TradeKing Broker Story

First, a foreword about how the money got to this broker. Some years ago broker Ameritrade отказался обслуживать иностранных клиентов, including Russian residents, so I had to transfer money from there to another broker. I chose Zecco, who at that time had the lowest commissions and transferred some of the money there. But a few months later they were bought by the broker TradeKing and Zecco was gone. TradeKing did not work with Russian residents, but as an exception left all former Zecco clients. So I speculated there little by little, but did not withdraw money all this time. I decided to check the withdrawal of money recently. Filled out a withdrawal form and sent it to email. Received a message that they will respond within two working days, which in itself was already unusual ,as for other brokers the process of withdrawing / receiving money took from several hours to, maximum, one and a half day. Well, they answered me exactly at the end of the second working day. The answer was as follows — foreign clients withdraw money only to that bank, through which they were entered and nothing else and offered to fill out a new questionnaire specifically for the bank through which the input was. I answered with a detailed story about how this money came to TradeKing, substantiated why they cannot be credited back to the Ameritrade account — just because I don't have an account there, and it could not be, since a bank account was opened on Ameritrade, а не на меня. Again I received a message that they will reply in two working days. Answered on the third day. The answer was that they can transfer money to a Russian bank, if I fill out a new application and provide a bank statement with my details and account number. No problems, filled out a new application and printed out a bank statement. Выслал. Received a message that they will respond within two working days. Answered on the fourth day. The answer was that they received my documents and transferred them to the accounting department., wait. Waited a week. Got an answer, which was as follows — make a bank statement, but not in Russian, but in English, and also certify this statement with a notary…….

  Wild bear capital: isystems.com

Everything, this was the end of my patience and I closed all positions and initiated ACAT(трансфер) another broker who has not had such problems yet. The transfer took place today. TradeKing's accounting department, probably, made a mistake and translated a little more than it should, because they sent a letter that I had a House Call and my account there became negative for several hundred dollars and now I have to replenish my account. Will not wait, so it should be freaks :)

Let me remind you, that TradeKing recently bought MBtrading and before 29 February this year, everyone who does not agree to speculate with the TradeKing broker, must initiate ACAT to another broker, which will be done free of charge. So that, if anyone has an account with MBTrading, I advise you to think well.

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Appendix 1 — Email from TradeKing after transfer

Dear Yuri:

This message is to inform you that there are (Fed and/or House) call(s) in your account:

Account ending with xxxx House Call $449.91 Due Date 02/02/2016

A margin call may be satisfied by the prompt deposit of cash or additional acceptable securities. While most call notices are delivered with a three-day response time, TradeKing retains the right to require additional margin in any amount and in any time frame considered prudent. TradeKing's determinations are based on market conditions, concentration in one or more securities and other relevant factors. If you do not meet a margin call, TradeKing may liquidate securities in the account to the extent necessary to satisfy the call. TradeKing can sell your securities or other assets without contacting you. TradeKing may attempt to notify you of margin calls but is not required to do so. However, even if TradeKing has contacted you and provided a specific date by which you must meet a margin call, TradeKing can still take necessary steps to protect its financial interests, including immediately selling the securities without notice to you.

  Hot pies

You are not entitled to choose which securities or other assets in your account(s) are liquidated or sold by TradeKing to meet a margin call. TradeKing can increase its “house” maintenance margin requirements at any time and is not required to provide you advance written notice. You are not entitled to an extension of time on a margin call.
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Appendix 2 — balance in TradeKing

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