Tradezero charging me $70 for unknown charge.

danielc1 said:
OMG, you almost deserve to be rip off another $70 just for staying with them after your experience.
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Well, I have no choice really. In Canada, all we have is wealthsimple, Questtrade and those bank brokers. Neither of them are great for daytrading.
 
TradeZero_Dan said:
This is an options exercise fee for two contracts. When options expire in the money the contracts are exercised into the underlying shares. As we roll out multi leg options this will be a few that gets reduced. This is a few typically charged by most brokers. Thank you for your business, and feedback.
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The only reason they were exercised (if that was the case.) is because your platform was showing new options on VXX and not the old ones so I couldn't get rid of them before expiration nor was it possible to learn whether or not my options were itm or otm.

Also, I am pretty sure this is not an excersise fee. It's because the stock reverse split. Don't give me hope of a compensation cause I am already over the dumb fact I just loss $70 and want to move on.

Reorgs (Reverse Splits & Symbol Changes) $35
 
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OptionsOptionsOptions said:
You have IB Canada.

Wealthsimple is useless:
  • No options.
  • No US dollar account.
  • Delayed quotes.
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IB doesn't offer any live data unless you fund like 10k. Also, their platform is very clunky and uninuitive. I tried daytrading before but it's just too difficult when you have to take several steps on every execution.
 
GotherL said:
Also, I am pretty sure this is not an excersise fee. It's because the stock reverse split. Don't give me hope of a compensation cause I am already over the dumb fact I just loss $70 and want to move on.
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This actually might be the exercise fee since you didn't own the shares before the stock split.
Also, why no hope and why are you making assumptions? It may not be fair to TradeZero that you haven't contacted them and simply assume the worst, especially when your situation looks unusual due to option chains not being setup properly across brokers after the reverse stock split.
 
GotherL said:
IB doesn't offer any live data unless you fund like 10k. Also, their platform is very clunky and uninuitive. I tried daytrading before but it's just too difficult when you have to take several steps on every execution.
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That isn't true. $2k to initiate a data subscription, and $500 to maintain.

IBKR Canada is a strong option to use as a Canadian resident.

Also, option exercise fees are the same as stock commission fees... so ~35-50 cents per contract for US stocks...
 
TradeZero_Dan said:
This is an options exercise fee for two contracts. When options expire in the money the contracts are exercised into the underlying shares. As we roll out multi leg options this will be a few that gets reduced. This is a few typically charged by most brokers. Thank you for your business, and feedback.
More...

For several years IBKR has not charged for exercise and assignment. Most big brokers dropped the exercise and assignment fee a couple years ago. TD / Schwab and eTrade don't charge for exercise / assignment. $35 is just highway robbery for 2021.
 
GotherL said:
So VXX had a reverse split yesterday. Woke up and found my account was $70 lower. I had like 3 puts on it that expire friday. I could not sell them due to some bug in the platform on reverse splits, they only had $0.01 value so I asked my broker to just put an order to try to sell them for me at 0.02. It did not reach there so they just expired worthless.

4/23/2021 $0.00 $35.00 Clearing VXX210423P00009500 Split
4/23/2021 $0.00 $35.00 Clearing VXX210423C00025000 Split

I searched broker related fees and found this.

Reorgs (Reverse Splits & Symbol Changes) $35

I am not sure if this is an actual fee or just a temporary adjustment since it does say Clearing. Otherwise, this is BS. Why am I charged just cause vxx had a reverse split? Sounds like an absurd and laughable broker-related fee. But then again, coming from Tradezero that use to charge 7x for holding shorts overnight. I am not surprised about anything anymore.
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Just contact the broker directly on here or on their contact info. Don't clogg the forum with Client support issues.
 
It was a an exercise related fee and had I not asked here I wouldn't figure that out myself.
They don't do customer support on weekends. Where else, can I turn too?
 
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GotherL said:
Well it was a an exercise related fee and had I not asked here I wouldn't figure that out myself. They don't do customer support on weekends.
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there's thousands of ppl on this forum. If everyone asks their account support questions here then it's a nightmare. Just DM their profile here.
 
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