terra nova?

Discussion in 'Retail Brokers' started by laeott, May 21, 2007.

  1. laeott


    What does anyone think about terra nova direct access trading? I'm scared to go to IB, Cybertrader, MB Trading because of all the scary reviews.
  2. gkishot


    What exactly are you scared of?
  3. what exactly are you not afraid about terra nova? real tick is a shitty platform
  4. Catoosa


    What is there about Terra Nova that you like better than the other three brokers you mentioned? Terra Nova Nova's commissions and fees are high and they sweep your overnight free cash funds into an account paying only 3%. There are brokers that clear through Terra Nova that have very good commissions for active traders.
  5. laeott


    It just seems as though all the direct access brokers are filled with problems. It seems as though I have to pick from the best of the worst. I'm a newbie and have researched all of them and still don't know which one to pick. So which direct access trading firm should I go with?
  6. Catoosa


    Read the "Rate Your Broker" on this ET site. The total number of ratings for each broker should be a clue (based on three of the brokers you mentioned, it seems that is what you have already done). I think two of the brokers you mentioned are for sure top picks if you are going to trade in equities. I think you will be able to select the right broker.
  7. da-net


    take it from someone that has an account there.....STAY AWAY!!!

    I was with the old Rushtrade before they purchased Terra Nova. At first Rushtrade was very nice they made some mistakes like doing trades in my account for someone else, sending emails to me with someone elses name on them (multiple times), refusing to honor advertised discounts, not knowing Pensons rules which cost me money, well you get the idea

    Now I am not saying that Rushtrade was the worst or the best BD, just typical for BDs...their JOB is to help you lose your money so that they make money.

    Now that they have acquired Terra Nova and moved from Texas to Chicago everything went from bad to worse. They now nickel and dime you for everything...I am actually surprised that they do not charge you to answer the phone. On their website they state that they can charge for their plus platform on a monthly basis. By the way look at all the charges listed there.

    The absolute worst thing that I am aware of happened when they moved the accounts from Penson (lower than whaleshit) to Terra Nova. They called me on my cell phone and asked that I give them my SSAN over the phone. Yes they knew it was a cell phone and they had my SSAN already.

    Next, they changed my username and I had to call an old compliance officer that no longer works for them. I found my new username, tried to log in for a few days on their web based platform. It never worked. I called CS and the broker said that they would fix it the next morning. That did not work, so I called back1 day later and talked with someone in support, he changed my username back. I told him about the problem with the platform and he said to use the plus version as they were not going to charge for it.

    Probably none of this should frighten you but maybe this will. When I was talking to the tech support guy, he never asked for anything other than my account number to verify who I was. He was willing to not only change my username back, but also change the password!

    For all this "wonderful service" they will charge you more than other BDs to trade equities, options, sending you statements, etc

    Oh, one other thing. When they were with Penson. Penson only reports the net proceeds from any sale to the IRS...they did not report whether it was a gain or loss just how much net was put back into the account

    Do you think that they might have improved, not me! Now you understand why I say STAY AWAY...
  8. nonam


    Few years ago I had an account with MB Terra Nova.There were some corporate games with a couple of my holdings.A ticker symbol change and a spin off, I think.MB Terra Nova couldnt handle it.My account got totally screwed up.I got out as fast as I could.:mad:
  9. nonam


    TD Ameritrade is the company that bought Quotetracker.I dont see them in the ET broker list.Are they the same as Trade Desk America?:confused:
  10. Catoosa


    I have in the past wondered why ET did not add Ameritrade (TD Ameritrade) to the list. Maybe a commission of $9.99 ($5.00 for IZone) per trade does not fall within the guidelines ET set for the ET list of online brokers?
    #10     May 21, 2007