Forums - Loss $1000USD when I deposit in Tradestation

HOME FORUMS BROKERS SOFTWARE BOOKS CONTACT US

Your Account • Become a Member • Help • Search

	Forums ›› Direct-Access Brokers ›› Retail Firms ›› Loss $1000USD when I deposit in Tradestation

Page 2 of 5: 1 2 3 4 5

TraDaToR

Registered: Dec 2006
Posts: 3784

02-14-11 09:07 AM

Quote from wrbtrader:

I've seen this before and you'll be surprise as what some financial institution charge as a "foreign transaction conversion fee".

Mark

It's pure theft. On top of fees, they can convert at prices that never traded during the day. Everybody trading in a non- domestic currency need a broker like IB to make the conversions themselves.

Edit/Delete • Quote • Complain

NetTecture

Registered: Mar 2009
Posts: 1010

02-14-11 10:44 AM

Quote from TraDaToR:

It's pure theft. On top of fees, they can convert at prices that never traded during the day. Everybody trading in a non- domestic currency need a broker like IB to make the conversions themselves.

This is why you should never do currency conversions during transfers. I have accounts at my bank for all major currencies that i need and use their forex desk to make conversions at near market rates. STILL sucking expensive to a rbokrer (30-60 pips at times), but heck - it beats out loosing some 1+% in some daily fixed stupid conversion rate.

NEVER transfer with convetrsions, you get their daily fixed wide margin rates.

Edit/Delete • Quote • Complain

Shagi

Registered: Nov 2007
Posts: 981

02-14-11 12:49 PM

Quote from NetTecture:

[B

NEVER transfer with convetrsions, you get their daily fixed wide margin rates. [/B]

That is so correct - If you hold a USD denominated account and you sending funds in foreign currency never never instruct your bank to do the conversion. The bank will simply use retail rates and you will get shafted in the process. To the O.P. next time wire it as AUD and then do the conversion yourself into USD once the funds have cleared in your brokers's account. If your broker is worth 2cents the rates should be at market ( rates we trade at & not bank retail).

If you want to withdraw funds do the opposite convert from USD to AUD at your brokers and then wire the funds into your bank account as AUD, otherwise you will get raped again and make your involuntary contribution the bank boss's bonus.

Edit/Delete • Quote • Complain

ScalperJoe

Registered: Mar 2010
Posts: 608

02-14-11 07:42 PM

Quote from TraDaToR:

It's pure theft. On top of fees, they can convert at prices that never traded during the day. Everybody trading in a non- domestic currency need a broker like IB to make the conversions themselves.

Banks also milk their customers in these "conversion fees" for foreign credit card transactions as well.

http://www.travelfinances.com/Servi...-comparison.htm

Edit/Delete • Quote • Complain

qichxi

Registered: Jun 2010
Posts: 9

02-14-11 11:35 PM

I got email from Tradestation:

'Our Cashiering Department has looked into your wire that was received on 02/08/2011 and they advised that they credited your account with what was received at our bank account with J.P. Morgan. They advised that there is nothing that can be done because they credited your account all of the money that they received. We apologize for any inconvenience, but they advised that you can consider converting the funds at your bank next time before wiring in if you feel that you can get a better rate. '

It's confirm JP Morgan give me poor rate, and Tradestation can't do anything.

Then I have to accept it? Loss $1000USD!

Edit/Delete • Quote • Complain

qichxi

Registered: Jun 2010
Posts: 9

02-14-11 11:41 PM

Quote from ScalperJoe:

Banks also milk their customers in these "conversion fees" for foreign credit card transactions as well.

http://www.travelfinances.com/Servi...-comparison.htm

Yes, I suffered it!

Edit/Delete • Quote • Complain

Page 2 of 5: 1 2 3 4 5

Receive an email whenever a new post is added to this thread by subscribing to it.

Rate This Thread:

Forum Jump:

Conduct Rules - Privacy Policy - Day Trader - Day Trader Forum - Best Trading Software - Sitemap

WHILE YOU'RE HERE, TAKE A MINUTE TO VISIT SOME OF OUR SPONSORS:
Advantage Futures Futures Brokerage & Clearing AMP Global Clearing Futures and FX Trading Bright Trading Professional Equities Trading CTS Futures Trading Software DaytradingBias.com Professional Trading Analytics ECHOtrade Professional Trading Firm	eSignal Trading Software Provider FXCM Forex Trading Services Global Futures Futures, Options & FX Trading Interactive Brokers Pro Gateway to World Markets JC Trading Group Direct Access Trading MB Trading Direct Access Trading	MultiCharts Trading Software Provider NinjaTrader Trading Software Provider OANDA Currency Trading optionshouse Option Trading & Education Rithmic Futures Trade Execution Platform SpeedTrader Direct Access Trading	SpreadProfessor Spread Trading Instruction thinkorswim by TD Ameritrade Direct Access Trading TradersStudio System Building & Backtesting Trading Technologies Trading Software Provider Trend Following Trading Systems Provider