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What's the worst Brokerage out there right now, and whose the worse clearing firm?
- Thread starter mahram
- Start date
Quote from mahram:
lol well yeah but I was looking for some funny stories. Like somehow ib clearing screwed up, and they had to bust your trades. Or Tdwaterhouse charges 50$ to wire, but then another 150 for taking out money. those kind of stories. Or scottrade, gives you only 6 month old research, and claims its new.
tradestation. a couple of months back they had a free trial so i figured i would take a look at the software. they wouldnt let me just look at it. they said i had to open an account. i wired in 5000 for 30 days just to play with the software. i didnt care for it so i then closed the account. they charged me $100 in fees to take the free trial and i never made a trade through them.
Quote from Ebo:
So they are a "Bad" brokerage firm because they charged you exchange fees?
What do you use for charts, just out of curiosity and are there exchange fees?
i figure if they are so dishonest that they would advertise a free trial and then nickle and dime you $100 for wire fees it makes them bad in my eyes. i am not talking about exchange fees.
i use ib and q charts.
ig group; although for cfds.
most crooked broker I traded with; they screwed me in every possible way.
if I let me bet expire at EOD they would close at a price 0.2/0.5% below mkt.
when they had a hunch that the trade I was goin' to enter had good odds of being profitable, they would cut off that mkt availability [pop up window sayin': "this mkt is no longer available on line"]...after I tried to enter da trade.
when they felt was appropriate (when they knew buy/sell buttons were armed) they would widen the spread to 1-1.5%.
when your acct was doin' well they would add losin' transactions or mysterious transfers that were showin' positive balance but infact had a negative effect in your equity.
no1 can beat that.
most crooked broker I traded with; they screwed me in every possible way.
if I let me bet expire at EOD they would close at a price 0.2/0.5% below mkt.
when they had a hunch that the trade I was goin' to enter had good odds of being profitable, they would cut off that mkt availability [pop up window sayin': "this mkt is no longer available on line"]...after I tried to enter da trade.
when they felt was appropriate (when they knew buy/sell buttons were armed) they would widen the spread to 1-1.5%.
when your acct was doin' well they would add losin' transactions or mysterious transfers that were showin' positive balance but infact had a negative effect in your equity.
no1 can beat that.
Quote from mahram:
Tdwaterhouse charges 50$ to wire, but then another 150 for taking out money.
Sounds like an IRA closeout fee (the $150)? I got the same screwing from Penson (via myTrack) some years ago. $50 seems high for a wire.
Their current fee schedule says wires are $15 and "Full account transfer out", which I assume to be an ACAT to another firm, is $50. "IRA check writing" is free. http://webpub2.tdwaterhouse.com/products_services/accounts/commissions_fees/fees.html
Tdwaterhouse charges 50$ to wire, but then another 150 for taking out money.
Sounds like an IRA closeout fee (the $150)? I got the same screwing from Penson (via myTrack) some years ago. $50 seems high for a wire.
Their current fee schedule says wires are $15 and "Full account transfer out", which I assume to be an ACAT to another firm, is $50. "IRA check writing" is free. http://webpub2.tdwaterhouse.com/products_services/accounts/commissions_fees/fees.html
As I have read on MB's and IB's websites they both require 50% of regular margin to day trade. This is twice what most regular futures firms require. Most futures brokers require 25% margin. That's an expensive proposition for most traders when they want leverage. MB also has restriced trading hours I believe.
Before IB lovers rip me to peices, yes it is safer for the collective customers as a whole, less blown up accounts. But I will take my chances and stick with futures brokers that require only 25% margin for day trading. Besides IB doesn't even pay interest until you have more than 10k in deposits. MB I am not sure.
Before IB lovers rip me to peices, yes it is safer for the collective customers as a whole, less blown up accounts. But I will take my chances and stick with futures brokers that require only 25% margin for day trading. Besides IB doesn't even pay interest until you have more than 10k in deposits. MB I am not sure.