I'm in the process of opening an account with a broker and have been waiting quite some time now!
I sent in all the necessary paperwork to my broker, they told me it was being forwarded to the clearing firm to open the account. I waited over a week than got notice I had to re-sign a specific sheet that the clearing firm updated. I signed/filled out what I needed, and sent it back in. It has been over a week again and I have heard no update. It has been roughly two and a half weeks since this started and my account is still not open to transfer money into.
Would this give anyone a sour taste in regards to the broker? Or is it mostly just a slow moving clearing firm?
Disclaimer: I have no experience or knowledge about this firm nor do I mean for my question to infer or suggest that I question the decision. I am merely interested in getting some insight into the rationale you used to select a broker as I am currently in the process of looking to open an account.
Thanks for this, I already read through it early when I was researching them. I searched "Lime Brokerage" after I saw this and they have 10 regulatory events. I'm sure 99% of the members on this site would happily work with lime if the opportunity arose, so I chose not to stress about the 5 events in GPC!
I didn't want to go with the stereotypical retail broker, their platforms/tech is horrible. I searched around until I can find a firm that had above average tech. Through GPC I have access to the Takion Platform, which is looked at to be one of the better ones from what I have read. They are also a Proprietary trading office who happens to be registered as a broker dealer as well.
Even if you have waited weeks (a month or more) and your account is opened and the money
is showing up on your screen - you could face more hassles: like some ticks were not made on a form
causing a fault when you want to trade or you do not have the access to the desired instrument...
Or there are some more forms to sign before you can trade your instrument because you are living
in another country - etc... you name it.
These are some hurdles every trader has to fight with at the beginning.
Don't be upset - things will settle at the moment you fired your first trade then!