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Time to open retail brokerage account?


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Time to open retail brokerage account?

  #1 (permalink)
Limitless100
New York, New York
 
Posts: 97 since May 2014
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Hey Guys,

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?

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  #3 (permalink)
 
Daytrader999's Avatar
 Daytrader999 
Ilsede, Germany
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Limitless100 View Post
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?

Well, since we don't know which broker you've chosen, it might be quite difficult to judge about this time span...

But for sure it's not impossible / that unusual that the clearing firm needs a little bit more time to check everything until they clear your files and finally open your account for funding.

"If you don't design your own life plan, chances are you'll fall into someone else's plan. And guess what they have planned for you? Not much." - Jim Rohn
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  #4 (permalink)
Limitless100
New York, New York
 
Posts: 97 since May 2014
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Daytrader999 View Post
Well, since we don't know which broker you've chosen, it might be quite difficult to judge about this time span...

But for sure it's not impossible / that unusual that the clearing firm needs a little bit more time to check everything until they clear your files and finally open your account for funding.

Okay thanks!
The broker is Great Point Capital.

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  #5 (permalink)
 
shodson's Avatar
 shodson 
OC, California, USA
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Click "Details", they have 5 FINRA "regulatory events" on their record. Be careful.

GREAT POINT CAPITAL LLC (114203) - Brokerage Firm - FINRA BrokerCheck

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  #6 (permalink)
JTurner77
Los Angeles, CA
 
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Out of curiosity, why did you choose Great Point?

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.

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  #7 (permalink)
 
suko's Avatar
 suko 
Kyoto, Japan
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I've been waiting for more than a month on a corporate account with IB.
I think compliance depts. are bogged down in anticipation of the rollout of FATCA
on July 1.

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  #8 (permalink)
Limitless100
New York, New York
 
Posts: 97 since May 2014
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shodson View Post
Click "Details", they have 5 FINRA "regulatory events" on their record. Be careful.

GREAT POINT CAPITAL LLC (114203) - Brokerage Firm - FINRA BrokerCheck

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!


JTurner77 View Post
Out of curiosity, why did you choose Great Point?

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.

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.


suko View Post
I've been waiting for more than a month on a corporate account with IB.
I think compliance depts. are bogged down in anticipation of the rollout of FATCA
on July 1.

Wow, who does IB clear through?

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  #9 (permalink)
 GFIs1 
who cares
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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!
Good trades

GFIs1

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  #10 (permalink)
 
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 Scalpingtrader 
Hanover, Germany
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GFIs1 View Post
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!
Good trades

GFIs1

not to forget getting it back at some point in time

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Last Updated on June 29, 2014


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