Tradestation randomly closed my account...

Robert Morse said:
I was asking if the manner of payment matters, not if they keep his money. The only way they would keep his money is if the SEC or FINRA required the freezing of his account. He would get a letter from the regulatory body if that were the case.
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So there really is a difference between closing your account versus freezing your account. The former implies they sent him the funds from the account and the latter implies there's an investigation occurring that require the account being frozen.

yoyotrader, is your account frozen or just closed (they returned your funds) ???

If they still have your funds and you can not access it, nor trade with it...there's obviously more to the story.

wrbtrader
 
If you don't trade enough for free use, they would charge you every month. Then you should at least have access for the paid month.
I have a friend who is using tradestation and not trading, so he pays every month. Never was an issue with tradestation, so there should be another reason for closing your account.
 
I anticipated this question, hence laid out the logic at the beginning of the post: If it was something that I knew I have done - why would I waste my or anyone's time loitering here. As you see I am relatively new, and does not make sense for this to be my entry posts.
There is nothing you are missing from OP - that I think would make any difference. My name is David
 
wrbtrader said:
So there really is a difference between closing your account versus freezing your account. The former implies they sent him the funds from the account and the latter implies there's an investigation occurring that require the account being frozen.

yoyotrader, is your account frozen or just closed (they returned your funds) ???

If they still have your funds and you can not access it, nor trade with it...there's obviously more to the story.

wrbtrader
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They closed - simple as that. I offered them to pay monthly - they would let me sign up for it.
 
I'm kind of in the camp that firms don't randomly close accounts. Almost everytime I hear a claim like this there is a material omission of some really relevant facts. Firms aren't known to "randomly" shut down a customer - they spend too much on customer acquisition.
1. Where is OP domiciled
2. How well capitalized was the account
3. Products traded and services used
4. Any Reg-T or Reg SHO violations
5. Ability to easily communicate with customer
6. Some misstatement(s) of facts on the new account documents
7. Warning or alert from another firm

They didn't wake up one morning and decide to close a random account. They do periodic reviews of classes of accounts and customer and decide to exit a business line - but that is done with ample warning.
 
Odd that he doesn't mention that he got his funds back or did not get his funds returned back to him when his account was closed even though I question him about it.

Funds returned back to him via check or wire or did TradeStation just keep it...refusing to give his money back to him.

wrbtrader
 
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