can i trust lightspeed with my money?

Discussion in 'Retail Brokers' started by yamin2000, Jun 14, 2017.

  1. yamin2000


    i was going to transfer 26k$ to IB but my country blocked transferring to them because they have forex trading(loool long story)
    I know that IB is very big broker and the fees is the best.
    now trying to open account with good brokers smiler to IB ,can i trust lightspeed or speedtrader with money ? the software is weak and cost money but i need good broker
    I tried tradestion but fees is high

    PS. I trade usa stocks only
  2. Robert Morse

    Robert Morse Sponsor

    Lightspeed Trading introduces accounts to Wedbush Securities which is where your account will be custody and protected by SIPC and Excess SIPC. We are FINRA registered (and NFA) broker dealers. Yes, you can trust us.
    MoreLeverage likes this.
  3. yamin2000


    can i use third party software?what software ?
  4. Max E.

    Max E.

    I just want to be 100% honest here, so when you ask if you can trust them, my answer would be not unless the money is insured.

    When i was younger i went to all kinds of different prop firms, and had no problems, then i got stuck for everything i had by a firm i thought i could "trust"

    I would never trust a prop firm again bottom line the reason they sign you up as a "class C" share holder is so they can make it very obvious you are last in line with zero rights if they decide to screw you, they can literally walk away with your money and there isnt a damn thing you can do unless you sue, whicH will cost you more Tthan the deposit in your case im assuming.

    Bottom line, i will never put money with a prop firm again, only with places that are insured by the government. It is very easy for prop firms to just walk off with your money.

    Unless you need money for leverage and your maxing out buying power every single day, i would absolutely say DONT DO IT.
  5. sle


    Dude, are you sure you know what you are talking about? :) Where did the "prop firm" come from?

    dumpdapump likes this.
  6. Max E.

    Max E.

    No bro, im making this shit up, i didnt even lose everything i had to a piece of shit prop firm, that didnt happen this is all just a fiction of my imagination.
  7. FSU


    Max E, your comments make no sense. Lightspeed is not a prop firm, they are an introducing broker, and your money would reside with Wedbush, a clearing firm.
    Macca1 likes this.
  8. sle


    You realize that Lightspeed is an introducing broker, not a prop firm, right? They don't even ever have custody of your funds :)
  9. Max E.

    Max E.

    Do you know what your talking about? When i got cleaned out i was clearing with ETC, a reputable place, then one day the bank just came in and auto liquidated us and it was lights out.

    He said he was putting money at lightspeed, your saying its money at light speed to clear through wedbush, so wedbush is the clearing firm, whose he trading with? There is dozens of firms who clear through wedbush.
  10. Max E.

    Max E.

    SLE and FSU are the ones who dont know what they are talking about, the clearing firm doesnt make a damn bit of difference who ever runs the prop shop can walk in and scoop all your money at any point if you sign up with a prop firm, then they can just walk away if they decide being a trading firm isnt profitable, and your money is toast.

    I just 2 years engaging in this kind of legal battle and there was nothing we could do to get our money back from some piece of shit who walked out with 5 million dollars, of depositors money, when it quit being profitable to run a day trading firm. We cleared with ETC, clearing firm has nothing to do with it. The contract you will sign at a prop firm will kiss off all your rights to litigation, so all im saying is this: If you go to a prop firm, dont be surprised if they fuck you out of your money as the trading industry continues to contract.
    #10     Jun 14, 2017
    Chubbly likes this.