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Frequently Asked Questions
- What type of account should I open?
- What is a Margin account, and can I open one?
- What kind of help would I get?
- What is the minimum amount of money I need to open an account?
- Is my money safe?
- Will I be earning interest on the credit balance in my account?
- How can I wire transfer money to my account from my bank?
- How can I mail a check for deposit into my account?
- How can I transfer my account from another brokerage firm to FortuneTrader.com?
- How can I withdraw money from my account or close my account?
- What is Day-Trading Rules?
1. What type of account should I open?
Normally, you may want to open either a Cash account or a Margin Account (please see below). In a Cash Account, you must have 100% of cleared funds in the account before your order can be accepted. Your purchased amount cannot exceed the value of your cleared funds available. Also, we offer IRAs, Roth IRAs, Education IRAs, Trust Accounts, Keogh Plan ( a tax-deferred program for small business owners), 401(k), 403(b) and others. Ask our brokers for more information.
A Margin account is one in which you can increase your trading/buying power by borrowing "on margin." However, a margin account involves a much higher degree of risk than a Cash Account. The borrowed funds will incur interest expense. For a detailed explanation of margin trading, please go to the NASD websites for more information and refer to the Margin Agreement Form.
We offer the best of both world : Low Cost and High Services. You will have your personal SEC/NASD registered broker who know your first name. Many customers say that our services are very friendly and helpful. We like you to tell us how we do!
$99 can get your account opened. Of course, you are free to make larger deposit as necessary.
Each account is protected for up to 25 million dollars of which $500,000 is covered with SIPC ($100,000 cash, the rest for securities). The additional $24.5 million is underwritten by an independent insurance company. However, this coverage does not insure losses due to market fluctuations. All investments do involve risks. Be sure that you are financially suitable for the types of trading and investigate before investing. Equity/ Options accounts are maintained by Penson Financial Service Inc. (Nasdaq: PNSN)
Yes. We pay very competitive money-market rates on your cash waiting to be invested. Our rate are usually better than those offered by most banks. Rates are subject to change and are computed monthly based on the average daily closing balance.
Present the following wire transfer instruction to your bank: Wire transfer to:JP Morgan Chase Bank, NYC
ABA #: 021000021
F/A: Penson Financial Services
A/C #: 0666-00030
FFC: Your account number with Fortunetrader.com
And the amount to be wire transferred.
Please make your checks payable to Penson Financial Services, Inc. and mail to:Corporate Investments Group, Inc.
1131 West Argyle Street
Chicago, IL 60640 USA
Just complete and sign an account transfer form. Please include your most recent monthly statement and mail with all other applicable forms to:Corporate Investments Group, Inc.
1131 West Argyle Street
Chicago, IL 60640 USA
Disclaimer : The information provided in this FAQ section is for informational purposes only. Its language is developed for a simplified understanding of the issues. Please refer to the NASD web site for all legal definitions.
