I wouldn't consider my money safe @ Genesis Securities

First of all I'd like to say Genesis is a great brokerage overall. The rates that they can give are incredible, and overall their execution system is top notch.

However my biggest concern is the safety of my money their.

1) If you want to create/change your password you have to tell someone what you want to change it to (so they'll always know)

2) There are no securities questions, aka (what's your dogs name) I called genesis and the rep asked me for my user ID, with just that information I was able to change my password. Not only did he not ask a security question, he didn't even ask for my name.

I hope that Genesis will see this post and that the "political power" of elite trader will encourage them to change their securities procedures.

 

When I call Goldman Sachs trade support desk/tech all they ask for is my user id. No security question either...

 

always been my fear with genesis. just doesn't seem like a top tier type firm. but penson who clears for 100's of brokers isn't too swift on the security either. ib is incredible on security

 

Let's see if this post helped.

Post your acccount # and I'll try wiring some money out.

 

you worried about that?

 

With Genesis I save about $1500 / wk doing 2 m shares / m compared to my other brokerage, that's 75,000 per year... hard to give that up

 

Not in the least. Was just comparing notes.

 

When I call Bloomberg they also ask for Id only.

 

hmmm,

i can't be the only one who feels like this

 

Genesis is dirt cheap. They have a huge business, and i doubt this is an issue. Each day we wake up we could be hit by a truck. This is life and part of it. Go retail get your sipc ins and your safe by our Gov't.




I wouldn't be paranoid over this issue. World Co situation do happen but that was not a solid firm like genesis.