I currently trade with IB and I make monthly withdrawals --- it takes a couple clicks and two days to get to my bank account --- is it this easy at Echo? Do they limit how much you can take out or the frequency of withdrawals etc? Thanks in advance!
You can send an email and request a wire transfer to your bank account or a check by mail. Usually process the same day. $20 wire service fee, checks by mail no charge. No limits I'm aware of.
just remember that you can't withdraw the capital you initially deposit into the firm for the first year -- unless they've come up with some Bright-like accounting trickery to get around this regulation..
I realize my initial capital contribution would be in place for one year and that's fine.....but besides that, there are no limits right? There is no pressure to keep my profits in my account right? (I regularly withdrawal ALL my profits from my account).
There is no "Bright-like accounting trickery". ECHO traders can take out their money at any time. At Van Buren it has always been that way, and since the ECHO/VB merger it has been that way for ECHO. It doesn't involve deceptive accounting practices or anything even remotely close to it. If you would like to learn about why certain firms hold initial deposits for a year and why others do not have to, pose the question, I am sure there are people who would be happy to explain it. And if you think BT is practicing some sketchy accounting why not ask Don if and or why they do or do not hold traders money these days or why they used to if they no longer do.
Also Les and Bro are right. Send an email, request a check or wire and consider it done. Do it as often as you like.
This means that if I join Echo and after a month I'm not happy and want to leave, I will be able to recoup my initial deposit minus/plus any losses/profits without any waiting??? tnx