me MY money, they will be charging me for the two pieces they break my tiny request into. If I do receive my money, it will be a minimum two weeks after my original request. Stay away from Suretrader. Shady as they come. Repeated lies about when I would receive my money. Double charging me if I actually do receive my money by breaking the request into two parts. Every other broker I have used, Tradescape, Web St., Freeetrade, Fidelity, Datek, TDA, IB, etc. sent me requested funds immediately. There wasn't any bullshit like you were dealing with somebody who was operating their brokerage out of a phone booth. I'm pissed.
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You sound like a good guy and it sucks that they are putting you through such bullshit for a small ACH. Obviously they are going to clobber you with fees associated with each ACH so they will break them down into as many as possible. I have NEVER heard of a maximum on an ACH or any kind of withdrawal from a trading account.

I have posted about scam places like this before. Anytime you are going to go offshore to open up a trading account with a firm that is based offshore ONLY to get around the regulators and laws (Most importantly the PDT rule), be prepared for the worst. These firms have nobody really policing them (Securities regulators of the Island of Bahamas......that's a good one). I don't want to sound like a prick, but those who go with these firms.....well...you get what you pay for.

I understand some guys don't have the 25k they need to maintain, but still want to trade. But then you really have to go with one of the prop firms out there....the legit ones. Plenty of them in the U.S. Some of them will let guys open an account with as little as 5k. No worries about PDT rule. The downside (which really isn't much of a downside) is you have to pass the Series 56. Which at first was a tough test, but from what I understand is much easier now. Second, you have to leave your initial deposit with the firm for at least a year. Can only take out the profits. In all honesty if you can't meet both of the requirements then you probably shouldn't be trading.
 
I just found a great broker for all US citizens not residing in America. Its called questrade and theres no pattern day rule. Their platform is one of the best ive ever seen in my life and they have great comissions. QUESTRADE FOR ALL NON US RESIDENTS.
 
As others said, you can open a futures account and trade as much as you want and never get pattern day trader status. You won't be able to trade individual stocks, but indices and many other markets are available. Many people with small accounts trade the YM, the Mini Dow.

CFDs aren't available in the US.
 
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