Robinhood users had accounts looted. Risk of same thing happening to IB?
- Thread starter helpme_please
- Start date
Most people believe that this "insurance" feature was created for the customer, while in fact it protects the banksters (errr.... I mean the banks).
For instance if you deposit 10 millions (USD) and something bad happens to the economy, the bank or whatever, you can only get $200K or so back, from this "insurance" policy.
Hmmm...
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... for instance if you deposit 10 millions (USD) and something bad happens to the economy, the bank or whatever, you can only get $200K or so back, from this "insurance" policy.
Hmmm...
It's not wise to keep 10 millions in cash anyway: Inflation, 0.05% interest rate, banks going under, banks randomly freezing accounts...
The best thing to do with 10 millions is buy real estate and borrow against it through HELOC.
Not bad.
Here is a better idea: buy real estate on credit and rent it to pay the monthly mortgage. Most banks will approve your project on the spot.
Now you have assets AND monthly income at the same time.
Or better yet, trade the darn 10 MIL for Christ's sake, we are in a trading forum after all, what's the matter with you?
You can trade with the cash from the HELOC.
Good thing with IB is that if somebody gets a hold of your password the jokes on them, as they can't do much with it.
IB does have a sweep program for over the 250K, last time I checked it does a nightly sweep of 250K into other insured accounts for your cash. I think it is automatically setup for you or you have an easy Opt-In. It is why I use IB or other majors. They know how to handle money.
BTW: I also transferred from IB to another country and had to jump through the "is this your account" hoops. Not a big deal. I would rather they checked thoroughly on such things. And recently they stopped all transfers to a "business" that are in your name, or something like this, you can read the details on IB. Point is they are on top of it unlike RH.
BTW: I also transferred from IB to another country and had to jump through the "is this your account" hoops. Not a big deal. I would rather they checked thoroughly on such things. And recently they stopped all transfers to a "business" that are in your name, or something like this, you can read the details on IB. Point is they are on top of it unlike RH.
you are an idiot. please leave me alone.
suck me moron.