Is legitimate?

Discussion in 'Retail Brokers' started by lianjieman, Sep 11, 2009.

  1. I tried to open an account at, they want me to wire money to them before processing my account. I never heard anything like that. Are they legitimate?
  2. when in doubt, get out...
  3. It's quite strange to ask people to wire money in before account approval and setup.
  4. The commissions seem about the same between the 2? So what's the motivation for having to put money down before opening an account? I just gave a cursory look. Am I missing something?
  5. Which firm are you comparing to this
  6. This is bonkers. Either you misunderstand them, or something is really wrong. I have never heard of a broker asking for a wire in before the account is approoved. One needs the account number to send the funds in.

    THis includes me working AS a broker years ago, as well as my experience now when opening my trading accounts.

    FIRST the paperwork, THEN the money.
  7. what do you mean with processing accounts?

    if you mean setting up an account number, then that's not uncommon.

    if you mean they won't let you fill in the 15 papers with disclaimers before opening, then thats quite weird

    anyway i would check the NFA site always just to be sure. it is the first spot to check for reliability of broker, after that forum like elitetrader
  8. Velocity, the above mentioned.
  9. Open e Cry with foreign customers
    #10     Sep 11, 2009