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Customer Account Protection
Updated: Views / Replies:4,872 / 38
Created: by Malvolio Attachments:1

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Customer Account Protection

  #21 (permalink)
Elite Member
CA
 
Futures Experience: Master
Platform: Marketdelta and Ninja
Broker/Data: Velocity
Favorite Futures: NQ
 
Posts: 670 since Apr 2010
Thanks: 64 given, 521 received

I was stuck in a position, and i was on hold for a considerably long time with IB. When i finally got through, they told me that they were having technical problems, and i had to wait before they could liquidate my position.

I don't know if that was a one time thing( it was a while ago), but i def won't forget it. I believe tradestation is the same.

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  #22 (permalink)
Membership Permanently Revoked
 
Futures Experience: Intermediate
 
Posts: 1,176 since Nov 2009
Thanks: 221 given, 844 received

I can relate with that risk... that is the very reason as to why one should have two accounts (Across completely different FCM's and execution networks) ... in order to hedge if something goes completely wrong, which can happen... it has never happened to me thus far, therefore I thank you for sharing the experience.. it is good to have a reminder of what can go wrong at times.


Michael.H View Post
I was stuck in a position, and i was on hold for a considerably long time with IB. When i finally got through, they told me that they were having technical problems, and i had to wait before they could liquidate my position.

I don't know if that was a one time thing( it was a while ago), but i def won't forget it. I believe tradestation is the same.


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  #23 (permalink)
Elite Member
CA
 
Futures Experience: Master
Platform: Marketdelta and Ninja
Broker/Data: Velocity
Favorite Futures: NQ
 
Posts: 670 since Apr 2010
Thanks: 64 given, 521 received


I still have other accounts, different clearing firms.... Still, IB is a huge broker, as is tradestation. They should invest in better technology. That shouldn't happen.

If it came down to it, i would rather use thinkorswim instead... Get all the same benefits, ACH transfers, yet more stable platform.
However, ever since TD ameritrade bought them out, their data has become sub par quality.
I learned in this game, you'll never find perfection, whether its your broker or platform. Just have to make the best of everything, and be prepared for the worst.

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  #24 (permalink)
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Futures Experience: Beginner
 
Posts: 1,081 since May 2010
Thanks: 2,092 given, 595 received

I'm with crossland and have a segregated account and lower fees than velocity. That's hopefully one less thing to worry about.

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  #25 (permalink)
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Futures Experience: Intermediate
 
Posts: 1,176 since Nov 2009
Thanks: 221 given, 844 received


MetalTrade View Post
I'm with crossland and have a segregated account and lower fees than velocity. That's hopefully one less thing to worry about.

welcome back..

I am not familiar with them, but by looking at the data I think it is the same risk as Velocity.. their SRO is the CBOT, which to me is better; they have more customer funds, and a bit more excess capital.. but besides that, IMO... same risks.. just a bit lesser of a chance.. but not by much..

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  #26 (permalink)
Membership Revoked
 
Futures Experience: Beginner
 
Posts: 1,081 since May 2010
Thanks: 2,092 given, 595 received

Thanks,

How would you interpret this ?

All Client Funds Are Held In A "Customer Segregated Bank Account" Separate From The Clearing Firm As Required By "Regulations" . Funds Held In A Customer Segregated Account Are "Not" Subject To Creditor Claims Of The Clearing Firm.

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  #27 (permalink)
Elite Member
australia
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: -
 
Posts: 300 since Sep 2010
Thanks: 123 given, 137 received

Since we are on this topic of account protection, I have a question about the security of our accounts. My broker knows my login details, he was the one who sent them to me. And when I asked him about changing it online, he told me there is no such feature. I was told if I wish to change the login details, I have to either change the password through him or the customer service. But this defeat the whole purpose of me changing the password.

Is this the same for you guys?

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  #28 (permalink)
Elite Member
CA
 
Futures Experience: Master
Platform: Marketdelta and Ninja
Broker/Data: Velocity
Favorite Futures: NQ
 
Posts: 670 since Apr 2010
Thanks: 64 given, 521 received

I've have accounts with RCG, dorman, and velocity. None of them know my password, and in all cases you can change it yourself online without their knowledge.

Who's your broker if you don't mind me asking?

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  #29 (permalink)
Membership Permanently Revoked
 
Futures Experience: Intermediate
 
Posts: 1,176 since Nov 2009
Thanks: 221 given, 844 received

see my prior posts about what segregation means.. your funds are at risk still if their risk management fails to protect you against customers (aka other account holders) failure... all the funds are pooled.. that just means that they cant use your funds, in theory, for operational needs (payroll, etc.)


MetalTrade View Post
Thanks,

How would you interpret this ?

All Client Funds Are Held In A "Customer Segregated Bank Account" Separate From The Clearing Firm As Required By "Regulations" . Funds Held In A Customer Segregated Account Are "Not" Subject To Creditor Claims Of The Clearing Firm.


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  #30 (permalink)
Membership Permanently Revoked
 
Futures Experience: Intermediate
 
Posts: 1,176 since Nov 2009
Thanks: 221 given, 844 received


wow, just three words... find another broker...


jonc View Post
Since we are on this topic of account protection, I have a question about the security of our accounts. My broker knows my login details, he was the one who sent them to me. And when I asked him about changing it online, he told me there is no such feature. I was told if I wish to change the login details, I have to either change the password through him or the customer service. But this defeat the whole purpose of me changing the password.

Is this the same for you guys?


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The following user says Thank You to sysot1t for this post:

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