NT centralized vs TS decentralized wire deposit system

January 23rd, 2024, 05:02 PM

Hello Traders and Investors,

I hope you are doing well, I hesitated to post this thread but NT left me no other choice but to express my annoying wire deposit suffering experience.

as an international trader online trading and online banking is my preferred option for many reasons, fast, easy, immediate, and approachable worldwide.

unfortunately, the only option to fund my trading accounts in America is international wire which is ok and acceptable, but the issue I'm facing is the NT broker special deposit request to wire it directly to their main account then

write a note at the bottom of the wire my account info. I remember banks in the 90s used to have this option but nowadays such an option is not exist at least for online banking. which means I will have to go personally to my bank and

request this note. this is annoying bureaucratic centralized deposit system because this broker assume i am 24/7 in my country and I can go to the bank everyday. which is not in my case now and I will have to fly back home for this stupid note request!

On the other hand, Tradestation solved this issue by decentralizing the international wire deposit to offer their clients JP Morgan accounts for direct peace of mind transactions and it is linked to brokerage trading account without any involvement of the broker or any useless notes.

honestly, I lost my hope with NT to solve this problem and decided to use them for charting only and open 1 trade a month to avoid inactivity fees. Alternatively, I will mainly use TS for trading.

never felt this issue with any other broker. indeed, many brokers in UK, HK and Dubai accept online funding by credit cards or PayPal.

just imagine if amazon centralized their transactions, wire>write your name>wait 1 day for wire transfer> now place your orders> oh you exceed your balance. repeat previous process > done> sorry item sold.

I don't see any benefit of centralizing business transactions for corporates or clients except enhancing burecuracy and wasting time in fast competitive digital world !

January 24th, 2024, 05:23 AM

I'm pretty sure no one here can do anything about your situation, but hopefully you feel better after venting.

Btw, I have three different bank accounts and all of them offer the field to provide the additional information when sending a wire online. Perhaps, you need to complain to your bank about their lack of functionality.

January 24th, 2024, 10:15 AM

Thanks yes it helps hehe. that note section was available in the past but not now where I live. They have field of purpose of the wire but selected options like investment, import or education no chance to write the additional beneficiary.

what really pissed me that this broker accept credit card payment only to buy the license that cost $1,500 but for market data that cost $12 you have to wire it. (I don't see any logic in this)

All I wanted was the data for charting and I have to go through hell to get it.

I'm just writing my review about this broker drawback not looking for solution since this is broker review forum. The funny thing whenever someone post drawback in their forum they would reply we will add this for feature recommendation in the future.

NT centralized vs TS decentralized wire deposit system

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NT centralized vs TS decentralized wire deposit system