I am a high-volume options trader, my average trade size is roughly $10k, average execution time on this site was between 20s-30s. I missed out on nearly all my trades today. Every single order had to be a market buy, or a market sell because every single trade had to be ‘reviewed’ (as per a supervisor) and added all of that overhead. I called up and complained… asking how they could justify putting my trades through a review every single time (all of these trades should have ended up at +15% profit today instead I netted a LOSS of 30%)

When asked how I as going to be compensated for all of these issues, they said, we will not compensate you, Wen I asked how they were going to address the ‘required review’ of each trade they said that will not change.

YOU GET WHAT YOU PAY FOR… DO NOT GO WITH TRADEKING IF YOU TRADE A LOT. They may be cheap, but the extra bucks you save are NOT worth it… you WILL lose WAY more money than you will save in fees.

I’m looking for another broker.

In comparison, I wonder how other broker handle closing out an account, what are specs regarding method of request (only calls accepted? is email or fax alone ever ok?) and time wise how long the process?

I had an active Sharebuilder accnt years back i used for dabbling in trading (before day trading was widespread/easy/cheap) but quickly realized fee’s were to high so instead of closing it i moved 99.9% of the money elsewhere and let the rest languish…

Apparently to close the account officially the ‘punishment’ was (as that time) a fee of $50, so I never bothered.

“Double billing” or anything similar is enough is to turn away a number of traders interested in joining or those who already have accounts.

Mess with the small fry stuff no big deal, mess with peoples money is another matter entirely. With sufficient hands on experience their staff will learn quickly to avoid newbie mistakes… and perhaps how human error can cost them their job.

First I signed up online, gave all the requested address/business/personal ID info. I was accepted within a day or so, sent a nice email, thought things were good and was ready to continue to the next step of funding the account when on the third day I receive an apology email that my new account was now on hold, i cannot fund the account because that they need me to forward an image of my ID to re-verify a detail about my age/address….

Sure security is an issue everywhere, i understand, it’s great they’re double checking to be safe i guess, but I shouldn’t have been sent this ‘happy welcome’ email so fast if all wasn’t truly cleared.

Better to clear up any glitches internally before issuing an official Welcome and getting a customer excited then cooly yank it back. Pretty amateur mistake.

Hopefully they’ll smooth out such simple problems by whipping their employees harder with a wet noodle, drilling it into them to confirm first, then approve! Little things may be a sign of things to come, or not, I’ll give ‘em a fair shake but any serious hassles an i’m outta there faster than a Nadal on clay forehand ripper….

To close your account, you must call in (not mentioned anywhere on the website). To confirm that they closed your account (which takes a few days), you must call in a 2nd time. They won’t provide you with a confirmation number or anything in writing.

Ridiculous